Endowments: A tool for giving now and for the future

Barbara and Dave Mitchel think their first gift to Saint Meinrad might have been because a monk visited their parish one weekend to talk about the work of the Archabbey and its Seminary and School of Theology.

They really aren't sure, since it was more than 30 years ago. Then they remember a fundraising campaign to upgrade the homiletics program at the seminary. A priest's ability to give a good homily is important, so they made a gift.

The Carmel, IN, couple believes in sharing their blessings. After meeting on a blind date while they were students at Purdue University in 1958, they married in 1961 and soon moved to Carmel. Dave and his brothers operated Mitchel and Scott Machine Co. Barbara taught school, raised their four sons and was involved in volunteer work.

In the early 1990s, they came down to Saint Meinrad for a visit and subsequently made additional gifts. At one point, someone suggested that their gifts could be combined to create an endowment.

That made sense to them. Gifts set aside in an endowment are invested, and each year Saint Meinrad can draw funds from the investment gains. "Consequently, they can plan a little bit, because they know they are going to have some money coming in," says Dave. "That's what got us saying, 'Well, that's the way to go!'"

Some people prefer to designate their endowment for a specific purpose - priesthood education, monks' healthcare, etc. - but the Mitchels wanted their endowment to be used for whatever the archabbot wishes.

"We realize that they know more of what they need the funding for than we know," says Barbara. "It just makes a lot of sense, and we feel good about it."

Dave and Barbara grew up in families where it was not unusual to support various charitable causes. "I think we both, as children, grew up with the idea that if you are fortunate enough to have extra funds, going towards charity was a good way to spend them - and helping others in need," explains Barbara.

By making a gift or gifts that total $10,000 or more, you can create an endowment that provides ongoing support to Saint Meinrad's work. Some people make a one-time gift to begin an endowment, while others add to the endowment over time.

The endowment's funds are then invested so they grow. Those gains from interest are then available to Saint Meinrad to support various programs. Meanwhile, the funds used to establish the endowment are left intact to continue to be invested and grow.

"In these few years that I've been abbot, I've become especially grateful for those who express their generosity without specifically directing how their gift is to be used," says Archabbot Kurt Stasiak, OSB.

"We rely upon both types of gifts (restricted and unrestricted, or designated or non-designated), of course, and we certainly thank God for our friends who take an interest in a particular work or program. But we also benefit when the disposition of the gift is left to us. That unrestricted gift allows us great flexibility in responding to needs that unexpectedly arise or whose priority has shifted."

Barbara says it gives her satisfaction to know that the funds are there for Saint Meinrad to use each year as needed. She also likes the flexibility of an endowment. "Once it's established, you can either continue to fund it by giving more to it each year, or not," she explains.

"I think a lot of people want to wait until they die to give 'this donation' or 'this amount,'" Barbara continues. "But if you have the means, it's not necessary. If you start an endowment, you can give and it can keep on giving... even while you're still living."

Besides the satisfaction of seeing your gift at work, the Mitchels believe that people are called to give from their blessings. "I think God has blessed us and we need to pass on some of the blessings to other people who need help," says Dave.

Barbara agrees. "We just believe that if we have the ability to help someone and we don't do, then it's just, shame on us."

In the years since they began their endowment, they have continued to visit and learn more about Saint Meinrad and its mission. In fact, Barbara served on the school's Board of Overseers for a dozen years and is now an emeritus board member. The board advises President-Rector Fr. Denis Robinson, OSB, on matters of strategic planning and matters related to the school's programs and performance.

Fr. Denis agrees that unrestricted endowments play an important role in the Archabbey's future. "Over the years, we have worked closely with our benefactors to ensure that their investment in our critical ministry is used in such a way that it is addressing the pressing needs of the Church. Much of the success of Saint Meinrad through the years has come from this kind of creative financial and strategic thinking."