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The Catholic Foundation of Maine provides opportunities for people to
charitably invest in Catholic entities in Maine -for the long term.
The Catholic Foundation of Maine was established in 2003 as a separate nonprofit organization, led primarily by lay Catholics. However, the Foundation's President is Bishop Richard J. Malone and the Foundation's Treasurer is David Twomey, Chief Financial Officer for the Roman Catholic Diocese of Portland. Through the Foundation people can support and create charitable funds that will enhance the work of the Church in Maine. Funds can be designated for a wide variety of Catholic missions – to benefit our local parishes, schools, and organizations like Catholic Charities; to provide scholarships and benefit programs; or to serve as donor-advised funds through which donors and their families can support a variety of missions each year.
The Foundation manages the funds and ensures that they are conservatively, yet productively invested, and that the donors' charitable wishes are carried out. However, the Foundation provides only sketchy information as to the specific types of investments; i.e., there is no indication if donations are invested in mutual fonds, cash and cash equivalents, individual stocks and bonds, and there is no performance evaluation.
In June 2010, Bishop Malone proudly announced that the Foundation's Capital Campaign raised $42 million in donations and pledges, of which $23 million was received almost immediately. Although the Foundation's mission statement says that the funds will be used for a variety of missions each year, the diocese took $1.5 million of the $2.5 million distributed from the Foundation during 2010 to help pay for chancery operations.
Since that time, though, more Catholic schools and parishes have closed. In fiscal year 2011, Bishop Malone slashed the diocese contribution to the programs and services of Catholic Charities for the third year in a row.