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The Foundation of the Roman Catholic Diocese of Albany, New York 2006 Annual Report The Foundation of the Roman Catholic Diocese of Albany, New York 40 North Main Avenue Albany, New York 12203 518.453.8442 www.rcda.planyourgift.org We are called upon not only to continue the work of the Church, but Mission Statement to enlarge and increase it - to lay new foundations broader and deeper - to plant seed for larger growth, that the tree’s branches The mission of The Foundation of the Roman Catholic Diocese of Albany is to pro - vide an opportunity for individuals and organizations to ensure the ongoing and long may spread out, that you and your children may sit beneath its shade term financial stability and vitality of religious, charitable and educational institutions, programs and services of the Roman Catholic Diocese of Albany. and partake of its refreshing fruit. The Foundation fulfills this mission by: • seeking endowment, quasi endowment and current funds that foster John Cardinal McCloskey and support the programs, services, aims and goals of the Church of Albany. First Bishop of Albany • assisting parishes, schools, service organizations and other Catholic organizations in meeting their ongoing and long term financial needs. • assisting donors in achieving their charitable and financial goals. 2 • providing responsible and effective financial management of Foundation investments. • distributing net earnings and income according to the wishes of participating entities, donors and the distribution policy of the Foundation. Mr. Stephen Bouchey Board of Trustees Principle, Bouchey Financial Group The Most Reverend Howard J. Hubbard Mr. John Hayes Bishop of Albany Vice President, MM Hayes President Sister Maureen Joyce, R.S.M. Reverend Michael Farano Chief Executive Officer-Catholic Charities of the Vicar General and the Moderator of the Curia Diocese of Albany Vice President Sister Jane Herb, I.H.M. Mr. Richard Farrell Superintendent- Catholic Schools of the Diocese of Chief Financial Officer of the Roman Catholic Diocese Albany of Albany Treasurer Mr. Richard Thiesen (Elect) Vice President - Key Bank Mr. Michael Costello, Esq. Partner, Tobin and Dempf Mr. John Murray (Elect) Counsel to the Foundation President - Rose and Kiernan Insurance, Surety and A Message From Our Bishop Benefit Services Mr. John Smircich Vice President, Wachovia Securities Mr. James Morrell (Elect) Secretary to the Foundation Corporate Vice President of Human Resources - MVP Healthcare Rev. Stephen Morris (Elect) My dear brothers and sisters in Christ, Advisory Committee Pastor, St. Paul the Apostle (Hancock) It is my pleasure to present The Foundation of the Mr. William Barrett Roman Catholic Diocese of Albany's 2006 Annual Chief Investment Officer-Office of the New York Staff to the Foundation 4 Report. At the close of the 2006 fiscal year, assets State Comptroller under management by the Foundation surpassed Mr. James Michael Kopp $29,000,000. These funds have been entrusted to Mr. Mark Morrison Executive Director the Foundation to secure the long term financial Vice President - Private Banking - Key Bank health of our parishes, schools and other essential Ms. Nicki Pezzulo ministries. The 'Church of Albany', therefore is Mr. Matthew Fitzgerald Assistant Director stronger because of the insight of the individuals, families and communities listed in this annual Reverend James Donlon Mr. John Hutchinson report. Judicial Vicar -Roman Catholic Diocese of Albany Assistant Treasurer Future generations of Catholics in the Albany Reverend Joseph Cebula Diocese will look back on this moment as we do our Pastor, Our Lady of the Assumption (Rotterdam) predecessors who crafted the sacred churches in which we worship and the schools where our chil - Reverend Peter Pagones dren are educated. They will be grateful to these Pastor, St. Paul the Apostle (Schenectady) people, but perhaps more importantly, they will fol - low their examples of generosity. Reverend Winston Bath Pastor, St. Mary's (Hudson) To those who went before us, I thank you. To those of us inspired by them, please page through this Mr. Robert Flynn annual report to see all the ways that you too may make a difference. Mr. Kevin Harrigan Vice President - Commercial Banking - Citizens Bank Sincerely Yours, Ms. Susan Tobin Mrs. Mary Beth O'Brien Howard J. Hubbard Bishop of Albany Leave A Legacy Of Love How To Establish An Endowment Pass On The Gift Of Faith Making the Decision What will be your legacy? Establishing an endowment with The Foundation of the Roman Catholic Diocese of Albany is a significant act of charity. We make the process of establishing a fund as simple as possible. At all stages in your life, The Foundation of the Roman Catholic Diocese of Albany can help you find a meaningful way to benefit others through your generosity. There are a few basic decisions you need to make: Legacy giving is not only for those with wealth. The value of the gift isn't measured by the size or the • How much do you wish to contribute to open your fund? amount, but rather by the amount of spirit put into the act of giving. (Endowment funds may be opened with a minimum contribution of $10,000) Depending on your needs, you may choose a giving method that can offer significant tax advantages, • How do you wish to make your contribution? Will you use cash, appreciated reduce future estate taxes, and/or provide a steady income for you and your loved ones. Some of the stock, real estate or some other asset? options include: charitable bequests in your will, memorial funds that honor family members or other loved ones, charitable gift annuities, trusts, donations of property or investments, designating the • Do you want the fund to be in your name, that of a relative or loved one, Foundation as a beneficiary of your retirement plan, or using a life insurance policy to make a gift. in memory of someone special in your life, or some combination of these? If you would like to leave a legacy of love and pass on the gift of faith, but have questions on how to • What parish, program, ministry or school do you want to benefit from your fund? meet your specific financial and charitable goals, call The Foundation of the Roman Catholic Diocese of Albany. The Foundation Office may be reached at 518-453-8442 or visit us online at Once you have made these decisions, let us know. We will sit down with you and discuss your choices. www.rcda.planyourgift.org Based on our discussion, we will draw up a simple, two-page endowment agreement that details your charitable intentions. 5 Adding to an Existing Fund 6 The Foundation may already hold an endowment fund that benefits your parish, school or favorite Catholic charity. If that is the case, you might wish to add to that fund rather than open one of your own. You decide how much you would like to contribute, if you want to do it now or at your death, and if you wish to use cash or other appreciated assets to make your gift. Notify us of your decisions, and we will take care of the rest. Establishing an Endowment Through Your Estate Planning a gift through your estate qualifies you for automatic membership in the John Cardinal McCloskey Society. Methods Of Giving Donor Advised Funds A gift to The Foundation of the Roman Catholic Diocese of Albany occurs when a donor decides to A donor advised fund is a giving option offered by The Foundation of the Roman Catholic Diocese of transfer ownership of something with monetary value either now or at the time of death. A donor may Albany that some of our donors have found to be a convenient and flexible alternative for their charitable direct the benefits of a gift to one or more beneficiaries, for example, a parish, school, program or giving. With a donor advised fund, the donor may make substantial gifts to the fund in profitable years ministry. and/or periodic gifts to the fund over a period of years. When the donor wishes to make charitable contributions, they advise the Foundation regarding the Diocesan programs and organizations they The Foundation offers an extensive array of methods of giving to meet its donors' charitable and would like supported by the fund. financial needs. Here is a chart of some of the most commonly used giving options. The Foundation of the Roman Catholic Diocese of Albany fully invests the assets and the donor is able to make suggestions about distributions of income from the fund. Therefore, over time the donor has more money to contribute to charity than would have been available through their original gift(s). Type of Gift Form of Gift Benefit to Church Benefit to You Any person or corporation may create a donor advised fund. Gifts may be in the form of cash, securities or other appreciated property. Distributions from a donor advised fund may be directed to Diocesan Catholic entities. At the end of the donor's life, the remaining assets become a permanent Outright Gift -Cash -Perpetual income -Income tax deduction endowment fund in The Foundation of the Roman Catholic Diocese of Albany to fund beneficiaries of -Stock -Interest income used -No capital gains on the donor's choosing -Real estate by parishes, schools appreciated securities -Insurance and other Diocesan entities Donor Advised Funds as of June 30, 2006 Bequest -Cash -Bequest will fund -Possible estate tax -Real estate Church needs as deduction Venera R. Miller Donor Advised Fund -Personal property specified by donor Dr. Frank Thomas and Ms. Nancy O' Keefe Donor Advised Fund -Percentage of estate The Tucker Family Donor Advised Fund 7