By Sister Laura Goedken
We are pleased to say that 45 percent of all pledges from the Diocese of Davenport’s capital campaign have been paid to date. This total is $9,760,030.
The Catholic Foundation for the Diocese of Davenport contributed $3 million toward the purchase of the chancery office building, five-and- one-half acres and the renovation of the building, parking lot and installation of an elevator. Your gifts are truly making a difference!
Twenty percent of pledge payments are being returned to the parishes. At present this total is $1,504,942 and we anticipate another $500,000 in parish sharing this July.
We have paid the capital campaign costs (travel, postage, printing, consultants, etc.) for a total of $1,967,870. This cost is what made our campaign successful and it is approximately 9 percent of our total income. Select donors paid their pledge to the Community Foundation of the Great River Bend where we have funds totaling $71,135. The Catholic Foundation will receive income annually from these funds.
The Catholic Foundation has presently invested $1.9 million of capital campaign funds in the Christian Brothers Investment Services (CBIS). CBIS has as its mission to invest only for Catholic organizations applying the socially responsible investment guidelines of the U.S. bishops. As pledges continue to be paid, this investment amount will increase. The foundation’s board of directors, guided by its investment and spending policies, will distribute 4 percent of the average of the fair market value of 12 rolling quarters annually to the Davenport Diocese. We project that we will be able to distribute approximately $60,000 to the diocese at the end of this fiscal year.
For more information on the Catholic Foundation go to: http://www.davenportdiocese.org/development/foundation.htm. You will find the investment and spending policies, information on our board of directors and so much more.
The Catholic Foundation has been set up as a long-term source of financial support for the diocese. Donations can be added to the foundation at any time. Please consider including the Catholic Foundation in your estate plans. For more information, contact Sister Laura Goedken at 563-888-4252.
(Sr. Goedken is development director for the Diocese of Davenport.)