Catholic Foundation of Western North Dakota cfwnd.org 2019-2020 Annual Report Women Religious Vocations Endowment Four of our I will give you the keys to the Kingdom of Heaven. 22 seminarians Mt. 16-19 “The Kingdom of Heaven is for those Ordination date: who place their trust in the love of God, not in material possessions.” June 11, 2021 – Pope Francis Dcn. Jacob Degele Dcn. Ben Franchuk St. Joseph, Queen of Peace, Dickinson Dickinson Dcn. Greg Hilzendeger Dcn. Nicholas Vetter Cathedral, St. Anthony, Bismarck Linton Message Dear Brothers and Sisters in Christ, Hope is the defining stirring of the Christian heart – the confident affirmation from the that God is with us, no matter what. Over the past several months, we have all been witness to moments of human despair as the coronavirus has upset lives and delivered uncertainty. Yet, as believers, we know with certainty that Christ Bishop is the reason for our hope. The path of the Catholic Church is illuminated by a faith that walks forward with God and others. Thank you for your partnership with the Catholic Foundation of Western North Dakota. Your generosity allows the Catholic Foundation to shine a bright light of faith in western North Dakota. I am honored to be sharing with you this year’s Annual Report. This report is a tribute to your impact, which touches every parish and Catholic school, formation for our seminarians and women religious, care for our priests, and to so much more. Our Catholic Foundation was started to provide for the future of our parishes, Catholic schools and the diocese. With each passing year, I am more grateful for the faithful men and women who make donations to the Catholic Foundation or who make arrangements in their estate plans to leave behind gifts that will continue to make a difference in the lives of others. These gifts, whether large or small, are a devoted response to the blessings the Lord has bestowed. I extend my gratitude to the Catholic Foundation Board of Directors as they lead our efforts. This group of individuals offers joyful service, guidance, and prayerful reflection to the matters at hand. The light of faith allows us to view all things with a memory of what God has done for us and the promise into which God calls us. This is our journey together – a journey of trust, gratitude, and hope. Thank you for giving of yourself so humbly and generously, and for reflecting Christ’s glory and love for all. Gratefully yours in Christ, Most Reverend David D. Kagan Bishop of Bismarck 1 Message from the President Catholic Dear Friends in Christ, Foundation It is with pleasure that I present the 2019-2020 Annual Report for the of Western Catholic Foundation of Western North Dakota. Over the past year, I have North Dakota had the honor of serving as the President of the Board of Directors and I am very pleased with the continued growth of our endowments. This report covers the fiscal year from July 1, 2019 – June 30, 2020. Member Although all of our lives have been impacted in some way because of Most Reverend the Covid-19 pandemic, our work and ministry prevailed. In that time, David D. Kagan, the Catholic Foundation’s total assets increased from $32,907,523 to D.D., P.A., J.C.L $35,025,546. Even though we experienced some market volatility our Bishop of Bismarck market returns were mostly positive. As a result, we were able to provide an additional $1,992,746 in distributions to our parishes, Catholic schools Board of and to other Catholic ministries. Directors Dean Rubbelke, We continue to explore new endowment prospects and, each day, more President individuals, families, parishes, Catholic schools, and other Catholic Steve Wangler, ministries are realizing just how important it is to have an endowment fund Vice President for their operations today, and forever into the future. I hope you enjoy reading about two wonderful families from western North Dakota that John Mongeon, Secretary/Treasurer established their own funds and why they choose to set them up. Page 15 describes one family’s Endowment Fund and page 12 explains one family’s Deacon Michael Fix Donor Advised Fund. Very Rev. Brian Gross Each year, many generous families, individuals, and institutions contribute Cheryl Hansen to the Catholic Foundation. It is your personal stewardship of resources Very Rev. Jared Johnson that makes what we do possible. We continue to be blessed by an enthusiastic and supportive board and investment committee as shown by Very Rev. Chris Kadrmas, J.C.L. their leadership and prayerful stewardship of our resources. I am also very appreciative of our hard-working staff that make the day-to-day operations Very Rev. Todd Kreitinger of our Catholic Foundation run so smoothly. Patrick Lengenfelder The needs continue to be greater than the gifts we make. I ask that you Rev. Msgr. Gene Lindemann, J.C.L. continue to pray and reflect on how you can establish a lasting legacy in your name for years to come and also support the work of Christ in Very Rev. Adam Maus western North Dakota. Deacon Dennis Rohr Aaron Schmit If you have any questions or would like additional information, please call our office at (701) 204-7202. We are happy to help you in any way. Todd Schweitzer Very Rev. Keith Streifel Please continue to pray for our success. Staff Yours sincerely, Ron Schatz Laurie Hagerott Laura Huber Dale Eberle Dean Rubbelke, President 2 Our Vision Stewardship - God has created each of us in His image and has blessed us with unique gifts. To further the Kingdom of God by working Through our Baptism, we are called to share together to nurture good discipleship with the our gifts in love and justice with others and blessings God has entrusted to us. return them with increase to the Lord. The Catholic Foundation of Western North Dakota Our Mission seeks to practice good financial stewardship To promote the mission of the Catholic Church by following sound investment practices that by encouraging stewardship among the people of maximize returns, providing a sustainable and the Diocese of Bismarck while providing morally reliable source of support for our Catholic and socially responsible means for financial entities in our diocese. investments. Catholic Investing – Following Christ’s Our Values command to love our neighbor as ourselves, Communion - As members of the One Body we stand in solidarity with the least among us of Christ, we are all connected – men and by practicing Socially Responsible Investing as women, young and old, rich and poor. The outlined by the United States Conference of Church is more than just a community. We are Catholic Bishops. The Catholic Foundation a communion of believers – past, present, and of Western North Dakota does not invest in future. The Catholic Foundation of Western companies or funds that are exploitive in nature, North Dakota strengthens these connections by derive income from the destruction of human providing a way to care for those in need and life, or hold values in conflict with those of the build on the work of past generations to ensure Catholic Church. the future growth of the Church. Statement of Financial Position June 30, 2020 Assets Cash and Cash Equivalents $ 1,239,532 Accounts/Pledges Receivable (net of allowance) 6,403 Interest Receivable 93,497 Annuities Receivable 489,057 Investments 33,197,057 TOTAL ASSETS $35,025,546 Liabilities and Net Assets Liabilities Accounts Payable and Accrued Expenses $ 230,391 Funds Held for Others 4,943,095 Total Liabilities 5,173,486 Net Assets Temporarily Restricted 10,244,141 Permanently Restricted Endowments 19,607,919 Total Net Assets 29,852,060 TOTAL LIABILITIES AND NET ASSETS $ 35,025,546 3 2020 Fund Balance 2020 Distributions Available Recap of Funds June 30, 2020 Type of Funds Fund % Fund Distributions % Distribution Balance Balance Available Available Agency Funds Parish Agency Funds $ 2,699,453 7.76% $ 380,324 9.21% Other Agency Funds 2,177,726 6.26% 129,406 3.13% 4,877,179 14.02% 509,730 12.34% Endowment Funds Parish Endowment Funds 8,218,552 23.62% 348,219 8.43% Educational Endowment Funds 1,161,368 3.34% 62,825 1.52% Priest Care Endowment Funds 2,646,847 7.61% 136,107 3.30% Seminarian Scholarship End. Funds 9,161,754 26.33% 477,790 11.57% Other Endowment Funds 5,844,333 16.79% 156,342 3.79% 27,032,854 77.69% 1,181,283 28.61% Other Funds Educational Funds 282,473 0.81% 19,883 0.48% Human Services Funds 2,467,398 7.09% 2,283,261 55.29% Other Funds 135,251 0.39% 135,251 3.28% 2,885,122 8.29% 2,438,395 59.05% TOTAL FUND $ 34,795,155 100.00% $ 4,129,408 100.00% 4 The Catholic Foundation The Catholic Foundation of Western North Dakota is a Catholic, 501(c)(3), non-profit organization serving the parishes, Catholic schools, and Catholic ministries in the 24 counties of western North Dakota. You can view the map below to see all of the cities in the diocese that have parishes. What is an endowment fund? have chosen to establish additional Parish Giving to an endowment fund is a way of giving that Endowment Funds that benefit a specific purpose, creates a permanent, continuous source of income for such as their cemetery, parish religious education, your parish, Catholic school, or Catholic ministry in youth ministry, etc. western North Dakota. Endowments represent a long- • Catholic School Endowment Funds: Some term commitment to the work of the Catholic Church Catholic schools have chosen to establish a Catholic in a thoughtful manner that is consistent with faithful School Endowment Fund that benefits a specific Christian stewardship.