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Diocese of Youngstown Foundation

2018 Annual Report

St. Nicholas School, Struthers graduating class, 1932

St. Nicholas School, Struthers, 2017

Ursuline High School Baccalaureate Mass, 2018

Ursuline High School students with Bishop Malone, 1980

Dear Friends in Christ, I am delighted to present the 2018 Annual Report on the Catholic Diocese of Youngstown Foundation. For generations to come, the endowment funds in our Foundation will continue to sustain the charitable, educational, and spiritual ministries of our diocese. An individual, family, parish, Catholic School, or diocesan organization can establish an endowment fund in the Foundation that will support their cause in perpetuity. The Foundation offers Catholics an opportunity to share God’s blessings in a way that will make a lasting impact on the Church they love — a legacy of one’s faith and good stewardship. I am most grateful to our Foundation Board of Directors and diocesan staff members for their prudent management and oversight of our Foundation. It is truly Rooted in Tradition and Focused on the Future. Yours sincerely in Christ, Most Reverend George V. Murry, S.J. Bishop of Youngstown 

Mr. Patrick Kelly Rev. Donald King Rev. John-Michael Lavelle Mr. Mark Samolczyk

Mrs. Diane Sauer Very Rev. Msgr. Robert Siffrin

Mrs. Bonnie Workman

A Catholic Schools 29%

B Human Services 12%

C Diocesan Ministries 8%

D Priestly Ministries 9%

E Parish Funds 6%

F Diocesan Cemeteries 28%

G Discretionary 2%

H Miscellaneous 6%

The Roman Catholic Diocese of Youngstown Foundation is an Ohio not-for-profit corporation. To assure conformity with generally accepted accounting standards, the financial records of The Roman Catholic Diocese of Youngstown Foundation are audited annually by the independent certified public accounting firm of Packer-Thomas, Certified Public Accountants. A copy of their report is available from the Foundation.

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Ursuline Distinguished Alumni Awards celebration, October 1991 Paulette Petrosky, former Principal of St. Nicholas School, Struthers and

the late Fr. Daniel Venglarik, former Principal of Ursuline High School, Youngstown

  STATEMENT OF FINANCIAL POSITION

        For the years ended June 30,         2018 2017   ASSETS      

  Cash and cash equivalents $ 349,415 1,446,340   Investments, at fair value:     

    Common stock 5,326,842 5,810,363     Mutual funds 47,586,365 42,303,703     Corporate bonds and notes 1,181,475 1,059,838     US government obligations 443,962 524,483     Municipal bonds 991,852 971,240         55,530,496 50,669,627   Beneficial interest in charitable foundation 175,000 173,000       Total Assets $ 56,054,911 $ 52,288,967   LIABILITIES AND NET ASSETS     

  Liabilities     

    Charitable gift annuities $ 26,730 $ 24,970       Total Liabilities 26,730 24,970   Net Assets     

    Unrestricted 3,074,691 3,019,311     Temporarily restricted 1,083 649     Permanently restricted 52,952,407 49,244,037       Total Net Assets 56,028,181 52,263,997   Total Liabilities and Net Assets $ 56,054,911 $ 52,288,967

               

  STATEMENT OF ACTIVITIES

        For the years ended June 30,         2018 2017   REVENUES, GAINS (LOSSES), AND OTHER SUPPORT      

    Contributions $ 987,555 $ 2,169,167     Interest and dividend income 1,132,656 989,150     Net realized gain on sale of investments 309,452 300,217     Net unrealised appreciation in fair value of investments 2,609,654 4,621,063     Actuarial loss on gift annuity obligations (20,720) (1,658)     Principal reclassifications - -   5,018,597 8,077,939               

  EXPENSES     

    Distributions 1,024,607 1,049,853     Investment fees 117,380 105,525     General and administrative 112,426 108,161       Total Expenses 1,254,413 1,263,539   Change in Net Assets 3,764,184 6,814,400   Net Assets at Beginning of Year 52,263,997 45,449,597     Net Assets at End of Year $ 56,028,181 $ 52,263,997

Total Revenues, Gains (Losses), and Other Support

 

   

       

               

       

Albert and Elsie Guarnieri Memorial Endowed Education Fund Tuition assistance for students attending Catholic schools in Trumbull County Bishop James W. Malone Catholic Education Fund Supports Catholic education throughout the diocese Cardinal Mooney High School Fund Supports Cardinal Mooney High School in Youngstown Cardinal Mooney High School Tuition Assistance Fund Tuition assistance for students attending Cardinal Mooney High School in Youngstown Christ the Servant School at Our Lady of Peace Church Tuition Assistance Fund Tuition assistance for students in financial need attending Christ the Servant School at Our Lady of Peace in Canton

Christ the Servant School and Center for Early Learning Fund Supports Christ the Servant School and Center for Early Learning in Canton Dr. Daniel N. and Ruth A. Ebert Holy Family Catholic School Tuition Assistance Fund Tuition assistance for students in financial need attending Holy Family School in Poland The Father Joseph Feicht and Father Donald Feicht Tuition Assistance Fund for St. John School Tuition assistance for students attending St. John School in Ashtabula

George and Helen Nassief Family Fund Tuition assistance for students attending St. John School in Ashtabula The James and Cynthia Kravec Family Fund Tuition assistance for students attending St. Christine School in Youngstown James J. Simon, Sr. Holy Family Catholic Elementary School Education Assistance Fund Tuition assistance for students in financial need attending Holy Family School in Poland Jean C. Benware Educational Fund Tuition assistance for students in financial need attending St. Charles School in Boardman Joseph and Leone Conrad Family Scholarship Fund Tuition assistance for students attending St. Michael School in Canton Joseph F. Dolyak Catholic Educational Scholarship Fund College scholarship assistance to seniors at Cardinal Mooney and Ursuline High Schools in Youngstown Lewis L. Guarnieri Memorial Endowed Education Fund Tuition assistance for students attending Catholic schools in Trumbull County Light of Christ Scholarship Fund Tuition assistance for students attending St. Christine School in Youngstown Mahoning County High Schools Scholarship Fund Tuition assistance for students attending Cardinal Mooney and Ursuline High Schools in Youngstown Margaret E. Cushwa Scholarship Fund Tuition assistance for students attending Catholic elementary schools throughout the diocese Mary Ellen Cushwa Wolsonovich Catholic Schools Scholarship Fund Tuition assistance for students attending Catholic schools throughout the diocese Mr. and Mrs. A.P. O’Horo Scholarship Awards Fund College scholarship assistance for graduates of Cardinal Mooney and Ursuline High Schools in Youngstown Our Lady of Mount Carmel Catholic Education Assistance Fund Catholic education tuition assistance for parishioner families of Our Lady of Mount Carmel Basilica in Youngstown

_xtä|Çz t Äxztvç yÉÜ Vtà{ÉÄ|v xwâvtà|ÉÇ Over $395,000 was distributed in support of Catholic education this past fiscal year

Reverend Frederick Lukehart Catholic Education Assistance Fund Tuition assistance for students attending Catholic schools throughout the diocese Reverend John Sargent St. Peter of the Fields Catholic Education Assistance Fund Catholic education tuition assistance for parishioner families of St. Peter of the Fields in Rootstown Robert A. and Donalda S. Dovgan Scholarship Fund Tuition assistance for students attending Catholic schools in Stark County The Ron and Rosemarie Malanga Family Fund Supports John F. Kennedy School in Warren Rose F. and Joseph S. Dusi Catholic Education Assistance Fund Tuition assistance for students attending Catholic schools

throughout the diocese The St. Benedict Fund Tuition assistance for students attending Holy Family School in Poland St. Brendan Parish Educational Fund Catholic education tuition assistance for parishioner families of St. Brendan in Youngstown St. Columba Cathedral William J. Fitzsimons Scholarship Fund Tuition assistance for students attending Cardinal Mooney and Ursuline High Schools in Youngstown St. John Catholic School Endowment Fund in Memory of Gene and Ann Pushic Supports St. John School in Ashtabula St. Rose Catholic School Fund Supports St. Rose School in Girard Todd Nassief Fund Tuition assistance for students attending St. John School in Ashtabula Ursuline High School Fund Supports Ursuline High School in Youngstown Winters’ Student Fund Tuition assistance for students in financial need attending Cardinal Mooney and Ursuline High Schools in Youngstown

_xtä|Çz t Äxztvç yÉÜ ÉâÜ ÑÜ|xáàá Nearly $43,000 was distributed in support of priestly life

and formation this past fiscal year

Bishop Benedict C. Franzetta Priestly Formation Fund Supports vocations to the priesthood Diocese of Youngstown Seminarian Education Fund Supports the education of seminarians to the priesthood The Frank and Alma Rhodes Memorial Educational Fund Supports the education of seminarians and the continuing education of ordained diocesan priests Joseph and Johanna Hripko Memorial Educational Fund Supports the education of seminarians

Reverend Vincent O’Dea Retired Priests’ Fund Provides assistance for retired priests Shutrump Memorial Educational Fund Supports the education of seminarians

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Anne Przelomski Fund Provides assistance for those in need in the Youngstown area

Catholic Charities Fund Supports Catholic Charities services and ministries throughout the diocese Catholic Charities Housing Opportunities Fund Supports housing and shelter programs throughout the diocese Catholic Charities of Ashtabula County Fund Supports Catholic Charities services in Ashtabula County Catholic Charities of Portage County Fund Supports Catholic Charities services in Portage County Catholic Charities of Stark County Fund Supports Catholic Charities services in Stark County Catholic Charities Regional Services Fund Supports Catholic Charities services in Columbiana, Mahoning, and Trumbull Counties Catholic Service League of Mahoning County Fund Supports Catholic Charities services in Mahoning County Dominic and Maria Scali Fund Supports housing and shelter programs in Youngstown

Frances I. and Parker B. Arnett Family Fund Provides assistance for those in need served through the efforts of St. Charles in Boardman St. Ann Church of East Liverpool Fund Supports Catholic Charities services throughout East Liverpool and ministries at Holy Trinity in East Liverpool William and Julia Anslavar Family Fund Supports Catholic Charities services to those in need throughout the diocese

_xtä|Çz t Äxztvç yÉÜ {âÅtÇ áxÜä|vxá Over $180,000 was distributed in support of human services

for those in need this past fiscal year

Supporting other diocesan causes

Catholic Exponent Fund Supports the work of our diocesan newspaper Diocese of Youngstown Gift Annuity Fund Supports various diocesan institutions Diocese of Youngstown Ministry Fund Supports the work of diocesan ministries Mary Catherine Livingston Mass for Shut-Ins Fund Supports Mass for Shut-Ins programming on the Catholic Television Network of Youngstown (CTNY)

Reverend Philip P. Conley Lay Ministry Fund Provides assistance for lay people serving or preparing to serve as lay ecclesial ministers St. Clare Fund Supports the work of the Catholic Television Network of Youngstown (CTNY) St. Dymphna Fund Supports the maintenance and capital improvements of the National Shrine of St. Dymphna in Massillon

_xtä|Çz t Äxztvç yÉÜ ÑtÜ|á{ vÉÅÅâÇ|à|xá Over $65,000 was distributed in support of our parishes this past fiscal year

Cathedral of St. Columba Fund Supports the improvement and maintenance of our diocesan cathedral Christ the Servant Parish and School Capital Improvement Fund Supports capital improvements at Christ the Servant in Canton Christ the Servant Parish at Our Lady of Peace Church Fund Supports Christ the Servant in Canton Christ the Servant Parish Music Enhancement Fund Supports the enhancement of liturgical music at Christ the Servant in Canton The Diane and Kurt Sauer Fund Supports Blessed Sacrament in Warren The Doctors Thomas and Marie Fok Memorial Fund Supports Immaculate Heart of Mary in Austintown Donald A. Quinn Family Fund Supports St. Paul in Salem and St. Patrick in Leetonia Immaculate Conception Parish of Ravenna Cemetery Maintenance Fund Supports Immaculate Conception Cemetery in Ravenna

Immaculate Conception Parish of Ravenna Preservation Fund Supports Immaculate Conception in Ravenna The Our Lady of Lourdes Parish Fund Supports Our Lady of Lourdes in East Palestine Our Lady of Mount Carmel Ashtabula Fund Supports Our Lady of Peace in Ashtabula The Our Lady of Mount Carmel Basilica Preservation Endowment Fund Supports Our Lady of Mount Carmel Basilica in Youngstown St. Mary’s Cemetery Fund Supports St. Mary’s cemetery in East Palestine St. Nicholas Fund Supports Christ Our Savior in Struthers

Supporting diocesan cemeteries

Bitonte Mausoleum Maintenance Fund Cafaro Mausoleum Maintenance Fund DeBartolo Mausoleum Maintenance Fund Diocese of Youngstown Cemeteries Perpetual Care Fund Donovan Mausoleum Maintenance Fund Masternick Mausoleum Maintenance Fund

McDonough Memorial Chapel Maintenance Fund Moses Mausoleum Maintenance Fund

Undesignated for future pastoral needs

Diocese of Youngstown Fund Reverend Monsignor George F. Winca Fund

[Éã çÉâ vtÇ _xtäx t _xztvç A Legacy Fund YOU can Leave a Legacy by naming your parish, a Catholic school, Catholic Charities, or favorite Catholic cause as beneficiary in a Legacy Fund with the Diocese of Youngstown Foundation. A tax deductible gift of cash, securities, life insurance, or a bequest in your will can be used to establish your fund. You name your fund, designate the beneficiary, and know that your legacy will “live on” in perpetuity. The minimum amount to establish a Legacy Fund is $25,000.

What is a Pending Legacy Fund? YOU can establish a Pending Legacy Fund with a minimum of $5,000. A Pending Legacy Fund becomes a Legacy Fund, as described above, when additional funding brings its value to $25,000. A pending legacy fund must reach the $25,000 in five years.

What is a Testamentary Pending Fund? YOU can establish a Testamentary Pending Fund through a will or estate plan. Simply include your named Legacy Fund in your will or estate plan, and at the time of your passing, a gift will be made perpetually to your favorite Catholic cause.

Please contact me for information:

Mr. Pat Palombo, CFRE Director of Development & Stewardship

Catholic Diocese of Youngstown 330-744-8451 ext. 325

ppalombo@youngstowndiocese.org

“We established our family endowment as a lasting legacy to thank God for the many blessings he has given us, and to support John F. Kennedy School in Warren, where our three children received an excellent Catholic education.”

- Ronald and Rosemarie Malanga

“I established a DOY Foundation fund in honor of my parents, Frank and Alma Rhodes, to memorialize them in appreciation for the abundant inheritance I received from them, financial and otherwise, and as a legacy of my commitment to the priesthood and the education of future priests.” - Monsignor David W. Rhodes

`xà{Éwá çÉâ vtÇ âáx àÉ _xtäx t _xztvç TYPE OF GIFT FORM OF GIFT

BENEFIT TO CHURCH

BENEFIT TO YOU

Outright gift

Cash Securities Real estate

Firm source of income Yearly distributable

income used by a parish, school, of favored diocesan program(s) in perpetuity

Charitable income tax deduction

Capital gains tax eliminated on appreciated gifts

Bequest in your will

Any asset may be given in whole or part; also a percentage of an estate or remainder of an estate may be given. See Pending Testamentary Fund of previous page.

Bequest assets can establish a named endowment fund or support an existing fund designated by the donor.

Possible estate tax deduction

A perpetual gift that extends one’s charitable influence for generations

Life insurance policies

Donor establishes a named endowment fund or contributes to an existing fund of their choice by naming the Foundation as policy owner and/or beneficiary.

At the death of the donor, the Foundation receives the designated policy value. The current surrender value may also be received prior to the donor’s death.

Opportunity to give a substantial gift at a manageable cost

Tax deduction for policy value

Premium payments may be deducted as charitable gifts

Retirement plans

Direct the death benefit to the Foundation to establish your named endowment fund. See Pending Testamentary Fund on previous page.

The death benefit can establish a named endowment fund or support an existing fund designated by the donor.

Major gift positively impacting future generations

Estate and income tax savings

Charitable gift annuity

Cash Securities Real estate

See Pending Testamentary Fund on previous page.

At the annuitant’s death, the remaining assets may establish a named endowment fund or support an existing fund designated by the donor.

Fixed income for life Portion of income tax is

free Income tax reduction

Charitable remainder trust

Cash Securities Real estate

See Pending Testamentary Fund on previous page.

When the trust terminates, a named endowment fund can be established or support can be given to an existing fund designated by the donor.

Variable or fixed income Option to defer income Income tax deduction Special capital gains

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