Joe GiglerCHARLOTTE — The Foundation of the Diocese of Charlotte has two milestones to celebrate this month: its 30th anniversary and topping $100 million in endowment assets.
Since 1994, the foundation has offered a means for people and organizations to provide long-term financial stability for the diocese and its more than 181 churches, schools, agencies and organizations.
Thanks to generous donors contributing gifts of various amounts over three decades, the foundation has distributed more than $17 million from its 370-plus endowments.
An endowment is a permanent fund, the principal of which is invested – not spent – that generates income to help pay for projects and programs specified by the donor. They are tax deductible and help sustain the strength and viability of the diocese and its entities, paying for capital improvements, charitable outreach, education and parish operations.
The nonprofit organization is managed by a board of directors made up of both clergy and lay people. Joe Gigler, a member of St. Matthew Parish in Charlotte, serves as its chairman.
“The board and I are so grateful to the families, couples and individuals across the diocese who are leaving a legacy of faith through their estate gifts and endowments that will benefit the future needs of the Church,” Gigler said. “These types of gifts have significant impact and strengthen the good work our parishes, schools, ministries, the diocese, and the foundation strive to achieve.”
As Bishop Michael Martin noted: “The foundation’s purpose is to make a difference in the long-term future of Catholic life here in the western part of North Carolina. The fact that it is already making a difference because of its rapid growth is a testament to the visionaries who created it 30 years ago.”
Funds from the foundation’s endowments have addressed pressing maintenance needs at St. Benedict Church in Greensboro, supported religious education initiatives at Sacred Heart Parish in Brevard, and recruited and trained teachers in western North Carolina – just to name a few.
An unrestricted endowment in the name of the Diocese of Charlotte was the first fund created under the foundation, with an initial investment of $250,000. Through investments and additional contributions, that endowment has grown to reflect a market value of $613,000 with distributions of over $743,000.
The second endowment – Asheville Catholic School – began with an investment of $140,000. Today that endowment has a market value of $632,000 with distributions of over $776,000 that have helped the school.
“The greatest impact that our endowments have is the countless students that they benefit,” said Michael Miller, who served as principal of Asheville Catholic for 11 years and is now the diocese’s assistant superintendent of schools. “The funds that contribute to endowments, whether they’re legacy gifts or other types of contributions, power the work of Catholic schools to bring our students closer to Christ. The generosity of so many is literally leading to the salvation of souls. In this way, the simple act of giving to our endowments has an impact that goes beyond when the student graduates. The impact is eternal.”
— Courtney McLaughlin