Minnesota Knights of Columbus

Foundation

This Foundation was set up in 1990. The first several years were dedicated to setting in place all of the legal requirements to be in compliance with State and National IRS and other governmental agencies. The next few years, the Foundation set in place all of the accounting and investment professionals that would be needed. During this time frame, seed money from the State Council and a few local councils helped in the foundation costs and costs associated with printing materials. Extensive time was spent with the Attorney General’s office and the State Charitable Gambling Board to get the Knights Foundation a qualified
501(c)(3) organization. This qualified the foundation to receive charitable gambling funds from our local councils.

During the last few years, the Foundation has been working with the Knights of Columbus Insurance Agents with providing brochures and support in creating estate-planning tools for our members that also help the Foundation. These Charitable Remainder Unit Trusts (CRUT) help the Foundation ONLY when the donor dies. Until their death, the donor receives quarterly checks from their trust.

This past year, the Foundation sent letters and brochures to the District Deputies, the Grand Knights and to all 40,000 members statewide. We requested that local councils donate money on a yearly basis either through fundraisers or charitable gambling funds. We asked members to donate or pledge funds to aid the Foundation. Any funds donated by members are credited to their local council. Then at the end of each year, the interest from the investment of the funds donated by the council and its members are divided with
seventy-five (75%) going to the Foundation and twenty-five (25%) going back to the respective local council. All new donations made each year are added to the council’s existing account for a higher interest payout each year.

The goal of the Foundation (once it has sufficient funds) is to donate its interest, on a matching grant basis to local and statewide programs that help catholic schools, local parishes, religious education, vocations, pro-life and disasters.

To date the Foundation has the following assets:

*Charitable Remainder Unit Trusts $750,000.00
(payable only upon death of donor)
(no deceased donors to date)

*Cash on hand $10,000.00

*Pledges by local councils and members
Cash $10,942.00
Pledges $29,925.00

As you can see, the Foundation is off to a great start. This first article is only meant to give you a quick update. Future articles will be giving you more information on our financial status and how the local councils and its members can help the Foundation grow.

CHALLENGE TO ALL KNIGHTS OF COLUMBUS COUNCILS

It is so very important that all councils be a part of the Minensota Knights Foundation progam.

In order for the Foundation to be a continued success, every council must participate on a yearly basis.

In order to be recognized at the May Convention as a Knights of Columbus Patron, each council must make some contribution to the Foundation. This can be done from your general fund, a charitable gambling guns, through a specially held fund-raiser, or some proceeds from a previously held fund-raiser.

So please, let us all do our part to make the Minnesota Knights Foundation a program that works for us all!

If you have any questions, please feel free to call me or write to me at:

Minnesota Knights Foundation
3700 West 220nd Street
Jordan, MN 55352