In 2020 the Parish paid approximately $228,681.12 in interest on our debt. We cannot move forward to complete our Master Plan with the construction of our Parish Hall, School, and other facilities until we retire our debt. It is our goal to raise at least $3,700,000 through this campaign to reduce our debt. We project that raising $3,704,686 over the course of four years will allow us to reduce our debt principal by approximately $3,000,000 leaving us with approximately $5,000,000 of principal debt.
Parishioners are asked to prayerfully consider a specific gift plan in accordance with their own means, circumstances, and sacrificial levels. Pledges are payable in monthly, quarterly, semi-annual, or annual installments over a 4-year period.
Pledges provide parishioners with the opportunity to make a more significant gift to the mission of the Church. A contribution is easier to pay off over a period of time rather than a one-time gift out of pocket. In addition, pledges allow the parish to better budget and plan for meeting the needs that will be addressed as a result of this campaign.
Pledges are not legally binding. If the donor’s financial situation changes such that a pledge cannot be satisfied, simple communicate with the Parish office and inform them of the changes so they can adjust or cancel the pledge.
The IRA rollover allows an IRA owner, age 70 ½ or over, to directly transfer tax-free up to $100,000 per year to an eligible charity. This option can be used for distribution from IRAs, regardless of whether the IRA owners itemize their deductions. Distributions from employer-sponsored retirement plan include SIMPLE IRAs and simplified employee pension (SEP) plans are not eligible. To qualify, the funds must be transferred directly by the IRA trustee to the eligible charity. Distributed amounts may be excluded from the IRA owner’s income resulting in lower taxable income for the IRA owner.
Addressing renovations and modernization of St. Mary Seminary, funding two educational endowments: Archbishop Joseph A. Fiorenza inner city Catholic schools tuition assistance endowment fund, scholarship for Catholic elementary schools endowment fund, supporting faith formation, future disaster recovery fund, rebuilding parishes and schools in light of Hurricane Harvey.