The Catholic Foundation of Eastern Pennsylvania, an independent charitable organization that benefits Catholic organizations, recently hit a growth milestone by opening its 100th endowment fund.
The Foundation is designed to provide perpetual income and financial stability for Catholic parishes, schools, and other ministries.
The Foundation is not affiliated with the Diocese of Allentown. It is managed by an independent board of directors.
The Foundation was designed to manage long-term assets through the creation of endowment funds.
“We want to ensure all Catholic causes have the income they need to fulfill their mission forever,” said Pete Waldron, president.
Endowments have been created by parishes, schools, and other entities to support their programs, or to fund future capital improvements.
Also, individual donors have stepped forward with funding to create new endowment funds or add to existing endowments. Donors may make a gift now with cash, appreciated stock or an IRA transfer. Donors may also make later gifts in their will or by naming an endowment as an IRA beneficiary with significant tax advantages after their death.
Total assets under management by the Foundation are about $27 million. During the most-recent fiscal year, the Foundation achieved investment return of 29.33 percent on behalf of the entities it supports.
For more information, contact Pete Waldron, president of the Foundation, at 610-554-1941 or petewaldron@catholicfoundationep.org, or visit the Foundation website at https://www.catholicfoundationep.org/.
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