MCMAHON PARATER SCHOLARSHIP FOUNDATION 2016-17 ANNUAL REPORT 7800 Carousel Lane | Richmond, VA 23294 • www.McMahonParater.org MCMAHON PARATER SCHOLARSHIP FOUNDATION A Reflection from His Excellency, Most. Rev. Barry C. Knestout W hen the late Bishop Francis X. DiLorenzo established the McMahon Parater Foundation, his intentions were clear: that every parent who wants a Catholic education for their child should encounter no insurmountable obstacles. When cost is the obstacle, we must find a way to remove that obstacle. The Board and staff of McMahon Parater see our efforts as a support for and a participation in the Church’s mission to share the Good News. While the Foundation is about providing a quality education, it is also about bringing young Catholics to a school where their faith is integrated into their academic and character formation, helping students to achieve their goals. Side by side with scholastic efforts are prayer and service to our communities. Pope Francis said, “Our educational work should have a purpose: to elicit a change in our students, to make them grow in wisdom, to help them undergo a transformation, to provide them with knowledge, with new feelings and, at the same time, achievable ideals.” The work of the McMahon Parater Scholarship Foundation is likewise transformative. We believe that removing financial barriers to Catholic education encourages families, strengthens their faith, and helps them to understand and to live Christ’s teachings together. I thank all of the donors and volunteers who have brought us this far, and I look forward to working together to assist even more families in the future. Sincerely, Most. Rev. Barry C. Knestout Board of Directors Most. Rev. Barry C. Knestout 13th Bishop, Catholic Diocese of Richmond Most Rev. Francis X. DiLorenzo 12th Bishop, Catholic Diocese of Richmond Bruce C. Holbrook, Chair Principal, Bruce Holbrook Consulting, Inc. Raymond F. Honeycutt, President Superintendent of Schools, Catholic Diocese of Richmond Kathleen B. Barrett, Treasurer Chief Exectuive Officer, St. Joseph’s Villa Walter J. Malone Senior Vice President, Village Bank Robert E. Martinez, Ph.D V.P. Business Development, Norfolk Southern Corp. Stephen Reardon, Esq. Partner, Spotts Fain P.C. Thomas (Tom) Strassburg Retired Honorable Geline Williams Former Mayor of Richmond, VA Margaret I. Keightley Executive Director, Catholic Community Foundation Joyce A. Schreiber Director, McMahon Parater Scholarship Foundation MCMAHON PARATER SCHOLARSHIP FOUNDATION The future is now… Th ose powerful words should be a challenge to all Catholics as we embrace our faith and work to pass that faith to the next generation. Schools within the Catholic Diocese of Richmond are committed to providing this gift. The doors to our schools are open; the opportunity to develop God-given talents awaits. It is truly a gift that keeps giving! The McMahon Parater Scholarship Foundation continues to be the key to assuring that this gift is available to all our children. Your generous support helps families experience the difference that is Catholic education! Raymond E. Honeycutt, Superintendent Office of Catholic Office of Catholic Schools Changing the Trajectory of Students’ Lives - One Scholarship at a Time Iam grateful to our donors and for the work of my colleagues on the Board of Directors of the McMahon Parater Scholarship Foundation (MPSF). Because of your support, enrollment in the 29 Catholic schools in our Diocese stabilized for the 2017-18 school year. For the fiscal year ended June 30, 2017, we assisted 965 students with scholarships averaging $2,532 thanks to your gifts. The $2,443,066 in scholarships for that time period assisted Catholic and non-Catholic students throughout the Diocese of Richmond. While we have increased scholarship amounts, since that time we are only meeting 60% of the need, so there is more work to be done. I am happy to report that MPSF will be helping students with scholarships at a new school that opens the fall of 2019. Cristo Rey High School in Richmond will be a Catholic learning community that exclusively serves low-income inner-city youth. The Cristo Rey Network comprises 32 schools nationwide and includes a four-year Corporate Work Study I would never have Program. been able to send my child to All Saints, The need for tuition assistance continues to grow. For those not let alone any private yet a part of this life changing cause, consider giving the gift of school without the a Catholic education, while gaining a tax credit, a win-win. assistance given to me from the tax Your gifts of prayers as well as financial resources will enable credit program... us to expand the number of students we aid. The scholarship recipients and their families thank you for making a significant impact in their lives. May the Good Lord bless you, Bruce C. Holbrook, Chair Virginia Beach: Portsmouth: Chesterfield: Charlottesville: Saint Gregory the Great Catholic School Portsmouth Catholic Regional School Saint Edward-Epiphany Catholic School Charlottesville Catholic School Saint John the Apostle Catholic School Peninsula: Richmond: Lynchburg: All Saints Catholic School Holy Cross Regional Catholic School Saint Matthew’s Catholic School Our Lady of Mount Carmel Catholic School Saint Mary Star of the Sea Catholic School Saint Benedict Catholic School Danville: Star of the Sea Catholic School Peninsula Catholic High School Saint Bridget School Sacred Heart School Bishop Sullivan Catholic High School Benedictine College Preparatory Roanoke: Williamsburg: Saint Gertrude High School Roanoke Catholic School Norfolk: Walsingham Academy Christ the King Catholic School Powhatan: Blacksburg: Henrico: Blessed Sacrament Huguenot Catholic School Saint John Neumann Academy Saint Pius X Catholic School Our Lady of Lourdes Catholic School Petersburg/Tri-Cities: Bristol: Saint Patrick Catholic School Saint Mary’s Catholic School Saint Joseph School Saint Anne Catholic School SCHOOLS MCMAHON PARATER SCHOLARSHIP FOUNDATION Financial Report Education Improvement MCMAHON PARATER SCHOLARSHIP FOUNDATION Scholarships Tax Credits (EISTC) Statements of Activities Years Ended June 30, 2017 and 2016 Individuals and businesses making 2017 2016 contributions to MPSF under Virginia’s EISTC RVNS program will receive a Virginia tax credit equal $ 4,671,952 $ 5,230,849 Contributions, Net to 65 percent of the donation, in addition to the Contributions from Bishop of Richmond 168,891 166,000 federal and state deduction for charitable gifts, Realized Gain (Loss) on Investments 515,758 (9,153) if the donor itemizes. Note that: Unrealized Gain (Loss) on Investments 149,228 (272,946) Interest Income, Net of Investment • These contributions provide scholarships for Expenses of $33,615 in 2017, $31,119 in 2016 75,532 70,108 low and middle income students to attend one Total Revenues 5,581,361 5,184,858 of the 29 Catholic Schools in the Diocese. PNSS • The minimum donation for individuals is Program Services: $500; the maximum donation for individuals Tuition Assistance, Net 3,016,136 2,277,804 Awards to Designated Schools 20,000 - is $125,000. There are no limits for businesses, Donations may Total Program Services 3,036,136 2,277,804 including sole proprietorships. Administrative and General 278,874 194,777 be monetary or marketable securities. Total Expenses 3,315,010 2,472,581 • Credits can be applied to the current year’s CHANGE N NET ASSTS FROM OPRATONS 2,266,351 2,712,277 return or carried over for up to five years. (Please consult your tax advisor to determine your Transfer of Funds to Catholic Community Foundation ( 11 ,496,284) - specific tax savings.) TOTAL CHANGE N NET ASSTS (9,229,933) 2,712,277 Net Assets - Beginning of Year 13,018,804 10,306,527 NET ASSTS - END OF YEAR $ 3,788,871 $ 13,018,804 Statements of Financial Positions June 30, 2017 and 2016* 2017 2016 ASSETS CRRENT ASSETS Cash and Cash Euivalents $ 3,724,779 $ 2,085,300 Pledges Receivable - Curren Portion, Net 12,000 33,71 Receivable from Catholic Community Fundation 170,597 - Total Current Asses 4,020,376 2,118,771 NONCRRENT ASSETS Investmens - 8,878,667 Pledges Receivable - Long-Term Portion, Net 7,257 2,216,110 Total Nncurren Asses 7,257 11,094,777 Total Asses $ 4,067,633 $ 13,213,548 LIABILITIS AND NET ASSTS CRRENT LIABLITIES Accunts Payable $ 278,762 $ 1,61 Total Current Liabilities 27,762 1,61 NONCRRENT LIABLITIES Oter Liabilities - 53 Total Nncurren Liabilities - 53 Total Liabilities 27,762 1,744 NET ASSETS Unrestricted 22,71 22,09 Temporarily Restricted 3,766,080 5,482,012 Permanently Restricted - 7,514,693 Total Net Asses 3,788,871 13,018,804 Total Liabilities and Net Asses $ 4,067,633 $ 13,213,548 *see our website for more nancial information, McMahonParater.org.