2018-05-14T07:21:57-05:00 2017-06-30 010494526 Baker Newman & Noyes PO Box 507 Portland ME 04112 990 2016-07-01 770612679 The Catholic Foundation of Maine CATH 2077736471 PO Box 799 Portland ME 04104 David Twomey Treasurer 2077736471 2018-05-11 1 Nicholas E Porto P01310283 2078792100 2018-05-11 2016 2022-09-23 18:48:47Z Bishop Robert Deeley PO Box 799 Portland ME 04104 1849217 0 X www.catholicfoundationmaine.org X 2003 ME To provide opportunities for people to charitably invest in Catholic entities in Maine. 15 15 0 16 0 0 1897511 710416 0 0 323284 441000 0 0 2220795 1151416 1030750 935656 0 0 0 0 0 0 178337 379346 367717 1410096 1303373 810699 -151957 25367329 27477476 45277 22384 25322052 27455092 X The mission of the Catholic Foundation of Maine is to provide opportunities to financially support the vitality of parishes and other Catholic organizations, institutions, and ministries within the State of Maine now and in the future. 0 0 943956 935656 0 The Catholic Foundation of Maine maintains and administers endowments for the benefit of parishes, clergy, students, education, ministries, and organizations in the state of Maine. New education endowment funds include:-Scholarship Endowment for St. Dominic Academy in memory of Laurianne Michaud Cormier -Holy Savior School Endowment in honor of Barbara Pelletier-St. James School of Biddeford, Maine Endowment Carrying on the Legacy of Catholic Education-Hanna Powell Endowment for the Arts at St. Thomas School of Sanford, MaineNew church and parish endowment funds include:-St. Denis Church of Fort Fairfield, Maine Endowment in memory of Staff Sergeant Brien D. Lynch-St. Louis Church of Limestone, Maine Building Maintenance Endowment in memory of Rainald A. Gervais, Sr-St. Paul the Apostle of Bangor, Maine Endowment 943956 1 1 0 0 0 1 0 0 0 1 1 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 1 5 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 15 15 0 0 1 0 1 1 1 1 1 0 0 0 1 1 1 0 0 0 0 0 ME X David Twomey Treasurer 2073217820 PO Box 799 Portland ME 04104 Catherine Barry Director 1.00 0.00 X 0 0 0 Monsignor Andrew Dubois Director 1.00 0.00 X 0 30716 31204 Daniel Mitchell Director (part year) 1.00 0.00 X 0 0 0 Michael Poulin Director 1.00 0.00 X 0 0 0 Joseph Powers Director 1.00 0.00 X 0 0 0 Lila White Director 1.00 0.00 X 0 0 0 Mary Conroy Director 1.00 0.00 X 0 0 0 Anthony Manhart Director 1.00 0.00 X 0 0 0 Susan Inman Director 1.00 0.00 X 0 0 0 Phil Morissette Director 1.00 0.00 X 0 0 0 Bishop Robert Deeley President 1.00 0.00 X X 0 40830 31204 James Hanley Chairman 1.00 0.00 X X 0 0 0 William S Richards hairman (part year) 1.00 0.00 X X 0 0 0 Frank Dillon Vice Chairman 1.00 0.00 X X 0 0 0 David Twomey Treasurer 1.00 0.00 X X 0 142108 29806 Eric Wycoff Secretary 1.00 0.00 X X 0 0 0 Elizabeth Badger Executive Director 40.00 0.00 X 0 95505 11394 0 309159 103608 0 0 1 0 Roman Catholic Bishop of Portland 510 Ocean Avenue Portland ME 04104 Administrative services 185957 1 710416 353716 710416 246501 246501 892300 697801 194499 194499 194499 1151416 0 0 441000 X 935656 935656 130499 8300 122199 29239 29239 14576 10092 4484 6977 6977 469 469 Expenses to Bishop 185957 41343 144614 1303373 943956 181080 178337 450228 661133 128630 123442 663125 80738 250000 0 250000 24123641 26362163 1705 0 25367329 27477476 45277 21554 0 830 45277 22384 X 1783865 1959390 2020658 3538695 21517529 21957007 25322052 27455092 25367329 27477476 X -151957 2684443 -399446 X X 0 1 X 1 0 X 761293 675315 463003 1897511 710416 4507538 761293 675315 463003 1897511 710416 4507538 1705469 2802069 523435 616606 640961 323284 246501 2350787 6858325 0.40860 0.46290 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 4 11150 40300 815533 1 1 24590138 439478 2879683 958945 26950354 23560101 1807816 152327 930106 24590138 23672044 267231 496190 875364 23560101 23259340 385454 2561575 2534325 23672044 22329318 273432 1314121 657531 23259340 0.06410 0.81470 0.12120 0 0 250000 250000 250000 Due to Bishop 830 830 X 3872629 2684443 36770 2721213 1151416 0 1151416 1739589 36770 399446 436216 1303373 0 1303373 Part V, Line 4: Endowment funds are part of the Organization's capital campaign. Part X, Line 2: The Foundation is exempt from federal income tax under provision of Section 501(c)(3) of the IRC. Tax-exempt organizations could be required to record an obligation for income taxes as the result of a tax position they have historically taken on various tax exposure items including unrelated business income or tax status. Under guidance issued by the Financial Accounting Standards Board, assets and liabilities are established for uncertain tax positions taken or positions expected to be taken in income tax returns when such positions are judged to not meet the "more-likely-than-not" threshold, based upon the technical merits of the position. Estimated interest and penalties, if applicable, related to uncertain tax positions are included as a component of income tax expense. Management has evaluated the Foundation's tax positions taken on its filed tax returns and concluded that the Foundation has maintained its tax-exempt status, does not have any significant unrelated business income and has taken no uncertain tax positions that require adjustment to the financial statements. The Foundation is no longer subject to income tax examinations by the U.S. Federal or State tax authorities for years before 2013. Part XII, Line 2d - Other Adjustments: Loss on Uncollectible Pledges 399,446. 1 Roman Catholic Bishop of Portland PO Box 11559 Portland ME 04104 010212546 501(c)(3) 862154 Capital Campaign and General Assistance Catholic Charities of Maine PO Box 10660 Portland ME 04104 010280225 501(c)(3) 72702 Capital Campaign and General Assistance 2 0 Part I, Line 2: The Organization only awards grants to qualifying 501(c)(3) public charities; additional monitoring is not deemed necessary. 0 0 0 0 0 0 0 0 0 David Twomey Treasurer 0 142108 0 0 0 0 0 15618 0 14188 0 171914 0 0 Part I, Line 3 Review and establishment of the compensation and benefits for the organization's executive director is conducted by a related organization, the Roman Catholic Bishop of Portland. X 4 103716 Stock Exchange Price X 1 250000 Appraisal 0 1 1 Part I, Line 32b: The organization sells contributions of securities through its investment broker. All gifts of securities are sold as soon as administratively possible. Form 990, Part VI, Section A, line 4 The organization updated its governing documents to state that no Member of the Board of Corporators for the Catholic Foundation of Maine, except for the Roman Catholic Bishop of Portland and any Coadjutor or Auxiliary Bishop or Moderator of the Curia may serve as a Trustee of the Foundation. Form 990, Part VI, Section A, line 6 The Corporation is established by Corporators who together constitute the Board of Corporators. The Corporators shall consist of the individuals who from time to time hold the following positions: the Roman Catholic Bishop of Portland, the Vicar General of the Roman Catholic Bishop of Portland, the Chancellor of the Diocese, the Chair of the Council of Priests of the Diocese, the Chair of the Finance Council of the Diocese, and the Chair of the Pastoral Council of the Diocese. The Bishop shall always serve as the President of the Board of Corporators. No member of the Board of Corporators, except the Roman Catholic Bishop of Portland and any Coadjutor or Auxiliary Bishop, may serve as a trustee of the Foundation. Form 990, Part VI, Section A, line 7a The powers and duties of the Board of Corporators shall include the power to elect and remove members of the Board of Trustees of the Foundation. Form 990, Part VI, Section A, line 7b The following actions by the Board of Trustees are subject to the approval of the Board of Corporators: the appointment or termination of the executive director; recommendations of the Board of Trustees for distribution of unrestricted funds that vary from approved policy; and recommendations of the Board of Trustees for any amendments to the Foundation's bylaws. Additionally, in the event of dissolution or liquidation of the Foundation's assets, the Catholic organization selected as beneficiary to the liquidation is subject to the approval of the Board of Corporators. Form 990, Part VI, Section B, line 11b The Form 990 is reviewed by the Treasurer of the Board before being submitted to the IRS. Form 990, Part VI, Section B, line 12c The Executive Director of the Organization annually collects from all trustees a questionnaire that gathers information on potential conflicts of interest. The conflict of interest policy prohibits any conflicts of interest that are not disclosed. Potential conflicts of interest that are discovered will be referred to the governance committee of the trustees for a decision on the appropriateness of the relevant activity(s) and the relevant trustee's continued tenure on the Board. As of the time of this filing, no conflicts of interest have been discovered. Form 990, Part VI, Section B, line 15 Review and establishment of the compensation and benefits for the organization's executive director is conducted by a related organization, the Roman Catholic Bishop of Portland. Compensation and benefits for all individuals who perform services for the organization is paid by the Roman Catholic Bishop of Portland. Form 990, Part VI, Section C, line 19 The Organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request. Form 990, Part IX, line 11g Contract Services: Program service expenses 8,300. Management and general expenses 122,199. Fundraising expenses 0. Total expenses 130,499. Form 990, Part IX, Line 24c: All employees of the Foundation are hired and paid through the Roman Catholic Bishop of Portland, a related organization. The Foundation reimburses the Roman Catholic Bishop of Portland for salaries, benefits and payroll taxes paid to individuals who work for the Foundation. As a result, no salaries or benefits are being reported on Part IX, lines 5-10 and are instead reflected on line 24a as expenses to the Roman Catholic Bishop of Portland. Form 990, Part XI, line 9: Loss on Uncollectible Pledges -399,446. Form 990, Part XII, Line 2C: The audit process has not changed from the prior year. The Foundation has a finance/investment committee that reviews the audits and communicates with the independent auditors. Roman Catholic Bishop of Portland 510 Ocean Avenue Portland ME 04103 010212546 Religious Organization ME 501(c)(3) Line 1 N/A 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0