Frequently Asked Questions
Q. What is The Catholic Foundation and why does it exist?
The Catholic Foundation is a non-profit, tax-exempt 501(c)3 organization, founded in 2000 by Bishop John F. Kinney. The Foundation exists to assist individuals who wish to provide lasting financial support to religious, educational, and charitable organizations that serve the people of the Diocese of Saint Cloud.
Q. How does The Catholic Foundation serve the Diocese of Saint Cloud?
Grants specific to the Living the Promise initiatives are awarded annually. The initiatives are: Faith Formation Programs for Youth, Catholic Schools, and Adult Faith Formation. The Foundation also makes distributions from funds as designated by donors. These grants go to work right here in the Diocese of Saint Cloud.
Q. Who governs The Catholic Foundation?
The Board of Directors of The Catholic Foundation governs operations and actions by the Foundation. The Board meets 5 times per year. Its committees are working committees that meet on a regular basis to conduct the business of The Foundation. Directors consist of Catholics from all walks of life and reflect the diverse experience of our Diocese.
Q. What are the benefits of working with The Catholic Foundation?
There are many ways to benefit from your association with The Catholic Foundation, including receiving gift-planning assistance, tax advantages, a possible increase in income from your assets for you or your family, the ability to designate your parish or other related organizations as beneficiaries, and assurance that your gift will be protected and used only for the purposes you intended. You also will receive investment management and administrative services.
Q. How do I make a gift to The Catholic Foundation?
You can make a gift to the Foundation at any time. Many people give gifts of cash and appreciated assets. You can also choose to partner with our staff in designing a gift that will suit your personal needs and charitable goals. While our staff cannot provide tax or legal advice, we will be happy to collaborate with you and your financial planner, personal attorney and/or CPA.
Q. Do I have a say in who will benefit from my gift?
Absolutely. A donor may establish a donor-advised fund. Donor-advised funds allow the donor and/or his or her family to maintain an active role in the process of grant making.
Q. Can the Diocese claim funds being held at The Catholic Foundation?
No. The funds are not diocesan funds and are not considered in any way property of the Diocese. The Foundation is required to distribute the funds in accordance with the fund agreement established by the donor.
Q. Who keeps track of the investments and donations?
The Catholic Foundation administrators, financial managers, and an independent consulting firm track contributions and investments. The investment committee of The Catholic Foundation also monitors all investments and donations.
Q. Can funds be designated for use in my parish?
Yes, the donor can advise that the funds be used only for their parish or other Catholic ministry or organization. By investing in The Foundation, the gift will be managed by professionals who have knowledge and experience to ensure that funds are used only for the purposes intended. The pooled funds often have a better rate of return and administrative costs are kept to a minimum.
