A Catholic church in central Massachusetts received a $1.5 million bequest from a parishioner who died. Under the current arrangement, the bank will distribute 4% annually for 25 years, while the funds are held in a bank account earning 3.75%. The church is concerned that the return may barely keep pace with inflation and that other investment options may offer better prospects. It says the sizable, long-term gift is being managed prudently.
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