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Summer 2013 Greetings from the President and the Executive Director We Welcome You to This Update of the Indepen- Vestment Portfolio

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Summer 2013 Greetings from the President and the Executive Director We Welcome You to This Update of the Indepen- Vestment Portfolio THE INDEPENDENT CATHOLIC FOUNDATION For The Diocese of Altoona-Johnstown VOL. 13 NO. 1 Summer 2013 Greetings from the President and the Executive Director We welcome you to this update of the Indepen- vestment portfolio. Additionally, we have had the program for the Catholic High Schools. We hope dent Catholic Foundation. We are happy to have opportunity to visit many parishes. The invest- you will enjoy this edition of the FOCUS and that this opportunity to share news about our good ment return for calendar year 2012 was over it will serve as a “thought starter” for ideas on works, discuss our successes and provide ideas 10% and continues to show strong growth in estate planning. Please feel free to contact the regarding how to support your favorite ministry 2013. We have been truly blessed. In our last Foundation office or any Trustee with questions or parish. This has been an exciting time since newsletter we announced the $500.00 “match- or to explore how we may assist you. our last newsletter. We’ve moved the Founda- ing grant” initiative and we are pleased that sev- tion office, established many new endowments, eral parishes have taken advantage of it. It is still received over $1.2 million in contributions and available and has been expanded to any Catholic Vincent J. Barbera, Esq., President reached the milestone of $20 million in our in- Elementary School. We also announced a grant Bill Hiergeist, Executive Director. FOUNDATION contribution can be made by an individual, their be put into the general fund for current use, with family or a group of friends or employees. Member- the second half being put into an endowment that Honor Society ship can be funded over two years with member- will support the Foundation forever. Recognition ship beginning when fully funded. The honoree can will include a member listing on separate page on The Foundation is continuing to promote an honor be living or deceased, and of course someone can the Foundation web-site and a mass will be offered society within the Foundation named the Saint Si- join in their own name. Named after Saint Simon annually for members’ intentions or for their re- mon Society. This society will recognize an indi- of Cyrene who helped Christ carry his cross on the membrance, in the case of a deceased member. The vidual for whom a contribution to the Foundation way to Calvary, membership will help the Founda- mass will be offered annually in May, in which the has been made in the amount of $1,000.00. This tion in two ways. One half of the contribution will feast day of Saint Simon is celebrated. HAZENSTAB ENDOWMENT in any amount. The participating siblings thought this was a great way Created For to honor their Dad and Mom and ST. JOHN THE EVANGELIST permanently support something (LAKEMONT) that was so important to their par- The John and Kathleen Hazenstab Endowment ents. This new endowment brings for St. John’s was recently created to benefit the to over 200 the number of endow- school and parish. The endowment was funded ments managed by the Foundation. by some of the children of John and Kathleen This has been a very busy year for who were life-time members of the parish. All the Foundation with 11 new en- of their children were graduates of St. John’s dowments being added since July Elementary School and Bishop Guilfoyle High 1. These new endowments benefit School, a fact that made John and Kathleen es- two of the Catholic High schools, three of the Catholic Elementary Shown reviewing the completed paperwork pecially proud. This is a permanent endowment are the participating Hazenstab siblings. with the annual distribution of earnings divided Schools, several parishes for main- tenance and other parishes for (L to R): Mary Jane (Hazenstab)Wyland, Jack and between the parish and school. Anyone may Dennis Hazenstab and Judy (Hazenstab) Hiergeist contribute to this new endowment at any time, their general needs. Page 1 The Independent Catholic Foundation For The Diocese of Altoona - Johnstown BISHOP MARK BARTCHAK BISHOP GUILFOYLE DONOR ADVISED FUNDS: SCHOLARSHIP Class of 1978 These are individual endowments created with Created for ESTABLISHES SCHOLARSHIP provisions for the person(s) or family who cre- ated the endowment to determine where the ST. JOSEPH’S ACADEMY BG’s Class of 1978 has done something “ahead of annual distribution goes. The recipient or ben- its time”. Several scholarships from the graduating eficiary may change each year, or there may be The Advancement office and the Board of Trust- classes of Bishop McCort and Bishop Guilfoyle High multiple beneficiaries with each distribution. A ees at Saint Joseph Catholic Academy in Boals- Schools (actually Altoona Catholic and Johnstown donor advised fund offers the opportunity to burg recently announced the creation of a schol- Catholic) have been created to celebrate their re- easily create a low cost, flexible method for arship endowment for students at the Academy. spective 50 year milestone of graduation. The BG charitable giving as an alternative to direct giv- It will be in honor of Bishop Mark and named Class of ’78 is doing the same thing only 15 years ing or the costly and cumbersome private family the “Bishop Mark Bartchak Scholarship early! The class members involved thought this was foundation. Donors receive maximum tax ad- Endowment for Saint Joseph Acade- a great way to honor their school and help provide vantages with the administrative duties and ex- my”. This permanently endowed scholarship is the same opportunity for a great education that penses passed on to the holder of the endow- being funded with 100% participation of faculty they had received. The class members even held a ment (ie: Independent Catholic Foundation), and staff from the school. They felt it was a fitting “Zumbathon” as a fund raiser. This endowment was and the donor may remain anonymous if they written so that a $500.00 scholarship will be given way to thank the Bishop for his support and guid- choose to do so. Beneficiaries of the annual each year to an incoming freshman who has gradu- ance. Bishop Mark who has received all of his for- distribution must be approved by the Board of ated from a Blair County Catholic mal education in Catholic schools, from elemen- Trustees and must align with the teachings of Elementary School. They also tary school to his post graduate studies has long the Catholic Church. The Foundation Gift Ac- structured the finances so supported Catholic education and understands ceptance Committee encourages contributions that it will begin with the its unique value. This scholarship endowment is of $25,000 or more to begin a donor-advised 2013-14 academic year. managed by the Independent Catholic Founda- fund, but will consider minimum gift/pledge lev- Additional contribu- tion. This is the first endowed scholarship at the els of $10,000 with limits to the number of ben- tions to this endowment Academy, and it joins the approximately 50 other eficiaries required annually. scholarships managed by the Independent Catho- can be made at any time, in any amount through the lic Foundation that benefit the Diocesan Catholic TYPES OF DONOR-ADVISED FUNDS Foundation. High Schools. With the other 200 endowments held by the Foundation, their combined value is Permanent Endowment: These are per- manently restricted with an annual distribution over $20 million. The awarding of the scholarship FOUNDATION SEEKING as determined by the Trustees; all endowments will be managed by the Academy and will be de- within the Foundation have the same percent- termined through their financial aid and scholar- Scholarship Applications age distribution. Principal cannot be distributed, ship process and will we be awarded to a student The Foundation is seeking applicants for the except as required by law. The Foundation is who exemplifies the mission of St. Joseph’s. Addi- 2013 Welge Scholarship. This scholarship pro- advised by the benefactor each year who the tional contributions to this fund are welcome and vides financial assistance to worthy parishioners beneficiary of the annual distribution will be and can be made at any time, in any amount. They can who are entering their junior or senior year of the Foundation mails out the checks. be sent to the Academy at 901 Boalsburg Pike, college and are a member in good standing of a Provisional or Temporary Endowment: Boalsburg, PA 16827 and reference “Bartchak En- Roman Catholic Parish in Blair County exclud- An Endowment is created that allows the inter- dowment”. Additions to this fund will increase ing Tyrone. The Welge Endowment Scholarship est (annually) and up to and including 50% of the the amount and number of scholarships avail- was established in 1995 to honor Adelaide G. original principal to be distributed. This has all able. Information on this scholarship is available of the tax and expense advantages to the donor (Heverly) Welge. Information and applications through the Development Department at St. Jo- as a permanent endowment. There are stipu- are available at www.icfdaj.org. Applications seph’s Academy. Information on the Independent lations in place for minimum distributions and should also be available at the offices of our Catholic Foundation is at www.icfdaj.org. timing of same. Additionally, there may be provi- Blair County parishes; the application needs sions made for different administrative fees. to be signed by the applicant’s pastor. Ques- tions should be directed to the Foundation of- The details of each situation may vary. For fice at 201-2080 or via e-mail [email protected] . more information, please contact the Founda- Deadline for submission is June 7th.
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