Endowment Foundation

The Archdiocese of Detroit Endowment Foundation was established in 1994 to receive the gifts from the Stewards for Tomorrow fundraising campaign. Concluding in 1995, Stewards for Tomorrow was a great success. Parishioners contributed more than $84.5 million. Through the campaign formula, parishes retained $19.3 million of that total, and the archdiocesan Endowment was created with $65.2 million in campaign gifts.

As of June 30, 2010, the Foundation has distributed more than $55 million for thousands of tuition assistance grants to Catholic K-12 school students, support to Sacred Heart Major Seminary, financial aid for the education of catechetical instructors, supplementary income for retired priests, and support for seminarians and other Catholic organizations. As of June 2010, the Endowment has a total asset value of $71.4 million.

As specified in the Stewards for Tomorrow campaign, the annual distribution of funds from the Endowment is allocated as follows:

1. The majority of the annual fund distribution, 62.5 percent, provides tuition assistance grants for Catholic students at Catholic K-12 schools in the Archdiocese of Detroit.
2. 6.25 percent of the annual fund distribution goes to Sacred Heart Major Seminary.
3. 6.25 percent of distributions provides educational opportunities for those engaged in youth and family ministry as well as directors of religious education.
4. 25 percent of distributions are directed to the Archbishop’s Stewardship Fund, a discretionary benevolent fund that enables the Detroit Archdiocese to support individuals and organizations that the archbishop deems appropriate.

Many parishes, schools and other Catholic organizations have established their own endowment funds within the archdiocesan Endowment Foundation to take advantage of the Archdiocese’s larger investment pool and professional fund management.

As of the Endowment Foundation’s most recent audited financial report (June 30, 2010), 64 parishes, schools, and organizations had 71 funds in the archdiocesan Endowment (some of these institutions have established more than one fund).

The value of these special funds was over $19.6 million, which is part of the Endowment’s $71.4 million total asset value. These separate funds operate under a distribution policy similar to that utilized by the archdiocesan Endowment Foundation.

Planned Giving
Because the Foundation was established to receive gifts to the Endowment, this is an ideal vehicle for donors wishing to leave a legacy of their faith. For example, donors can name the Foundation as beneficiary of a bequest in their last will and testament or their revocable trust. As a further example, donors can name the Foundation as beneficiary on life insurance policies or retirement plans such as 401(k) or IRA plans.

Moreover, a donor can arrange for a charitable gift annuity through the Foundation. A gift annuity is a very simple agreement under which the Foundation promises, in exchange for the donor's gift of cash or marketable stocks and bonds, to pay an annual amount to the donor or other annuitants the donor names.