A list of commonly asked questions and answers
Q: What is the Northern Michigan Catholic Foundation (NMCF)?
A: The NMCF is a separately incorporated endowment-based fiduciary body that supports the Catholic ministries in northern Michigan. The NMCF allows donors to designate a specific parish, school or diocesan ministry, or they can leave the gift undesignated to meet to the needs of the Diocese of Gaylord as they are determined by the NMCF Board of Directors each year. The gifts remain in the corpus of the NMCF, with interest payments made to the designated organization on a semi-annual basis.
Q: Why was the NMCF established?
A: The NMCF was established in 1998 to build long-term financial stability and security for the Diocese of Gaylord. The NMCF provides individuals and organizations a vehicle to support the Diocese and increase the long-term financial stability of the parishes, schools and ministries within the Diocese of Gaylord.
Q: Who are the fund managers for the NMCF?
A: NMCF assets are pooled and managed by strict guidelines within the Michigan Catholic Conference (MCC) and governed by their Socially Responsible Investment Pool Guidelines. Through MCC, NMCF works with CapTrust as its investment manager.
Q: What is the benefit of giving to the NMCF rather than giving directly to my parish or school?
A: Donations designated to your organization through the NMCF benefit your organization for perpetuity – an endowment is established and the interest from the gift’s principle benefits the Catholic cause designated by the donor. Additionally, leaving a gift through the NMCF assures donors that their gifts are properly managed and are in socially responsible investments.
Q: How do the individual parishes and schools benefit?
A: The parishes and schools receive semi-annual payments from the interest generated by the corpus of their individual fund. For example, if a donor leaves an estate gift of $1,000,000 designated to your parish, through the NMCF, your parish will receive semi-annual interest payments generated by the $1,000,000 gift.
Q: What types of gifts are accepted by the Foundation?
A: Gifts may be given in the form of cash, securities, charitable gift annuities, charitable remainder trusts, charitable lead trusts, life insurance and bequests. NMCF representatives are available to meet with donors and their financial planners to determine the giving method that is most beneficial for the donor and the Foundation.
Q: How much is in the NMCF corpus?
A: Currently there is approximately $14 million on the NMCF corpus.
Q: What are the administrative costs to have funds managed through the NMCF?
A: The administrative costs to have funds managed through the NMCF are approximately 1.25%.
Q: How can I find out more information about the NMCF, or learn more about how my parish can benefit?
A: You can contact NMCF President, Christie Perdue, by phone at 231.922.9070, or by e-mail at email@example.com.