Fifteen Million Dollar Diocesan Ministries Endowment Fund Created in UP Catholic Foundation

The Diocese of Marquette Finance Council recently approved a recommendation to transfer $15,000,000.00 of unrestricted Diocesan assets over to the UP Catholic Foundation (“UPCF”), for the creation of the newly established “Diocesan Ministries Endowment Fund.”  This large-scale donation effectively creates the largest endowment within the UPCF, while also approximately doubling the size of UPCF.

UPCF is a separately incorporated permanent endowment vehicle designed to grow the Catholic faith through endowment building for the diocese.  The focus of UPCF is on long-term, sustainable support to parishes, Catholic schools, diocesan ministries, and other Catholic charitable causes serving in the diocese.  

By transferring unrestricted assets over to the newly created Diocesan Ministries Endowment Fund, the diocese is effectively restricting those assets forevermore for the benefit of diocesan-focused ministries and operations throughout the Upper Peninsula.  It is also ensuring that those funds remain invested for the benefit of the diocese and that they are not recharacterized someday for any other purpose.  The establishment of this endowment should also lead to better cost-sharing between UPCF’s endowments.

Moving forward, the diocese will be entitled to a percentage of funds to be distributed each year from the newly created endowment.  The determination of that percentage of funds is recommended by a Spending Committee in accordance with the Uniform Prudent Management of Institutional Funds Act (UPMIFA) and, when possible, is based on a five-year weighted average of fund assets.  In addition, the spending amount is reviewed and approved by UPCF’s Board of Directors.  Distributions from UPCF are made in July of each calendar year.

With the creation of the Diocesan Ministries Endowment Fund, UPCF is now managing 38 distinct endowments for the benefit of various parishes, schools, and ministries throughout the UP.  However, with 73 parishes, 20 missions, 9 Catholic schools, and many ministries throughout the UP, there is plenty of room for more endowment-building.  

If you are interested in creating an endowment within UPCF, or wish to support an already existing endowment, then please contact Rob Taylor at rtaylor@dioceseofmarquette.org