How the Endowment Works What is the Diocese of Fort Wayne-South Bend Endowment Trust, Inc.? What kind of gifts may be given? What is the procedure for giving stock? Are gifts to the Trust tax deductible? Who may donate? What happens to an Endowed Gift when it is received? May I designate what my gift will support? Could a gift or its income be used for a purpose other than the one I designate? Must I designate the purpose of a gift? How will I know how gifts to the Trust are used? Q. What is the Diocese of Fort Wayne-South Bend Endowment Trust, Inc.? A. The Diocese of Fort Wayne-South Bend Endowment Trust, Inc., (or Trust) is a nonprofit, religious corporation established to accept gifts in support of the various religious, educational, and charitable works of the Catholic Church in the Diocese of Fort Wayne-South Bend. It is a 501 (c) (3) charitable organization qualified as a tax-free entity under the Internal Revenue Code. back to questions at top   Q. What kind of gifts may be given? A. All kinds of gifts may be offered to the Trust. or example: cash, real or personal property, life insurance policies, or stocks may be offered. The Trust may not accept Offertory income contributed to any parish. back to questions at top Q. What is the procedure for giving stock? A. For accuracy, the most efficient way to transfer stock is from the donor's account to the Diocese of Fort Wayne-South Bend account at Bank One Securities Corporation. The Diocesan Business Office should always be contacted about the transaction by your broker. Our account representative at BankOne is Ken Nicholas, who can be reached at (260) 427-8496. Our electronic transfer # is 5 19-553-903-1. The DTC number is 0443. If you have questions or concerns about giving stock, please contact Sheila Wheeler or Joe Ryan at the Diocesan Business Office at (219) 422-4611. back to questions at top Q. Are gifts to the Trust tax deductible? A. Yes. However, if other than simple, direct gifts are made -- that is, if there are arrangements which reserve certain rights or powers to the donor or utilize complex trusts or other procedures, specific tax information should be secured from an independent tax advisor. back to questions at top Q. Who may donate? A. Anyone may offer a gift (minimum $5000), including individuals, corporations, partnerships, and other entities. That is the required amount to start an endowment account. But once an endowment has been created, additional gifts of any size (from the original donor or others) will be accepted with gratitude. back to questions at top Q. What happens to an Endowed Gift when it is received? A. The gift is invested, and the income generated from it is used to support the purpose(s) designated by the donor, or if the gift is not for a designated purpose, it will be used to support the many charitable, religious, and educational needs that exist within the diocese. Endowment Trust investments are managed by a qualified committee appointed by the Bishop. Noncash gifts (such as real property or collectibles) ordinarily will be sold and the proceeds used to generate future income to serve the Endowment purpose(s) selected by the donor. back to questions at top Q. May I designate what my gift will support? A. Yes. The designation must be made when the gift is offered. For example, the donor may designate that the gift is to be placed into an Endowment Fund dedicated for the benefit of the donor's parish. In that case, the Trust would allocate all of the income generated on that gift to the designated parish. back to questions at top Q. Could a gift or its income be used for a purpose other than the one I designate? A. No. However, the purpose for which the Trust was created may someday be nonexistent, like a school, for example. For the donor's protection, the following provision is part of the documentation he/she signs: "the time may come when the Board determines that it is no longer practical or possible to utilize the gift to support the purpose(s) designated by the donor. In any such event, the donor expressly authorizes the Board to direct that the income generated by the principal of the gift may be used to support such purposes as the Board, in its sole discretion, determines best fulfills the original intent of the donor.   back to questions at top Q. Must I designate the purpose of a gift? A. No. Your gift may be unrestricted which means it will be used to support any qualified purpose which the Board determines needs assistance. back to questions at top Q. How will I know how gifts to the Trust are used? A. The Trust will publish an annual accounting of gifts received and those who benefited from the Trust. Parishes, schools, Catholic Charities, and the diocese itself can open and 'grow' their own Endowment accounts within the Endowment Trust. Thus, these groups can plan for the continuation and enhancement of their programs and services. Once a year, the Endowment will distribute interest, dividend, and other net income from the fund accounts according to the wishes of the contributing entities, agencies, and individuals. back to questions at top