Seminary Education & Formation Endowment Fund

As we enter a new century, the Diocese of Providence continues to be blessed by dedicated priests, lay leaders, and warm and generous people who share their time, talent, and treasure in wonderful abundance with those in need. The commitment to service as demonstrated by our forebearers is as evident today as it ever was. Together, we as a Church encourage the fullest response to our baptismal call to discipleship, to full participation in the life of the Church and to the promotion of social justice in our world.

 

Our Lady of Providence Seminary, Past & Present

As with many young American dioceses priests from Europe also came to serve the many immigrant communities that came to this country seeking a better future. These men provided tremendous inspiration for the young men of their parishes, many of whom heard Christ's call and entered priestly life. For them however, their education and priestly formation occurred outside the Diocese of Providence.

In 1938, Bishop Francis P. Keough sought and was granted a charter by the Rhode Island Legislature to incorporate a new seminary in Warwick. When it opened in 1941 as Our Lady of Providence Seminary, 33 young men of high school and first year college entered the seminary in response to Christ's call. Within a few years, due to its great success, it became apparent that the seminary facilities needed to be expanded. Under the direction of then Bishop Russell J. McVinney, who had served as the first Rector of the Seminary, a major expansion and construction program was completed to house over 400 high school and college students.

For most of its existence in Warwick, the seminary faculty consisted of diocesan priests, religious brothers and sisters who provided the seminarians with a quality secondary and college education. At the completion of this portion of their seminary formation process, those young men ready to make the next step in their response to Christ moved to complete their education and formation at one the many major seminaries throughout the world. Once the four years of major seminary were complete, these young men were ordained to the priesthood and a life of service to the Diocese of Providence. Throughout this period the cost of collegiate was significantly subsidized by the seminary operations and major seminary education was borne entirely by our diocese.

Through the turbulent decades of the 1960's and 1970's, Our Lady of Providence Seminary faced the many changes that affected our society and our Church. The high school program was moved to Our Lady of Providence Preparatory High School on Regent Avenue in Providence. The collegiate program continued at the Aldrich Estate in Warwick. However, by the end of the 1970's it was apparent that the enrollment at the college seminary was declining and that some decisions regarding maintaining the facility needed to be made.

In 1983, Bishop Louis E. Gelineau approved the relocation of Our Lady of Providence Seminary from the Warwick Neck campus to its present location on Mt. Pleasant Avenue in Providence. Through this difficult decade and into the early 1990's the seminary program continued with a smaller number of men. However, today as we enter the 21st Century, over 30 young men are working to complete their seminary education and formation to serve our diocese as priests. These young men in collegiate study for the priesthood attend Providence College or Rhode Island College and live at the seminary. At Our Lady of Providence Seminary they receive human, spiritual, intellectual and apostolic formation.

 

Our Challenge, Educating and Forming Our Next Generation of Priests

Through the work of an innovative vocations program and a great deal of prayer vocations to the priesthood in our diocese have risen over the past few years. As this hopeful trend continues we are also faced with many new challenges. For our Church, our diocese and our parishes to continue to thrive as they have over the past 132 years, it is essential that we have priests of great spirituality, energy and commitment. As with all things in our world this takes financial resources.

One of the major challenges facing seminarians today is the cost of a college education. As we all know the cost of a college education even at a public institution is well into the hundreds of thousands of dollars. Since most of our new seminarians come to us with significant college debt and with the prospect of a very modest priestly salary after ordination it is imperative that assistance be available to help these future priests with debts that are virtually impossible to pay after ordination. To this end the Diocese of Providence assumes all but $12,000 of this undergraduate college debt for all our seminarians, significantly increasing the cost of seminary education.

The cost of major seminary education and formation has also risen dramatically over the past ten years. Where once $20,000 could support eight to ten seminarians' tuitions, these funds barely reflect the cost of just one tuition at almost any of the major seminaries around the world. Adding on the cost of special summer formation programs that help to form our new seminarians spiritually and pastorally the costs go even higher.

To provide the resources needed to educate and form these seminarians the diocese has several sources of revenue. However, due to the rising costs they are not enough. Over $200,000 is provided from the annual seminary collection and the Diocesan General Fund, which comes from parish assessments. In addition the Catholic Charity Fund Appeal provides an annual allocation to the seminary of $100,000. Over the years these funds have been supplemented by a non-endowed education fund, which is nearly depleted, due to rising tuition costs. Additional revenue derived from a limited number of small endowments created by bequests from generous donors help, but in some cases can only be used for very limited testamentary purposes, limiting their applicability to many situations. In short, the present sources of revenue are not enough to cover rising expenses.

Based on the present number of seminarians, the present cost of major seminary education and the likelihood of needed funds to defray collegiate debt for newly ordained priests, an additional $300,000 of revenue is needed each year to maintain our present level of support.

The solution to our challenge is to increase our endowment funds for Seminary Education and Formation by a minimum of $2.5 million to generate some of the funds needed and to enhance our other annual revenues from the annual second collection, the General Fund and the Catholic Charity Fund.

 

Our Plan, Funds for the Education of Our Priest

In order to meet the needs of our Seminary Education and Formation efforts, we need to raise a minimum of $2.5 million. To do this we have proposed a major gift program to ask 40 to 50 leading Rhode Island Catholics to consider making a significant one-time gift as a Founding Member of the Seminary Education and Formation Endowment Fund.

After careful study, our plan includes the following elements:

• Requesting support from donors payable over 3 years to be added immediately to the Seminary Education and Formation Endowment Fund for investment and use in near term for present needs.

• Utilizing the success of this effort to market the Seminary Education and Formation Endowment Fund to future potential donors of bequests, charitable gift annuities and other planned giving vehicles that will provide new funds to be added to the endowment for future use in seminary education and formation.

• Implement an enhanced publicity and promotion effort prior to the annual second collection and enhance our solicitation strategy with a goal of increasing the results of this collection by 50% over the next three years.

• Initiate a new parish sponsored gift program for seminary education to be called "Adopt-a -Seminarian" as a way of providing new additional tuition revenue source for seminarians.

• Insure that the long-term education and formation needs of our seminarians are perpetuated through the continued careful and prudent management of the endowed funds through the Catholic Foundation of Rhode Island.

 

Gift Options for Your Consideration

· Cash Gifts: This is the most common method of completing a financial pledge. Your gift to the Seminary Education and Formation Endowment Fund is tax deductible and can be paid over the next thirty-six (36) months

.· Gifts of Securities: A gift of appreciated securities is one way to make a significant contribution at a reduced cost to you. Federal tax laws allow a charitable deduction for the full market value of securities on the date of your gift. Please consult with your tax advisor on the tax treatment as this may vary from individual to individual

.· Gifts of Real Property: Real property can be given as an outright gift or by bequest

.· Charitable Gift Annuity: Under the terms of a gift annuity, you make a charitable gift of cash or other property. You and your spouse, if you desire, then receive a fixed payment for life. The frequency and rate of payments are determined at the time the gift annuity is funded. The payments continue regardless of how long you and or other recipients live. At the death of the final recipient the remainder of the gift reverts to the charity.

· Charitable Lead Trusts: The donor transfers assets, usually cash or securities to a trustee of your choice. During a term specified in the trust, the trustee invests the assets of the Lead Trust. Each year, the trustee pays a fixed percentage of the trusts current value to the endowment. The value of the annual payout corresponds with the value of the trust each year. At the end of the trust's term, usually between 10 and 20 years, the accumulated assets are returned to you and heir or another party.

· Other Deferred Gifts: There are many other ways to make significant gifts to a charity through the use of deferred or planned gifts. These vehicles as allowable by law offer tax benefits to you the donor and of course, significant financial support to our Seminary programs. Members of the diocesan Stewardship & Development staff are available to discuss these options with you.

 

How Your Gifts of Thanks Help

Your gift will help in ways that are simply immeasurable. Think for a moment, if you will, what our priests mean to all of us.
The Diocese of Providence has been blessed with a rich heritage of men who have given their lives in service to our Church. Their living example of Jesus Christ in our midst, as teacher, father, friend and brother, has enriched us with their sacrifice and dedication to Our Lord. Today, it is gratifying, refreshing and uplifting to see the largest number of young men in over a decade responding resoundingly to Christ's call to the priesthood!

Those who are called to priestly service touch all our lives, the lives of our family members, neighbors and friends and our entire communities. Our parishes need their leadership and guidance, so that the celebration of the Sacraments will continue locally. Our communities need their presence so that living the life of Christ can be demonstrated daily. Our world needs their commitment to what is good and holy, so that we can see beyond the limits of this intensely secular world.

There is no question that in this ever changing and more complex society the values, example and grace that our priests bring to our lives each day is needed even more. Fortunately, after many years of declining vocations we are seeing a positive change in this trend with more men exploring and answering His Call. As we see this position of strength grow, now is the time to act and help in a human sense what the Holy Spirit has done for us spiritually.

We in this present generation have a great opportunity to do so much not just for these times but also for generations to come. Together we can set a standard for others to follow that will ensure the continue high quality education and formation our priests need to serve us and our Church now and in the future.

If not us, who? In not here, where? If not now, when? If not for the Kingdom of God, why?
God bless you for your concern and support!