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June 12, 2019

Knights of Columbus launches new charity fund, website

PHOTO | New Haven Biz Knights of Columbus headquarters in New Haven.
By Michelle Tuccitto Sullo

There’s a new way for donors to give to charitable organizations, as the New Haven-based Knights of Columbus has launched a website and donor fund for philanthropists.

The Catholic organization’s new Knights of Columbus Charitable Fund is at www.knightscharitable.org.

Through this fund, donors can open accounts and recommend charities they want to donate to through a secure and confidential portal. The fund is an independent 501(c)(3) public charity. The goal, according to the Knights, is to maximize philanthropic impact.

“Donor-advised funds are a big thing in philanthropic giving,” said Knights Chief Investment Officer Anthony Minopoli. “We are really excited about this — it gives us an opportunity to be leaders in Catholic philanthropy.”

“It is an easy way to give money — it is like you have your own private foundation, which is a basis for current and future giving,” he added.

Chief Investment Officer Anthony Minopoli

 

Donors can give any amount they choose. All money contributed is invested in mutual funds so it can grow. The charity chosen by the donor can get the donation amount as quickly as within a week, or whenever the donor chooses, according to Minopoli.

A donor might give $500, and within days that amount would be given to the designee. Or, someone might elect to put in $100,000, and donate only earnings, so the $100,000 in principal remains in the fund in perpetuity, for example.

“This gives control over disbursement to the donor, without hassle,” Minopoli said.

There are three different account options, including the Genesis, which has no minimum balance; Covenant, which has a $5,000 minimum balance; and Kingdom, which has a $100,000 minimum balance.

Any charitable organization receiving donations from the fund has to be compatible with the teachings of the Catholic Church. Therefore, donors could not allocate funds toward organizations associated with abortion, human cloning, or embryonic stem-cell research, for example, Minopoli said.

Donors are provided with a list of charities that align with Catholic teachings.

“We don’t create Catholic doctrine, we just follow it and adhere to those teachings,” Minopoli explained.

Several Catholic Church-related organizations, such as local dioceses, media enterprises and universities have expressed interest in the service. The Knights will handle the financial end of the fund, including gifts and asset management.

The Knights have been spreading the word about the fund throughout the United States.

“We are looking to go above and beyond our membership, to every Catholic in the U.S.,” Minopoli said. “Catholics will know that all investments are in adherence with the Catholic Church.”

Most donations to the fund are tax-deductible. There are no distribution requirements, excise taxes, or other reporting requirements for individual donors. Assets of the fund are managed by an investment advisor, Knights of Columbus Asset Advisors.

Carl Anderson, CEO of the Knights of Columbus, said, “Catholics today are looking for opportunities to demonstrate their faith and to support organizations that reflect their values. They want to direct their charity to organizations easily and efficiently.”

According to the Knights, tax-free investing “can result in larger ultimate gifts for charities.” The organization reported that there are currently 24 fund accounts under management, totaling $2.4 million, in funds now available to go to charities.

Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com 

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