Why was the Catholic Community Foundation of Mid-Michigan Created?
Shortly after his arrival in the Diocese of Saginaw, Bishop Carlson asked that a legal entity be created that could securely hold funds donated by people of the diocese. His request was that these funds be invested in a socially responsible manner, in investments that are consistent with the values and principles of the Catholic Church. The Catholic Community Foundation of Mid-Michigan is the structure Bishop Carlson envisioned.
Who do we serve?
The CCFMM assists donors in creating a meaningful impact through legacy gift planning. We work closely with the charitable entities that donors designate as beneficiaries such as parishes, schools, and Catholic ministries in the Diocese of Saginaw. We also endow funds for parishes, schools and Catholic organizations in the Diocese of Saginaw.
How is the Board of Trustees selected?
The Governance Committee of the CCFMM nominates all Trustees. The Board of Trustees vote on those nominations at their March Board Meeting. Trustees can serve up to 2 three -year terms.
What is the benefit of donating to CCFMM?
CCFMM gives donors the opportunity to provide endowed gifts in a secure legal structure. Because of the long range investment nature of our funds, we hire investment professionals who employ strategies that can only be utilized by larger investment pools. Donors select the ministry(ies) they wish to support without the need to create their own foundation.
What type of gifts are accepted?
Donors can make gifts of cash, appreciated securities, life insurance, land, or collections. A Gift Acceptance Policy has been created by the Board of Trustees. The policy also defines a variety of gifts that can be made that pay income to donors for a lifetime, with the residue retained by CCFMM, to be used as designated by the donor. For additional information please review the Gift Planning section of our website.
How are donors be kept up to date on the progress of their gift?
The CCFMM publishes an annual report that is available to donors. In addition, donors with named endowments are sent annual statements regarding the donations and disbursements from the endowment.
Can gifts be made in the name of others?
Any of the gifts mentioned above can be used to create a fund in memory of a loved one. Endowments can be made to honor a parent, spouse, child, etc.
What kind of endowment gift can a donor make?
A donor can make a gift to an existing endowment to support a ministry of the diocese or their parish, a Catholic school or organization, OR they may create an endowment in their own name that indicates the ministry the donor chooses to support.
Is there a minimum donation amount to create an endowment?
Yes. A minimum of $25,000 is recommended.
How are decisions made regarding investments?
The Board of Trustees adopted a Socially Responsible Investment Policy (SRIP). The National Catholic Investment Pool (NCIP)follows the SRIP of all of its investment decisions. The Investment Committee and the Board of Trustees of the CCFMM oversee investments to verify that all investment goals are met, including benchmarks for money managers.
Are all gifts invested long term or can they be designated for immediate use?
The major goal of the CCFMM is to hold endowed gifts.
What portion of the investments will be disbursed annually?
In 2020, the Board of Trustees authorized a 4% disbursement from endowed funds. The Board of Trustees make this decision annually based on the investment performance.