The Syracuse Catholic Diocese accepted a gift in excess of $30 million through a generous bequest of the late Robert and Catherine McDevitt of Binghamton, Bishop James M. Moynihan announced Dec. 8. The total value of the gifts will not be known for up to three years as the bulk of the gift is in the form of stock, and the actual value of the diocese's bequest cannot be determined until the estate is settled. However, an initial estimate is in the $30-plus million range.
"Bob and Kay were deeply committed to their Catholic faith, each and every day," Moynihan said. "They "They lived simply and never wavered from their personal devotion to God. Through their generosity, the Diocese of Syracuse will share their lifelong dedication to the faith."
The donors have restricted the gift to income only, so that the principal will not be interfered, and have designated the areas in which the diocese may spend the income. Those areas include the education of seminarians, the care of diocesan priests, the support of three of the McDevitt's former parishes, Seton Catholic Central High School in Binghamton and other ministries of the diocese.
Where the diocese has the ability to distribute funds to multiple named areas, it is anticipated that an advisory group will be established to provide advice and recommendations to Moynihan.
About Bob and Kay
Robert L. McDevitt, owner of the McDevitt Brothers Funeral Directors in Binghamton, died Sept. 22, just a few months after his wife, Catherine passed away. Bob spent his life continuing to operate the McDevitt Family business founded by his grandfather in 1880. His mother Mary was secretary to A. Ward Ford, the first president of IBM and it was this connection that began Bob's accumulation of IBM stock. The majority of his bequest to the diocese is in shares of IBM stock.