Fiscal Year 2023 Impact Report

With tremendous gratitude, I am pleased to share the 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.  

In addition, I am gratefully humbled by our donors. Their generosity helped us strategically grow our long-term funds and launch a new annual grant program open to all parishes, schools, and ministries.  

As always, we ask for prayers as we continue to service and commit to working together confidently face challenges, welcome opportunities, and joyfully build up the Kingdom of God. 

PLACE HOLDER – AT A GLANCE

PLACE HOLDER – A LETTER FROM OUR BOARD PRESIDENT

Greetings to all the faithful of the Diocese of St. Petersburg! 

I was elected President of the Catholic Foundation of the Diocese of St. Petersburg at the start of 2023, replacing Mr. Christopher Schellman who faithfully and professionally guided the Foundation Board in the Spirit of our mission for almost 10 years. We are incredibly grateful for Chris’ leadership and friendship, and continued commitment moving forward! 

A few months ago, Bishop Parkes engaged the Foundation Board in a process of succinctly defining the Foundation’s focus and direction in relation to our mission. Because we have excelled at protection, growth, and governance of the long-term assets shared by legacy donors as well as overseeing the investment management of the funds, we determined that we would expand and offer those same services to all donors of the Diocese. In this way, we can ensure every donor’s interests are carried out through the careful review of beneficiary grant use for both legacy and shorter-term funds entrusted to us. 

Please know, every trustee has committed to prayerfully accomplish this vital task and is honored to serve the people of God in our Diocese. 

With the intercession of our Blessed Mother and St. Jude in Christ, 

Jim Desmond 

President, Board of Trustees 

Catholic Foundation of the Diocese of St. Petersburg 

Committed to Transparency  

The Catholic Foundation is committed to transparency and accountability. This means providing accurate and timely reports and information to donors and beneficiaries and prompt response to inquiries as they are received.

PLACEHOLDER – BUILDING LEGACIES

To meet the original purpose and mission of the Catholic Foundation staff focuses on four types of funds to build legacies that support the parishes, schools, and ministries of our local Church: Charitable Gift Annuities, donor-advised funds, long-term funds, and annual giving. 

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 

Donor-advised funds 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 (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.  

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 our legacy funds.

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.  

PLACE HOLDER – GIVING THANKS

The Catholic Foundation fulfills its mission in partnership with special individuals and organizations who entrust their legacy gifts to our care. Those who benefit from established legacy funds as well as our Catholic Foundation staff and Board of Trustees are fully aware the entities we support can accomplish more thanks to the bi-annual distributions from their long-term funds. 

Acknowledging our most generous donors is a priority for Bishop Parkes. He does this, in part, through the Mater Dei Giving Society.  Each year, members receive special mailings, opportunities to share their prayer intentions with Bishop Parkes, as well as invitations to in-person events. “The reason you are here today is because you have done and continue to do good things for the Lord,” shared Bishop Parkes at the prayer service held for giving society members at the Cathedral of St. Jude the Apostle on November 19, 2023.  

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.  

PLACEHOLDER – A LOVING MEMORY

Joe and Joann White grew and raised their family of five in St. Patrick Catholic Church in Largo.  As a teacher, Joann knew the importance of having excellent academic standards and wanted that experience for her children. Therefore, their kids attended St. Patrick Catholic School and continued their education at Clearwater Central Catholic High School.  

“We were exceedingly pleased with the values they were taught, which reinforced our own family values, love, respect and faith,” Joann said. 

When Joe and Joann’s son passed away in his senior year of high school, it seemed fitting and natural to build a scholarship fund in his name with the Catholic Foundation. With donations from family, friends, and their own contributions to the scholarship fund named after Jim, they are able to help less fortunate students follow the Catholic faith.  

The Jim White Memorial Scholarship Endowment Fund currently assists at least 14 different families and students with tuition assistance at Clearwater Central Catholic Hight School each year. “We consider our donations as a loving memory to him,” Joanne shared. “With that, we are proud of what we, the scholarship supporters, and the Catholic Foundation have created in his name.”