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Q: What is the Northern Michigan Catholic Foundation (NMCF)?
A: The NMCF is a separate non profit endowment-based organization that supports the Catholic ministries and causes 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 Roman Catholic Community 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 meeting the financial needs of the local Roman Catholic Community. The NMCF provides individuals and organizations a vehicle to support the Catholic Community and increase the long-term financial stability of the parishes, schools, ministries and causes within the local Catholic Community.
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, school or cause?
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, schools, and causes benefit?
A: The organizations 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 organization through the NMCF, your organization 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 $20 million in the NMCF corpus.
Q: What are the administrative costs to have funds managed through the NMCF?
A: The Foundation’s current administrative and investment fee schedule is based on actual expenses not to exceed the percentages listed: 1. Funds with a total net value equal to or less than $1,000,000-administrative and investment fees shall not exceed 1.5% of the fund’s total net assets at fiscal year end. 2. Funds with a total net value greater than $1,000,000-administrative fees shall not exceed 1.25% of the fund’s total net assets at fiscal year end.
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 protected].
