Catholic Community FOUNDATION OF MINNESOTA table of plenty CELEBRATING 25 YEARS OF COLLECTIVE CATHOLIC LEADERSHIP IN GIVING ANNUAL REPORT 2018 Dear Friends, As we celebrate our 25th anniversary, I’m humbled by the outpouring of joy from our Catholic community. At $358 million in assets, the Catholic Community Foundation of Minnesota (CCF) is the largest of its kind in the nation, but we don’t believe that’s the true measure of our success. From the beginning, CCF has engaged philanthropic Catholics and stewarded their charitable giving. As the years have passed, we’ve accumulated more than assets. We’ve accumulated table of plenty valuable insights into the resources and needs of our community. Last year, we invested those insights into new initiatives that have yielded significant returns. We were inspired to share what At the table of plenty, we share both our needs and our gifts and discover they fulfill one another. we’ve learned at three Giving Insights forums. We experienced the joy of satisfying a thirst for connection that many of us didn’t realize we had. I’m happy to share the series continues today. Just as when Jesus fed the 5,000 with five loaves and two fish, we find there is plenty of room, plenty of need, and plenty to share. There is enough. For the past 25 years, CCF has set the table and invited We made our first impact investments, leveraging our ability as an investor to advance the our community to take part. Come to the table of plenty. common good. Locally, we invested $1 million in CommonBond’s Housing Opportunity Fund for affordable housing. Globally, we invested $2.5 million with a long-term private equity impact fund that increases access to medical care in Africa, Asia, and South America. This investment strategy resulted in an invitation to the third Vatican Conference on Impact Investing, a global conference organized around Pope Francis’s vision of “putting the economy at the service of peoples.” We also distributed $275,000 in Impact Grants. To ensure these grants have the greatest impact, They said to Him, “We have here only five He blessed the food, and breaking the loaves CCF’s grants committee conducted an assessment of our community’s needs, drawing upon the loaves and two fish.” And He said, “Bring them He gave them to the disciples, and the disciples wisdom of local and national partners. The results have given focus to our grantmaking efforts. here to Me”...He took the five loaves and the gave them to the crowds, and they all ate and We don’t feed 5,000 with five loaves and two fish, but inspired by the example of Jesus, we invite two fish, and looking up toward heaven, were satisfied. Catholics to participate in communal generosity to maximize every dollar. This year’s annual report, Table of Plenty, illustrates the beautiful mystery of generosity. In the giving of time, talents, MATTHEW 14:17-20 and treasure, we receive more than we could have ever imagined. We remain ever-grateful to our generous donors, community partners, and board members who gather with us in faith at the Table of Plenty. Sincerely, Anne Cullen Miller, M.B.A. President OUR MISSION The Catholic Community Foundation was founded in 1992 with the mission to support table of plenty financially the spiritual, educational, and social needs of our Catholic community. contents 4 2018 Assets and Grants Snapshot 6 Financial Reports 8 Bringing the Right Vision to the Table 12 Legacy Society Members OUR GUIDING PRINCIPLES 14 Having the Right Staff at the Table CATHOLIC IDENTITY — We reflect our Catholic faith in all we do; embrace 16 Endowed Funds the breadth, diversity, and commonality of Catholic interests; and assure that 18 Asking the Right Board Members to the Table investments and grant recipients are in alignment with Catholic values. 20 Donor Advised Funds Legacy Fund SERVICE — We respond to the financial needs of the Catholic community and 22 contribute to effective solutions; collaborate with other nonprofit organizations 24 Nourishing Community Through Philanthropy when consistent with our mission; and provide for the needs of future generations. 28 Institutional Endowed Funds 30 Agency Funds PUBLIC ACCOUNTABILITY — We recognize and act on the understanding that community foundations are sustained by public trust, which is earned by full, 31 Gifts to Support Our Mission open, and public disclosure. 32 Board of Directors 33 Staff 2 3 9% ($1.2M) 2018 $358 Million CCF DIRECTED $13.6 Million ASSETS HELD BY CCF GRANTS DISTRIBUTED 91% ($12.4M) DONOR DIRECTED Donor Advised Funds Other unrestricted funds $8.8 Million $486 Thousand 49 TOTAL NEW FUNDS OPENED GRANTEES Endowed Funds GRANTS BY $3.3 Million 7 Agency – SOURCE Educational SHOT 798 Social $4.9 Million $3.6 Million Institutional Endowed Funds Endowed – 8 489 grants 861 grants $1 Million 166 grantees 88% GRANTS 357 grantees OF GRANTMAKING BY IMPACT Donor Advised – 29 DOLLARS GO TO ORGANIZATIONS AREA IN MINNESOTA Spiritual 2,300 $5.1 Million 950 grants TOTAL GRANTS SNAP Institutional Endowed – 5 275 grantees DISTRIBUTED IN 2018 25 YEARS OF GRANTMAKING MORE THAN $155 MILLION IN GRANTS DISTRIBUTED SINCE 1992 $36.5 Million $1M $6M $7M $8.7M $9.5M $13.6M NEW ASSETS 1996 2002 2008 2011 2015 2018 4 1994 – $174K STATEMENTS OF ACTIVITIES STATEMENTS OF FINANCIAL POSITION For the years ending June 30 2018 2017 As of June 30 2018 2017 Revenue Assets Total Contributions $ 28,748,536 $ 28,372,666 Cash & Cash Equivalents $ 9,905,619 $ 7,932,006 Less: Amounts Received for Beneficial Endowments 3,160,152 4,200,978 Investments 340,324,720 301,164,482 Net Contributions 25,588,384 24,171,688 Beneficial Interest in Trusts 681,297 4,261,615 Management Fee Income 1,078,333 956,611 Cash Surrender Value of Insurance Policies 3,668,878 3,593,239 Investment Gain (Loss), Net of Investment Expenses 12,000,123 14,201,291 Pledges & Bequests Receivable 3,072,728 802,149 Change in Value of Split Interest Agreements (241,206) 159,850 Other Assets 654,570 592,242 Total Assets $ 358,307,812 $ 318,345,733 Total Revenue 38,425,634 39,489,440 Liabilities Program Grants Accounts Payable & Accrued Liabilities $ 1,303,732 $ 1,184,758 Total Grants 13,641,903 13,588,217 Agency Obligations 142,691,106 131,225,177 Less: Grants Made on Beneficial Endowments 1,068,900 879,000 Beneficiary Endowments 41,027,780 35,818,861 Net Grants 12,573,003 12,709,217 Charitable Trust & Gift Annuity Obligations 6,476,012 6,641,806 Operating Expenses Total Liabilities 191,498,630 174,870,602 Donor Relations & Development 1,315,340 1,015,008 Net Assets 166,809,182 143,475,131 Management & General 907,873 799,361 Grant Services 295,367 320,041 Total Liabilities & Net Assets $ 358,307,812 $ 318,345,733 Total Expenses 2,518,580 2,134,410 Audited financial statements containing all required disclosures and IRS Form 990 are available at www.ccf-mn.org. Change in Net Assets 23,334,051 24,645,813 Beginning Net Assets 143,475,131 118,829,318 Ending Net Assets $ 166,809,182 $ 143,475,131 6 7 Bringing the Right Vision to the Table Rauenhorst Family Recalls the Imagination Behind CCF’s Success Among the many who have contributed to the Catholic Community Foundation’s (CCF) success, the Rauenhorst family occupies a unique place in CCF’s history that mirrors their leadership in the world of Catholic philanthropy. Gerald Rauenhorst (1927 – 2014), founder of The OPUS Group, shared his vision for how a Catholic foundation could work and ultimately helped shape what it became. He advocated for a community foundation that would operate independent of the Archdiocese, an uncommon approach at the time. Imagining what could be is integral to Rauenhorst philanthropy. Karen Rauenhorst, Gerald’s daughter-in-law, remembers family gatherings where the conversation centered around the work of foundations and what was happening in the community. “It was something I always enjoyed,” she says. “It’s how I got involved in philanthropy.” Gerald and Henrietta Rauenhorst meeting with Saint Teresa of Calcutta in 1981. 8 9 Karen joined CCF’s board of directors in its second year of operation. “His intention was At a time when news reports about the Church can be disheartening, both Amy and Karen The focus at the time was on growing the Foundation. “In the early agree that CCF gives Catholics a reason to hold their heads high. “CCF can really shine a light days, it was all about boots on the ground and getting people to put that the Catholic on all the incredible community service that’s been inspired by Catholic social teaching,” resources into donor advised funds,” Karen recalls. It was such a Amy says. new idea that even convincing Catholic-led organizations to invest community be was a challenge. But dollar by dollar, CCF’s resources grew. Karen credits Gerald and his fellow visionaries for coming up with a model that works. “Gerry recognized that this foundation has to be collaborative and independent, and it must Over the years, the Foundation established itself as a hub for galvanized to make respect donor intent.” Catholic donors, creating strong partnerships with parishes, a difference not just charities, and investment services that give donors more choices Amy thinks her father would be pleased to see the for impactful giving. Foundation’s progress after 25 years. “His intention was for Catholics, but for that the Catholic community be galvanized to make a Amy Goldman, the youngest of Gerald and Henrietta’s children, difference, not just for Catholics, but for everyone.