The Diocese of Charlotte Foundation currently has invested more than $71.5 million in 300 endowments. Over the past 27 years, the foundation has distributed more than $12.2 million through these endowments to help support the diocese and its parishes, schools and ministries. CHARLOTTE — The Diocese of Charlotte Foundation recently surpassed 300 endowments, representing more than $71.5 million, thanks to generous donors contributing amounts large and small over 27 years.
Established in 1994, the foundation offers a means for people and organizations to provide long-term financial stability for the diocese and its more than 181 churches, schools, agencies and organizations.
The late John Monahan, a Charlotte insurance executive and adjunct professor, established the diocese’s 300th endowment in May as part of a planned giving designation in his will. His gift was split to provide Catholic Charities both a direct gift and an endowment to help fund the organization’s long-term operations.
An endowment is a permanent fund, the principal of which is invested – not spent – that generates income to help pay for projects and programs specified by the donor. They are tax deductible and help sustain the strength and viability of the diocese and its entities, paying for capital improvements, charitable outreach, education and parish operations.
Consider the success of the Asheville Catholic School Endowment Fund: Created by a group of supporters in 1997 with contributions totaling $560,000, the fund has generated $673,000 for the school – more than the initial investment set aside in the endowment. Most of the money, paid quarterly, goes to help students in need of tuition assistance. In addition, the fund’s principal has grown to $690,000.
“So many young people have benefited from the tuition assistance and other programs we provide through this endowment,” said Mike Miller, principal of Asheville Catholic School. “It’s heartwarming to watch these kids grow in their education and their faith – then go on to make the world better. We are grateful for the foresight of the donors who put the endowment together almost 25 years ago.”
The foundation makes available annually 5 percent of an endowment’s value (averaged over three years). It reports to endowment holders every quarter outlining the latest value and how much is available for distribution for its prescribed purpose – which can be very specific or more general, giving recipients the leeway to decide how the funding can help them most.
“The benefit of an endowment is that its principal continues to grow while at the same time generating an increasing amount of income for a school or ministry or parish,” said Jim Kelley, diocesan development director. “In the case of Asheville Catholic, not only has the school already received funding equivalent to the initial investment, it continues to receive funding that eventually will equate to millions of dollars.”
Over the past 27 years, the foundation has distributed more than $12.2 million through its endowments to help support the diocese and its parishes, schools and ministries.
Create an endowment
You can establish an endowment in the Diocese of Charlotte Foundation by leaving a bequest in a will, a beneficiary designation from a retirement plan, a gift of real estate or life insurance, cash or securities, or a life income arrangement such as a trust or annuity. For details, contact Gina Rhodes at 704-370-3364 or This email address is being protected from spambots. You need JavaScript enabled to view it..
— SueAnn Howell, Senior Reporter