Establish a Fund
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Individuals, families, or groups of friends can establish their own special fund.
There are two types of funds that are very similar, but do have some differences.
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Similarities between a Family Endowed Fund and a Donor Advised Fund:
- You can name your fund however you would like. Some people name their funds after themselves, after their parents, etc.
- You receive tax benefits. Your gift qualifies for an IRS tax deduction AND the North Dakota 40% Tax Credit.*
- You select the Catholic beneficiary(ies) of your annual distribution.
- It takes $10,000 to start your fund or you can select one of our three easy options to start it:
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The donor establishes a Family Endowment Fund or a Donor Advised Fund over a number of years, not to exceed 5 years. A donor makes an initial gift with an agreement for the balance to be paid annually over a certain number of years. Options available would be:
# of Years Annual $ Amount Total 1 $10,000 $10,000 2 $5,000 $10,000 4 $2,500 $10,000 5 $2,000 $10,000
Parishioners choosing to use an Equity Building Endowment would sign an agreement that states they will fulfill their agreement in 2, 4, or 5 years. The agreement will include language that if the donor defaults on the agreement, the CFWND will work with the parishioners to set up an alternative plan to reach the $10,000 minimum funding amount.*
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The donor establishes a Family Endowment Fund while living which will be fully funded through a bequest upon the donor's passing. While living, the donor funds their Family Endowment Fund with an agreement for one of the following:
# of Years Annual $ Amount Total 1 $5,000 $5,000 2 $2,500 $5,000 Bequest Minimum $5,000 $10,000
The agreement will allow the donor to provide notification of a future bequest to the CFWND within 90 days.*
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A Pooled Endowment Fund allows for two or more donors to join together to establish a fund with a singular charitable purpose. A Pooled Endowment Fund is a perfect opportunity for family members, groups of friends, colleagues, or classmates to establish a fund in honor of or in memory of a loved one, a priest, graduating class, or a retiring staff member. Initial donations can come from two, ten, or even a hundred different donors. Usually, the beneficiary or a family member is designated as the main point of contact for a Pooled Endowment Fund.*
*In the event that the parishioners would not be able to fulfil their minimum funding Equity Building Endowment, the CFWND will work with the parishioners to identify an alternative. Any adjustments would need to be approved by the Board of Directors. If no adjustments can be made, the CFWND Board of Directors may close the fund and the assets will be transferred to another endowment fund determined by the CFWND Board of Directors.
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Differences between a Family Endowed Fund and a Donor Advised Fund:
- In a Family Endowed Fund, when you set up the fund, you select your beneficiary(ies) to receive your annual distribution. Your beneficiary(ies) will remain the same year-after-year.
- In a Donor Advised Fund, when you set up the fund, you do NOT select your beneficiary(ies) at that time. Each year, the Catholic Foundation will contact you to see which Catholic beneficiary(ies) you would like to select that particular year. You can select the same beneficiary(ies) or switch beneficiary(ies) each year.
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