For many years national Catholic leadership groups have been encouraging parishes, especially those with historic property and Catholic schools, to develop alternate means of financial support. This Foundation is intended to be one such means of support. Its purpose is to supplement the weekly offerings of the people. to preserve our current services and ministries and to expand them into the future.
The St. Peter Parish and Education Foundation has been created as a means for parishioners to help build a lasting source of support for our parish. The foundation accepts gifts of cash and other assets to be used for the long-term benefit of the parish. All the money donated stays in the parish and is used within the parish to assure an orderly continuation of its ministries and the upkeep of the parish properties and its educational purposes. Foundation funds are controlled by our local Foundation Board.
In addition to providing a legacy of stewardship, gifts to the Foundation also may provide substantial tax benefits for the contributor.
Ways to Leave a Legacy
Cash Gifts: – Cash is one of the simplest ways you can make a lasting gift, while receiving a charitable income tax deduction. Checks can be payable to St. Peter Parish & Education Foundation.
Securities: Gifts of appreciated securities, such as stocks, bonds, and mutual funds, may allow you to deduct their full market value as a charitable contribution.
Memorials: The passing of a loved one is meaningful occasion for making a lasting gift in his or her memory.
Bequests: Gifts through a will or trust allow you to make a sizable contribution, while possibly saving estate taxes and not reducing your assets during your lifetime.
Real Estate: A home, farm, or other property can be deeded to the Foundation, and you may be able to deduct the fair market value as a charitable contribution. Futhermore, you can deed the property for the Foundation now, while retaining the right to use it for the rest of you life.
Life Insurance: Naming the Foundation as a beneficiary of a life insurance policy allows you to make relatively modest contributions toward a large gift to benefit the foundation later.
Charitable Trust: With an irrevocable, tax exempt trust you retain a fixed income from the trust, while transferring the remainder to the Foundation.
When planning your gift, it is suggested that you seek the advice of your attorney or tax consultant
Questions and Answers about the Foundation
What is the St. Peter Parish & Education Foundation?
The Foundation is a special, not-for-profit corporation established in 1996 for the Parish to accept contributions of cash or other assets from parishioners who wish to make gifts that provide a long-term legacy for the parish.
Why is the foundation necessary?
The Foundation establishes a steady, secure source of funding to supplement the needs of the parish into the future. It provides a way for parishioners to donate to the parish, knowing their gifts will provide a lasting legacy.
How will funds in the foundation be used?
The Foundation Board of Directors will seek input from parish organizations then, in consultation with the Pastor, the Board will decide when and how the funds will be used.
Can I designate how my contribution will be used?
We encourage unrestricted gifts to provide flexibility to meet future parish needs. However, you may designate how your gift will be used, in consultation with the Foundation Board of Directors.
Other than outright cash donations, how can I contribute?
There are several ways to contribute to the Foundation. You can donate securities, real estate and life insurance. You can make a bequest to the Foundation in your will. You can set up a charitable trust. You can establish a memorial gift when a loved one dies.
Will a gift to the Foundation replace my weekly tithing to the Church?
No. The Foundation serves as a way to donate accumulated wealth to meet long-term parish needs. Your regular tithing from your income still is important to meet current parish expenses.
Can I still make a gift to the parish without using the Foundation?
Yes. The Foundation is just one way for you to support the parish. Other types of gifts are still encouraged and appreciated.