Asheville Catholic School exceeds $620,000 with largest amount distributed
CHARLOTTE — The Diocese of Charlotte Foundation recently reached a milestone: giving out more than $10 million from its endowments.
The foundation provides a means for people and organizations to provide long-term financial stability for the diocese and more than 181 recipient parishes, schools and ministries. It now tops $55 million in assets with 268 endowments.
An endowment is a permanent fund in which the principal is never touched, but the income from it can be used according to the wishes of the donor organization or individual. Endowments provide a way to generate income and help sustain the long-term strength and viability of the diocese and its parishes, schools and ministries.
The $10 million was distributed from 146 of these endowments. For the other 122 endowments, distributions will be made when the recipients have a particular need.
The Asheville Catholic School Endowment Fund, established in 1997 with an initial gift of $395,000, has given out $620,000 over the past 22 years – the largest amount distributed to a single recipient. The endowment has grown to $605,000 and will continue to provide distributions every quarter, depending on how financial markets grow or decline.
“We have been blessed to receive so much support from this endowment,” said Principal Mike Miller.
“The donors who have been so generous in helping to create and grow our endowment have helped hundreds of students over the last decade at Asheville Catholic School. The disbursements have gone to subsidize tuition assistance, fund professional development for our teachers, and provide a high quality education for all of our students,” he said.
“The Asheville Catholic School staff have been good stewards of these funds in making sure they were utilized for the greatest benefit to our students. This is the best way we can show our appreciation to those who generously gave to Asheville Catholic through this endowment,” he said.
The school has five other named endowments that have been established over the years.
Jim Kelley, diocesan development director, said that to date, more than 1,100 people in the Diocese of Charlotte have notified his office that they are making an estate gift to a diocesan entity in their will or estate plan.
Since the foundation was established in 1994, Kelley has seen endowment gifts range from the thousands to the millions of dollars, and donors will continue supporting the Church through endowments as a way to keep giving long into the future.
Kelley said he is gratified to see these endowments being put to good use for the benefit of parishes, schools and ministries throughout the diocese.
“These distributions provide funds that change people’s lives. This is all done because individuals or entities established endowments because they love the Church and they want to provide for its future here in western North Carolina. It’s a wonderful gift, people making these endowments,” he said.
— SueAnn Howell, Senior reporter
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Interested in setting up an endowment? Individuals can establish an endowment in the diocesan foundation by leaving a bequest in their will, a beneficiary designation from a retirement plan, a gift of real estate, a gift of life insurance, cash or securities sufficient to set up an endowment, or a life income arrangement such as a trust or annuity.
For details about setting up an endowment to benefit the Church in western North Carolina, contact Gina Rhodes at 704-370-3364 or email This email address is being protected from spambots. You need JavaScript enabled to view it..