Q1. How will the funds raised be held and administered?
A. The Legacy Fund is being established as a restricted expense account. It will not be set up as a trust. The funds raised will serve to (1) cover the capital expenses to be incurred to begin work on the buttress and (2) to build reserves to protect the programming in the other three noted priorities of arts, retreats and St. Anne’s. The funds will be held in a separate account at the Parish’s bank. This is a practice we currently use for restricted gifts and has served us well in the past. In this case, the Finance Council will oversee disbursements from this account.
Q2. How do I know that my donation will stay in the parish?
A. All donations to the Legacy Campaign are “gifts” to the parish and thus 100% will stay in the parish. St. Ignatius Parish is the only beneficiary of the funds for the expressed purposes of commencing the rebuilding of the buttress and supporting the arts, St. Anne’s and retreats.
Q3. How and by whom will decisions to spend the funds be made?
A. Decisions to spend the restricted funds will be made, as they currently are for other restricted gifts, by the pastor in consultation with the Finance Council and parish staff.
Q4. How do I know that our new pastor will respect the four priorities of the Campaign and not use the funds for some other parish need?
A. The Legacy funds are Restricted Funds and can only be used for the purposes outlined in the campaign materials. The parish has received many other restricted gifts in the past and the wishes of the donors have been respected.
Q5. As a result of the Campaign, will the parish add to its existing support of, for example, parish retreats or will the funds raised now simply replace funds that otherwise would have been spent on retreats?
A. Every year the Finance Council grapples with how to fund all of the parish’s needs in the face of increased costs. Many years we need to make trade‐offs. While we are not going to commit to increased funding for retreats, for example, we will be able to use the Campaign funds to ensure that in a lean year, retreats will not be cut.
Q6. I have heard that there is more than $1 million of repairs needed to the church. How will this Campaign address the larger needs of the parish buildings?
A. While we have been able to fund many needed repairs to the Church over the past 5 years, the Church does need additional repairs over the coming three to five years. We are raising money now as a “down payment” on the cost of the buttress since that is the most important repair that needs to be made. But in the coming years we will likely be launching a capital campaign similar to the one that the parish funded a decade ago.
Q7. What’s the realistic expectation for the Legacy Fund, especially given the need for significant structural repairs?
A. The Finance Council set a very aggressive $1 million target, based on what we thought we could raise in a short period of time before the pastoral transition takes place. Regardless of how much we raise for the Fund, we will also need to launch a capital campaign in the relatively near future to raise significant additional funds to address the infrastructure needs of the Parish. Father Bob and the Finance Council had already been preparing for such a capital campaign before the pastoral changes were announced.
Q8. Doesn’t Boston College pay for the repairs to the Church?
A. No. We as a parish are separate financially from BC. While they offer us many “in kind” donations like space for our faith formation classes rent‐free and some operating financial support, we are responsible for funding our own parish, including its building repairs.
Q9. How will the availability of funds in the Legacy Fund affect the normal budgeting process? E.g., is it intended that the Legacy Fund only provide monies for “out of the ordinary” capital investments or regular operating funds?
A. At least initially, the funds will serve two purposes:
- Allow repair of the buttress to begin immediately; and
- Build reserves specifically for future needs of the three other target areas.
The Finance Council believes that the structural repairs are a priority. The Legacy Fund will allow us to begin to address the most critical infrastructure issue which is the buttress, whose decay is contributing to our organ problem ‐‐a significant portion of the organ has been unusable for the past 5 months ‐‐among other issues. The Finance Council will work with the new pastor to resume its efforts to launch a comprehensive capital campaign to address this and other infrastructure needs of the parish.
Q10. I had heard rumors that BC was going to “buy” the parish? Won’t that solve our financial issues?
A. The Archdiocese and the parish staff have had conversations with BC about a possible closer working relationship off and on for 5 or more years. While some sort of closer relationship is always a possibility, we expect that the parish itself would always need to fund its own parish needs even if we worked more closely with BC.
Q11. Can I make my donation over multiple years?
A. Yes, while we would like to present Father Bob with a “check” in May, we will accept donations over any time period that works for you.
Q12. If we already support the Parish financially through the pledge program, can we just add our Legacy Fund pledge to our regular pledge for the duration of the Legacy Fund pledge and assume that the funds received will be properly accounted for when received?
A. Yes, we will be able to accommodate that approach.
Q13. Can I restrict how my contribution can be used, i.e., limit it to only one or two of the target areas?
A. Yes. As with any donation, the Finance Council will honor donor wishes as to the use of the funds. Of course, the Finance Council would prefer that donated funds be unrestricted, except for purposes of the Legacy Fund, generally.