ENDOWMENT FUND HISTORY
St. Wendelin Parish Endowment Fund was established in 1993 by Father Leon Slominski along with the two trustees and three committee members. Fr. Slominski donated his own money to start the fund because he believed in the tremendous spirit of St. Wendelin’s parish family and wanted a way to keep this family working together in the future. The endowment fund has three categories: Education, Parish and Vocations.
St. Wendelin Parish Endowment Fund by-laws were written in 2016 to articulate Fr. Slominski’s vision.
WHAT IS THE ENDOWMENT FUND
The endowment fund is a true endowment that receives funds from donors or other outside entities. As a condition of the gift, the fund stipulates that the principle shall be maintained in perpetuity and invested for the purpose of producing an income stream. The by-laws state that there is an obligation not to spend those original donations but to safeguard them through wise and stable investment. At year end all interest earned up to 4% can be disbursed to the three categories. During times of rapid, excessive investment growth, some of that excess of 4% is set-aside for leaner times and added to the principle.
CATEGORIES
Funds are divided into three categories that a donor may contribute to. A donor at the time of donation fills out a worksheet to specify what percentage and category they want their donation to fund.
EDUCATION FUND
- To be used for St Wendelin School education purpose for present parish members.
- To be used for K-12 catholic education scholarship for present St. Wendelin parish members.
PARISH FUND
- To help maintain the parish church and other parish buildings.
- To help maintain the cemeteries.
- To help maintain the parish grounds.
VOCATION FUND
- For use related to present and future priests, brothers and sisters.
- For use related to present and future lay ecclesial ministers and deacons.
- For approved expenses related to special events related to Vocations.
HOW CAN I GIVE TO THE FUND
CASH
- Donor may give a lump sum of cash or smaller amounts over a period of time. It all adds up over time.
SECURITIES
- Donor may give gifts of appreciated securities held more than one year (readily marketable stocks) to save on capital gain taxes.
BEQUEST AND MEMORIALS
- Through a donor’s will the Endowment Fund can be a beneficiary of a portion of the estate.
- Funeral memorials can be contributed in memory of a loved one and directed to the Endowment Fund.
LIFE INSURANCE
- There are several ways to give all or part of a life insurance policy by naming one of the beneficiaries as the Endowment Fund.
REAL ESTATE
- A gift of real estate provides the same advantage as a gift of securities (upon Finance Council approval)
* Always consult with a tax expert
QUESTION AND ANSWERS
Q: Why give to the Endowment Fund when I give directly to the church?
A: The money you donate now is very essential to the present operation and shouldn’t be reduced due to donation.
Q: What if I want to only donate to the Church or only the school?
A: When you fill out the worksheet it will allow you to designate what percent you want per category if any.
Q. What happens with the principle when you have a year of losses?
A: No, disbursement of funds will be made until the principle is back to pre lost amount.
Q: Can the money be used for anything other than what the endowment fund allows?
A: No, the by-laws were written to ensure when someone makes a donation their wishes are honored.
Q: Can any of the Endowment Funds be used by any other entity of the Parish or the Diocese of St. Cloud.
A: No, all assets are managed by the Catholic Foundation of the Diocese of St. Cloud which is a separate corporation from the Diocese.
Q: Is there a place that shows our donation.
A: Yes, a plaque display at the church entry recognizes donors with gift amounts of $500, $1,000, $5,000 & $10,000 or more.
WHY SUPPORT THE ENDOWMENT FUND?
PARISH FUND
St. Wendelin Parish was founded in 1859 when the first Mass was celebrated after which a modest frame church, 24 feet by 36 feet was paid for and built by the 39 local families. In 1872 the construction of the present stone church was built on the same location as the first church. Again it was paid for and built by the local parish members. It is now time for the present Catholic families to plan on taking care of the church for future families as the families in the past did.
EDUCATION FUND
The first school in Luxemburg was a district school built around 1861. Around 1903 a new brick school was built to accommodate the growing population. In 1951 the Luxemburg District School became a Catholic School. Once again in 1963, St. Wendelin Parish embarked on building a new school as it stands today. As with the Church, the school was paid for and maintained by local parishioners. Now it’s time for present parishioners to provide for Catholic education presently and into the future.
VOCATION FUND
St. Wendelin is proud of its past vocations and looks forward to many more.