St. Louis Archdiocesan Fund (SLAF)
Introduction to The St. Louis Archdiocesan Fund (SLAF)
The St. Louis Archdiocesan Fund is an irrevocable charitable trust formed by the Archdiocese of St. Louis in 1996 for the purpose of investing the cash assets of the Archdiocese, parishes and agencies of the Archdiocese. By pooling the assets of the individual parishes and agencies with those of the Archdiocese, the trust is able to provide professional investment management and higher returns to its participants.
As steward of the deposits of the many parishes and agencies, the trust is governed by a Board of Trustees, comprised of dedicated individuals with a broad spectrum of successful business experience. Reporting to the Board of Trustees is an Investment Committee of recognized experts in the investment field, and a Property and Financing Committee of experienced lenders, bankers and real estate professionals.
The St. Louis Archdiocesan Fund manages two distinct deposit funds. The Depositors’ Fund is comprised of demand, money market and time deposits, priced competitively to commercial bank rates in the St. Louis area. Interest rates are set monthly for demand, money market, and new or renewed time deposits, and the return of principal is guaranteed.
The Investment Fund is the repository of long-term holdings, such as endowments, annuities and charitable remainder trusts. These funds are invested in the equity and fixed income markets and share in the gains and losses of the Investment Portfolio.
In addition to deposit products, the St. Louis Archdiocesan Fund provides loans to parishes and agencies for construction, expansion and renovation of their facilities, with repayment terms based on the borrower’s ability to service the debt.
SLAF handles the liquidation of stock donations for all the parishes and agencies of the Archdiocese. Working closely with donors and brokers, the stock is quickly sold, credit is given to the beneficiary parish or agency as of the date of gift, and a tax substantiation notice is provided to the donor.
SLAF also provides Web-based banking services including automatic transfer of funds between accounts, on-line inquiry, instant statement, and automatic payment on loans and invoices.
|Money Market Accounts||.40%|
|3-Month Time Deposits||.15%|
|6-Month Time Deposits||.25%|
|9-Month Time Deposits||.25%|
|1-Year Time Deposits||.40%|
|2-Year Time Deposits||.60%|
|3-Year Time Deposits||1.00%|
|4-Year Time Deposits||1.20%|
|5-Year Time Deposits||1.40%|
|Loans||3.50% (3.25% if direct debit)|
|Equipment Loans||3.00% (2.75% if direct debit)|
How to Donate Securities
Introduction. Donating appreciated securities to tax-exempt organizations such as the Archdiocese of St. Louis, its parishes or agencies can produce tax-advantaged charitable deductions for the donor.
Most securities donated to parishes and agencies are either common stocks or mutual funds. Common stocks are held in two forms: stock certificates or “book entry.” Mutual funds are almost always held in book entry form. People are probably more familiar with stock certificates which show the name of the corporation, the number of shares and the owner’s name. In recent years, there has been a trend toward paperless proof of ownership known as “book entry.” The owner’s financial institution keeps a record of how much of each stock is owned by each of its customers, and holds that stock in “street name,” that is, the name of the registered financial institution. Generally, holding securities in street name provides a higher level of safety and can expedite its sale or transfer of ownership.
The Archdiocese has a policy of liquidating all donated securities upon receipt and distributing the proceeds to the beneficiary agency or parish shortly after receipt.
Procedures: Few companies today continue to issue physical stock certificates. Paper certificates should be delivered by the donor to:
The back of the certificate should be signed by the owner exactly as it appears on the face. The donor should not write the name of the donor organization on the certificate. Doing so may unnecessarily delay the gift. On a separate sheet (not the certificate) please show the donor(s) Social Security Number and Date of Birth. This data is required for liquidation.
If stock is to be transferred from a broker, mutual fund or commercial bank or trust company, the broker should be provided with the following instructions:
To assure that a donor’s gift is credited to the desired parish or agency, the donor is requested to send notice of the donation to the Archdiocesan Finance Office, Attn. Patricia Griffaw. Notice of a gift may be emailed to SLAF@archstl.org, or faxed to 314.792.7867. Further information may be obtained by contacting Patricia Griffaw at 314.792.7123, or Carrol Biddle at 314.792.7104.
Valuation of Gift for Tax Purposes. The donor should be aware of the date on which the stock is valued for purposes of getting a charitable tax deduction. The Archdiocesan Finance Office will issue the IRS-required tax substantiation letter, following these rules.
- If the donor unconditionally delivers in person a properly endorsed certificate to the donee organization or the Finance Office, the gift is completed and valued as of the date of delivery.
- If the donor unconditionally mails a properly endorsed certificate, the gift is completed on the date of mailing, provided the certificate is received in the ordinary course of the mail. A word of advice: Before mailing, the donor should write “Smith, Moore & Co.” on the line of the stock power that precedes the word “Attorney.” This minimizes the possibility of fraud.
- If the donor delivers the certificate to his financial representative or to the issuing corporation as his agent, for transfer into the donee’s name, the gift is completed when the stock is transferred on the corporation’s books. Similarly, the donation of stock held in book entry form is completed when the stock is transferred to an account of the Archdiocese.