The primary purpose of the foundation is to hold, administer, invest and distribute endowed funds of the church, school and cemetery. Funds received are held with the understanding that they would be permanently invested with the annual income used to support the parish, school and cemetery.
“St. Mary’s School Foundation” was established in 1978 as an entity of St. Mary’s Church, Storm Lake, Iowa with $180,000 in assets. The name was changed to also accommodate funds for the church and cemetery. Today, “St. Mary’s Foundation” is a separate 501c3 organization with approximately $2.0 million in assets. (June 30, 2012)
Many of the contributions to St. Mary’s Foundation are a result of memorials, bequests, estates, trusts and life insurance. Please consider including St. Mary’s Foundation in YOUR will or estate plans.
Click here to print out a St. Mary's Foundation brochure.
The St. Mary’s Foundation is managed by its own separate board of directors, including Most Reverend R. Walker Nickless, Rev. Msgr. R. Mark Duchaine, Dave Drey (President), Fr. Bruce Lawler (Vice President), Kevin Pickhinke (Treasurer), Chad Halder, John Murray, Pat Sand. The board meets quarterly.
FUNDS WITHIN THE FOUNDATION
Foundation funds are invested in a pooled fund. All investment income earned can be distributed annually as authorized by the board. Each fund is allocated income on a pro-rated basis.
There are numerous funds within the foundation - many have different purposes and restrictions, including:
- St. Mary’s School
- St. Mary’s Church (building upkeep)
- St. Mary’s Church
- St. Mary’s Cemetery
- Teachers’ Salaries Endowment (St. Mary’s School)
- School Capital Campaign 1993 (upkeep of school buildings)
- St. Mary’s School Tuition Assistance Funds:
- Fr. Steve Robisch Tuition Fund
- J.F. and Marye McKenna Tuition Assistance Fund
- Leo and Rosemary Overmohle Tuition Assistance Fund
- General Tuition Assistance Fund
For questions regarding St. Mary’s Foundation, or if you need information regarding contributing to the foundation, click here or contact the St. Mary’s Development Office at 712/732-3110.