Endowment Funding Program to benefit Catholic Social Service

Those who would like to leave a monetary gift to Catholic Social Service at the time of their death can do so at no cost to them through the Catholic Social Service Endowment Funding Program.

According to Bob Hessman of Dodge City, it’s a "win-win" situation.

As owner of the policy, "Catholic Social Service will be fully responsible for paying the premium on the insurance policy, and they will be the beneficiary also," said the grandfather of 19, and great-grandfather of 11. "All we’re doing is allowing our insurability to be used to benefit Catholic Social Service. I think it’s an excellent program."

Hessman and his wife, Ruth – who attend the Cathedral of Our Lady of Guadalupe — signed up for the program prior to a recent informative gathering in Dodge City, one of three held in the diocese in recent months. The program is for men aged 64-85 and women aged 69-84. All that is required is a little paper work and a limited physical. While there is no cost to take part in the Endowment Funding Program, the returns to CSS could be significant.

The Endowment Funding Program was jointly developed by John F. Golden of Grayhill, LLC, a financial consulting and insurance brokerage firm, and Coughlin & Company, an investment banking firm. In the Diocese of Dodge City, Coughlin helped with the financing for the Cathedral of Our Lady of Guadalupe in Dodge City, St. Dominic Parish Hall in Garden City, St. Anthony Parish in Liberal, and the renovation of St. Stanislaus Church in Ingalls.

According to a company brochure, "the Endowment Funding Program uses standard insurance products as a means to raise endowment funds for groups of nuns, priests and other Catholic and non-profit organizations."

The program works by first finding investors to purchase bonds. The funds from those purchases are then used to pay the premiums on the insurance policies. When an insured individual dies, the insurance benefits first go toward paying off the original investors, with interest. Once the investors are paid off, benefits will go directly to Catholic Social Service.

Because CSS owns the insurance policy, the policy never becomes an asset of the estate of the insured individual. The insured individual pays no premium or liability; there is no impact on their estate whatsoever.

"The object is perpetual continuation for Catholic Social Service," Hessman said. "CSS is receiving the benefits from these policies. It will be a perpetual support for them from now on."

Catholic Social Service of the Diocese of Dodge City provides an abundance of services for those most in need. They offer adoption services, pregnancy counseling, help and guidance for teen moms, foster care, and pre-marital evaluation.

CSS also organizes the JustFaith program, which empowers people to recognize social justice problems in the world, and to act appropriately. It promotes pro-life activities, jail ministry, and disaster response.

According to Debbie Snapp, Program Director for CSS, "I think that the Endowment Funding Program gives us an opportunity to solidify our future — to provide stability for the future of CSS so we can expand our ministry in the diocese."

For more information, contact Shirley Lytle at 1-800-792-1393.