Frequently Asked Questions

What is the mission of the Catholic Foundation of Maine?

The mission of the Catholic Foundation of Maine is provide opportunities to financially support the vitality of parishes and other Catholic organizations, institutions and ministries within the state of Maine now and in the future.

What is The Catholic Foundation of Maine?

Founded in 2003, The Catholic Foundation of Maine is a 501(c)(3) public charity whose mission is to provide opportunities to financially support the vitality of organizations,  institutions, ministries and needs through endowments.  Our objective is to encourage and assist people who wish to leave a legacy and make gifts to endowments.

Who manages the Foundation?

The Foundation is led by a volunteer Board of Trustees, of which members and officers are predominantly lay people. The Executive Director manages the daily operations of the Foundation and reports to the Trustees.

What does the Foundation do?

The Foundation primarily manages endowments and planned gifts that are intended to maintain their value and hopefully grow over time while paying out distributions for charitable purposes on a regular basis. The Catholic Foundation of Maine’s endowment funds benefit the many Catholic ministries in Maine, including education, vocations, seminarians, lay continuing education, and many more.

I want to make a gift to a Foundation endowment fund, or establish a new endowment fund…

Please contact the Foundation office about the gift as soon as a decision is made so we can be sure that it is noted and recorded correctly. For cash gifts, you may simply write a check to the “Catholic Foundation of Maine” and note the purpose, project, endowment fund, or designation for the gift, and enclose a signed letter stating any specific charitable purpose of the gift. For stock or other security gifts, it is very important that you notify the Foundation office of the gift, including the donor’s name and the securities that are being transferred or the gift may not be identified or recorded properly for your tax purposes or the specified need.

If you wish to establish a new endowment fund, in memory of a loved one or for a specific purpose, please call the Executive Director who will help you tailor the fund as you wish. Please be aware that the establishment of a new endowment is subject to approval by the Gift Acceptance Committee, and may involve a minimum investment or non-duplication of intent.

What are “planned gifts”?

Planned gifts most often include charitable gifts that affect the donor’s estate planning, such as bequests in a Will; estate designations from a trust, life insurance policy, or retirement account; Charitable Lead Trusts, which helps to minimize estate and gift taxes for gifts to heirs; and Charitable Gift Annuities which provide an immediate charitable deduction, an annual, semiannual or quarterly distribution for the life of the donor(s), at interest rates determined by the American Council of Gift Annuities based on the annuitants age at the time of the gift.

Planned gifts also include a few types of life income gifts that, in return for the gift, provide a lifetime income to the donor or someone the donor chooses. Charitable gifts of real estate, including arrangements that allow the donor to use the property for life yet earn a substantial income tax deduction now, are often considered to be planned gifts. Finally, there are gifts of closely-held or family business stock, intellectual property, personal property, and artwork.

These more complex planned gifts would be discussed with you in confidence by the Executive Director to answer questions or provide custom illustrations.

What kinds of gifts does the Foundation accept?

Subject to the Gift Acceptance Policies of the Catholic Foundation of Maine, the Foundation is able to accept gifts of cash, stocks and securities*, retirement plan rollovers*, insurance*, real estate*, and real property, as well as help you to leave a bequest in your will with specific language ensuring your gift will be utilized as you designate. The Foundation’s Executive Director specializes in planned giving and gladly consults (at no cost or obligation) with donors, their advisors, and/or the Catholic organizations they wish to donate to.

The Foundation wants to ensure that that you as the donor are fully aware of the tax and legal implications of making a gift, and that the gift does not create an unintended or unexpected liability for the Foundation. In addition, the Foundation Trustees reserve the right to not accept charitable gifts that may pose problems either immediately or in the future for the Foundation or the donor.

Do donors receive any recognition for making a planned gift to the Foundation?

Yes. The Foundation created a Legacy Society to honor donors who have established planned gifts on behalf of the Foundation, given to its many endowment funds, or established a charitable gift annuity to benefit through the Foundation. Donors who agree and wish to be are listed on the Annual Report of the Foundation, and receive invitations to special events at which the Foundation has a Legacy Society table, such as the annual fall Diocesan Harvest Ball.

Thank you for your interest in the Catholic Foundation of Maine!

Catholic Foundation of Maine
PO Box 799
Portland, ME 04104