Friday 02 Sep 2022
Special for Intermountain Catholics
The Diocese of Salt Lake City has many needs, large and small – from constructing a new building to maintaining a parish’s flowerbeds – that are often first recognized by individuals within our community. To that end, The Catholic Foundation of Utah (CFU) was established in 1984 by Bishop William K. Weigand, seventh Bishop of Salt Lake City, to help donors create meaningful and lasting impacts in building and planning for the future of the Catholic Church in Utah. Through financial giving and planned giving, endowments are established by CFU to provide a perpetual source of revenue for the growth and maintenance of programs and institutions throughout the Catholic Diocese of our state.
A one-time endowment is a portion of the total that CFU manages that is set aside to benefit the specific purpose donors designated when creating their endowment. It is then the responsibility of the CFU to ensure that this objective is achieved. CFU manages the two permanent endowments, which are those funded in perpetuity to provide distributions from investment income; as well as temporary endowments, which are those that function as savings accounts, always with income, for the entities of our diocese.
Combining resources to maximize tax leverage, the CFU invests and administers the pool of funds from these many donors who name their endowments and designate their beneficiaries. Disbursed funds are managed by the Bishop of Salt Lake City and the CFU Board of Directors, who follow the advice of professional financial advisors to manage more than $50 million from more than 450 diocesan endowments already established. Beneficiaries of these current endowments include, but are not limited to, support for diocesan seminarians studying for the priesthood, various parishes and Catholic schools, scholarships, youth ministry, the Bishop’s Future Fund, Catholic Community Services, Hispanic Ministry and the Good Samaritan Program.
While permanent endowments require initial funding of $10,000, CFU may hold smaller amounts in temporary endowments until they reach, through future donations and income, the $10,000 threshold. Individual donors or like-minded groups, such as families, graduating classes, RCIA classes, or neighborhoods, are encouraged to contact CFU about an endowment to benefit a need they identify. uniquely. CFU welcomes any donation, large or small, to contribute to an existing endowment for a parish, school, or other service. You can find a list of existing CFU endowments at www.dioslc.org, under Ways to Give.
The Catholic Foundation of Utah invites you to remember the Church in your will, estate planning, and ongoing charity. And feel free to contact the CFU office at 801-456-9306 or email the executive director at [email protected] to learn more about establishing or contributing to an endowment.
Howard Lemke is chairman of the board of the Catholic Foundation of Utah. He and his wife Nancy established the Irene C. Sweeney Endowment to benefit the Madeleine Choir School; they are parishioners of Saint Vincent de Paul. Other trustees are Kristine Rogers, CFU vice president and parishioner of St. Vincent de Paul; Tom Marriott, treasurer of the CFU board of directors and parishioner of St. John the Baptist; Kevin Murphy, CFU secretary and parishioner of Madeleine Cathedral; Patrick Porter, a St. Thomas More parishioner; Cece Holt, a Magdalen Cathedral parishioner who is in her second term on the board; Becky Duberow, a St. Ambrose parishioner serving her second term on the CFU board; Tim Clark, member of St. Ambrose Parish; Msgr. Terence More, retired priest of the diocese; Karla Padilla, admissions director of the Madeleine Choir School; Prof. Christopher Gray, parish priest of St. Mary of the Assumption; Patrick Garcia, member of the Knights of Columbus and parishioner of Saint-Pie; and Maria Devereux, a parishioner of St. James the Just and wife of a deacon.