Why Your Support is Important

Posted in Donations

The Cornerstone Endowment Fund for the Poor was established to provide ongoing financial support of the mission of St. Mary’s Home for the Aged, Inc. with the primary objective to assist in the care of residents where available funds do not meet the costs to provide the needed housing, nursing care, and/or other services.

This endowment policy is intended to govern the accounting and investing of endowment funds of St. Mary’s Home for the Aged, Inc. The principal is kept in perpetuity. As of October 31, 2021, our endowment fund balance reached $936,614.46.

In the last four years, nearly $52,000 was returned to Felician Village for uncompensated care for residents who rely on financial assistance, per the policy which says, “distribution of 4% of average market value of the fund for trailing 20 quarters.” The next distribution of approximately $21,000 is planned by year end. Thank you to everyone who supports one of our very meaningful core values, “Solidarity with the Poor.”

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