An endowment is a promise.
It can ensure, for example, that a parish will always have sufficient operating funds, that a new building can be maintained for its entire life, or that a ministry will always be able to help those in need. Parishes offering an endowment allows parishioners to honor or memorialize a loved one, establish a lasting legacy of faith, or support a chosen organization or cause near to their heart in perpetuity.
Starting a parish endowment fund or placing a current endowment fund at the Foundation or with the Diocese can provide an opportunity to plan for and support the future needs of the parish. The principal of the endowment will grow over time, and the income must always be used to fulfill their wishes. The Catholic Community Foundation and the Diocese manage parish endowment funds as a part of its total investment pool, offering the parish advantages of size.
Parishes have the option to invest funds in a 60% equity/40% portfolio that rebalances automatically, or choose a different asset allocation without the automatic rebalancing feature. The Catholic Community Foundation will help guide you through the process of creating the endowment and marketing it to your parish after set up. For more information, contact Justin Turk at jturk@dioceseofcleveland.org 216-696-6525 x1142 or Mary Lou Ozimek at mozimek@catholiccommunity.org 216-696-6525 x4070.
Existing Endowment Funds