The Catholic Diocese of Madison Foundation (CDMF) Board has voted to reduce the annual foundation administrative fees charged for both endowed and non-endowed funds.
The CDMF will now charge a 0.75 percent fee on the first $1 million dollars and a 0.6 percent fee on amounts greater than $1 million in assets under management.
This means that every fund will see a decrease in the fees charged yearly by the CDMF.
This will allow funds within the CDMF to distribute more money to the causes they support.
The CDMF works with U.S. Bank and its wealth management team to help actively manage the investment of funds.
With investment fees charged separately by U.S. Bank included, it is estimated that the total fees charged (combined CDMF/U.S. Bank fees) will be 1.23 percent for funds less than $1 million and 1.04 percent for funds more than $1 million.
The goal of these fee reductions is to increase the perpetual funding available for Catholic schools, parishes, and ministries within the Diocese of Madison, and to expand the CDMF’s competitiveness in the investment marketplace.
With these fee reductions, it is expected that the CDMF will be able to grow its impact in the diocese and increase its charitable force in the community.
Charitable foundations use administrative fees to cover operational costs, ensuring that the foundation can efficiently and effectively fulfill its mission.
It should also be noted that the fee reduction comes as the CDMF is working behind the scenes to soon debut a new website and logo, with an increased social media presence also in the works.
This combined effort will constitute a rebrand of the foundation as it continues to increase awareness and strengthen the future of the Catholic Church throughout the Diocese of Madison.
As the foundation continues to grow and assets under management continue to increase, the CDMF will continue to evaluate fee reduction possibilities.
It is thanks to the contributions of members of our community: Individuals, parishes, schools, and local non-profits, that we are able to provide the services that we do and that are focused on maintaining perpetual support of our donors’ values and beliefs.
If you are interested in starting a fund of your own, please visit diocesemadisonfoundation.org or give us a call at 608-821-3048 to learn more.
Also, consider asking your parish priest if he has considered starting an endowment fund with the CDMF.
We would be happy to help in any way possible as we work together to serve Christ and his Church here in the Diocese of Madison.
Grant McGurn is the operations manager for the Catholic Diocese of Madison Foundation (CDMF).