It is with much gratitude to Most Reverend Jay Peterson for allowing us to share a bit of his story with readers of The Harvest. We know he is allowing it to encourage others to also consider support of the Catholic Church in our diocese through the Catholic Foundation of Eastern Montana; that’s the kind of person he is – always thinking of the Church and the right thing to do. Father Jay visited with us at the Foundation off and on for a few years about his interest in doing a planned gift for the benefit of the Church and its future. It was a happy day all around when he came into the office recently with check in hand!
We asked Father Jay a few questions about his ultimate decision to create a Charitable Gift Annuity with the Foundation and here is what he said:
Q: What interested you in creating a Charitable Gift Annuity with the Catholic Foundation of Eastern Montana?
As a priest who has been a recipient of many blessings from the Diocese, I have been considering ways to return a sign of my gratitude. Establishing a Charitable Gift Annuity made the most sense in the light of long-term advantages.
Q: What would you say are the positive aspects of the type of gift you made?
A Charitable Gift Annuity allows a donor to have confidence in giving a lasting gift that will benefit the Church long after one is gone. At the same time, donors who do this also receive regular payments which, in turn, enable them to be generous day-by-day with their favorite charitable entities or with paying daily expenses.
Q: Why did you give to a permanent endowment instead of just giving your gift outright to be used by the church now?
I will always see the importance of giving donations for today’s pressing needs. But at the same time, I envision many “tomorrows” far into the future with unforeseen needs and uncertain times ahead. Since I have resources in hand now, it makes logical sense to invest in a growing venture to care for the future needs of tomorrow’s Church.
Q: What made you select the Bishop’s Endowment?
After having served more than 22 years as the Vicar General, I have first-hand knowledge of the blessings that will be afforded to the Bishop with designated Foundation resources. I have assisted both Bishop Milone and Bishop Warfel, and I have come to understand, through this partnership, that having funding for the many needs that arise provides avenues for assistance beyond the annual budget.
Q: What advice, or encouragement, would you give to others who may be considering a Charitable Gift Annuity (or any type of planned gift) with the Catholic Foundation of Eastern Montana?
About a Charitable Gift Annuity with the Catholic Foundation of Eastern Montana:
- By creating a Charitable Gift Annuity with the Catholic Foundation of Eastern Montana, you are investing in your future and the future of the Catholic Church in our diocese.
- You can lock in a great rate today, resulting in a secure income for life (see sample rate table below).
- Receive immediate tax benefits – on the federal and state level.
- Qualify for the 40% Montana Charitable Endowment Tax Credit.
- Avoid capital gains taxes if you fund with an appreciated asset.
Learn more by contacting Judy Held, Foundation President, at (406) 315-1765, emailing judy@catholicfoundationmt.org.
Father Jay Peterson was born in Billings and raised in Huntley, graduating from Huntley Project High School in 1970. He began his formation for priesthood at the Pontifical College Josephinum in Columbus, Ohio, and completed his graduate theological studies at the Pontifical North American College in Rome, Italy. He was ordained a priest by Bishop Eldon Schuster in 1978. Over the years of his priestly ministry, Father Jay served in Billings (St. Patrick, St. Pius X, and St. Thomas), St. Leo in Lewistown, St. Matthew in Sidney, and St. Joseph in Great Falls. In 1998, he was appointed Vicar General and Moderator of the Curia by Bishop Anthony Milone, and held this administrative position until retiring in 2017. During these years, he was also a temporary administrator of several parishes during transitions and mergers. He continues to serve as Vicar General, and as such sits on various boards and advisory bodies throughout the diocese.
I hope that in a small way I can encourage parishioners as well as brother priests to join in a long-term adventure in providing ministry to our future generations. No other funding mechanism can do this better than the Catholic Foundation of Eastern Montana. Whether you are in a position to establish a Gift Annuity or any other type of planned gift, I encourage you to do so now! Or, if not now, take steps to lay concrete financial plans to move in this direction by contacting Judy Held today.
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