Dear Brothers and Sisters in Christ,

With tremendous gratitude, I am pleased to share the 2022-2023 Impact Report of the Catholic Foundation of the Diocese of St. Petersburg with you. It features some of our inspiring partners, highlights our growth and gains through prudent investments and the creation of new funds, and includes our 2022-2023 condensed financial statement. Please know, our continued success is a direct result of strong lay leadership, the generosity of many who have come before us, and the inspiration and blessing of our Lord.  

I am grateful for the direction and steadfast work of the Foundation Board of Trustees and our staff members. Trusted relationships, solid operational infrastructure, and invaluable experience have seen us through a volatile market.  Their commitment to faithfully fulfill our new role brings renewed energy and enthusiasm as we build the future of our Church in the coming years.

Not-For-Profit Status

The Catholic Foundation is incorporated as the Emmaus Foundation, Inc., under articles 501(c)(3) of the Internal Revenue Service code as a not-for-profit charitable entity.

27 Years of Service

The Catholic Foundation was established in 1997 to ensure the future and prosperity of the Catholic Church within our diocesan boundaries by securing gifts, providing donor services, and managing financial resources to benefit those assisted by parish and diocesan ministries, and to oversee, protect and grow donations. Our dedicated staff and Board members support the work of Christ in the Diocese of St. Petersburg.

Prudent Management

In full compliance with the Uniform Prudent Management of Institutional Funds Act (UPMIFA) governing the management of donated funds to charitable institutions for endowment purposes, the Board of Trustees and Foundation staff ensure donor intent is expressed and funds are managed and distributed in good faith with reasonable risk for returns to both grow the fund and preserve the initial donation.

Reporting and Governance

The Catholic Foundation monitors every fund entrusted to our care. Beneficiaries report at the conclusion of the fiscal year on distribution use, ensuring donor intent is maintained. And, to facilitate open, transparent communication, this information is shared with fund donors throughout their lifetime.

Responsible Investing

The Foundation utilizes all available resources to review the companies we partner with to build long-term funds under our care. Our portfolio currently screens at 98.6% compliant with USCCB guidelines for just, socially responsible investing.

In Partnership

From planning for today to planning for tomorrow, the Catholic Foundation staff is dedicated to serving our beneficiary parishes, schools, and ministries and partnering with donors to help bring their legacy dreams to life. To learn more about the Catholic Foundation and the funds we support, please visit www.catholicfoundation.org. For questions, please contact our staff at foundation@dosp.org or call our office at (727) 374-0220.

Acknowledging our most generous donors is a priority for Bishop Parkes. He does this, in part, through the Mater Dei Giving Society.  Two of the four circles of our giving society include Catholic Foundation donors: legacy donors are part of the Mater Spei (Mother of Hope) Circle and donors giving $5,000 or more in the last year are part of the Mater Unitatis (Mother of Unity) Circle.  We offer heartfelt thanks to the members of our giving society who have taken steps to preserve the work we do in Christ’s name and look forward to welcoming additional members in future years.  

From serving and actively participating in parish and diocesan leadership, to supporting Catholic education as legacy donors, Joe and Joann White became Catholic Foundation heroes with the creation of the Jim White Memorial Scholarship Endowment Fund for Clearwater Central Catholic High School.

Click here to read more about their decision to establish a legacy fund in honor of their son.

The Catholic Foundation operations and investments are actively governed by an independent Board of Trustees consisting of clergy and laity from around the Diocese with proven expertise in finance, accounting, estates, and business. “The Catholic Foundation, under the direction of the Board, has excelled at protection, growth, and governance of all donations entrusted to their care for almost 30 years,” said James Desmond, President of the Board. “It is our honor to serve our Diocese in this capacity.”

Click here to read more about our Board.

Performance

Between 2019 and the beginning of the 2022-2023 fiscal year, the total invested and managed in endowments and long-term managed funds grew from $42 million to $100 million, an increase of almost $58 million over five years. The increase can be attributed to an increase in the number of funds held as well as prudent investment strategies and mitigating downturns in the market during the volatility seen in the last 18 months.

Dependable Support

It is important to remember the purpose of long-term investments is to give beneficiaries a source of income they can depend on in both good and tough times. This strategy is best demonstrated between 2019-2020 and 2020-2021, as total distributions to our beneficiaries year over year remained steady (approximately $1.8M) during the COVID shutdowns.

Long-Term Funds

Long-term funds established through the Catholic Foundation are true legacies, meeting the intent of the original donor to support their parish, school, or ministry today and into the future.

At the start of the fiscal year on July 1, 2022, the number of endowed and long-term funds under management reached 114, with assets totaling more than $91 million. By the end of the fiscal year on June 30, 2023, the managed long-term funds reached $99.2 million.

Our long-term funds fall into three categories: endowments, quasi-endowments and managed funds held in trust. 

Click here to learn more about the legacy funds offered through the Catholic Foundation.

Click here to view the beneficiaries of our current Long Term funds.

Charitable Gift Annuities

The Catholic Foundation is licensed to accept and administer Charitable Gift Annuities (CGAs). CGAs are established by a donor through an invested principal for which they receive payments throughout their lifetime and leave the remainder to a named parish, school, approved entity or ministry as beneficiary. We currently hold 28 contracts totaling $1.1 million.  

Click here to view the 22 beneficiaries of our current CGA contracts.

Donor-Advised Fund

Since fall of 2020, the Catholic Foundation has offered our Donor-Advised Fund (DAF), allowing donors to make contributions to one not-for-profit (the Foundation) and then make grant recommendations for 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.  Click here for more information about DAFs.

Annual Giving

The Giving Challenge, a direct donation effort conducted annually for the past two years, raised more than $550,000 over 2022 and 2023. The Board of Trustees and staff are proud to report that with minimal expenses for this appeal covered through administrative fees, 100% of donations can be directed in four specific areas: tuition assistance for Catholic schools, evangelization, serving those in need, and youth and young adult ministry.  

Click here to learn more about the Giving Challenge.