Sunday, February 26, 2012

Lots of Secrets at the Catholic Foundation of Maine

Please see our web site:

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.

In June 2011, although Mainers were facing tough economic times, Bishop Malone purchased a
non-essential $600,000, 3,000 sq. ft., 4 bedroom home for himself in an affluent Falmouth
neighborhood at 21 Twin Ponds Drive, Falmouth, ME | RE/MAX By The Bay.

Here are some recent tax returns for the Catholic Foundation of Maine. The tax return for the
fiscal year ending June 30, 2011 has not yet been made available by Bishop Malone.

Forms 990 from IRS

Catholic diocese raises $42.2M to support its work in Maine — State ...
Jun 23, 2010The Catholic Foundation of Maine, and incorporated nonprofit distinct from the diocese, will manage the donations. The foundation's board of ...

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