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2020 Annual Report

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2020 Annual Report TOGETHER AS ONE Dear Friends, In 2020 our Catholic values called us to be generously empathetic, confidently transparent, and faithfully inspired. Together as one community of faith, the Catholic Foundation of Michigan increased giving by 102%, helping our neighbors in need and strengthening a multitude of parishes, schools, and nonprofits with mission critical funds - distributing over $2.4M. Mission Early in the year, in the midst of multiple crises and a time of fear and uncertainty, the Foundation team rapidly responded with clarity, faith, and love. Our trusted relationships, our operational infrastructure and our ability to The Catholic Foundation of Michigan charitable giving be agile allowed us to respond strategically and boldly deploy grants to ministries in urgent need. inspires It’s only with collaborative trust, generosity and the confidence of the Catholic community, empowered by God’s guidance, that this providential work could be accomplished. and generous donors providing for the assists long-term Together as Christ-filled people, grounded in our mission of service and our commitment to working as one, we will confidently face challenges, welcome opportunities, and joyfully build for eternity. We cannot know what needs of Catholic parishes, schools, ministries and other the future holds, but with collective vision, wisdom, and expertise, we are confident that the Catholic Foundation will be ready. We are grateful to God and to you. Enclosed you will find the many highlights of this year like no other. Thank organizations of southeast Michigan. you for your continued commitment. Angela Moloney Patrick Fehring President and CEO Chair, Board of Directors “So now I am giving you a new commandment: Love each other. Just as I have loved you, you should love each other.” - John 13:34 Invest. Serve. Grow. Serve. Invest. Your philanthropy is our ministry Giving through the Catholic Foundation provides far-reaching and faith-filled options. Whether you seek to give locally to make a difference in your neighborhood, or address broader issues, we have the expertise to assist donors like you to make a lasting impact on what matters most to you. 1 CATHOLIC FAITHFUL RESPONSE FUND UNITY IN DIVERSITY Facing Crisis with Faith and Generosity 2020 Spirit of Innovation Grant In response to the uncertainty and unprecedented needs facing local families, schools, As a direct response to the Archbishop of Detroit’s message in Unleash the Gospel, nonprofit organizations, and parishes due to COVID-19, the Catholic Foundation the Catholic Foundation was called upon to create the Spirit of Innovation granting quickly launched the Catholic Faithful Response Fund (CFRF) on March 20, 2020. The fund. Launched in 2020, this bold grant supports the growth of new initiatives and fund was a bold statement of creative evangelization and collaboration that called on the approaches that joyfully share the Good News. faithful to support the work of ministries on the front lines during the pandemic. 2020’s Spirit of Innovation Grant was awarded to St. Clare of Montefalco Parish Unlike many of the funds managed by the Foundation, donations to the CFRF were not School community for their Unity in Diversity project. The project brings together intended to grow in perpetuity. Instead, they were sent as quickly as possible to wherever the school and parish’s various communities to acknowledge and celebrate their they would do the most good. Sr. Felicity of Deo Gratias Ministries Detroit differences through diversity and inclusion training and intervention. offered unconditional hospitality and curbside The community’s response was generous! Catholics found a simple, trusted, and meals for hundreds of families. St. Clare serves as a model for other Catholic ministries in following the words of centralized giving location to lighten the burden for ministries in our area. The Pope Francis, “We cannot tolerate or turn a blind eye to racism and exclusion in any Foundation took care of marketing and administrative tasks for the ministry. This form and yet claim to defend the sacredness of every human life.” presented an opportunity to evangelize about the collective response of Catholics and allowed ministries to focus on doing the most good. Our Catholic If one part suffers, all the parts suffer with it; if one part is honored, In the summer alone, the Catholic Faithful Response Fund provided over $90K of Community Response all the parts share its joy. - 1 Cor 12:26 mission-critical financial assistance to 39 ministries across Michigan. Together as one community we empowered thousands of families, senior citizens, and vulnerable individuals through local food pantries, shelters, residential facilities, schools and more. 2020 GRANTING $2.4 Million+ $4.6 Million+ 130+ GRANTS DISTRIBUTED 2020 DISTRIBUTED SINCE 2017 Families Donated 79% CATHOLIC 4% Faith-Based 57% 39 Donor Directed Grants 78% 17% Secular Ministries Remained in Michigan Supported Ascension St. John Hospital received grants to support health $92,000 791 301 care workers with emotional and spiritual well-being initiatives. Distributed GRANTS DISTRIBUTED TO ORGANIZATIONS 2 3 2020 Growth Statement of Financial Activities for the years ending December 31* Statement of Financial Position 2019 2020 New Funds Assets Established Cash & cash equivalents $279,323 $377,389 27 Investments $16,085,238 $18,983,018 Receivables $42,614 – Prepaid Expenses $38,376 $14,297 Total Assets $16,445,551 $19,374,703 Liabilities & Net Assets Accrued liabilities $29,542 $58,599 Funds held in agency endowments $11,213,458 $12,643,756 Net assets - Unrestricted $5,202,551 $6,672,348 Donor Advised Funds Scholarship & Rapid Response Designated Endowed Total Liabilities & Net Assets $16,445,551 $19,374,703 7 NEW 3 NEW 14 NEW 3 NEW Total Funds: 40 Total Funds: 3 Total Funds: 18 Total Funds: 45 Statement of Activities 2019 2020 Revenue, gains & other support Contributions and In-Kind $3,249,880 $4,131,630 Net realized & unrealized gains & losses on investments $547,571 $1,732,916 Endowments: $14,156,835 196 Donors Interest & dividends $87,260 $326,087 Assets by in 2019 Administrative fee revenue $45,016 $117,279 Donor Advised Funds: $2,794,213 Total Revenue $3,929,727 $6,307,912 fund type 580% Expenses Increase as of 12/31/2020 Program grants and expenses $1,269,025 $3,862,580 Donor Designated: $1,296,458 in donors 2020 SNAPSHOT 2020 Support services $235,663 $975,535 $18,738,038 Total Expenses $1,504,688 $4,838,115 Granting Funds: $489,687 1,333 Donors Change in Assets 2019 2020 in 2020 Increase in Net Assets $2,425,039 $1,469,797 Scholarships: $845 Net Assets (Deficit) - Beginning of year $2,777,512 $5,202,551 Net Assets (Deficit) - End of year $5,202,551 $6,672,348 INVESTMENT POLICY: The Foundation supports organizations whose activities are consistent with Catholic values. All of the funds entrusted to the Catholic Foundation of Michigan are invested in a manner consistent with the Socially Responsible To learn more about the funds managed by the Catholic Foundation, Investment Guidelines outlined by the United States Conference of Catholic Bishops. Donors can be assured that all fund distributions will be granted to charitable organizations whose mission and values are consistent with the Catholic faith. or to establish a new charitable fund, please call 248.204.0332 DISTRIBUTION POLICY: The policy is reviewed annually by the Board of Directors. The Foundation’s policy is to distribute an amount up to 5% of the average market value over 12 rolling quarters. 4 FINANCIAL STATEMENTS: Annually audited financial statements are available upon request. The 2020 financial information is preliminary unaudited. 5 ONE GIFT, SUSTAINED COMMUNITY BUILDING FOR ETERNITY Impact at Cabrini Clinic The Catholic Foundation offers Catholics a way to leave a legacy uniquely aligned with our values and beliefs. St. Frances Cabrini Clinic, the oldest free health clinic in the U.S., has served The Foundation invests all funds in accordance with the USCCB guidelines for Catholic Socially Responsible Investments. Detroit since 1950, and 2020 was no different. Located in the Corktown neighborhood, the clinic remained open throughout the pandemic to provide ENDOWMENT FUNDS Sharon and Rick Pine Scholarship Endowment for Austin St. Kieran Catholic Church Endowment An endowed fund is a permanent gift that will provide Catholic High School - Provides tuition assistance - Supports the parish’s needs a continuous holistic approach to meeting mental and physical health care a perpetual source of funding to designated charities or needs with deep compassion and respect. charitable causes. Anyone can create an endowed fund Sr. Timothy Mercy High School Tuition Assistance Fund St. Regis Parish Legacy Fund at the Catholic Foundation to support, for countless - Provides tuition assistance - Supports the parish’s needs, ministries, and mission generations, causes near to their heart. St. Anselm Parish School Endowment - Supports the The local community is grateful for the sustaining support of the clinic school’s ongoing operational and maintenance needs ENDOWMENTS FOR OUR COMMUNITY during these especially challenging times. Such commitment took vision and ENDOWMENTS FOR EDUCATION St. Fabian Catholic School Fund for the Future Endowment Camp Sancta Maria Endowment planning on the part of a generous donor and a thoughtful pastor. Cabrini Augustinian Scholarship Endowment for Austin Catholic - Supports the school’s ministries and mission - Supports the camp’s mission Clinic is a ministry of Most Holy Trinity Church where Msgr. Charles High School - Provides tuition assistance St. Linus Catholic School Assistance Fund - Offsets the cost Catholic Charities of Southeast Michigan Endowment Kosanke is pastor. Austin Catholic Prep Detroit, Class of 1963 Scholarship of Catholic education and benefits the school’s mission - Benefits the mission to support people in need Endowment - Provides tuition assistance St. Regis Catholic School Endowment Catholic Foundation of Michigan Legacy Fund A few years ago, Cabrini Clinic received a bequest, and Msgr.
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