What is an Endowment?
An endowment is a fund that is intended to last into perpetuity.
An endowment is a tool used to provide perpetual benefit to a charitable organization. The core endowment is invested and earnings generated are granted back to the organization. Endowments are a successful tool to diversify long term planning for a charitable organization and provide for an annual gift each year.
St. Mary Cathedral Parish and School has multiple endowment funds through the Northern Michigan Catholic Foundation. Anyone can donate any amount to the endowment funds, and gifts to these endowments are invested so that the earnings and market growth from the gifts provide distributions for the intended cause. Below are the endowments that benefit St. Mary Cathedral Parish & School:
- St. Mary Cathedral School Endowment Fund-To provide financial assistance to St. Mary Cathedral School in Gaylord.
- St. Mary Cathedral Building and Grounds Endowment Fund-To provide financial support to the buildings and grounds at St. Mary Cathedral in Gaylord.
- Myler Family Fund for St. Mary Cathedral School-To support Catholic Faith based education at the St. Mary Cathedral School in Gaylord.
- Hannah Marie Fund-To provide financial assistance for students of St. Mary Cathedral School in Gaylord.
An endowment is NOT:
-A maintenance fund or capital fund, although distributions may be used for those purposes.
-To be borrowed against or spent out.
Distributions are based on the NMCF Distribution Policy established by the NMCF Board of Directors.
Distributions are made directly to the parish, school or Catholic organization annually.
The parishes and schools can rely on these annual distributions to support the parish today, tomorrow and forever.
To learn more about the Northern Michigan Catholic Foundation, visit their website here.