By Sister Laura Goedken
The Catholic Foundation for the Diocese of Davenport was established in the State of Iowa as a non-profit corporation in February 2009. Its assets in investments now total approximately $10.7 million.
Part of the capital campaign case statement was that 20 percent of the income given by parishioners would be returned to their respective parishes. To date, $3,860,766 has been sent to our parishes. To see a listing of parishes and the amounts received, go to the Catholic Foundation page on the Diocese of Davenport website at www.davenportdiocese.org.
A Board of Trustees governs the Catholic Foundation. This board meets quarterly. The board membership is also on our web page. This board follows the State of Iowa laws for a nonprofit. An audit is conducted each fall. The foundation will be audited in September and the audit report will be posted on the diocese website in late October.
The board has investment and spending policies which can be found on the web page along with other policies. The spending policy is to distribute four percent of the average financial assets of 16 consecutive quarters annually to the various funds as specified in the case statement for the campaign. The Diocese of Davenport received $213,667 in July to be used for seminary education, deacon formation, Chancery support, Faith Formation and Social Action and Catholic Charities. The Catholic schools received a total ofF $48,560 distributed to the schools on a per student basis. These checks ranged from $684 to $10,363. Any individual is able to add to these funds at any time.
The Catholic Foundation accepts additional donations for endowments, donor advised funds and agency funds. These funds can come from individuals, parishes, schools and estate gifts. Donations are invested in funds as specified by the donor and will live on for many years to come to benefit the ministries of the Diocese of Davenport and our Catholic schools.
For more information please contact Sister Laura Goedken at goedken@davenportdiocese.org or (563) 888-4252.
