The Catholic Foundation of the Archdiocese of Santa Fe was incorporated in 1991 and organized as a New Mexico non-profit corporation. The Foundation’s purpose is to receive gifts and bequests and to dedicate their use primarily for religious, educational, and charitable activities in connection with and for the benefit of the Archdiocese of Santa Fe ministries and funding programs that are responsive to human needs. All authority of the Foundation is vested in and exercised by its Board of Trustees.
The financial statements of the Foundation are prepared on the accrual basis of accounting and, accordingly reflect all significant receivables, payables, and other liabilities. The Foundation is required to report information regarding its financial position and activities according to three classes of net assets: unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets. Temporarily restricted net assets consist of funds restricted by time or purpose by the donors to support program activities. Permanently restricted net assets consist of restricted funds for investment that are to be held in perpetuity with income available to support donor advised and general operating purposes.
The Foundation is required to record contributions from donors for the benefit of a beneficiary specified by the donor as agency funds. The Foundation is the recipient foundation that acts a s an agent for a beneficiary if it agrees to solicit assets from potential donors specifically for the beneficiary’s use and to distribute those assets or the return from investing those assets to the beneficiary.
The Foundation utilizes a common investment pool to manage most of it investments. The earnings from the investments (interest and dividends) as well as investment gains and losses of the pool are allocated to the individual fund according to its percentage of ownership of the investment pool.
The Foundation’s distribution policy is to distribute an amount equal up to 4% of the average market value over 3 rolling years. The distribution percentage is determined annually by the Board of Trustees.
Annuities and Charitable Remainder Trusts
The Foundation administers various charitable annuity and remainder trust agreements with donors. The arrangements provide for agreed upon distributions over a designated period of time (usually the designated beneficiary’s lifetime or a term of years). A liability has been recorded equal to the present value of the estimated future obligation. This obligation amount includes the present value of all anticipated payments to the donors based on their life expectancy or a term of year. The Foundation revalues this liability annually.
The Foundation is a publicly supported charitable organization that is exempt from federal and state taxes under section (501)(c)(3) of the Internal Revenue Code.
Audited Financial Statements
Audited financial statements are available here. Prepared by Pulakos CPAs.