The Catholic Foundation – Frequently Asked Questions
Q. What is The Catholic Foundation and why does it exist?
A. The Catholic Foundation is a non-profit, tax-exempt 501(c) (3) organization, founded in 2010 by the Archdiocese of Mobile to encourage financial stewardship and generosity by providing an avenue for faith-based giving. The Foundation’s main goal is to sustain and spread Catholic values; and to assist individuals who wish to provide lasting financial support to religious, educational, and charitable organizations that serve the people of the Archdiocese of Mobile. The Foundation also provides economical and sound fiscal management of the funds of the parishes and ministries of the Archdiocese in its custody.
Q. How does The Catholic Foundation serve the Archdiocese of Mobile?
A. The Foundation as custodian makes distributions from invested funds as designated by the parishes and ministries owning the funds, making sure that the funds are prudently invested while under the Foundation’s care.
Q. Who governs The Catholic Foundation?
A. The Board of Directors governs all operations and actions of the Catholic Foundation. The board meets quarterly, and more often when necessary. Its committees meet regularly to conduct Foundation business. Directors consist of Catholics from all walks of life and reflect the diverse experience of the Archdiocese. The Directors are appointed by the Archbishop.
Q. What are the benefits of investing with The Catholic Foundation?
A. The Catholic Foundation offers many benefits for parishes and archdiocesan ministries, including: expert but economical financial management of assets tailored to your needs and interests and a possible increase in income from assets for the parish or ministry.
Q. Does the Foundation charge a fee for their service?
A. Yes. A minimal fee is charged annually to each fund. This fee assists in paying the office expenses of the Foundation. Every attempt is made by the Catholic Foundation to keep costs to a minimum. Compared to other endowed funds, these fees are very low.
Q. Can the Archdiocese ever claim funds, in all or in part?
A. No, not as long as the parish or ministry for whom funds are invested are viable and functioning. As a legally established custodial account, the funds invested by the parishes and ministry of the Archdiocese of Mobile cannot be closed or used in any way other than what was specified when the custodial account was established. Recognizing that all parishes and ministries are part of the Archdiocese, as much as you control the use of the investments now, you will control the use of the funds to the same degree with the Catholic Foundation.
Q. Who keeps track of the investments and donations?
A. Catholic Foundation administrators monitor all investments and funds. The Catholic Foundation’s investment committee also monitors all investments and donations. All parishes and ministries maintaining an account with the Foundation will receive monthly statements from the Foundation or its investment manager and will have transparent access to its investment information.
Q. Are funds invested in a way that agrees with the tenets of the Roman Catholic Church?
A. Yes. The Foundation strictly adheres to the policies set forth by the U.S. Catholic Conference of Bishops. All investments are made in a socially responsible way in keeping with teachings of the Roman Catholic Church.