Importance of endowments in tough economy emphasized at Catholic Community Foundation’s annual meeting

Archbishop Daniel M. Buechlein speaks to members of the board of directors of the Catholic Community Foundation and other guests at the foundation’s annual meeting on Nov. 4 at the Archbishop O’Meara Catholic Center in Indianapolis. (Photo by Sean Gallagher)

By Sean Gallagher

Members of the Catholic Community Foundation (CCF), which manages 368 endowments that support parishes, schools, agencies and other ministries across the archdiocese, had their annual meeting on Nov. 4 at the Archbishop O’Meara Catholic Center in Indianapolis.

The gathering occurred in the midst of a continuing economic downturn that has had a significant impact on the CCF’s assets.

As of June 30, the assets stood at $126.7 million, a 20 percent drop from the previous year.

Still, because the stock market has been performing better in recent months, it was noted at the meeting that, at the end of September, those assets had grown back to $140 million.

In remarks made at the meeting, Archbishop Daniel M. Buechlein gave some historical perspective to the challenges that the CCF has faced in the past year.

He recalled how, in 1987, when Archbishop Edward T. O’Meara and other archdiocesan leaders established the CCF, the nation’s economy was in the midst of a downturn similar to what is occurring now.

“[But they] had the vision and the faith in the people of the archdiocese to move forward with a plan to create the Catholic Community Foundation,” Archbishop Buechlein said. “They knew that our greatest opportunity for securing the financial well-being of our local Church was by helping people share with one another the gifts God has given them. And the people of our archdiocese responded.”

He emphasized that challenging economic times like those at present make the archdiocesan ministries that “protect the God-given dignity of every person,” and that are supported by CCF endowments, all the more critical.

“How many children would not have been able to afford a Catholic education without the help of one of our many endowments?” Archbishop Buechlein asked. “How much less assistance would our Catholic Charities agencies have been able to provide [to] families in need without the financial help of our endowments?

“How less vibrant would our parishes be without CCF endowment funds that help pay for everything from capital needs to liturgical and sacramental resources?”

Outgoing members of the CCF’s board of trustees were honored at the meeting. They included Dr. Mark Lindenmeyer, a member of Holy Family Parish in Oldenburg; James Schellinger and Theodore Dickman, members of Immaculate Heart of Mary Parish in Indianapolis; and Richard Pfleger, a member of St. Simon the Apostle Parish in Indianapolis.

In his remarks at the meeting, CCF president Robert Brody noted that, despite the current economic challenges, the number of endowments continue to increase.

“That’s a good sign because even though the financial markets haven’t been cooperating, people throughout central and southern Indiana continue to be very willing to share what God has given them,” Brody said. “That shows that people have faith in the leadership of the archbishop and this board. People will continue to give if they believe their money is being well spent.”

He also noted that, while CCF-managed endowments lost value over the past year, it could have been much worse.

“Our relatively traditional asset allocation strategy was somewhat helpful during this turbulent market period,” Brody said. “By comparison, many prestigious college and university endowments, which were heavily invested in hedge funds and other alternative investments, suffered losses of 30 percent or more.”

Brody said that $6.5 million was distributed from the endowments over the past year to various parishes, schools and agencies, a drop of $500,000 from the previous year.

He noted, however, that more than $50 million has been distributed to ministries across central and southern Indiana since the establishment of the CCF in 1987.

Archbishop Buechlein, at the close of his remarks, reminded all present that, despite the hard work they do to make CCF-managed endowments grow, prayer is still essential.

“We have many challenges ahead, but let’s never forget that everything we do must be rooted in and flow from prayer,” Archbishop Buechlein said. “And our prayer begins in thanksgiving. Let’s thank God for what has been accomplished as we also pray for our future needs.

“Unless the Lord builds the house, we labor in vain.”

(For more information about the Catholic Community Foundation, how to contribute to an endowment or create one, log on to www.archindy.org/ccf.) †