Because strong, sustainable education programs in schools and parishes are vital for the future of the Catholic Church, 50% of the proceeds (or $65 million) of the One Faith, One Hope, One Love (1faith1hope1love.org) campaign will be used for Catholic education in our archdiocese. This will provide an in-depth look at how and where funds will be spent.
A separate 501©(3) organization named Catholic Community Foundation (CCF) for the Archdiocese of Cincinnati, Inc. (CCF) has been incorporated to manage all of the funds raised by One Faith, One Hope, One Love campaign. The purpose of the CCF for the campaign is to ensure donations are accounted for, responsibly invested, and properly distributed to the ministries, as promised to the donors. This includes, of course, the funds for Catholic Education. Money designated for educational purposes will then be transferred on to a second, new organization, the Catholic Education Foundation for the Archdiocese of Cincinnati (CEF).
This second new foundation (CEF) is led by Archbishop Dennis Schnurr and Bishop Joe Binzer. A Board has been established with nine additional Board members to assist in the disbursement and use of funds earmarked for education. In addition to the Archbishop and Bishop, other current board members include Mr. Anthony M. Ciani, Mr. John M. Garmhausen, Ms. Susie Gibbons (Interim Superintendent of Schools), Mr. Richard Kelly (Archdiocesan Chief Financial Officer, Ms. Mary Lynn Naughton, Mr. Joseph A. Pichler and Mrs. Susan Pichler, and Mr. Dick Russell and Mrs. Maureen Russell. The role of this Board is to implement and oversee the tuition assistance program and approve other funds designated for educational initiatives.
In 2012 the result of an extensive two-year study was released in a report called Lighting the Way: A Vision for Catholic Schools in the Archdiocese of Cincinnati. This report outlined clear steps that needed to be taken to ensure continued quality education in our schools.
Some of the education initiatives recommended in the Lighting the Way report are already funded and underway in Catholic schools and parishes in the archdiocese. For complete information about Lighting the Way, including the Executive Summary, go to http://www.catholiccincinnati.org/education/lighting_the_way/
Funds from One Faith, One Hope, One Love will be used to serve initiatives that need financial support. These include initiatives to strengthen parish religious education programs.
$50 million will be allocated to begin a needs-based tuition assistance source for Catholic School families, to encourage high quality Catholic schools that are accessible, available, and affordable.
$15 million will be allotted for programs and personnel that foster educational quality in Catholic schools and parishes.
The amount of $50 million from the capital campaign will be designated to seed a needs-based tuition assistance fund for Catholic School families, distributed through the CCF.
Tuition assistance will be given in these stages:
$40 million will be endowed, and the earnings that result will provide perpetual tuition assistance. This helps to ensure a solid future for Catholic schools by becoming a source for families who need tuition assistance.
$10 million will be expendable tuition assistance beginning as soon as possible. This first portion will bridge the timeframe between the conclusion of the campaign and when investment returns from the endowment are available; it is currently planned that $2 million a year for five years will be released. This will help to alleviate immediate financial pressures upon our school families and build momentum for continued fundraising. This early stage of tuition assistance can be particularly relevant for parishes with schools in financially struggling areas and are currently experiencing low enrollment.
The $50 million in tuition assistance ($40 million endowment + $10 million expendable) will not satisfy all tuition assistance needs of the people of the Archdiocese over the long term. The need is far greater than what $50 million can satisfy. However, this funding will help alleviate immediate pressures and help define future efforts to raise additional funds, and it is a great beginning.
It is assumed that the CEF will continue to raise money, although it will be some time before we see a campaign of this magnitude again. Aside from gifts from individual parishioners, there are corporations, foundations, and generous individual donors who understand the importance of Catholic Schools in our diocese. Thus the $40 million endowment will continually grow, even as we routinely pay out all the earnings in the form of assistance