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. Permanent endowments begin with an initial tax-deductible contribution of $10,000 or more and an agreement signed by the initiating donor(s) and ICF officers. 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 25 basis points per quarter), allows us to maximize annual distributions to your cherished Catholic causes while providing adequate funds to advance our mission.
You may make a charitable gift of any amount to one or more of our current 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/Debit Card – Our new online endowment catalog provides narratives describing spending designations and beneficiary organizations for each endowment. It also permits gifts to multiple endowments via a shopping cart. Parishes, schools, ministries and alumni classes can share an endowment’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.
Individuals or families wishing to establish a new endowment in honor or memory of loved ones for the benefit of a local, cherished Catholic cause can do so with a minimum deposit of $10,000 (payable up to three years). Each endowment requires a signed legal agreement between the Foundation and the originating contributor. This document preserves the donor’s intentions for the duration of the endowment. You may preview a sample endowment agreement or use the endowment worksheet at the bottom of this page to guide you, or contact us today at (814) 201-2080 for a confidential conversation.
