Mirror photo by Patrick Waksmunski / The Independent Catholic Foundation will now be at 1300 12th Ave. in Altoona.

A local nonprofit that provides a repository for investments dedicated to charitable Catholic causes has purchased a building next to the Cathedral of the Blessed Sacrament to serve as its new headquarters.

Since its founding in 1990, the Independent Catholic Foundation has always leased office space in Blair County, but now will have its own building next to the landmark mother church of the Diocese of Altoona-Johnstown, a change that foundation leaders hope will inspire confidence for potential donors in the organization’s stability and projected longevity, according to foundation CEO Chris Ringkamp.

Purchased from the diocese, the foundation’s new headquarters building at 1300 12th Avenue was recently vacated by Blair County Catholic Charities, which has moved temporarily to the Salvation Army church in town, as Catholic Charities leaders consider a proposed transition designed to have a more profound impact in the local community, in keeping with the late Pope Francis’ charge to church leaders to “get the smell of the sheep” — a metaphor for getting to know the needs of the people, according to Ringkamp.

Foundation trustees realized that building ownership would signal to the donor community that the foundation is committed for the long term, a critical commitment, given that its mission is to manage perpetual endowments, which donors want to believe will still be viable 50, 100, even 200 years from now, according to Ringkamp.

The foundation paid $250,000 for the 3,200-square-foot office building, closing on the purchase in mid-January.

There are two full-time employees who work out of the office and a part-timer who works there one day a week.

There is room enough for additional employees and expanded services, growth that will enable the organization to provide more help to Catholic causes, Ringkamp said.

Two businessmen from the Johnstown area who were familiar with endowment practices in institutions of higher learning created the foundation in 1990, Ringkamp said.

The organization’s first mission was to generate support for the Catholic high schools in the diocese, so they “had a solid endowment base to help offset the cost of tuition,” even though the foundation is independent of the diocese, he said.

As of now, half of the endowments held by the foundation support Catholic education, he said.

Altogether, there are 300 endowments totaling $47 million, according to a foundation news release.

The endowments annually release interest-only “restricted annual grants for scholarships, cemetery care, parish operations, formation of seminarians and deacons and several other good works,” according to a news release and the organization’s website.

The endowments have been created by individuals, families and agencies, with money from “appreciated securities, donor-advised fund grants, IRA charitable distributions, beneficiary designations, bequests, charitable trusts and other planned gifts,” the news release states.

Not all endowment beneficiaries are local.

Some have been created when people who have moved away want to help a church or school or some other Catholic organization in their new location, Ringkamp said.

The portfolio is “Catholic-screened,” so that investments are made only in companies whose practices do not violate Catholic teachings, in keeping with guidelines published by the U.S. Conference of Catholic Bishops, according to Ringkamp.

Such investments “promote the protection of life, human dignity, the common good, economic justice and care for God’s creation,” the news release states.

Over the last decade, the investments have grown 8.3% annually.

That compares with 8.2% growth rate for the selection of investments that the consultant used by the foundation presented — minus the Catholic screen.

The foundation supports the missions of Catholic Charities and the Society of St. Vincent dePaul through endowment distributions, but such funds don’t provide direct support to individuals, according to the news release.

The foundation offices have most recently been in the Knickerbocker neighborhood.

Those will close during the week of Feb. 23 to enable the transition to the new building.

The organization will reopen for business at the new location March 2.

Business hours are 8:30 a.m. to 4:30 p.m. Monday to Friday and also by appointment.

The phone number for the offices, 814-201-2080, and the website, icfoundation.us, remain the same.

Mirror Staff Writer William Kibler is at 814-949-7038.