The new Catholic Foundation for Diocese of Salina, or CFDS, has launched! The mission of the foundation is to support all aspects of the Catholic faith in the Diocese of Salina by developing, managing, growing and granting funds using Catholic values and honoring the donor’s intent. Foundation CEO Katie Platten says, “Simply put, we hope to create a circle of support with our donors to ensure that our parishes, schools and ministries are able to continue God’s work here in our Salina Diocese.”
The new Catholic Foundation is independent from the diocese, with Bishop Vincke as a member of the board, allowing for the oversight required by the Code of Canon Law. The remaining board members are primarily laypeople from across the diocese with a wide variety of experience in matters of finance, investments and development.
Current endowment funds held by the diocese and the Catholic Community Foundation, an affiliate of the Greater Salina Community Foundation, have moved to CFDS. The new foundation has begun with approximately $23 million in assets under management.
The foundation offers both endowment and expendable funds for religious organizations and private individuals who wish to start their own funds to support their favorite Catholic ministries.
Endowment funds are funds in which the principal is perpetually protected while the earnings are used to support today’s needs. The spending policy is designed so that the fund’s spending power will grow with inflation. Expendable funds can be either short-term savings for a particular project or long-term savings for Catholic institutions and ministries. Funds will be invested in the market to deliver competitive returns, while ensuring that they are invested in alignment with our Catholic values.
To encourage all diocesan institutions to have a fund at the CFDS, any parish, Catholic school or other Catholic ministry or organization can open an expendable fund right now with no minimum balance. In time, donors will be able to contribute to these funds online or by more traditional means.
“We are excited about the opportunity that the foundation will bring to our Catholic community in the Salina Diocese. Our hope is that one day, every organization within the diocese will have an account at the Catholic Foundation.” Platten says, “Our goal is to serve our Catholic donors as we seek to provide for future generations of Catholics.”