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Meet Our Donors
The Reverend Michael J. Polak Endowed Fund
A Six-Step Product of Blended Giving
When Father Michael J. Polak retired to St. John Vianney Manor Home after his final assignment (Pastor of St. Agnes Parish in West Mifflin from 1985 to 2002), he decided to begin building an endowed fund that would provide annual gifts for some of his favorite charities. The Braddock native, who was ordained in 1958 and served as an elected member of the Priest's Benefit Board in the Diocese, decided that taking out a $100,000 charitable gift annuity with the Diocese would be a viable way to proceed.
So at the age of 71, in 2003, he invested, knowing that the annuity would generate $6,600 of mostly tax-free dollars of income each year. Father Mike would use the annual distributions from his gift annuity each year to begin the Michael J. Polak Endowed Fund in the Diocese of Pittsburgh Foundation. After the fourth year, he had given enough to reach the threshold of $25,000, after which the endowment began to distribute funds annually to the four charities he wished to help.
In future years, in addition to his annuity earnings, he made gifts to the principal of his fund through the IRA Charitable Rollover Program. By the year 2015, his fund had grown to $162,494, and annual distributions to the four charities (Priest's Retirement Fund; Marian Manor Nursing Facility; Jubilee Association; and Catholic Charities) continued to grow.
When Father Mike died at the age of 83 in March of 2016, the remainder of his charitable gift annuity ($52,514) was added to his fund. Recently, two insurance policy settlements with a total value of $230,000 arrived to bring the total of the Reverend Michael J. Polak Endowed Fund to nearly $450,000. Also, yet to be received by the fund, is the residue of his estate through his last will and testament. Also, donations received in his memory have helped grow the fund. This six-step blended gift will keep on giving forever and ever.
What a beautiful Catholic legacy! God bless Father Mike!