St. Patrick Parish is pleased to announce the "Legacy Society," a plan to provide for the needs of the parish and school well into the future. You can become a member simply by leaving a planned or deferred gift to the parish, school, or school endowment fund.
Read about Charitable Giving and the New Tax Laws.
If you wish to speak confidentially with our Business Administrator, Regena Huffman, call the parish office at 266-3523. We also have several parishioners who are investment professionals and are willing to help you if you need further assistance. Regena would be happy to give you a referral. If you wish to speak with the St. Patrick Catholic School Principal, Bev Mach, call the school office at 277-6781.
FREQUENTLY ASKED QUESTIONS
Q. What is the St. Patrick Legacy Society?
A. The St. Patrick Legacy Society was founded in 2010 to strengthen the financial future of the St. Patrick Community through parishioner deferred gifts. Our parish aims to encourage, assist, and recognize those who wish to leave a deferred gift to St. Patrick church or school at the time of their death for the parish’s future growth and stability.
Q. What does it mean to "become a member" of St. Patrick Legacy Society?
A. When you become a member of the St. Patrick Legacy Society you are recognized as someone who has made a commitment to our future by creating a deferred gift. There will be occasional recognition and promotional events for members and guests. As a member you have no further obligations; however, you are encouraged to promote the St. Patrick Legacy Society to your friends and family with the hope that they will follow your leadership.
Q. How is "parish" defined in regard to the St. Patrick Legacy Society?
A. The term "parish" means all things within the scope of the entire St. Patrick Catholic Church ministries, encompassing both the church and school.
Q. Why should I consider membership in the St. Patrick Legacy Society?
A. Membership in the St. Patrick Legacy Society is an important commitment to the future of the St. Patrick parish. By creating a deferred gift, you are helping to ensure that St. Patrick parish will continue to be a vibrant and beautiful spiritual home for generations to come.
Q. What are my options for leaving a deferred gift?
A. You may choose to create a deferred gift for the church, the school, or both. A deferred gift to the church is indicated for the benefit of the St. Patrick Catholic Church. When the gift is received by the church it will be determined at that time by church leaders how to be apply the funds for the needs of the church. A deferred gift to the school is indicated for the benefit of St. Patrick Catholic School or the St. Patrick, Cedar Falls School Endowment. A portion of the endowment fund's earnings is distributed to the school for its use in support of its operational budget.
Q. What is an endowment fund?
A. An endowment is a fund set aside for the long-term benefit of an organization. It is a perpetual fund in which the principal amount is not spent down. It literally lasts forever. The initial and additional funds contributed to the endowment account are invested and a portion of the average earnings are distributed to the benefactor. An endowment fund is a legal arrangement that is permanent and will generate income to an organization forever.
Q. Can I make a deferred gift to an endowment for the church rather than the school?
A. The only endowment fund created at this time is for the school. Currently, gifts to the church are deposited in an investment account with the Archdiocese of Dubuque. However, it is feasible to create an endowment fund for the church. If a donor feels strongly about our church having an endowment fund that person can express their wishes with the pastor and parish business administer who can then coordinate a decision with the Finance Council. If the Finance Council decides to create an endowment account for the church then the donor can make a current gift at that time as part of the endowment account opening process to serve as the initial endowment fund deposit.
Q. Are weekly parish donations not enough to keep the parish going?
A. Weekly parish donations are for general operating expenses of the parish. Your deferred gift provides long-term benefits for the parish and are intended to bring continued financial stability to St. Patrick as the parish grows. Gifts to the church are made available for use as determined by the Pastor and other parish leaders. Gifts to the school endowment fund help provide operational revenue to the school's annual budget.
Q. Can I make a restricted gift, i.e. require the gift be used for a specific purpose?
A. If you prefer your gift be used in a specific way, it can be a restricted gift if it is either for the church or it is for the school but not given to the endowment fund. Endowment fund contributions cannot be restricted. While all gifts are welcome, restricting deferred gifts is discouraged because of the uncertainty of future needs. It is preferred to allow future leaders of the church and school to determine the most pressing needs to meet with the funds at the time the funds are made available rather than many years in advance of when the gift will actually be received.
Q. How do I become a member of the St. Patrick Legacy Society?
A. You become a member by committing to leaving a deferred gift of $5,000 or more to the St. Patrick Catholic Church, St. Patrick Catholic School, or the St. Patrick, Cedar Falls School Endowment. This commitment is recorded by the St. Patrick Legacy Society.
This can be done using one of many different gifting tools. Some examples are:
- A deferred gift in your Last Will and Testament
- A charitable gift annuity
- Naming the St. Patrick Catholic Church or School or the St. Patrick, Cedar Falls School Endowment as a beneficiary of a life insurance policy
- Naming the St. Patrick Catholic Church or School or the St. Patrick, Cedar Falls School Endowment as a beneficiary of an IRA
- Gifting of real estate, with retained life interest
It is important that you describe your specific intentions -- especially in regard to the amount and recipient. Please refer to the enrollment form for specific wording.
Once you make your decision, fill out the St. Patrick Legacy Society enrollment form available in the parish office or here. Return it to the parish office. For additional assistance, contact Regena Huffman (Business Administrator) at 319-266-3523.
Q. Do I need to provide documentation of my deferred gift, such as a copy of my Last Will and Testament?
A. No formal documentation is required. Simply submit the enrollment form to become a member.
Q. Do I need to pay any part of my commitment now?
A. No. Bequests are deferred gifts that are given at the time of your death. However, if you choose to use a charitable gift annuity or wish to donate a current gift, you may do so at any time.
Q. Can I make a gift to church or the school endowment fund now?
A. Absolutely! Simply contact the parish office to make a gift to the church and for the proper form to make a gift to the school endowment fund.
Q. Do I need to change my Last Will and Testament to reflect my deferred gift?
A. If you choose to leave your deferred gift through your Last Will and Testament, you should consult with your attorney as to how it can best be accomplished. Generally, it is often possible to make such a change with a simple change to your Last Will and Testament.
Q. If my finances change can I change or retract my financial commitment?
A. Yes. You can change your plans at your own discretion by increasing, decreasing, or eliminating your deferred gift. Membership in the St. Patrick Legacy Society is NOT a legally binding arrangement. However, keep in mind, if you expressed your deferred gift plans through beneficiary designations, a Last Will and Testament, trust documents, etc., you will also need to change those legally binding documents to reflect your revised plans.
Q. I am uncomfortable being recognized by the St. Patrick Legacy Society for my deferred gift. May I become a member anonymously?
A. Yes. The St. Patrick Legacy Society will honor your request to remain anonymous. Your name and gift intention is recorded for our record keeping purposes, but your name will not be used in a listing of members or in promotions. In place of your name will be "Anonymous." Using "Anonymous" allows us to respect your desire to remain unnamed while still being able to promote your thoughtful and generous decision in the hope that others will be inspired and compelled to do the same.
Please consider joining the St. Patrick Legacy Society today. Thank you!