Procedures for Gifts of Securities
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.
U.S. Trust professionally manages Catholic Communal Fund investments. The Catholic Communal Fund reserves full discretion over the investment of account balances and the right to revise this investment program. Unless a donor indicates a specific asset allocation, the funds will be invested in the Balanced Return Fund. Once each calendar quarter, donors may request a change in the asset allocation of their fund. The request must be in writing. Please choose one of the following investment options:
- All Fixed Income: This option emphasizes current income generation by investing entirely in fixed income assets. General stability of principal value should be obtained, but of course, cannot be guaranteed. There is no exposure to stocks using this strategy. The allocation to bonds will generally be 80%-100%.
- Current Income: This option strives to maximize current income while offering a modest potential for capital appreciation through a small allocation to equities (currently up to 35%).
- Balanced Return: This option is designed to offer income and long-term return opportunities by allocating more to equities (currently 56%) than to fixed income investments.
- Balanced Appreciation: This option emphasizes maximizing total return and protecting against inflation. The portfolio consists primarily of equity investments but with a moderate exposure to fixed income investment (currently less than 15%) to provide a buffer for short-term fluctuations in performance and a small amount of current income.
- All Equity: This option uses only equity securities (with the exception of minimal allocation to money market funds) and represents an aggressive strategy. Long-term growth and maximum capital appreciation are the primary goals. While this objective strives for high returns, performance can be volatile from year to year. The allocation to stocks will generally be between 80%-100%.
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 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:
Distribution of Remainder of Fund
- All income earned by each Fund is available for distribution annually.
- 50% of the principal amount of a gift is available for distribution during the first year. The remaining 50% is available for distribution in the second year and thereafter.
- All income earned by each Fund must be distributed by December 31 of the following year. However, the Board may approve the accumulation of income beyond one year for a specific charitable purpose. If such income is not distributed by December 31 of the following year, then such unexpended income may be transferred to the Communal Endowment Fund.
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 - Suite 1400
New York, New York 10022
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. The Catholic Communal Fund Charitable Distribution committee will approve grant recommendations. Recommendations 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.
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.
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. Please contact us directly at (212) 588-0624 if you would like to donate by this method.
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. Please contact us directly at (212) 588-0624 if you would like to donate by this method.