2021 Impact Report
Transparency & Accountability
The mission of the Catholic Foundation is to support the work of Christ in the Diocese of St. Petersburg by securing gifts, providing donor services and managing financial resources to benefit people assisted by all parish and diocesan ministries. We are entrusted to accept and grow legacy gifts to the best of our ability, and it is our responsibility to share information which demonstrates we are living up to that expectation and duty.
We operate on a fiscal year calendar of July through June, and therefore, all impact numbers and information provided in the 2021 Impact Report represent results and balances as of June 30, 2021. For current information on funds and performance, contact email@example.com.
In addition to reporting impact information to donors, the Foundation also participates in a financial statement audit each year. To view the the financial statement audit for the year ended June 30, 2021 along with accompanying footnotes, please click here.
As stewards of the legacy gifts so generously given, the Catholic Foundation is committed to transparency and accountability. Please click here to download a PDF of the full 2021 Impact Report.
Board of Trustees
The Catholic Foundation is governed by an independent Board of Trustees appointed by Bishop Gregory Parkes. The Board, consisting of clergy and laity from around the Diocese, governs the operations of the Foundation and is a key element in providing counsel, oversight and accountability. Below are the the 2021 Catholic Foundation Board of Trustees:
- Chris Schellman – President
- Phil Signore – Treasurer
- Dr. Lois Locey, D.Min., M.P.A. – Chancellor for Administration and Chief Operating Officer, Diocese of St. Petersburg
- Janet Caramello – Board Member
- Deacon John Carter – Board Member
- Michael Daigle – Board Member
- James Desmond, CFA – Board Member
- David Jones – Board Member
- Anne Lennox – Board Member
- Susan Mittermayr – Board Member
- Reverend Monsignor Robert Morris, V.G., Pastor – St. Catherine of Siena Parish, Clearwater
- Stephen Peters – Board Member
- Roger Swaine – Board Member
- Reverend Kevin A. Yarnell, Pastor – Sacred Heart Parish, Pinellas Park
Click here to learn more about our Board members.
Recognizing Those Who Bring Ministry to Life
Part of Our Pastoral Care
On November 2020, Prince of Peace Catholic Church in Sun City Center invited the Catholic Foundation to present legacy planning options for parishioners. During the seminar, information about legacy planning, legal matters and financial planning issues were all presented by local professionals from the wills and estates and financial planning sectors. Additionally, information on Catholic burial and the parish’s bereavement ministry were shared.
“Seminars such as this are a need for our people and part of our pastoral care for our parishioners,” said Fr. Joel Kovanis, Pastor of Prince of Peace. “This type of information is essential to help give them a sense of peace and relieve the great anxiety many feel as they are far away from their families.”
Generosity Paired With Shepherding
While the Dustin and Amanda Henderson Scholarship Fund was established with the Catholic Foundation in May of 2020, the scholarship fund continues to grow thanks to the Henderson’s generosity and careful shepherding through the Catholic Foundation. As members of the Class of 2003, they felt Clearwater Central Catholic High School gave them a strong foundation to build both college and professional careers, and it was time to contribute to the school’s growing legacy of excellent education based in solid Catholic values.
“This fund is one way we can give back to CCCHS and support upcoming students searching for their own unique and wonderful experience,” said Amanda. “It is an amazing feeling to know we can make this kind of a difference, and we hope others will take this step too.”
Generosity Growing in Our Diocese
Acknowledging the generosity of the most consistent donors of our diocese is a priority for Bishop Parkes, and he does this, in part, through the Mater Dei Giving Society. This past year, membership in the Giving Society grew from 5,540 to more than 6,464 members.
Planning for in person events and face-to-face interactions to gather and say “thank you” has been a challenge in the past couple of years. With careful preparation, Bishop Parkes was able to invite all members of the Mater Dei Giving Society to attend their first live event on October 24, 2021. More than 170 members joined Bishop Parkes at the Cathedral of St. Jude for an afternoon prayer service and reception, and another 206 joined virtually via livestream.
“It is my hope and prayer that through the Mater Dei Giving Society we continue serving the poor, accompanying our youth and young adults and sharing our faith,” Bishop Parkes shared. “I know that together, we can make this hope and prayer a reality.”
Taking Positive Steps
As a bustling, active parish in Citrus County, the parishioners of St. Thomas the Apostle in Homosassa dreamed of building a social hall to house events and bring people together. To take a positive step toward achieving this goal, the parish established a Foundation Bequest Fund thanks to a legacy gift. “We received $35,000 as an initial distribution from a Living Trust,” said Father Glenn Diaz, pastor of St. Thomas the Apostle. “We knew the Catholic Foundation was the right place to invest money given to our parish and get help in managing our resources.”
Then, Father Diaz decided to take an additional step. “We reached out to the Catholic Foundation and invited them to visit to discuss creative ways in which we can be forward thinking in engaging our parishioners to help us build the future of our parish,” he explained. “The presentation sparked lively, thoughtful conversations.”
Performance & Distributions
The growth chart on the right shows that since 2017, the total invested and managed in endowments and long-term managed funds has grown from $33.2 million to $56.3 million, an increase of almost $23 million in the past five years. The increase can be attributed to an increase in the number of funds held as well as strong investment performance overall, especially in the last year.
The purpose of endowed and long-term investments is to give beneficiaries a source of income they can depend on in both good and bad times. Between 2019-2020 and 2020-2021, distributions to our beneficiaries year over year remained steady (approximately $1.8M). In 2021-2022, however, distributions to beneficiaries are projected to increase to $2.4 million, almost $600,000 more than this year.
Click here to view the 2020-2021 Financials.
Maintaining & Growing Funds
The Catholic Foundation of the Diocese of St. Petersburg was formed in 1997 for the purpose of developing and establishing gifts that are restricted and/or endowed to benefit the ministries of the Diocese, its parishes, schools and other institutions. With that focus, we promoted and sought to build three specific types of funds for just over 20 years: Charitable Gift Annuities, endowments and annual event fundraising.
+ Charitable Gift Annuities – A Charitable Gift Annuity (CGA) is a type of planned gift that allows a donor to receive fixed payments from an amount of invested principal throughout their lifetime and leave the remainder to a Catholic parish or ministry, or a not-for-profit outreach entity of their choice upon their passing. Click here for information on the Foundation CGA program. The Catholic Foundation is licensed to accept and administer CGAs, and currently holds 29 CGA contracts with 23 named beneficiaries.
+ Donor-Advised Funds (DAFs) – Donor-advised funds (DAFs) offer multi-generational giving solutions for donors and their families at all stages of life and creative solutions to help parishioners and their benefactors support the causes closest to their hearts. Since fall of 2020, the Catholic Foundation has offered our Donor-Advised Fund, allowing donors to make contributions supporting a variety of not-for-profit organizations that share our Catholic values and beliefs. These funds are available for distribution over multiple years while offering an immediate tax deduction for the donor.
This year, the total number of funds entrusted to the foundation has grown to seven, totaling almost $1 million.
+ Life & Bequest Funds – Foundation Life and Bequest Funds are quasi-endowments invested in a professionally managed, diversified portfolio. The beneficiary of these types of funds can opt to receive bi-annual distributions or roll the earnings back in for more investment power. Through a direct gift or an estate bequest, these donations are made to support a beneficiary parish, school or ministry for one of five designated purposes. The idea with both types of funds is to allow at least 5 years for solid growth, but if an emergency occurs, the beneficiary’s leadership can access the initial donation. In 2021, two new Life Funds and three new Bequest Funds were established.
+ Annual Fundraising: The Giving Challenge – The 2021 Giving Challenge, a direct donation major gift effort replacing the Foundation’s 2021 Gala event, raised $316,558. With no event expenses, 100% of donations are being distributed as grants to support specific efforts in the Diocese of St. Petersburg.
From the proceeds, the Foundation Board of Trustees has approved a $200,000 grant to support the diocesan Catholic School Tuition Assistance Program which assists individual families in meeting their tuition needs. Grant proposals are currently being reviewed for new affordable housing projects, as well as future evangelization efforts and youth and young adult programs.
As we embark on a new year, the Catholic Foundation is making changes once again, moving forward with a 2022 Giving Challenge instead of a live event. All past supporters and those interested in joining the cause are invited to make a direct gift knowing 100% of each donation will provide direct benefit. To donate to the 2022 Giving Challenge, please click here.
+ Endowments and Long-Term Funds – Endowed funds established through the Catholic Foundation ensure that the corpus (or original donation amount) is preserved and grows with inflation, while a portion of the income earned on the investment is distributable for use each year for the beneficiary. In 2021, the Foundation managed 97 endowed and long-term funds totaling more than $50 million.
Click here for a complete list of the parishes, schools and organizations named as endowment beneficiaries.
Click here to view a complete listing of our funds and services.
The Mater Dei Giving Society
In appreciate for those who have supported our mission in exemplary ways, Bishop Parkes launched the Mater Dei Giving Society on November 9, 2020. Named in honor of our Blessed Mother, the Mater Dei Giving Society recognizes those helping our diocese put our faith into action so the world can see who we are by the good works we do in Christ’s name. Three of the four circles of our Mater Dei Giving Society include Catholic Foundation donors:
+ the Mater Unitatis (Mother of Unity) Circle recognizes annual gifts of $5,000 or more in the last year.
+ the Mater Spei (Mother of Hope) Circle recognizes 73 life-time members who have established legacy gifts from an estate or through a beneficiary designation, have created an endowment or perpetual fund, or purchased a Charitable Gift Annuity through the Catholic Foundation.
+ the Mater Ecclesiae (Mother of the Church) Circle recognizes businesses and organizations making significant annual gifts of $2,500 or more in the last year.
We offer heartfelt thanks to those who have taken this step to preserve the future ministry of our Church. Click here to view a list of our current Mater Dei Giving Society members.
Click here to learn more about the Mater Dei Giving Society.
Please contact the Catholic Foundation for more information.