What is the purpose of the Pax Christi Community Endowment Fund?
The Pax Christi Community Endowment Fund was created to perpetuate support for the core values, mission, and ministries of Pax Christi Catholic Community.
What is an endowment fund?
An endowment fund is an investment fund that lasts forever. It is managed to protect and grow the principal in perpetuity. Each year the parish receives a portion of the endowment balance in the form of a grant. Over time, as the principal grows, this annual grant grows too. A legal document called a gift instrument governs an endowment and ensures the parish receives a stable source of income, safe from the unpredictability of the future. This document also ensures gifts that donors make to the endowment will, in fact, last forever.
Why did you start an endowment fund?
Pax Christi is financially sound. We have general operating reserves to cover at least six months of expenses and capital reserves for the maintenance and upkeep of our building and grounds. We are now in a position to plan for long-term financial stability. In 2017, the Catholic Community Foundation awarded us a $25,000 Delora Mayer Matching Grant to help us start an endowment fund.
What is a Delora Mayer Matching Grant?
Delora Mayer passed away in 2015 and left a charitable estate gift with the Catholic Community Foundation (CCF). This gift has been divided into grants to help local parishes start up endowment funds to further their mission and vision. Pax Christi was the second area parish to receive this matching gift. We ask that you keep Delora Mayer and her generosity in your prayers.
Who will be managing the funds?
The funds will be managed by the Catholic Community Foundation (CCF). CCF is a professional financial steward with investment resources and an expert investment manager who will ensure our endowment is invested in accordance with current laws and best practices. CCF is our partner who shares our faith and is committed to carefully investing and granting in alignment with the teachings of the Catholic Church. Visit the Catholic Community Foundation website at https://www.ccf-mn.org
Can the parish or Archdiocese ever claim funds from the endowment?
No. A permanent endowment grows the principal of the fund and ensures the endowment can never be used in any way other than the purpose for which it was originally established.
What is our endowment fund goal?
The original goal of the Pax Christi Community Endowment Fund was to collect new gifts from members in order to secure the matching grant. Each additional gift will increase the fund balance and in turn increase the amount of our annual grant from the endowment. Annual grants from the endowment will allow us to increase our annual justice grants and provide additional funds for life-long learning.
Pax Christi has granted a portion of its contributions every year to social justice. Will this endowment take the place of that?
Pax Christi’s first collection was donated in its entirety to social justice. From its founding through today, Pax Christi has granted over $4 million to over 200 different organizations. Pax Christi will continue to give from our first fruits. The proceeds from the Pax Christi Community Endowment Fund will augment the Justice Grants and allow us to grow our committed response.
Who decides where the proceeds from the endowment fund go?
Pax Christi has a Justice Grants Board, made up of active parishioners who serve three-year terms and work judiciously to solicit, vet, determine, and distribute the annual Justice Grants.
Should we support the General Fund or the Pax Christi Community Endowment Fund?
We hope you will consider supporting both the general fund AND the endowment fund. Pax Christi relies on your gifts to the general fund to provide exceptional worship opportunities, faith formation programming for all ages, a safe and welcoming building and grounds, outreach ministries and community events. Gifts to the Pax Christi Community Endowment Fund are “tomorrow” gifts, ones that will help us continue to serve the core mission and values of Pax Christi into the future. Gifts to the endowment fund are appreciated as an extraordinary opportunity, above and beyond your annual pledge of support.
What happens to the fund if Pax Christi were to close?
If Pax Christi were to close, the assets of the endowment fund would go to our designated successor. The successor parish would have to use the endowment fund for the same purposes for which it was originally designated.
How else can I support the Pax Christi Community Endowment Fund?
Pray for the Pax Christi Community Endowment Fund AND for our Justice Grant recipients that the gifts provided will help these organizations flourish.
Consider getting involved by sharing your time/talent with one of Pax Christi’s Justice Grant recipients. A major part of our goal is to build relationships with the organizations we support to break down barriers and meet challenges with interactive solutions in the greater community.
Consider lending your talents by serving on the Financial Initiative Team (FIT) or the Justice Grants Board. CLICK HERE to visit our SERVE page to learn more.