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Building an Endowment: What, Why, and How. INSTITUTION National Catholic Educational Association, Washington, DC DOCUMENT RESUME ED 430 317 EA 029 844 AUTHOR Beaird, Steven; Hayes, William E. TITLE Building an Endowment: What, Why, and How. INSTITUTION National Catholic Educational Association, Washington, DC. ISBN ISBN-1-55833-222-7 PUB DATE 1999-00-00 NOTE 83p. AVAILABLE FROM National Catholic Educational Association, 1077 30th Street, NW, Suite 100, Washington, DC 20007-3852; Tel: 202-337-6232; Fax: 202-333-6706; Web site: http://www.ncea.org; e-mail: [email protected] PUB TYPE Guides Non-Classroom (055) EDRS PRICE MF01/PC04 Plus Postage. DESCRIPTORS *Catholic Schools; *Educational Finance; Elementary Secondary Education; *Endowment Funds; Nonprofit Organizations; *Philanthropic Foundations; *Private Financial Support; Trusts (Financial) ABSTRACT This book was written for Catholic schools ready to launch an endowment or enhance an existing one. It is intended to be a resource for both Catholic elementary- and secondary-school administrators including principals and presidents, board members, development professionals, and alumni/ae. The volume outlines the three primary sources of funding for Catholic schools--tuition, fundraising, and endowment--and highlights the importance of having an endowment to keep tuition rates competitive. It discusses what an endowment is and why it is necessary for a school to have one. The steps for building an endowment include endowment promotion, who should support the endowment, who should ask for support, and techniques for soliciting annual, capital, and endowment gifts. The text then addresses ways to increase the endowment, the need to have recognition societies for those who give large gifts or who include the school in their wills, tracking planned gifts, the role of the planned-giving committee, and planned-giving policies. The last chapter outlines ways to protect the endowment. Appendices present examples of personal-solicitation presentation materials, a school's mission statement, will-bequest provisions, endowment-fund recognition opportunities, standards for reporting planned giving, and gift policies. (RJM) ******************************************************************************** * Reproductions supplied by EDRS are the best that can be made * * from the original document. * ******************************************************************************** I I II AII ))I I I II I I by Mr. Steven Beaird, CFRE and Rev. William E. Hayes,ST U S DEPARTMENT OF EDUCATION Office of Educational Research andImprovement EDUC IONAL RESOURCES INFORMATION CENTER (ERIC) El This document has beenreproduced as received from the person or organization originating it Minor changes have been madeto maga improve reproduction 'quality Points of view or opinions statedin this A.A60"' document do not necessarily represent official OERI position cr policy -110xm PINWALE trial.COPY PERMISSION TO REPRODUCEAND DISSEMINATE THIS MATERIALHAS BEEN GRANTED BY TO THE EDUCATIONAL RESOURCES INFORMATION CENTER(ERIC) 1 Secondary SchoolsDepartment National CatholicEducational Associatio 2 Buildingan Endowment: What, Why and How by Mr. Steven Beaird, CFRE and Rev. William E. Hayes, SJ National roiWO Catholic Educational Association © 1999 National Catholic Educational Association 1077 30th Street, NW, Suite 100 Washington, DC 20007-3852 ISBN 1-55833-222-7 Table of Contents Dedication Acknowledgments vii Foreword ix Introduction xi Chapter I. Catholic School Funding 1 Chapter II. What is an Endowment? 5 Chapter III. Why is it Necessary for a School to Have an Endowment? 7 Chapter IV. How to Build an Endowment 11 Chapter V. Endowment Promotion 15 Chapter VI. Who Should Support the Endowment? 17 Chapter VII.Who Should Ask for Gifts to the Endowment? 21 Chapter VIII. The Triple Ask: Technique for Soliciting Annual, Capital, Endowment Gifts 23 Chapter IX. Ways to Grow the Endowment 27 Chapter X. Recognition Societies 29 Chapter XI. Tracking Planned Gifts 33 Chapter XII.Role of the Planned Giving Committee 37 Chapter XIII. Planned Giving Policies 39 Chapter XIV. Protecting the Endowment 41 Summary 43 Appendices 45 Sample 1: Personal Solicitation Presentation Materials Mission Statement 46 The Crusade for Excellence 47 5 ,,,,uty.mr-t4i 4.1 $50,000,000 Endowment 47 The Legacy Club 48 Legacy Club Member Benefits 49 To Join the Legacy Club 50 Sample 2: Will Bequest Provisions 51 Sample 3: Endowment Fund Recognition Opportunities 52 Sample 4: Planned Giving Society Acknowledgement Form 54 Sample 5: Standards for Reporting Planned Gifts 56 Sample 6: Gift Policies 58 Procedures for Gifts of Real Estate into a Charitable Remainder Unitrust 65 Procedures for Gifts of Real Estate into a Charitable Gift Annuity 70 Gift Annuity Acceptance Policies 74 Checklist for Receipt of Charitable Gift Annuities 75 Sample 7: Endowment Fund Investment Policy76 About theAuthors 81 iv Dedication To my wife, Linda, a beautiful example of the goodness of Catholic education; and to our two sons, Matthew and David, may you grow to be Christian adults who are beneficiaries of an excellent Catholic education. Steven Beaird Acknowledgments frirhis manuscript is dedicated to the ministry of Catholic education and the important role endowments play in its future. It is hoped that Catholic elementary and secondary schools will find this publication useful as a resource in launching an endowment as well as building up an existing enclOw- ment. We thank those people whose comments and editing provided critical feedback: Jeff Bo ly, retired tax attorney (Portland, OR); Nancy Cook, Director of the Catholic Schools of Fairbanks (Fairbanks, AK); Janeen McAninch, President of Becker Capital Management (Portland, OR); Susan Steele, Principal of Our Lady of Sorrows School (Portland, OR); and Sister Mary Tracy, Associate Executive Director of the Secondary Schools Department, National Catholic Educational Association (Washington, DC). In particular, we would like to thank Ken Bunn, Planned Giving Director of Jesuit High School, who was instrumen- tal in developing the charts, graphs and presentation ma- terials for the publication. Special thanks to those who work in Catholic education. Other than being a Christian parent, there can be no more important ministry than Catholic education. vii AL S .7.4LeitiSj Foreword Henry David. Thoreau in the mid-nineteenth century admitted that "he could not live and utter his life at the same time." Steven Beaird and William Hayes, SJ, in their manuscript Building an Endowment: What, Why and How have applied unequalled erudition and current experience to their com- position. The writers' treatise on endowment reveals the practi- tioners' vision of an endowment's capacity to protect an institution against the inevitable rough terrain of fiscal vulnerability, the predictable result of student volume fluctuation and market volatility. Their grasp of the tech- nique required to execute the vision is praiseworthy; stem- ming from combined years of research and empirical knowl- edge, Mr. Beaird and Father Hayes have become experts. With no benefit of a journey to their own Walden Pond, the writers have obviously reflected on years and depth of experience in Catholic school settings where they have accepted accountability to generate substantial resources to carry out the schools' mission. The spiritual mission and the foundation of faith serve as an illuminating backdrop to their manuscript, distinguishing this piece from others in the philanthropic marketplace. I urge school heads and advancement professionals to see that Building an Endowment: What, Why and How lands in the hands of board members of Catholic schools. Ideal as preparatory reading for a board retreat or strategic plan- ning session, the monograph can be useful to schools ready to launch an endowment or enhance an existing one. The next era will showcase dramatic endowment growth in Catholic schools.I am grateful to Steven Beaird and William Hayes, SJ who in their professional lives and writing lead the way for generations. Sister Mary E. Tracy, SNJM Associate Executive Director Secondary Schools Department NCEA ix Introduction atholic education has long prided itself on its accessibility to people of varied ethnic and economic backgrounds. Raising funds has always been vital to enabling schools to live the value of accessibility. The challenge ahead is to keep Catholic education affordable. Tuition can only increase by limited amounts each year before schools price themselves out of the marketplace. There are limitations on the ability of fundraising to grow each year.There has to be an additional way to provide support that keeps Catholic education affordable. A prudent long-term solution should include the fol- lowing three components: 1. Realistic, affordable tuition 2. An effective annual giving program 3. An endowment All three of these school-funding elements make up the total revenue of a school and complement each other. Affordable tuition and annual giving must work effi- ciently before a school can begin promoting endowment. Building an endowment is a commitment to a long-term process that can become the financial key to a school's survival. Many schpols are looking to endowment rev- enue to provide an increasing percentage of their operating budget. In the United States, a current phenomenon pro- vides a tremendous opportunity for Catholic schools to build endowments to levels that will relieve financial pressures facing many schools: the parents of the "Baby Boom Generation" are about to pass on trillions of dollars to their heirs. Without consideration of charitable
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