IV. C. Catholic Education Foundation
Findings and Background
1. The Catholic Education Foundation's primary purpose has been tuition awards for low income families.
2. Foundation program allocations total about $5.7 million in FY2003 and FY2004. Program allocations had been $6.2 million in FY2001 and FY2002.
3. Good financial planning resulted in establishment of a Quasi Endowment Pool during the period of high market returns. Most of the Quasi Endowment Pool will have been depleted by the end of FY2003. Unless the markets improve or additional resources are found, the Foundation will find it very difficult to sustain the program allocation level of $5.7 million.
4. Foundation worth in the range of $83 million are assets of the Archdiocese in a separate trust. The Foundation Board is a separate entity that reports to the Cardinal. The Foundation Executive Director reports to the President of Catholic Schools and the Foundation Board.
5. In addition to endowment earning, the Foundation annually raised $1.4 to $1.7 million for scholarship aid in the past three years.
6. Archdiocesan development efforts are not coordinated under a single umbrella organization. The Foundation, Archdiocesan Development Office and individual agencies, schools and parishes all raise funds independent of each other. During recent years, the Cathedral project also competed for dollars in the same markets.
Objectives and Strategies
1. At least $50 million will be added to the principal of the Foundation within the next ____ years.
Strategies:
1.1 The initial source of dollars for increasing the principal of the Foundation will be a capital campaign for Catholic schools. Deferred giving will be another significant source.
1.2 When Foundation resources increase, tuition assistance grants will be increased in number and/or amount to reflect the cost of higher tuition rates. Consideration will also be given to funding multiple children from the same family.
2. The capital campaign for parish and archdiocesan schools will be coordinated by the President of Catholic Schools in close cooperation with the Catholic Foundation Board and the Archdiocesan Development Office.
Strategies:
2.1 The Cardinal and Regional Bishops must provide a strong leadership role in the capital campaign.
2.2 Goals for the campaign may include archdiocesan and regional parish needs, in addition to Catholic school needs. 2.3 Goals for the portion of the campaign for Catholic schools will flow from the Strategic Plan for Catholic Schools.
3. The annual development program of the Foundation will raise dollars for tuition assistance, plus other priority needs for Catholic schools.
Strategies:
3.1 Priorities for annual dollars raised by the Foundation will be recommended to the Foundation Board by the Archdiocesan School Council, based on needs identified in the annually updated Strategic Plan for Catholic Schools.
3.2 The Foundation Board will continue to raise money for the annual development program and will also provide strong support to achieve the goals established for the capital campaign for Catholic schools.
4. The Executive Director of the Foundation will continue to report to the President of Catholic Schools.
Strategies:
4.1 Priorities for the Executive Director can be recommended by the President of Catholic Schools working collaboratively with the Foundation Board.
Note: See Section V. - Capital Needs for additional information about the Capital Campaign for Catholic Schools.
