FREQUENTLY ASKED QUESTIONS 1.
What is The Diocese of Crookston Catholic Community Foundation? The Diocese of Crookston Catholic Community Foundation (CCF) is a 501 (c) (3) corporation that is responsible for the stewardship and distribution of earnings from endowments, including the endowment for the Education of Seminarians. The Foundation owns a number of endowments both for the benefit of the Diocese and for the benefit of many of the parishes. Often times a parish cemetery fund for example is held in the CCF.
2.
What is a burse and how is it different from an endowment? Several years ago, the Diocese of Crookston Catholic Community Foundation (CCF) chose to use the word burse for named gifts that were given as part of a specific endowment. A burse given to the Foundation will become a permanent part of a larger endowment held for a specific purpose, in this case for the benefit of the education of our seminarians.
3.
Will my contribution be spent on anything other than seminarian education? Your gift will never be spent. The earnings generated from your gift are restricted in use and can only be used for vocations and the education of seminarians. Your gift is invested conservatively and in harmony with Catholic social principles in the Foundation’s investment fund.
4.
What is the money used for? The earnings from the burse are used to pay for tuition, books, room and board and other educational expenses including costs incurred by the Office of Vocations. Major seminary (graduate school in theology) currently costs about $50,000 per year per student depending on the institution. Minor seminary, also known as college seminary, costs about $15,000 per year per student.
5.
Once I make a gift, can I continue to fund a seminarian education burse? Yes, you may choose to make additional gifts at any time and in any amount. This is strongly encouraged.
6.
Does my burse need to be named? No, it may be anonymous. We do, however, encourage you to name your burse. It becomes a legacy in yours or your loved one’s name. The list of burses is currently published quarterly in Our Northland Diocese newspaper.
7.
Is there a minimum contribution for a named burse? Currently there is no minimum for a named burse. We suggest a contribution of $1000 be made to open the burse. Several parishes have begun a burse with $500.00.
8.
Is my gift tax-deductible? The Diocese of Crookston Catholic Community Foundation is recognized as tax-exempt by the IRS under section 501 c (3) for non-profits. An appropriate tax letter will be provided to donors to evidence deductibility under IRS regulations. Determining eligibility for any charitable tax deduction, or the amount that could be deducted, would depend on each person’s individual situation. Donors should consult with their own financial and tax advisers before finalizing a gift. The Foundation does not provide tax advice.
9.
Can I make a change to the burse once it is established? No, once a burse is established, it is considered permanent. An anonymous burse can later be named or the name may be changed but only by the donor or an authorized representative of the donor.
10. Who do I contact about setting up or contributing to a named seminarian burse? Reathel Giannonatti JD, Director, Office of Stewardship and Development can set up a burse for you. You can reach her at the Chancery, 218-281-4533 ext. 420 or email rgiannonatti@crookston.org. Reathel is available for a personal meeting and to assist you in filling out the enclosed form. Once completed, please forward the form with a check made payable to the Diocese of Crookston Catholic Community Foundation to 1200 Memorial Drive, Crookston, MN 56716. Be sure to completely fill out the form so your gift is properly attributed and named as you have directed.
