Diocese of Joliet - Catholic Education Foundation

Annual
Report
2014
In Memoriam
A Message...
from the President
We pray for those benefactors who passed
to eternal life this past fiscal year.
October 2014
Stephen and Adeline Jenco
Laverne “Bitz” Brown
Patricia Greenwood
John W. Huff
Edward Arlis
Benedict and Helen Cabay
Eleanor Putlack
Catherine O’Ryan
David Kaluzny
Mary Guth
Geraldine Havey
William Avery
We pray for individuals remembered by
loved ones in the CEF memorial listing
this past year.
Neil Vance Spore (by Jackie Faber)
Celeste and Watson Healy
Hazel Garlitz
Rev. Thomas Fleming
William Mills Jackson
William Avery
May the road rise up to meet you.
May the wind always be at your back.
May the sun shine warm upon your face,
and rains fall soft upon your fields.
And until we meet again,
may God hold you in the palm of His hand.
My dear friends in Christ,
I am happy to share with you our 2014 Annual
Report of the Catholic Education Foundation
of the Diocese of Joliet. Your generosity has
enabled the foundation to experience its
most successful year since its inception in
1996. Over the last 18 years the foundation
has distributed over $14 million in financial
support to Catholic education in the Diocese
of Joliet. This is truly remarkable, but by
comparison the need of our school families last
school year alone totaled $7.3 million.
The existence of a charitable foundation
dedicated to offering tuition assistance to qualified students is more critical today
than ever. Even with our parishes subsidizing their grade schools and our high
schools working independently to keep tuition costs down, it is clear that an effort
like the Catholic Education Foundation is needed to offer further support to
families who struggle to educate their children in the Faith.
I also acknowledge other important areas of foundation assistance including
ministry grants to parishes as well as continuing education to our school teachers
and parish catechists. Indeed, the Diocese of Joliet is blessed to be able to
undertake such an effort with the help of benefactors from our parishes and the
civic community.
I pray that God will continue to shine His blessings upon you and your family.
May God bless you.
Most Reverend R. Daniel Conlon
Bishop of Joliet
A Message...
from the Chair
Board of Directors
Catholic Education Foundation
Officers
Most Reverend R. Daniel Conlon
Bishop of Joliet
President
Mr. Patrick C. Lynch
Chicago Equity Partners
Chairman
Mr. Mark W. Reinke
Reinke Law Group
Secretary
Mr. Michael G. Bava
Diocese of Joliet
Treasurer
Members Rev. John Belmonte, S.J., Ph.D.
Mr. Edward Burjek
Mr. Michael Cabrera
Very Rev. William DeSalvo, VF
Mrs. Eileen Healy
Mrs. Mary Kay Kaufmann
Ms. Leigh-Anne Kazma
Mr. Michael Murphy
Mr. Michael O’Brien
Mr. Thomas Quinlan
Mr. Louis Rotta
Rev. Anthony Taschetta
Mr. Patrick Theisen
Directors Emeritus Mr. Gerald Huot
Deacon Robert Kaminski
Mr. Bill Koloseike
Rev. Gerald Riva
Dear Friends of the Catholic Education
Foundation,
Thank you for helping to make Fiscal Year
2013-14 so successful for the Catholic Education
Foundation (CEF). It was indeed an exciting and
productive year.
The CEF was able to continue its five year upward
trend this past year in the number of scholarships
provided and the total amount of scholarships
disbursed. A milestone of $11 million in assets
was also achieved. With nearly 1,000 benefactors
and 100 percent of our board members providing charitable gifts, a total of 1,704
awards was distributed in the amount of nearly $1.8 million. I am certainly proud
of these accomplishments but also recognize that for every award given to a student,
one other student was denied due to a lack of funding.
This coming year the Board of Directors will again strive to meet the growing
challenge of funding more scholarships. We will launch a new outreach program to
secure individual and endowed funds, and continue a successful program begun in
early 2014 with several members hosting fundraising socials. Moreover, the board
will again evaluate the size of scholarship awards distributed to our grade school and
high school students with the hope of again increasing individual tuition assistance.
On behalf of the Board of Directors, I express my deep gratitude and appreciation to
all who have supported the vital work of the Catholic Education Foundation.
Sincerely,
Patrick C. Lynch
Chairman of the Board
A Message...
from the Superintendent and the Executive Director
Our donors are amazing. While the majority of our supporters’ contributions apply equally to our grade school and high school
scholarship applicants, we are also blessed to have several family foundations that target their need-based giving to specific students
in this population. Some of these charitable partners include the Kazma Family Foundation supporting high school students,
the Robert S. and Mary Ann Kaminski Family Foundation helping students from single parent families, and the McShane Family
benefiting Hispanic students. The CEF also has long time benefactors who have created family endowments such as the Wenzel
and Anne Bartel Scholarship and the Father Leonard Guz Endowed Scholarship that was recently established through a bequest of
its beloved namesake.
Indeed we are honored by this largesse, but we also reflect on the financial aid that the CEF is not able to provide and the gap is
large. For every one student who receives a scholarship, one student application is declined due to a lack of funding. The CEF
distributed over $1.8 million to 1,306 qualified students totalling 1,704 awards last year. However, the financial need verified by all
the applications totaled $7.3 million from 3,300 students. Fortunately our small staff has made much progress in filling this gap
with the help of our dedicated volunteer board members through such programs as our donor recognition event, the Sounds of
Sacred Music and fundraising efforts like the Move Your Feet to Give a Child a Seat Walk-A-Thon and other personal invitations.
Every scholarship represents a student, and every student has a story tell. We strive to share this student testimony as often as
possible with you. Similarly, we promise to continue demonstrating financial transparency to our benefactors.
Thank you for your generous support through your prayers and financial support of the Catholic Education Foundation.
Sincerely,
r
o
n
Spotl
i
t
gh
We enthusiastically celebrate our accomplishments in the 2013-14 school year and gratefully appreciate the support of our
benefactors who made it happen. We also quickly recognize that there remains much more to accomplish.
Do
Dear CEF Supporters and Friends,
Kazma Family
Foundation
Margaret and Leigh-Anne Kazma join
Bishop Conlon to congratulate Yosmar
Ocampo from Bishop McNamara High
School, Kankakee
The Catholic Education Foundation is proud to partner with the KAZMA FAMILY FOUNDATION. We applaud family members,
Gerry and Margaret Kazma and foundation President Leigh-Anne Kazma for their wonderful example of Christian stewardship.
The Kazma Family Foundation has provided over 125 scholarships to qualified high school students attending all seven high
schools in the Diocese of Joliet for 12 years. The success stories of these graduates who might not have experienced a Catholic
secondary education without the Kazma Family are numerous.
Rev. John Belmonte, SJ, Ph.D.
Joseph L. Langenderfer
Superintendent of Schools
Executive Director
Gerry, Margaret,
and Leigh-Anne Kazma and the
Kazma Scholar Class of 2017
r
o
n
Spotl
i
t
gh
Do
Fr. Len Guz, a retired priest of
the Diocese of Joliet entered
eternal life in August 2013. In
preparing his estate plans during
his later years, no doubt Father
Len pondered over his four
decades of priestly ministry in
serving parishes and schools.
Perhaps his role as a teacher at
Providence Catholic High School
ENDOWED
in the 1960’s prompted Father Len
SCHOLARSHIP
to continue teaching even after
his earthly life. The lesson: for
people to continue an example of
a lifetime of Christian stewardship
by remembering one’s favorite
charities in a Last Will and
Testament. The Catholic Education Foundation is grateful to Fr. Len for leaving
a bequest to the CEF and in his memory, the CEF Board established a perpetual
scholarship fund in his name. Fr. Len’s generosity will continue providing needbased scholarships to elementary and secondary school students in the Diocese of Joliet in perpetuity.
FR. LEONARD GUZ
Rec
i
The
Keigher
Family
Annual
S
ounds
ent Spot
i
p
of Sacred
Music
ht
lig
While all of our grade school and high
school scholarship recipients have a
unique and touching story of genuine
need, perhaps the most compelling
report is a devastating fire that
completely destroys a residence only
minutes after a terrified family escapes
to safety. This was the experience
of Matt and Emily Keigher in the
past year. In cooperation with
Christ is Our Hope magazine, the
Catholic Education Foundation
was proud to help organize a
donation collection program
and establish a fund for this
family dedicated to the three
Keigher children who are
students at Immaculate
Conception School, Morris.
Through the generosity
of hundreds of diocesan
parishioners and some
benefactors outside the
Diocese of Joliet, the
CEF collected funds to
pay the tuition of the
Keigher children this
past year.
Recognizing Our Benefactors
Celebrating the Talent of Our Students
Donor Recognition
and Concert
CATHOLIC EDUCATION FOUNDATION OF THE ROMAN CATHOLIC DIOCESE OF JOLIET
STATEMENTS OF FINANCIAL POSITION
JUNE 30, 2014 AND 2013
2014
2013
410,532
$693,728
11,241,253
9,554,131
3,200
3,500
Due from Diocese239,537
155,874
Total Assets$11,894,522
$10,407,233
ASSETS Cash and cash equivalents $
Investments at market value
Accrued interest
Catholic Education Foundation: Grants and Scholarships
Grade School Scholarhsips
$
494,260
High School Scholarships
$
395,000
Kazma Scholarships
$
567,000
Other Restricted Scholarships
(Including Single Parent and Hispanic Initiative)
$
361,050
Leaders
$
25,584
Ministry Grants
$
32,600
TOTAL
$ 1,875,494
LIABILITIES AND NET ASSETS Catholic Education Foundation: Donations
LIABILITIES
379
$379
Other liabilities339,889
254,621
Total Liabilities$340,268
$255,000
Due to Education Endowment$
NET ASSETS 728,512
Scholarship Campaign
$
319,111
Restricted Family Foundations and Gifts
$
827,871
Temporarily Restricted Catholic Education Foundation
290,961
207,396
Permanently Restricted Catholic Education Foundation
200,250
200,250
$11,554,254
$10,152,233
Scholarship and Grant Distribution: 2004 - 2014
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
$1,875,494
$1,985,515
1,321,208
$1,633,511
1,494,975
$1,423,075
Designated for Kankakee Area Scholarships
$1,004,578
$1,125,251
2,140,150
$809,963
2,498,568
$947,916
Designated for High School Scholarships
$848,060
$882,690
$6,283,229
$ 1,875,494
$742,817
7,069,500
$
TOTAL
Undesignated$
Total net assets
Discretionary Parish Contributions
TOTAL LIABILITIES AND NET ASSETS
$11,894,522
$10,407,233
Explanation of Terms
Unrestricted Net Assets – Net assets which are not subject to donor-imposed restrictions
Temporarily Restricted Net Assets – Net assets which are subject to donor-imposed restrictions that may or will be
met by actions of the Catholic Education Foundation and/or the passage of time.
Permanently Restricted Net Assets – Net assets which are subject to donor-imposed restrictions that will be
maintained permanently by the Catholic Education Foundation. The income earned on these investments is restricted
for specific purposes.
We Want You to Know...
We Do More with Less!
• There are 48 Catholic grade schools and seven high schools in the Diocese of Joliet.
• There are 19,475 students in our grade and high schools with nearly 20% requesting
financial aid.
• The CEF received 3,306 applications demonstrating a verifiable need of $7,300,000 in
financial assistance
• The CEF awarded 1,306 students a total of $1.8 million in scholarship assistance.
• Catholic high schools recorded an average ACT test score of 25, versus a score of 21 in
the public schools.
• 400,000 hours of total religious instruction was provided to our students last year.
• 118,000 service hours were provided by high school students, plus 65,300 hours by
grade school students, in 2013.
• $81 million was invested in Catholic education in the Diocese of Joliet.
• 99% of the 2013 high school graduating classes went to college, versus 84% from the
public schools.
• $100 million in college scholarships were awarded to graduating seniors in 2013.
• 75% of Illinois State Scholars in 2013 attended a Catholic grade school in the Diocese of
Joliet.
Actual Cost of Public Schools vs. Actual Cost of Catholic Schools vs. Tuition
PUBLIC SCHOOLS
CATHOLIC SCHOOLS
Random Districts by County Avg. Cost
Avg. Cost
Avg. Cost
Avg. Tuition Avg. Cost
Avg. Tuition
High School Grade School High School High School Grade School Grade School
All Catholic Grade Schools$14,000$10,000$5,000$4,000
Dupage (Hinsdale 181 & 86) $16,529
$15,135
Grundy (Morris 101 & 54)
$10,528
$8,771
Kankakee (St. Anne 256 & 302) $14,221
$9,516
Kendall (Newark 18, Plano 88) $13,605
$8,519
Will (Joliet 204 & 86)
$15,307
$9,874
Benefits to Our Donors
The Catholic Education Foundation welcomes cash contributions,
bequests, and tax-wise planned gifts of all denominations. The
Foundation, in return, offers numerous benefits to our donors:
Guarantee of Professional Management
The Board of Directors guarantees sound professional
management of all funds entrusted to our wise stewardship.
Frequent Reporting to Donors
Monthly, quarterly and/or annual reporting is initiated as well
as a year-end, independent audit to guarantee full disclosure of
Foundation accounts and activities. Our most recent financial
audit is available for viewing on the web (www.CEFjoliet.org) and
is open to public review throughout the year in our offices during
normal business hours. Pursuant to IRS regulations, the audit can
also be mailed upon request.
Memorialize a Loved One
Often donors wish to remember a loved one, family heritage or
particular cause by naming a specific fund, which serves as an
everlasting remembrance.
Gifts that Last Forever
Various planned giving vehicles, sometime using different
methods, enable a gift to work forever by using only the income
while the principal remains uninhibited.
The Donor’s Favorite Charity
Funds can be earmarked for a special beneficiary or be
unrestricted to serve the general purposes of the Catholic
Education Foundation. Similarly, many planned gift vehicles are
open-ended, and the donor may add to the corpus at a later date.
Tax Advantage to Donor
All contributions are accepted with the intention of providing
optimal income tax deductions for the donor, and liquid assets are
invested to produce maximum income for the charitable cause.
Ministry Grants to Parishes
Through the Ministry Grant distributions which are funded
through operating revenue and not the annual Scholarship
Campaign, the CEF funds ministries that enrich the faith
understanding and deepen the spirituality of Catholics in
parishes across the diocese as well as help to proclaim Christ
and the Catholic faith to all through evangelization.
Immaculate Conception, Morris
Our Lady of Mercy, Aurora
St. Andrew the Apostle, Romeoville
St. John the Baptist, Winfield
St. Elizabeth Seton, Naperville
St. Mary Immaculate, Plainfield
St. Mary of Gostyn, Downers Grove
St. Thomas the Apostle, Naperville
St. Raphael, Naperville
St. Mary, Plano
St. Patrick, Joliet
St. Patrick, Joliet
St. Joseph, Bradley
St. Jude, New Lenox
St. Joseph, Addison
St. Peter, Clifton
St. Walter, Roselle
Endowment Funds
The Catholic Education Foundation promotes the following parish
and school endowment funds as ideal receptacles for donor gifts in
the spirit of ongoing donor education and in cooperation with our
parishes and elementary and secondary schools:
All Saints Catholic Academy, Naperville
Bishop Mcnamara High School, Kankakee
Fr. Leonard Guz Endowed Scholarship
Holy Family, Shorewood
Holy Ghost, Wood Dale
Holy Trinity, Westmont
IC Catholic Prep High School, Elmhurst
Immac. Conception School, Elmhurst
Mary Queen Of Heaven, Lombard
Maternity BVM School, Bourbonnais
Notre Dame, Clarendon Hills
Our Lady Of Peace, Darien
Providence Catholic High School
Sacred Heart, Lombard
Ss. Peter & Paul, Naperville
St. Alexander, Villa Park
St. Andrew, Romeoville
St. Bernard, Homer Glen
St. Dennis, Lockport
St. Dominic, Bolingbrook
St. Francis High School., Wheaton
St. Isaac Jogues, Hinsdale
St. Isidore Parish Education, Bloomingdale
St. James, Glen Ellyn
St. Joan of Arc, Lisle
St. John the Baptist, Winfield
St Joseph, Addison
St. Joseph, Bradley
St. Joseph, Downers Grove
St. Joseph, Lockport
St. Jude, New Lenox
St. Liborius, Steger
St. Mary Immaculate, Plainfield
St. Mary Magdalene, Joliet
St. Mary Nativity, Joliet
St. Mary, Mokena
St. Mary of Gostyn, Downers Grove
St. Matthew, Glendale Heights
St. Michael, Wheaton
St. Patrick, Joliet
St. Paul the Apostle, Joliet
St. Peter, Itasca
St. Philip the Apostle
St. Pius X, Lombard
St. Raphael, Naperville
St. Raymond Cathedral, Joliet
St. Scholastica, Woodridge
St. Teresa, Kankakee
St. Walter, Roselle
Visitation, Elmhurst
Wenzel A. & Anne M. Bartel Scholarship
CURRENT GIVINGGifts That Make a Difference Today
TYPEDESCRIPTIONBENEFITS
Outright Gifts
W
A
Y
S
T
O
G
I
V
E
Cash donations of any size are deposited in the CEF Grade School
or High School Fund or a specified
Scholarship Fund for immediate
distribution in the given school year.
• Provides tuition assistance to elementary and
secondary school students
• Tax deduction
• Little or no capital gains on appreciated gifts
such as stocks
Gift to Existing
Scholarship
A gift of any amount can be added
to an existing fund such as the Hispanic Scholarship Fund.
• Easy to do
• Tax deductible
• Gift goes to work immediately
Donor-Advised
Scholarship
Minimum gift of $5,000 allows
you to name the fund and distribute tuition assistance to a specific
school(s).
• Flexibility of giving to your choice of school
• Receive a report about the students who are
receiving a scholarship from your fund
• Grant recommendations available
GIFTS THAT GIVE YOU INCOME
Receive an Income for Life
TYPEDESCRIPTIONBENEFITS
Charitable Gift
Annuity
A minimum gift of $10,000 creates an
agreement where the CEF guarantees
a fixed amount from an interest rate
based on your age. Upon death, the
remaining assets are used for your
specified educational causes.
• Fixed income payments, guaranteed for life
• A portion of the payments is tax-deductible
• If the gift is funded by stocks or other appreciated property, some or all capital gains can be
eliminated
Charitable
Remainder Trust
With a minimum gift of $50,000, you
receive income for a term of years
and know a consistent number of
qualified students will benefit.
• Fixed OR variable payout of income
• Gift is tax deductible
• Use a bank or personal advisor as Trustee
Charitable Lead Trust Your minimum gift of $50,000 is put
into trust where a school or CEF only
use the income for a period of years.
• Perfect if you are in a high estate tax bracket
• Corpus is returned to you which allows the
property to be passed onto others
FUTURE GIVINGLeaving your Legacy
TYPEDESCRIPTIONBENEFITS
Bequest
A designation in your Will instructing an outright gift or fund creation.
• You can revoke the gift by changing the will
Insurance Policy or
Retirement Account
Create a cash-value policy where you
pay premium naming CEF as owner
and beneficiary. You might also donate an existing paid-up policy.
• You receive a tax deduction for the value of
an existing policy when transferred
• Premium payments are deductible as gifts
Wording for a Bequest Designation in a Last Will and Testament
Donors who elect to bequeath assets for the benefit of the educational programs in the parishes or schools of the Diocese of Joliet are encouraged
to use the vehicle of The Catholic Education Foundation to ensure that their charitable intentions are satisfied in perpetuity and in accordance
with their wishes. The following examples provide the suggested wording for such bequests to the CEF.
Bequest for general purposes:
a) I give $___________, or _______% of the rest, remainder, and residue of my estate at death, whichever is greater, to the Catholic Education
Foundation of the Diocese of Joliet to be used without restrictions for general purposes as determined by the Catholic Education Foundation.
b) I give $___________, or _______% of the rest, remainder, and residue of my estate at death, whichever is greater, to the Catholic Education
Foundation of the Diocese of Joliet to be used for the benefit and unrestricted use of [name of parish or school].
Bequest for Specific purposes:
a) I give $___________, or _______% of the rest, remainder, and residue of my estate at death, whichever is greater, to The Catholic Education
Foundation of the Diocese of Joliet to be used for [name of specific program or ministry].
b) I give $___________, or _______% of the rest, remainder, and residue of my estate at death, whichever is greater, to the Catholic Education
Foundation of the Diocese of Joliet to be placed in [name of specific fund or endowment].
c) I give $___________, or _______% of the rest, remainder, and residue of my estate at death, whichever isgreater, to the Catholic Education
Foundation of the Diocese of Joliet to be distributed in the following manner: ( ______ %) of this gift to be used for [name of program or
organization] and (______%) of this gift to be used for [name of program or organization].
Bequest for restricted endowment fund:
I give $___________, or _______% of the rest, remainder and residue of my estate at death, whichever is greater, to the Catholic Education
Foundation of the Diocese of Joliet. The property comprising this gift may, for investment purposes, be merged with any of the investment
assets of the Foundation, but the gift shall be entered in the Foundation’s books and records as “THE _____________ FUND.” The Fund shall
be administered by the Foundation and an annual distribution shall be made to the Diocese of Joliet as prescribed by the spending policies of the
Foundation. The distribution is to be used as follows: __________________________________ [please describe any educational purposes].
Leaders for the Future
Continuing Education for Parish Catechists and School Teachers
The Leaders for the Future program supports college-level study in order to
develop future parish ministry and Catholic school leaders in the Diocese of
Joliet. Other programs which include the Cohort with the University of St.
Francis- Educational Leadership Program and the University of Dayton-Institute
for Pastoral Initiatives are designed to recognize the importance of supporting
future lay leaders engaged in graduate study and ministry certification
respectively for ministry in the Diocese.
The following schools and parishes have teachers and catechists enrolled in these
programs which the CEF supports through no-interest loans spanning 30 percent
to 100 percent of the cost. After three years of continuous service with the
diocese, the CEF forgives the loans.
St. James, Glen Ellyn
St. Raymond Cathedral, Joliet
St. Joseph, Lockport
St. Petronille, Glen Ellyn
St. Joseph, Addison
St. Joseph, Manteno
Catholic Education Foundation
DIOCESE OF JOLIET
16555 Weber Road
Crest Hill, IL 60403
STAY IN TOUCH
“LIKE” our Facebook Page and join the
conversation with other schools, parishes,
benefactors and foundations.
www.facebook.com/CatholicEducationFoundationDioceseofJoliet
VISIT US ON THE WEB
www.CEFjoliet.org
The Catholic Education Foundation...
•
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distributed nearly $1.8 MILLION last year to over 1,300
qualified students
in the last 10 years, awarded over $14 MILLION in
scholarships
educates the general public about numerous tax
advantage gift vehicle
matches our donor’s specific charitable desires with
effective and appropriate gift options
is managed by a volunteer Board of Directors that
provides strict accountability to donors and observes
total compliance with the donor’s charitable wishes
a 501 (c) 3 grant making corporation separately
incorporated from the Diocese of Joliet
Our Mission
The Mission of the Catholic Education Foundation is
to raise resources to allow children in need to attend
elementary and secondary Catholic schools throughout the
Diocese of Joliet.
To meet this goal, the Foundation educates the general
public of numerous tax advantaged gift vehicles, and works
with the donor to determine an effective and appropriate
plan to match their specific charitable intent.
The seven county service area of the CEF is DuPage, Ford,
Grundy, Iroquois, Kankakee, Kendall, and Will.
The forty-eight elementary schools and seven high
schools in the Diocese of Joliet Serve 21,000 students and
represents the 21st largest Catholic school system in the
United States. Each school strives to bring the word of God
to children in a Catholic faith-based environment.