6.5.8 Autonomous Pious FoundationsAutonomous pious foundations hold particular assets as an endowment or manage certain designated charitable gifts or funds. They may be formed by an individual donor, location or a charitable group only with the express permission of the archbishop, the archdiocesan Finance Council and the College of Consultors. Appropriations from a pious foundation must be in accordance with archdiocesan endowment guidelines of no more than 5% of the 3-year average fair market value of the funds in the pious foundation. Autonomous pious foundations are, therefore, best used for capital to exist in perpetuity and not for immediate or short-term purposes.
Autonomous pious foundations are governed by a charter and the requirements of the 1983 Code of Canon Law, especially the provisions of canon law governing public juridic persons in general and autonomous pious foundations in particular. Before making a request to establish an autonomous pious foundation, those involved should review the Autonomous Pious Foundation Charter and Trustee Meeting and Reporting Forms to understand the foundation structure and rules. Those seeking additional information should contact the Office of Legal Counsel for assistance.
Autonomous pious foundation funds are deposited in the Investment Portfolio, in accordance with archdiocesan regulations. Any conditions imposed or dispositions made by the trustees of the pious foundation fund upon the principal, its earnings, or the income must be in conformity with the foundation's basic purpose. Any request for appropriations from an autonomous pious foundation that does not conform to the terms of its charter must be approved by the archbishop, the archdiocesan Finance Council and the College of Consultors, without exception.