2014AnnualReport

In Memoriam

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.

We pray for those benefactors who passed to eternal life this past fiscal year.

Stephen and Adeline JencoLaverne “Bitz” BrownPatricia Greenwood

John W. HuffEdward Arlis

Benedict and Helen CabayEleanor Putlack

Catherine O’RyanDavid Kaluzny

Mary GuthGeraldine HaveyWilliam 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 GarlitzRev. Thomas FlemingWilliam Mills Jackson

William Avery

October 2014

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 ConlonBishop of Joliet

Board of DirectorsCatholic Education Foundation

OfficersMost Reverend R. Daniel ConlonBishop of JolietPresident

Mr. Patrick C. Lynch Chicago Equity Partners Chairman Mr. Mark W. ReinkeReinke Law GroupSecretary Mr. Michael G. Bava Diocese of Joliet Treasurer Members Rev. John Belmonte, S.J., Ph.D.Mr. Edward BurjekMr. Michael CabreraVery Rev. William DeSalvo, VFMrs. Eileen HealyMrs. Mary Kay KaufmannMs. Leigh-Anne KazmaMr. Michael MurphyMr. Michael O’BrienMr. Thomas QuinlanMr. Louis RottaRev. Anthony TaschettaMr. Patrick Theisen Directors Emeritus Mr. Gerald HuotDeacon Robert Kaminski Mr. Bill KoloseikeRev. 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. LynchChairman of the Board

A Message...from the President

A Message...from the Chair

Margaret and Leigh-Anne Kazma join Bishop Conlon to congratulate Yosmar Ocampo from Bishop McNamara High School, Kankakee

Dear CEF Supporters and Friends,

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.

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.

A Message...from the Superintendent and the Executive Director

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.

Don

or Spotlight

Kazma Family Foundation

Gerry, Margaret,and Leigh-Anne Kazma and the

Kazma Scholar Class of 2017

Sincerely,

Rev. John Belmonte, SJ, Ph.D. Joseph L. LangenderferSuperintendent of Schools Executive Director

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 in the 1960’s prompted Father Len 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 need-based scholarships to elementary and secondary school students in the Diocese of Joliet in perpetuity.

Don

or Spotlight

FR. LEONARD GUZENDOWED

SCHOLARSHIP

Rec

ipient Spotligh

t

TheKeigherFamily

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 BenefactorsAnnuAl

Soundsof Sacred Music

Donor recognition AnD concert

Celebrating the Talent of Our Students

Catholic Education Foundation: Donations Discretionary Parish Contributions $ 728,512 Scholarship Campaign $ 319,111

Restricted Family Foundations and Gifts $ 827,871

TOTAL $ 1,875,494

Catholic Education Foundation: Grants and Scholarships Grade School Scholarhsips $ 494,260

High School Scholarships $ 395,000 Kazma Scholarships $ 567,000

Other Restricted Scholarships $ 361,050 (Including Single Parent and Hispanic Initiative)

Leaders $ 25,584

Ministry Grants $ 32,600

TOTAL $ 1,875,494

Scholarship and Grant Distribution: 2004 - 2014

$1,8

75,4

94

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

$742

,817

$882

,690

$848

,060

$947

,916

$809

,963

$1,1

25,2

51

$1,0

04,5

78

$1,4

23,0

75

$1,6

33,5

11

$1,9

85,5

15

2014

ASSETS

Cash and cash equivalents $ 410,532

Investments at market value 11,241,253

Accrued interest 3,200

Due from Diocese 239,537

TOTAL ASSETS $ 11,894,522

LIABILITIES AND NET ASSETS

LIABILITIES

Due to Education Endowment $ 379

Other liabilities 339,889

TOTAL LIABILITIES $ 340,268

NET ASSETS

Undesignated $ 7,069,500

Designated for High School Scholarships 2,498,568

Designated for Kankakee Area Scholarships 1,494,975

Temporarily Restricted Catholic Education Foundation 290,961

Permanently Restricted Catholic Education Foundation 200,250

TOTAL NET ASSETS $ 11,554,254

TOTAL LIABILITIES AND NET ASSETS $ 11,894,522

2013

$ 693,728

9,554,131

3,500

155,874

$ 10,407,233

$ 379

254,621

$ 255,000

$ 6,283,229

2,140,150

1,321,208

207,396

200,250

$ 10,152,233

$ 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.

CATHOLIC EDUCATION FOUNDATION OF THE ROMAN CATHOLIC DIOCESE OF JOLIET STATEMENTS OF FINANCIAL POSITION

JUNE 30, 2014 AND 2013

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 CharityFunds 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.

Immaculate Conception, Morris St. Mary, Plano Our Lady of Mercy, Aurora St. Patrick, Joliet St. Andrew the Apostle, Romeoville St. Patrick, Joliet St. John the Baptist, Winfield St. Joseph, BradleySt. Elizabeth Seton, Naperville St. Jude, New LenoxSt. Mary Immaculate, Plainfield St. Joseph, AddisonSt. Mary of Gostyn, Downers Grove St. Peter, Clifton St. Thomas the Apostle, Naperville St. Walter, RoselleSt. Raphael, Naperville

Ministry Grants to ParishesThrough 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.

Endowment FundsThe 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, NapervilleBishop Mcnamara High School, KankakeeFr. Leonard Guz Endowed ScholarshipHoly Family, ShorewoodHoly Ghost, Wood DaleHoly Trinity, WestmontIC Catholic Prep High School, ElmhurstImmac. Conception School, ElmhurstMary Queen Of Heaven, LombardMaternity BVM School, BourbonnaisNotre Dame, Clarendon HillsOur Lady Of Peace, DarienProvidence Catholic High SchoolSacred Heart, LombardSs. Peter & Paul, NapervilleSt. Alexander, Villa ParkSt. Andrew, RomeovilleSt. Bernard, Homer GlenSt. Dennis, LockportSt. Dominic, BolingbrookSt. Francis High School., WheatonSt. Isaac Jogues, HinsdaleSt. Isidore Parish Education, BloomingdaleSt. James, Glen EllynSt. Joan of Arc, LisleSt. John the Baptist, WinfieldSt Joseph, AddisonSt. Joseph, BradleySt. Joseph, Downers GroveSt. Joseph, LockportSt. Jude, New LenoxSt. Liborius, StegerSt. Mary Immaculate, PlainfieldSt. Mary Magdalene, JolietSt. Mary Nativity, JolietSt. Mary, MokenaSt. Mary of Gostyn, Downers GroveSt. Matthew, Glendale HeightsSt. Michael, WheatonSt. Patrick, JolietSt. Paul the Apostle, JolietSt. Peter, ItascaSt. Philip the ApostleSt. Pius x, LombardSt. Raphael, NapervilleSt. Raymond Cathedral, JolietSt. Scholastica, WoodridgeSt. Teresa, KankakeeSt. Walter, RoselleVisitation, ElmhurstWenzel A. & Anne M. Bartel Scholarship

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 SchoolAll Catholic Grade Schools $14,000 $10,000 $5,000 $4,000Dupage (Hinsdale 181 & 86) $16,529 $15,135Grundy (Morris 101 & 54) $10,528 $8,771Kankakee (St. Anne 256 & 302) $14,221 $9,516Kendall (Newark 18, Plano 88) $13,605 $8,519Will (Joliet 204 & 86) $15,307 $9,874

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 is greater, 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 EllynSt. Raymond Cathedral, JolietSt. Joseph, LockportSt. Petronille, Glen EllynSt. Joseph, AddisonSt. Joseph, Manteno

CURRENT GIVING Gifts That Make a Difference Today

Bequest A designation in your Will instruct-ing an outright gift or fund creation.

• You can revoke the gift by changing the will

GIFTS THAT GIVE YOU INCOME Receive an Income for Life

TYPE DESCRIPTION BENEFITS

TYPE DESCRIPTION BENEFITS

FUTURE GIVING Leaving your Legacy

TYPE DESCRIPTION BENEFITS

WAYS

TO

GIVE

Outright Gifts Cash donations of any size are de-posited in the CEF Grade School or High School Fund or a specified Scholarship Fund for immediate distribution in the given school year.

Donor-AdvisedScholarship

Gift to ExistingScholarship

A gift of any amount can be added to an existing fund such as the His-panic Scholarship Fund.

Minimum gift of $5,000 allows you to name the fund and distrib-ute tuition assistance to a specific school(s).

• Provides tuition assistance to elementary and secondary school students

• Tax deduction• Little or no capital gains on appreciated gifts

such as stocks

• Easy to do• Tax deductible• Gift goes to work immediately

• 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

Charitable Gift Annuity

CharitableRemainder Trust

Charitable Lead Trust

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.

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.

Your minimum gift of $50,000 is put into trust where a school or CEF only use the income for a period of years.

• Fixed income payments, guaranteed for life• A portion of the payments is tax-deductible• If the gift is funded by stocks or other appreci-

ated property, some or all capital gains can be eliminated

• Fixed OR variable payout of income• Gift is tax deductible• Use a bank or personal advisor as Trustee

• Perfect if you are in a high estate tax bracket• Corpus is returned to you which allows the

property to be passed onto others

Insurance Policy orRetirement Account

Create a cash-value policy where you pay premium naming CEF as owner and beneficiary. You might also do-nate 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

Catholic Education FoundationDIOCESE OF JOLIET16555 Weber RoadCrest Hill, IL 60403

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.

Our Mission

www.facebook.com/CatholicEducationFoundationDioceseofJoliet

STAY IN TOUCH“LIKE” our Facebook Page and join the conversation with other schools, parishes, benefactors and foundations.

VISIT US ON THE WEBwww.CEFjoliet.org

The Catholic Education Foundation...• 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