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Minimum Contributions Investment Policy Administrative Fees Donor Policies Procedures for Gifts of Securities Minimum Contributions An initial tax-deductible contribution of $5,000 or more in cash, securities, or other property is required to establish a charitable Fund which will bear the donor's name or a name selected by the donor. Gifts to the CCF are irrevocable. Funds may be created by individuals (during life or at death), families and corporations. Contributions to an Advisory Fund also may be made by the donor's friends, family, private foundations, and charitable trusts. Charitable Advisory Funds will not be operated as separate entities or deemed trust funds held by the CCF in a trustee capacity. The CCF will acknowledge, in writing, acceptance of a contribution when it is made. Investment Policy The Catholic Communal Fund fixed income investments are professionally managed by Hudson Canyon Investment Counselors LLC. Funds allocated to equity are invested in the FMC Select Fund, a mutual fund that seeks total return principally through capital appreciation and to a limited degree through current income, and in the FMC Strategic Value Fund, a mutual fund that seeks long term capital appreciation. Both Funds are advised by First Manhattan Co. Administrative Fees Each Fund will be charged an annual administrative fee of 3/4 of 1% of total funds, computed monthly. If there is any surplus resulting from this charge over operating expenses, a minimum of 10% is added to the Funds Endowment Fund and any balance is applied to the needs and programs of organizations which meet the charitable objectives of the Catholic Communal Fund, as selected by the Board of Directors of the Fund. Donor Policies Donor Suggestions for Grants The donor who establishes a Charitable Advisory Fund is the only qualified advisor during his or her lifetime. If a fund is established by more than one donor, i.e., husband and wife, either may make suggestions for grants. Grant recommendations must be made in writing or electronically. A recommended grant may not be for less than $250. A recommended grant may not be used to satisfy an enforceable pledge or a personal obligation of the donor or advisor and may not materially benefit a donor or advisor. Instructions in a Donor's Will Instructions for distributions to be made within one year following the death of the donor will be presented to the CCF Board of Directors. Amount Distributable From Each Charitable Advisory Fund All income attributable to each Charitable Advisory Fund will be credited to such Fund. Both income and principal will be available for the Catholic Communal Fund grant distribution as follows:
A donor may suggest that, at the time of his or her death or the death of the last advisor, the remaining income and principal be distributed to particular charitable programs of qualified charitable organizations. If such a designation has not been made, then at the time of death of the last advisor, the income and principal remaining in the Fund will be transferred to the Catholic Communal Endowment Fund. The Board of Directors of the CCF determines who receives grants from The CCF. Appointment by Donor of Additional Advisors At the time the Charitable Advisory Fund is established, the donor may appoint his or her spouse (if not a co-donor) and/or children or other persons to make suggestions for grants from the Advisory Fund after the donor's death. The number of successor advisors shall be limited to the donor's spouse plus four additional persons (or all of a donor's children regardless of number), each of whom must be over the age of 18 years at the time of assuming an advisory capacity. The donor may change his or her successor advisors at any time, during life or by Will. Grant Distribution Procedure Download the Grant Application form and mail or fax it to: The Catholic Communal Fund 1011 First Avenue - Room 1400 New York, New York 10022 Fax 212-753-5980 You can also mail or fax a letter containing your suggestions. It is not necessary to send a separate letter for each suggestion. The letter must include the name of the Charitable Advisory Fund from which the grant is to be made and the complete name and address (including zip code) of the organization being suggested to receive a grant. In the case of grants of $5,000 or more, the name of the person to whose attention the check should be sent must also be included. All decisions on a suggestion will be made by The Catholic Communal Fund Charitable Distribution committee. Suggestions will be processed in a timely fashion. When a grant is made from a Charitable Advisory fund, an accompanying letter will indicate the name of the Charitable Advisory Fund from which the grant was made. Our letters and checks bear the name of The Catholic Communal Fund. A copy of the check and accompanying letter is forwarded to the donor. Quarterly Reports In March, June, September and December of each year, a donor will receive a report of all gifts distributed during each three month period. This includes the income credited to the Advisory fund, contributions, transfers, grants made, and any operating charges. A donor will receive with each quarterly statement a complete list of the organizations to which grants have been made in that three month period, and the amount of each grant. In this way, donors are able to plan and advise on and structure a long-range philanthropic program. Procedures for Gifts of Securities If you wish to make a gift of securities to a fund in The Catholic Communal Fund, there are several possible ways of doing so depending upon whether the securities are registered in your own name or the securities are held in a bank custodian account or in a brokerage account. We have provided a sample form for a gift letter which may be used to assist in the transfer of securities from your own account to a fund at The Catholic Communal Fund. If you wish to make a gift of restricted (Rule 144) securities, we will need additional information and would be happy to supply you with instructions on what is required. 1. Securities Held in a Brokerage Account Securities held by a broker may be delivered by wire through the Depository Trust Company (DTC) to our brokerage account. Instructions should be given as follows: DTC Participant # 902 JPMorgan A/C # P56059 For Fiduciary Trust International Clients For The Catholic Communal Fund Account No: 610100002 For further credit: (The name of your donor-advised fund) If you choose this method, please let us know in advance so that our broker can be alerted to accept the securities and so that we are able to acknowledge your gift properly. A copy of your instructions to your advisor (sample on reverse side) is a helpful way to provide this notice. In any event, it would be helpful for us to have the name of the brokerage house and the name and telephone number of the person we can contact regarding the gift. 2. Securities Held in a Bank Custodian Account Many banks have a "gift account" procedure whereby securities may be removed from your custodian account and placed in a "gift account" until instructions have been received from the donor. If you wish to make a gift of securities from your bank account, please notify the bank and let us know the name of the bank and the name and telephone number of the person we should contact regarding the gift. 3. Securities Registered in Your Name The securities may be delivered directly (registered, if by mail) to the office of our broker who also will need a signed stock power. If sent by mail, the stock power should be mailed separately from the securities, which are freely negotiable when combined physically with the stock power. Our broker's address is as follows: Fiduciary Trust International 600 Fifth Avenue, 4th Floor New York, NY 10020 For account: # 610100002
Again, if you choose this method, please let us know in advance.
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Fees, Policies & Procedures Privacy Statement Site Design: ADLubow.com |
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Copyright © 2006 Catholic Communal Fund of the Archdiocese of New York, Inc. 1011 First Avenue, New York, NY 10022 Inquiries: email | phone. 212.588.0624 | fax. 212.753.5980 Send Me More Information | Download an Application |