By Sr. Laura Goedken
The Catholic Foundation for the Diocese of Davenport was established in the State of Iowa as a nonprofit corporation in February 2009. Its invested assets now total more than $10 million. At this point 86 percent of pledge payments from the capital campaign, Moving For-ward in Faith and Hope, have been received. Due to donor changes, death, moving out of the diocese or financial situations, just over 9 percent has been written off. This leaves 4.4 percent to be paid.
Our annual audit is posted on the foundation page of our diocesan website. The audit reflects an unrealized gain on investments of $1,453,994 and dividend income of $69,852 for fiscal year 2014. See chart for the foundation’s current balance sheet.
The cost of operating the foundation is minimal. Costs include audit expenses, some reimbursements of salary for staff who work for the diocese, pledge reminder mailings, credit card and electronic transfer costs. This is less than 1 percent of the foundation’s total value.
Since the beginning of the campaign, the foundation has paid $3,860,766 to parishes as part of the 20/50 percent sharing policy of the capital campaign. The July payment for six months was $199,415. This will continue, but decrease in amount until pledges are paid.
A board of directors governs the Catholic Foundation. This board meets quarterly and follows Iowa’s laws for nonprofits. Our bylaws direct that the foundation have between eight and 11 directors representing all deaneries. Jean Ballinger of Burlington, representing the Keokuk deanery; Chris Kabat of Iowa City, representing the Iowa City deanery; and Bill McNally of Grinnell, representing the Grinnell deanery, joined our board in October.
The board has investment and spending policies which can be found on the web page along with other policies. The spending policy is to distribute 4 percent of the average financial assets of 12 consecutive quarters annually to the various funds as specified in the campaign’s case statement. The Davenport Diocese received $217,601 in July for seminary education, deacon formation, chancery support, Faith Formation, health care for priests unable to minister and Social Action and Catholic Charities.
The Catholic schools received $48,560 this past July for a total of $111,826 since the foundation was established. Distribution to schools is on a per-student basis. The diocese and schools will benefit from the Catholic Foundation for years to come.
The Catholic Foundation accepts additional donations and estate gifts. These are invested in funds as specified by the donor and will live on for many years to benefit the ministries of the Davenport Diocese and our Catholic schools. The foundation also accepts endowment funds for parishes, schools and the diocese. Donors are encouraged to contribute funds for endowment and to establish a Donor Advised Fund. For more information please contact Sister Laura Goedken, O.P., at firstname.lastname@example.org or (563) 888-4252.