2015 ANNUAL REPORT Students from St
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FUTURES REPORT FUTURES IN EDUCATION Changing lives through the gift of education 2015 ANNUAL REPORT Students from St. Mark Catholic Academy line the stage at the Waldorf Astoria New York for the Futures in Education Annual Scholarship Fund Dinner. OUR MISSION The mission of Futures in Education is to We provide assistance to the neediest of ensure that the gift of an excellent Catholic those students, through endowment funds education continues to be a viable option for and fundraising programs that focus on key current and future generations of deserving educational priorities. students in Brooklyn and Queens. BOARD OF TRUSTEES CHAIRMAN Louis C. Grassi Robert B. Catell CEO, Grassi & Co. Chairman, Advanced Energy Research & Technology Center Rev. Msgr. Kieran E. Harrington (AERTC) at New York State University, at Stony Brook University Vicar for Communications, Roman Catholic Diocese of Brooklyn VICE CHAIRMAN William J. Hogan Robert F. Gartland Vice President, Fortinet Chairman, The Gartland and Mellina Group John A. Loconsolo Executive President, Locon Realty Corp TREASURER Joseph Mattone, Sr., Esq. Brendan J. Dugan Senior Chairman, Mattone Group, LLC President, St. Francis College Charles McQuade SECRETARY Retired Chairman and CEO, SIAC Aida Torres Arthur J. Mirante II Associate Director of Operations, Futures in Education Principal and Tri-State President, Avison Young TRUSTEES Michael (Buzzy) O’Keeffe Anthony J. Bonomo, Esq. Restaurateur President, Administrators for the Professions, Inc. Lester J. Owens Martin Cottingham Managing Director, JPMorgan Chase & Co. Principal, Avison Young Alex Perez Most Rev. Nicholas DiMarzio Ph.D., D.D. Trader, MBF Clearing Corp. Bishop, Roman Catholic Diocese of Brooklyn Regina Pitaro John Duane Managing Director, Gabelli Funds, LLC Senior Vice President/ Private Client Advisor, US Trust Bruce C. Ratner Clarissa Elgarten Chairman & CEO, Forest City Ratner Companies Entrepreneur Joseph Sciame Thomas Flood Vice President of Community Relations, St. John’s University Vice President, Development, St. Francis College Carlo Scissura Rev. Msgr. Jamie J. Gigantiello President/CEO, Brooklyn Chamber of Commerce Vicar for Development, Roman Catholic Diocese of Brooklyn Anthony Zito Managing Partner, Gotham Surgical Group ADMINISTRATION John Notaro, Director of Operations and Programs Daria Coney, Development Coordinator Gwendolyn Donahue, Administrative Assistant Alejandra Duffoo, Administrative Assistant Peter Fifield, Database and Research Specialist Michelle Fox, Associate Director of Programs John L. Heyer II, Development Officer Lauren McCormack, Development Coordinator Ana-Alicia Petrullo, Administrative Assistant Aida Torres, Associate Director of Operations 243 Prospect Park West, Brooklyn, NY 11215 Futures in Education 718-965-7308 [email protected] www.futuresineducation.org Like us on Facebook/FuturesInEducation Follow us on Twitter @FuturesInEdu SCHOLARSHIPS AWARDED FOR THE 2015/2016 ACADEMIC YEAR AMOUNT AWARDED NUMBER OF RECIPIENTS Diocese of Brooklyn Scholarship $ 2,041,175 2,313 Bishop’s Scholarship Program $ 3,021,386 1,704 Be an Angel to a Student Program $ 1,323,009 707 High School/Other $ 684,185 149 Total $ 7,069,755 4,873 www.futuresineducation.org 5 Bishop Nicholas DiMarzio poses with Angel Reception Student Speaker, Antonio M. FROM OUR CHAIRMAN AND VICAR FOR DEVELOPMENT We are pleased to share with you an overview of In this report, we hope to clearly demonstrate the Futures in Education’s greatest accomplishments of many ways your investments are being utilized and, 2015. Thanks to your support during the 2015-2016 most importantly, show you the true impact each academic year, Futures in Education was able to dollar you give has on our students, their families award $7.1 million in Catholic school tuition and the communities where you are helping to end assistance grants to 4,900 students. Over the last the cycle of poverty for generations to come. five years, those numbers are $38.5 million and Never taking the generosity of our donors for 27,974 scholarships, respectively. granted, we take this opportunity to also thank you As Chairman of the Board of Trustees and Vicar for for your support of Futures in Education. It is only Development of the Brooklyn Diocese, we, along through the combined efforts of the countless with our fellow Trustees and Futures team, have a teachers, administrators, priests, religious, parents, deep obligation to providing opportunities to guardians and, of course, you – our donors, whose underserved students in Brooklyn and Queens as efforts support our students and help the miracle of well as to you, our donors. It is of utmost Futures in Education come to life, allowing Catholic importance that you are able to see the tremendous education to thrive in Brooklyn and Queens. Our impact your generosity has on the students and mandate is clear: No child should be denied a Catholic schools and academies in Brooklyn and Catholic education due to financial constraints. Queens. www.futuresineducation.org 6 Cost efficient: Our schools’ per pupil spending averages $5,650 compared 104 to over $20,226 per pupil in NYC public Catholic elementary and high elementary schools. This translates into savings schools enroll more than of over $800 million per year to NYC taxpayers. 39,694 students. Photo by Suzelle Serra As an investor in the lives of these children, you can be assured that your contribution will be used to its fullest extent to educate as many financially disadvantaged students as possible. One way we ensure the maximum impact of your support is by looking at the percentage of dollars that go straight Sincerely, to tuition assistance and program support. In 2015, Futures continued to have an impact by allocating 89 cents on every dollar directly to our scholarship Robert B. Catell programs. It is essential to our mission that the Chairman of the Board maximum amount of each dollar we receive In Christ’s Peace, supports education for our children in need. Thank you for all you do and please continue to spread the word about Futures in Education. We look forward to joining you as together, we give the Rev. Msgr. Jamie J. Gigantiello gift of a Catholic education to those in need! Vicar for Development Diocese of Brooklyn www.futuresineducation.org 7 STATEMENT OF FINANCIAL POSITION December 31, 2015 ASSETS 2015 2014 Cash and cash equivalents $ 1,673,276 $ 1,999,600 Pledges, receivable, net 5,571,092 2,683,649 Due from affiliated entity - 48,850 Investments 4,071,811 4,549,848 Interest in net assets of Catholic Foundation for Brooklyn and Queens 723,353 776,634 Total Assets $12,039,532 $ 10,058,581 LIABILITIES AND NET ASSETS Liabilities Accounts payable and accrued liabilities $72,946 $ 100,630 Due to Catholic Foundation for Brooklyn and Queens 506,499 199,921 Total Liabilities 579,445 300,551 Net Assets Unrestricted $ 410,763 4,520,593 Temporarily restricted 7,125,331 1,316,844 Permanently restricted 3,923,993 3,920,593 Total Net Assets 11,460,087 9,758,030 Total Liabilities and Net Assets $ 12,039,532 $ 10,058,581 STATEMENT OF ACTIVITIES Temporarily Permanently Total Total SUPPORT AND REVENUE Unrestricted Restricted Restricted 2015 2014 Donations and gifts $ 31,241,307 $ 5,700,847 $ 3,250 $ 6,945,404 $ 3,907,785 Be an Angel to a Student - 1,487,212 - 1,487,212 1,497,907 Fundraising, net of cost of direct benefit to donors of $428,090 in 2015 and $587,952 in 2014 1,119,331 - - 1,119,331 1,532,711 Interest and dividends 574 26,254 - 26,828 130,424 Net unrealized (loss) gain on investments - (117,395) - (117,395) 68,278 Net realized gain on investments - 57,012 - 57,012 74,616 Miscellaneous income 82,636 384 - 83,020 96,542 Net assets released from restriction 1,292,396 (1,292,396) - - - Total Support and Revenue 3,736,244 5,861,918 3,250 9,601,412 7,308,263 EXPENSES Scholarship programs* 7,007,434 - - 7,007,434 7,165,819 Fundraising 491,623 - - 491,623 436,266 Management and general 347,071 - - 347,071 491,814 Total Expenses 7,846,074 - - 7,846,074 8,093,899 Excess (Deficiency) of Support and Revenue over Expenses (4,109,830) 5,861,918 3,250 1,755,338 (785,636) Change in interest in net assets of Catholic Foundation for Brooklyn and Queens - (53,431) 150 (53,281) 7,839 Change in Net Assets (4,109,830) 5,808,487 3,400 1,702,057 (777,797) NET ASSETS Beginning of year 4,520,593 1,316,844 3,920,593 9,758,030 10,535,827 End of year $ 410,763 7,125,331 3,923,993 11,460,087 9,758,030 www.futuresineducation.org 8 Msgr. Jamie Gigantiello, Vicar for Development, poses with students from St. Mark Catholic Academy at the Annual Scholarship Fund Dinner. Total Scholarships Awarded Through the Years $86,647,374 100,000,000 90,000,000 80,000,000 70,000,000 60,000,000 50,000,000 40,000,000 $ in millions 30,000,000 20,000,000 Cumula3ve 10,000,000 0 More than $86 million in scholarships have given an opportunity for over 26,000 students to receive a Catholic education in Brooklyn and Queens www.futuresineducation.org 9 WAYS TO GIVE The satisfaction of making a lasting contribution for a better world can be an immeasurable experience. The confidence that our legacy will survive long after we are gone is often shared with our children, family and friends – but there are other ways to generate this impact. We also are enriched by the gifts we give to others less fortunate. By generously sharing resources to help the mission of Futures in Education, you can reach beyond the boundaries of family and create a treasure for true life. Your gift to Futures in Education can form that “lasting contribution to a better world.” At Futures in Education, we make the most of planned gifts by investing them in endowment funds that have a perpetual existence.