By Sister Laura Goedken
One year after completion of the active phase of the diocesan capital campaign, Moving Forward in Faith and Hope, the Catholic Foundation for the Diocese of Davenport has invested approximately $3 million with Christian Brothers Investment Services. Forty-eight percent of pledge payments have been received.
The $22 million campaign had a 20 percent share with parishes based on dollars received. Parishes that exceeded their campaign goals receive 50 percent of the funds raised above that goal. Payments are being made in January and July. For the most recent distribution, parishes received checks totaling $482,310. The cumulative total sent to parishes is just short of $2 million. As pledges are completed, these payments will cease.
The spending policy for the Catholic Foundation is to distribute 4 percent of the fair market value of the financial assets based on a 12-quarter rolling average. The 4 percent is distributed to the priorities identified in the capital campaign’s case statement: seminary education and vocations, health care for priests unable to minister, deacon formation, faith formation, Catholic schools, chancery office, social action and Catholic Charities. Sacred Heart Cathedral in Davenport will receive its share when the parish completes its facility planning.
Each school in the diocese and all the ministries listed above received a check. This total was $69,700. Checks for each school were calculated on a per student basis. Also, the Catholic Foundation contributed $3 million toward the purchase of the chancery office building, five-and-one-half acres and the renovation of the building and parking lot and installation of an elevator.
As more pledge payments are received and the principal in the foundation grows from other sources, payments to these ministry priorities will increase. Your donations to Moving Forward in Faith and Hope will live on for years to come in our diocese.
Anyone at any time is encouraged to make a donation to the Catholic Foundation for the Diocese of Davenport. You are also encouraged to include the foundation in your estate plans. You are free to restrict to your area of interest.
Please contact Sister Laura Goedken, OP, at (563) 888-4252 or Goedken@davenportdiocese.org for more information on how to include the Catholic Foundation, a Catholic school or your parish in your estate plans.
(Sr. Goedken is director of development for the Diocese of Davenport.)