The CFU is managed by a volunteer board. The Bishop of the Salt Lake City Diocese is the chairman of the board. Board members serve on executive, membership, investment and stewardship committees.
Although the CFU exists to provide permanent financial support to Diocesan entities and ministries, its organization, finances and management are independent of the Diocese.
No. There is no relationship between the CFU, a non-profit corporation, and the DDD, an activity undertaken annually by the Diocese. In addition, CFU funds are invested in permanent endowments while DDD funds are depleted during the course of the year.
An endowment is very simply a gift made by a donor to a non-profit organization to provide a permanent financial benefit to a charitable institution or purpose.
Yes. Any diocesan entity, a parish or a school for example, can create an endowment with no minimum investment. Any individual can create an endowment with an investment of $10,000. Each donor selects the entity or ministry which will receive distributions from the endowment.
Yes. The CFU is a 501(c)(3) corporation and contributions are tax deductible.
Yes. Anyone at any time and for any amount may make a tax deductible contribution to an existing endowment. A contribution to an existing endowment can be a wonderful gift to celebrate a birthday, anniversary, or holiday, or a thoughtful and meaningful remembrance in lieu of flowers at the passing of a loved one.
Donors to the CFU vary widely. The one common thread is that all donors are passionate about making a difference in some way to the future of the Catholic Community in Utah. Endowments have been created to benefit parishes, schools, Catholic Community Services, vocations and almost any Diocesan endeavor in existence. A listing of endowments and the beneficiaries they support can be found under the tab “Foundation Endowments.”
The CFU is committed to maintaining endowments permanently, as intended by donors to ensure the future of our diocese. In order for an endowment to be truly permanent and effective forever, its balance must constantly increase to keep pace with inflation. For that reason, a portion of the earnings is reinvested each year, while the remainder is distributed to beneficiaries.
Absolutely. Many endowments are created through estate plans and proceeds from life insurance policies. A simple codicil which supplements an existing will may be all that’s needed to direct estate proceeds to the CFU.
While an immediate gift is always appropriate and sometimes necessary for your parish or school, it satisfies an immediate need and is then gone. An endowment through the CFU is an additional vehicle for support which will always exist and provide funding each year for your chosen beneficiary.
All endowment monies are combined for investment purposes and are invested according to the U.S. Conference of Catholic Bishops Guidelines on Socially Responsible Investing. The Investment Committee of the Board works with professional investment advisors and money managers to maintain a diversified portfolio typically composed of approximately 60% equities and 40% fixed income instruments.
The investments are monitored through the Investment Committee of the CFU, together, with professional money managers that carefully and frequently monitor assets.
