Endowment, bottom

We work in the endowment fund (endowment) of the CARF Foundation so that we can always support the integral formation of seminarians and diocesan priests without depending on economic cycles.

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What is the purpose of the endowment fund, endowment?

The endowment aims to provide ongoing support for the integral formation of priests and seminarians, regardless of economic downturns.

The income received to increase the endowment fund or endowment are invested in a prudent manner, with the aim of maintaining the purchasing power of the initial capital, and a portion of the profits obtained by the fund is used to finance study grants in the University of Navarra and in the Pontifical University of the Holy Cross.
Thus, the CARF Foundation can give stability to its mission.

It is the investment result that is used as a study aid. An endowment fund is a financial asset, in this case held by a nonprofit organization, such as the CARF Foundation, that contains the capital investments and related earnings leveraged by the nonprofit organization to fund the overall mission and seeks not to lose value.

How is it managed?

The endowment CARF is managed through a committee of experts, which invests so that future generations will have at least the same capacity to act as the present generation (intergenerational equity). Approximately:

Reinvest the endowment

To this end, part of the investment result (interest, dividends, capital gains, etc.) is reinvested in the fund itself, so that it does not lose its purchasing value due to the effect of inflation.

Principles and commitment

CARF, committed to the principles of socially responsible investment, seeks to invest in funds with initiatives that promote environmental care, social responsibility and good corporate governance (ESG) practices.

CARF also complies with the codes of conduct on responsible financial investments, both in terms of the means and organization of the Foundation and in the selection of investments.

By making the impact of a donation permanent over time, the CARF Foundation will be able to undertake more ambitious and long-term projects.

To learn more about the complete work of the CARF Foundation you can visit and consult the Annual Report of the past year or previous years by doing the following click here.

Figures reached in 2023

Learn more about our management report on the endowment of the CARF Foundation. The objective is to increase by 1 %, each year, the amount allocated to scholarships and study grants.

Management Report

Contributed to finance aid to Rome and Pamplona
5.397.259 €

Total aid in 2023

5.539.713 €