Permanent Endowments
The core of our mission focuses on receiving and growing permanent endowments for the purpose of providing long-range revenue streams for local parishes, schools, ministries and cemeteries. A percentage of the investment gains – as determined annually by Foundation trustees – will benefit specific Catholic causes defined by each respective endowment agreement in perpetuity (forever).
Our modest administrative fee of 1% annually (redeemed at 8.3 basis points per month), allows us to maximize annual distributions to your cherished Catholic causes while providing adequate funds to advance our mission.
Current Endowments
Anyone may make a charitable gift of any amount in honor or memory of a loved one to one or more of our 280 endowments by several methods:
Checks – should be made payable to “Independent Catholic Foundation”, 3618 Fifth Avenue Suite 1, Altoona, PA 16602-1705, along with a note designating an endowment that will receive your gift. We will promptly issue a charitable gift receipt.
Credit Card – Our new online endowment catalog provides narratives describing spending designations and beneficiary organizations for each fund. It also permits gifts to multiple endowments via a shopping cart. Parishes, schools, ministries and alumni classes can share a fund’s dedicated donation page with family and friends. Click here for the endowment catalog.
Stocks or Mutual Funds – download our instruction sheet, “Donating Securities” to share with your broker at the bottom of this page.
Retirement IRA Qualified Charitable Distributions are tax-free distributions directly from a traditional or Roth IRA account (other than a SEP or Simple IRA) to a nonprofit organization (such as the Foundation, your parish, etc.). QCDs may be made if you have already celebrated your 70-1/2 birthday. Such distributions count toward your Required Minimum Distribution (RMD). Additional information is available in IRS Publication 590-B. Please download our “Donating from IRAs” to share with your professional advisor at the bottom of this page.
Creating Your Endowment
Individuals, familes, friends, co-workers or alumni classes may create a named endowment in honor or memory of loved ones for the benefit of a cherished Catholic cause with a minimum deposit of $10,000 (payable up to three years). A legal agreement signed by the donor(s) and the Foundation ensures that annual grants are issued as intended for the life of the beneficiary organization. You will find a sample endowment agreement and endowment worksheet at the bottom of this page. Please contact Foundation CEO Chris Ringkamp at (814) 201-2080 for a confidential conversation.
