CHARLOTTE — The Diocese of Charlotte Foundation recently surpassed the milestone of 250 endowments, representing a total of more than $45 million in assets.
The foundation, established in 1994, provides 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.
An endowment is a permanent fund, the principal of which is never touched, but the income from which can be used in accordance with 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, agencies and ministries.
One such endowment is the Asheville Catholic School Endowment Fund, established in 1997, with cumulative contributions totaling $560,000. Since that time, the school has received distributions of $561,000 while the principal amount in the endowment itself has grown to $600,000. The endowment will continue to provide distributions every quarter, depending on how financial markets grow or decline.
“The good news is that the endowment principal will continue to grow over the long haul and at the same time it will generate a continuing rise in income (for the school),” said Jim Kelley, diocesan development director.
“The endowment has already provided income equal to the amount of the initial contributions. Not only has the school recouped the initial investment, but it will also continue to receive income that, over time, will grow into the millions of dollars to benefit Asheville Catholic School,” Kelley said.
The foundation sends reports to all endowment holders every quarter stating where their endowment stands and how much is available to distribute.
As a rule, the foundation makes available annually 5 percent of a rolling 12-quarter average value of the endowments’ total assets, which is a common practice.
Since 1994, the foundation has distributed more than $7 million to the diocese and its parishes, schools and ministries.
“Those funds have helped change the lives of thousands of people throughout the diocese,” Kelley said.
— SueAnn Howell, senior reporter
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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 information about setting up an endowment to benefit the Church in western North Carolina, contact Ray-Eric Correia, diocesan director of planned giving, at 704-370-3364 or email This email address is being protected from spambots. You need JavaScript enabled to view it..
CHARLOTTE — More than 50 people from multiple parishes in the Charlotte area attended the inaugural Vigil of the Two Hearts devotion at St. Patrick Cathedral Sept. 1.
The vigil, organized by the Catholic Pro-life Action Network of Charlotte (C-PLAN), honors the hearts of Jesus and Mary by offering First Friday and First Saturday Masses united by nocturnal Eucharistic Adoration.
The vigil invites Catholic families to come together in prayer each month for the strengthening of their families, offering penance for their sins, and praying for the country’s conversion. The event seeks to honor the Sacred Heart devotion and Our Lady of Fatima’s request for prayer and penance for conversion of sinners and peace in the world.
The evening began with Mass, offered by Father Peter Ascik of St. Thomas Aquinas Church in Charlotte, who preached about the need to accept Christ’s healing love first before healing the wounds of families and the nation.
After Mass, Father Ascik offered prayers to spiritually fortify families while Deacon Carlos Medina of St. Patrick Cathedral led a Holy Hour of Reparation before midnight.
Throughout the night, individuals and families came to the cathedral for nocturnal Eucharistic Adoration.
The event concluded with morning First Saturday Mass Sept. 2.
The Vigil of the Two Hearts will be held again at the cathedral Oct. 6-7, and may be held monthly if participation remains consistent.
For more information or to sign up for a Holy Hour during the period of nocturnal Adoration, go online to www.prolifecharlotte.org/two-hearts
— Mike FitzGerald, correspondent