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Help, Hard Work and Happiness

Dr. Stephen Cenedella

Dr. Stephen Cenedella

Dr. Stephen Cenedella is no stranger to the value of hard work.

He took on his first jobs in fifth grade as a newspaper carrier and babysitter. He worked all the way through college to help support himself. Eventually, however, he began to realize that his hard work, though important, was not going to be able to get him through medical school. The increased rigor of his program left him no time for a job, and prospects for financial assistance were slim. Halfway through medical school, his money was almost gone and he truly needed help.

His chance for success came in the form of a grant in his junior year. The dean of his academic program called to tell him that he was going to receive a grant from someone who wanted to help. Now, Stephen wants to do the same.

Recently, Stephen began the Fox and Cenedella Endowment Fund at The Catholic Foundation, which benefits St. Patrick Church and School in Franklin, Pa. The fund is named for Stephen and his late wife, Marie Fox Cenedella. Both were very grateful for the help that allowed Stephen to complete his education and, in that spirit, they set on starting to give back to their schools, church and community.

With respect for Marie's keen attention to detail in the restoration of their church and her untiring dedication to her local community, part of the Fox and Cenedella Endowment Fund is dedicated to the further restoration and preservation of historic St. Patrick Church. The endowment fund will also support St. Patrick School, providing tuition support to students in need and maintenance for Cenedella Hall, a recent addition to St. Patrick School that was named for the Cenedellas after Marie's work with the school.

Stephen and Marie's legacy will benefit children in Catholic education forever. No price tag can ever be placed on the joy that comes in giving back!

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Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.

A charitable bequest is one or two sentences in your will or living trust that leave to The Catholic Foundation a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I will, give, and bequeath unto The Catholic Foundation Diocese of Jackson in Jackson, Mississippi, (a Mississippi Non-Profit Corporation) with principal offices located at 237 East Amite Street, Jackson, Mississippi, 39201-2168, [1] a specific dollar amount ($________);[2] or a percentage of your entire estate (_______%);[3] or a percentage of your liquid estate only (_____% of the liquid assets of my estate)." to be held in trust by said Catholic Foundation to benefit .

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to The Catholic Foundation or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to The Catholic Foundation as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to The Catholic Foundation as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and The Catholic Foundation where you agree to make a gift to The Catholic Foundation and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.
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