Frequently Asked Questions
Q. What is the Catholic Foundation for the Diocese of Saint Cloud and why does it exist?
The Catholic Foundation for the Diocese of Saint Cloud is a non-profit, tax-exempt corporation, designated 501(c)3 by the Internal Revenue Service. It was founded by Bishop John F. Kinney in 2000, to hold and manage funds raised for the "Living the Promise"campaign. The foundation exists to:
Hold and manage parish, Catholic school, and organizational funds
Serve individuals who wish to make a difference through philanthropy
Distribute grants from "Living the Promise" and other endowed and spendable funds
Foster stewardship throughout the Saint Cloud Diocese
Q. How does the Catholic Foundation serve the Diocese of Saint Cloud?
Grants specific to the 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. See Grants.
Q. Who governs the Catholic Foundation for the Diocese of Saint Cloud?
The Catholic Foundation for the Diocese of Saint Cloud is governed by a Board of Directors, which 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?
The Catholic Foundation for the Diocese of Saint Cloud offers gift-planning assistance, helps you achieve tax advantages, and allows you to designate gifts for your parish or another charitable entity. We invest our funds as a commingled pool, to obtain the highest rate of return, and we keep our fees low – generally lower than other foundations. You can be assured that your gift will be protected and used only for the purposes you intended.
Q. Is the Catholic Foundation for the Diocese of Saint Cloud only for Big Givers?
No. The Catholic Foundation hopes everyone within the Diocese of Saint Cloud will participate in the spirit of charitable giving and realize the joy of helping others. Gifts of any size are welcome, and indeed, essential to the Foundation’s mission.
Q. How do I make a gift to the Catholic Foundation?
You can make a gift now to the foundation or at any time. It can be designated to any of the myriad funds we currently hold, or given to the foundation for its purposes. Many people give gifts of highly appreciated assets, to abate tax burdens. You can also work with our staff to design a gift that will suit your personal needs and charitable goals. While we cannot provide tax or legal advice, we will be happy to collaborate with you and your financial planner, personal attorney and/or CPA.
Q. Does the Catholic Foundation displace my lawyer and my financial advisor?
Not at all. The Catholic Foundation works closely with all professional advisors to create only the charitable giving component of your financial and estate planning. With their knowledge and insight, we can develop a plan that it is consistent with your overall personal, financial and spiritual goals, both currently and well into the future.
Q. Do I have a say in who will benefit from my gift?
You do! You may establish a fund to benefit a specific entity, multiple entities, or a particular field of interest. If you wish to have more participation, donor-advised funds offer you and/or your family the opportunity to participate in the grant-making process.
Q. Can the Diocese claim funds being held at the Catholic Foundation?
The Catholic Foundation is a corporation in and of itself, designated 501(c)3 by the Internal Revenue Service. The Foundation is required to distribute the funds in accordance with fund agreements established by the donors.
Q. Who keeps track of the investments and donations?
The Catholic Foundation administrators, financial managers, and an independent consulting firm, IPEX, track contributions and investments. The investment committee of the Catholic Foundation for the Diocese of Saint Cloud 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.