Sr. Laura Goedken, O.P.
For The Catholic Messenger
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 over $10.5 million. At this point 89 percent of pledge payments from the capital campaign, Moving Forward in Faith and Hope, have been received. Due to donor changes, death, moving out of the diocese or financial situations, approximately 10 percent has been written off. This leaves 0.9 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 $294,074 and dividend income of $58,452 for fiscal year 2015. See below for the current balance sheet of the foundation.
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 total value of the foundation. Since the beginning of the campaign, the foundation has paid $4,118,715 to parishes as part of the 20/50 percent sharing policy of the capital campaign. The July payment for six months was $76,603. This will continue but decrease in amount until pledges are paid.
A board of directors governs the Catholic Foundation. This board meets three times a year and follows the State of Iowa laws for a nonprofit. Our bylaws direct that the foundation have between 8 and 11 directors representing all deaneries.
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 Diocese of Davenport received $268,871 in July for seminary education, deacon formation, chancery support, Faith Formation, health care for priests unable to minister and Social Action and Catholic Charities. Since inception, the foundation distributed $826,235 to the diocese as part of its 4 percent allocation. Diocesan Catholic schools received $62,203 in July for a total of $174,029 since the foundation was established. This distribution to the schools is on a per student basis. The diocese and the 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 Diocese of Davenport 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 at email@example.com or 563-888-4252.
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