The West Virginia Catholic Foundation accepts gifts of cash and appreciated securities. Checks should be made payable to the West Virginia Catholic Foundation. Stock that is held in a brokerage account may be transferred electronically, and delivery instructions are available. Stock held in certificate form may be contributed by mailing the certificate and a separate stock power from different envelopes. It is advisable to send gifts of stock via Certified Mail.
There are two primary endowment instruments utilized by the West Virginia Catholic Foundation. The most common fund vehicle is the Special Purpose Fund agreement. Assets are held and invested as grantor trusts so that annual distributions of income can be made to recipient organizations who, in turn, fund the “special purpose” selected by the donor.
Donor Advised Funds are also available to contributing individuals or organizations. Advised Funds may be held as grantor trusts by various banks across West Virginia, and the contributing individual, family or organization may appoint a three-person committee who makes annual distribution recommendations to the Foundation board. Although the Board must approve such distributions, the advisory committee plays a key role in maintaining the special purpose set forth by the donor. A minimum gift is necessary to establish a Donor Advised Fund. For more information on these gifting arrangements, contact, Bryan Minor, Executive Director, at 304.233.0880 Ext. 263.
Charitable Gift Annuities
In exchange for a gift of cash or other assets, donors will receive guaranteed income for life and a tax deduction in the year in which the gift is made. A portion of annuity payment is also tax-free. Annuities may be based on one life or two, and the minimum age requirements for participation is 55. Interest rates are based on those recommended by the American Council on Gift Annuities and vary by participating age.
You may make the West Virginia Catholic Foundation owner and beneficiary of an existing or new life insurance policy. The cost basis or cash surrender value of the policy, which is less, will qualify as a tax-deductible gift. Future premium payments may also qualify as annual contributions to the Foundation.
A Charitable Remainder Trust may help you increase your income from low-yielding assets; reduce or eliminate income, estate and gift taxes that may be due; diversify your investment assets; provide assistance for older family members or help meet educational expenses of your children; and enjoy making a sizable gift that might not otherwise be possible. Charitable Lead Trusts may also be used to help make a significant contribution, enhance the future financial security of your family and loved ones, and you may be able to provide your heirs with a larger inheritance than what otherwise might be possible.
Another fund to support the priorities of the Church as determined by the Diocesan Bishop. The West Virginia Catholic Foundation Unrestricted Fund solicits charitable gifts for distribution on a needs basis. These distributions may support continuing education of clergy and religious, ministry funding, program support, scholarships, and general charitable relief. Although the Annual Bishop’s Appeal will be held each spring to seek additional support these vital services, current and deferred gifts may be directed toward the Unrestricted Fund at any time.
Bequests for the benefit of the Diocese, or a parish, school or charity may also be included in the Foundation’s family of funds by using the following language in a will: ” I bequeath (description of gift or property) to the West Virginia Catholic Foundation to establish a separate fund called (name of endowment) for the use and benefit of (parish/school/agency) in (city), West Virginia or to add to such a fund if it already exists.”
In all instances it is advisable to seek legal counsel before drawing up a bequest or formulating a will. If you need assistance selecting an attorney, the West Virginia Catholic Foundation maintains a list of firms in your area who are familiar with the Foundation and how it operates. All donor information, of course, will be held in the strictest confidence by the Foundation.
However you choose to give, the West Virginia Catholic Foundation provides a wonderful opportunity for individuals or families to establish a family tradition of financial stewardship and supporting the works of the Catholic Church. Although many of us may not be in a position to make major financial commitments to the Church during our lifetime, utilizing estate planning tools makes it easier to provide for loved ones while leaving behind a lasting legacy of charity.
For more information on any of these or other gifting plans, please contact the West Virginia Catholic Foundation by calling Bryan Minor at 304.233.0880 Ext. 263.