PHILOSOPHY
AND PURPOSE
The Catholic Foundation of Rhode Island, founded
in 1983, is a nonprofit corporation established to
provide a means for individuals and organizations
to ensure long-term financial stability for charitable,
religious and educational institutions of the
Diocese of Providence.
A Board of Governors, comprised of church, civic
and business leaders, manages the foundation. The
board’s efforts are directed toward the wise and
sound management of the foundation’s assets with
spiritual leadership and guidance from the Bishop
of Providence.
The Catholic Foundation of Rhode Island represents
a firm commitment to support the security
and viability of Catholic institutions in Rhode
Island. Through the creation of endowments for
individuals, parishes, schools and other Catholic
institutions, the foundation provides a means of
generating income to help sustain and promote
these Catholic organizations well into the future.
PRUDENT INVESTMENT
PRACTICES
Endowed funds of the Catholic Foundation of
Rhode Island are monitored and managed with
counsel from professional investment advisors on
the Diocesan Investment Advisory Committee.
Asset allocations are diverse and are managed by
reputable investment professionals who follow the
guidelines of the Catholic Investment Trust. The
foundation’s assets are invested in socially and
morally responsible funds that are not in conflict
with the tenets of Roman Catholic doctrine.
ENDOWMENTS
Endowed funds provide a source of continuous
support. The principal remains on deposit and continues
to grow, while earnings support Catholic
entities in perpetuity.
Endowments represent a long-term financial commitment
to purposes within the Church in a
thoughtful, faith-filled manner that is consistent
with responsible Christian stewardship. Funds can
never be used for any purpose other than those
specifically stated by the donor or funding organization.
METHODS OF GIVING TO THE FOUNDATION
GIVING DURING YOUR LIFETIME
Outright gifts of CASH, SECURITIES, REAL
ESTATE AND TANGIBLE PERSONAL PROPERTY are welcomed by the foundation. Donors who
make gifts during their lifetime enjoy the benefit of
witnessing the immediate impact of their generosity
for the causes they care about.
CHARITABLE GIFT ANNUITIES AND CHARITABLE
REMAINDER TRUSTS provide donors or
beneficiaries payments for life with substantial tax
benefits. A charitable remainder is left for the
Church at the completion of the trust or the gift
contract.
FAMILY LEGACY FUNDS –
DONOR ADVISED FUNDS Donors and their families can establish a fund that
the foundation carefully manages and stewards.
The donors and their designated successors remain
closely involved through their advisory role of recommending
grant distributions from their fund to
their favorite Catholic charities. These funds provide
for a simple, flexible, convenient and cost saving
alternative to private foundations, in addition
to passing on and engaging heirs with responsible
stewardship and citizenship.
GIVING IN THE FUTURE
Many gifts to the foundation are made through
wills or trusts.
BEQUESTS may be in cash or property.
Provisions for gifts to the foundation from an
estate may be for a specified amount, a percentage
or the remainder — after all other bequests and
obligations have been satisfied. Bequests to the
foundation are not subject to estate taxes.
LIFE INSURANCE gifts to the foundation can be
made by naming the Catholic Foundation as owner
and beneficiary. Premium payments for the policy
qualify as charitable contributions for income tax
purposes. Insurance policies that have outlived their
original intention or are no longer required can be
transferred to the foundation, and the cash value
will be used as the donor designates.
RETIREMENT PLANS are wonderful gifts to consider.
Current laws make these assets very attractive
options for charitable giving through your estate
since retirement assets are subject to the highest
taxation upon your death. By naming the Church as
the beneficiary of these assets, you can avoid taxation
and possibly pass on larger estates to your
loved ones.
HOW TO ESTABLISH A FUND
Parishes, individuals, families, agencies, schools or
businesses can create an endowment fund. Gifts
may also be made to existing endowment funds
that support the causes most meaningful to donors.
The funds are invested and generate an ongoing
source of revenue for the Diocese of Providence or
any designated program or organization. Donors
may name the fund in memory of or in honor of
their family, friend or loved one. Anonymity is also
available to those who wish to protect their identity.
Donors may elect to establish a donor advised
fund and remain involved as grant advisors, making
recommendations on distributions from their
fund to Catholic charitable causes. In addition,
heirs and successors may assume an advisory role
when the original donor chooses.
OPPORTUNITIES
As a responsible steward of God’s varied grace, you
should always seek professional and ethical counsel
with charitable gift planning. The staff at the
Catholic Foundation welcomes the opportunity to
work with you to learn more about your charitable
intentions and goals. There are countless opportunities
available to you through the foundation.
Gifts can be directed to benefit: the greatest needs
within the Diocese, our parishes, Catholic education,
the seminary, the Catholic Charity Fund,
social services, pastoral and evangelical ministries,
and many more.
THE SAINT KATHARINE DREXEL
LEGACY SOCIETY
The Saint Katharine Drexel Legacy Society honors
individuals who have shared their gifts or made gift
intentions for the Roman Catholic Church in
Rhode Island known to the Catholic Foundation of
Rhode Island.
Previous legacy gifts have helped perpetuate our
ministry and service to those in need. These gifts
are a reflection of deep faith and values and help us
in our mission to bring the presence of Jesus Christ
and the light of the Gospel into the lives of others.
Saint Katharine Drexel (1858 – 1955), an American
Saint, is a model Christian steward who shared her
life and her treasure for the service and ministry of
others. Born to a wealthy family in Philadelphia,
Saint Katharine responded to God’s call to dedicate
her life in service to Him and focused her ministry
on the plight of African and Native Americans. This
heiress founded the religious order of the Sisters of
the Blessed Sacrament and used her fortune in support
of her work, building schools, churches and
paying teachers’ salaries for rural missions. Pope
John Paul II, quoted during her canonization states, “No greater treasure can be found in this world than
in following Christ with an undivided heart and in
using generously the gifts we have received for the
service of others and for the building of a more just
and fraternal world.”
Stewardship of estate assets is diverse with gifts
through wills, trusts, life income gifts, retirement
plans, life insurance, outright gifts and others.
Membership to the Saint Katharine Drexel Legacy
Society is open to all friends of the Diocese who
wish to leave a legacy. If you have made a rovision
for the Church in your estate planning or wish to
receive samples of language for making bequests to
the Church, please contact the Catholic
Foundation, 401.277.2121, so we may honor and
thank you for your stewardship.
PROFESSIONAL ADVISORS
The Catholic Foundation is pleased to work with
financial and legal professionals who are assisting
their clients with charitable gifts to entities of the
Roman Catholic Church in Rhode Island (parishes,
schools, agencies, ministries, etc.). To receive a complimentary
copy of our newsletter for professional
advisors, please contact us at 401.277.2121 or visit
our website at
www.dioceseofprovidence.org/giving
GIFTS OF SECURITIES TO
THE CATHOLIC FOUNDATION
Please contact Sandra Sebring at the
Catholic Foundation, 401.277.2121 prior to transferring gifts
so you may be acknowledged appropriately.
UBS Financial Services
1 Citizen’s Plaza, Suite 900
Providence, RI 02903
DTC: 0221
Account Name:
Catholic Foundation of Rhode Island
Account Number: RH07160-58
CFRI Tax Identification Number 050401892
The mission of the Catholic Foundation of Rhode
Island is to financially support the spiritual,
educational and temporal needs of the Catholic
community.