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Catholic Schools Foundation Board of Trustees
Meeting October 27, 2016
3:00 to 5:00 PM
Wilmer Hale
60 State Street Boston, MA
Agenda
I. Welcome Bill Mosakowski
II. Opening Prayer Fr. Marc Bishop
III. Approval of Minutes from June 16, 2016 (Tab 1) Mike Rogers
IV. Committee on Trustees (Tab2) Jack Regan
V. FY17 Management Goals and Staffing Mike Reardon
VI. FY17 Board Goals (Tab 3) Bill Mosakowski
VII. Committee Goals and Reports Committee Chairs
a. Allocations (Tab 4)
b. Advancement (Tab 5)
c. Finance, Investments and Audit – (Tab 6) MOTION
VIII. 3-5 Year Priorities Mike Reardon
IX. Executive Session Trustees
Next Scheduled Meeting
March 23, 2017
St. Julia Parish Hall
Weston, MA
2PM – 4PM
Pastor Principal Reception 4PM-6PM
Tab 1
Catholic Schools Foundation, Inc.
Minutes of the Board of Trustees Meeting
June 15, 2016
MINUTES
Members of the Board of Trustees in Attendance: Miceal Chamberlain, Rob Cunjak, R.J. Dourney,
Kathryn Everett, Brian Gallagher, Richard Henken, Christine Komola, Peter Lynch, William Mosakowski,
Rev. Paul O’Brien, Jack O’Connor (phone), Steve Principe, Jack Regan, John Remondi, Natalie Sanders
(phone), Eileen Shapiro, Craig Tateronis and Tim Tully.
Others Attending: Megan Adzima, Noel Dixon, David Foley, Susan Gartside, Amy Iseppi, Hillary Laggis,
Kathleen Mears, Rob Morrissey, Michael Reardon, Gina Rindfleisch.
I. Welcome
Bill Mosakowski thanked everyone for attending the meeting and thanked Jack Regan for hosting at Wilmer
Hale.
II. Opening Prayer
Mr. Mosakowski introduced Fr. O’Brien to open the meeting with a prayer.
III. Nominating Report
The agenda was amended to begin with the Nominating Committee as three of the five candidates for election
were present for the meeting.
Mr. Mosakowski thanked Jack Regan for his leadership of the Nominating Committee and the members of
the committee for an excellent process. He went on to recognize the retiring trustees, Katie Everett,
Monsignor Kelley and John Erikson for their service, dedication and commitment to the students and to the
CSF Board. He also thanked Brian Gallagher and Rick Henken for their many years of service as the officers.
Christine Komola is being nominated to be Treasurer and Mike Rogers nominated to be Clerk.
Katie Everett told the Trustees it has been a wonderful opportunity for her to serve as a Trustee of CSF. She
said CSF is well positioned to help more students. Ms. Everett indicated she would continue to support the
work of CSF and be a resource.
Mr. Regan outlined the Nominating Committee process and commented on the quality of the approach taken.
He then summarized the five nominees; full bios were also included in the materials.
Mr. Regan motioned to elect the following candidates to the Board of Trustees for a term of 3 years:
Mrs. Tchintcia Barros
Rev. Marc Bishop
Mr. Noel Dixon
Mr. David Foley
Mr. Rob Morrissey
There was a second to the motion and all were in favor of approving all five nominees as Trustees for a three-
year term. The Trustees-elect present were invited to join the rest of the meeting and asked to say a few
words about their background and the reason they want to be involved with the Catholic Schools Foundation.
Mr. Regan also moved that the following Trustees be elected as officers of the Catholic Schools Foundation:
William Mosakowski, President
James Mooney, III, Vice President
Christine Komola, Treasurer
Mike Rogers, Clerk
There was a second to the motion and all were in favor of approving the slate of officers presented above for
terms of one-year.
IV. Approval of Minutes from March 31, 2016
Mr. Henken asked for any comments or questions relative to the minutes from the March 31, 2016 Board
meeting. With no comments, those minutes were unanimously approved.
Mr. Henken noted that he will be stepping down as the Clerk and expressed his gratitude for the opportunity
to serve and affirmed his continued passion for this work.
V. Executive Director’s Report
Before proceeding with his report, Mr. Reardon invited Hillary Laggis to review the Trustee Portal features
on the website. Trustees were encouraged to make use of this portal to access meeting and other Board
materials. A brief video with highlights from the year followed.
The complete report contained in the materials was referenced. Mr. Reardon noted that a lot had been
accomplished in the past year but there is still a lot more to do. The significant shift in the Elementary
Scholarship Allocations process was the biggest change during the past year and the new process continues to
help ensure good planning. He thanked the Board for their support of this one to one scholarship plan and
indicated that one year later a lot has been learned and will be learned to help inform best practices.
The FY17 draft goals were reviewed. It was noted that these goals were drawn from the mission statement
and operating principles and informed by the visioning meetings held with each trustee. Mr. Reardon said
that FY17 draft goals have more emphasis on fundraising and long term financial planning and the ability to
protect current grants while looking for opportunities to make measurable impacts. The Committee and
Board goals are aligned and create a strong and cohesive base from which to build.
Mr. Mosakowski expressed his appreciation for the efforts of the committees and their alignment towards the
organizational goals. A more focused review of progress against goals will be undertaken during the Board
meetings in FY17 to demonstrate progress or challenges during the year.
The report concluded with a short video created by Hill Holiday with outtakes from the Dinner video.
VI. Other Committee Reports Committee Chairs
Board Officers
Mr. Mosakowski motioned to affirm the mission statement and operating principles as presented with no
recommended changes. The motion was seconded and unanimously approved.
Allocations Committee
Mike Rogers the Allocations Committee chair was unable to attend and Megan Adzima was asked to give the
Allocations report.
Ms. Adzima began her report by thanking the Allocations Committee and said the Committee had two great
successes:
A more defined grant review process which was very beneficial to the schools
A strong set of data to with which to work
She referred to the FY16 detailed summary of the elementary and high school scholarship grants and non-
scholarship support presented in the Board materials. The Allocations committee had a successful year with
the new grant evaluation process and review of consistent demographic data, which will provide a base to
measure growth and change moving forward.
The first full year of one to one scholarship programs at the elementary school level, was completed and
received positive feedback from schools because better stability and planning for the schools. Clearly defined
processes and communications have led to a solid, stable, and clearly defined scholarship program.
Data on the 8th grade graduates and the graduating seniors is included in the materials. Stronger student
tracking and data will allow for a better understanding of the K-12 continuum. The plan is to engage and
track high school graduates through email and social media and coordinate with the Catholic Schools Office
as they are work with the National Clearinghouse for student data and the implementation of their student
information system.
The priority for the committee next year will focus on building a K-12 continuum and the Foundation’s
funding guidelines and priorities. The Allocations Committee is requesting that the Board vote on the
funding guidelines as presented with no changes at this time. Mr. Mosakowski motioned for the approval of
the current funding guidelines as presented. The motion was seconded and with no objections raised the
motion was approved.
Finance Committee
Christine Komola gave the report from the Finance Committee. The operating budget through April 30, 2016
was presented, it was reported that the May numbers were not completed in time for the meeting. It was
reported that things are in line and there are no concerns.
A new operating performance measure was presented. This document will become the base for long range-
planning and provides a better look at performance relative to intent. This new performance measure will
replace the current financial presentation in use at Board meetings. This new report does not replace the
GAAP reporting that the Finance Committee reviews, but intends to better match intent with outcome on a
fiscal year basis while creating a baseline for modeling.
The Investment report through of May 31st was also reviewed. CSF investment pool is ahead of the S&P 500
by 10 basis points. The Investment Committee is working to restructure its reporting and meetings to better
focus on questions of asset allocation and performance. The draft goals for the Investment Committee were
included in the back of the packet.
The proposed FY 17 budget which was included in the material was presented. It was noted that the
scholarship budget was approved in the fall and the operating budget process begun in December. The budget
is project based and the Finance Committee is kept informed as the process moves along.
Ms Komola moved that the FY17 budget be accepted as presented. This motion was seconded and
unanimously approved.
Before moving to authorize the use of any calculated surplus, Ms. Komola indicated that this exercise should
be undertaken, but it should be done in the context of the long range financial planning exercise and a larger
conversation at the October Board meeting
Ms. Komola moved to authorize the Finance Committee to reserve any portion of the operating surplus in
excess of $100K for use in FY17 provided the following financial metrics are reviewed and an update will be
provided at the October Board meeting.
Current year performance against budget (operating surplus/deficit)
Current year GAAP performance (to avoid spending reserve funds which would
increase expenses during an economic downturn)
The motion was seconded and unanimously approved.
Advancement Committee
Mr. Craig Tateronis, the chair of the Advancement committee asked Gina Rindfleisch to give the current
Advancement update.
Fundraising
Mrs. Rindfleisch told the members that the Development Staff is working diligently to collect outstanding
pledges and renewed gifts from individuals before the close of the fiscal year. She said on a cash basis, total
income is up 6% year over year. On a commitment value, total income is up 2% and 3% in the ICSF. The
ICSF is at 111% of budget.
A decision was made not to hold the Back to School Cup Golf Tournament this year. Instead, the focus will
be heavily on building relationships and bringing in key new donors. She noted Board support is necessary for
this to be successful.
CSF is looking at the staffing needs and assessing the value of hiring a new development person in order to
mitigate the risks identified at the last Board of Trustees meeting and in determining how CSF can increase
growth in the future.
The Advancement Committee is looking to grow and there are several candidates we hope will join the
Committee for FY17. Mrs. Rindfleisch said to please let her know if you know of anyone who would be
interested in joining this important committee and who would be a good fit for the Foundation.
Events
The School’s Out Summer Celebration was held on Thursday, June 9th at the John Hancock building. It was
attended by ~115 young professionals. The event raised $20,000 and recruited an additional 8 individuals for
monthly giving that night. There are currently is 31 Scholarship Angels with a yearly impact of $20,804.
The Annual ICSF dinner with ~1,000 guests, was held on April 14th, and raised a record-breaking $3.2M.
Marketing
A print newsletter was mailed out on June 6, 2016 to all donors. The new website has been a success and the
phone volume has significantly decreased due to improved resources on the website. The website has helped
to streamline processes and website traffic has more than tripled since the launch of the website in February,
to more than 2,000 visits per month.
Volunteer Engagement
The Young Leaders Council is focusing on growing corporate partnerships. Each member has agreed to help
set up meetings with people they know at corporations with whom CSF would like to form new or stronger
partnerships. The council is sponsoring one high school student this year, and for the next 3 years, to attend
Cathedral High School. Some of recent volunteer fundraising events included:
Staples young professionals hosted a 5K race and a silent auction that collectively raised more than
$15K and qualified for our matching grant, for a total of $30K
In partnership with Cradles to Crayons, Staples stuffed and donated 200 backpacks for our scholars at
St. Pius V School and Sacred Heart School in Lynn
Staples donated all printing materials for the ICSF Dinner, amounting to $15K in savings.
Young professionals at Staples nominated CSF for a grant through the 2 Million & Change program.
Mike Swanson of Staples received the Volunteer of the Year Award at the School’s Out Summer
Celebration for his role in growing the partnership.
Mr. Tateronis said it would be a great move to add to the development staff. This additional resource will be
extremely valuable in the year of Development for FY17 and beyond. He said the Advancement Committee
needs help and to please forward any candidate names along to him or Gina Rindfleisch.
VII. CSO and CSF Alignment Presentation
Before introducing Kathy Mears and Mr. Reardon for an update, Mr. Mosakowski reminded the Board of the
CSF operating principles declaration of a desire for a strong central schools office and supporting access to
high quality catholic schools for low-income students. To make this happen the relationship with the schools
office is critical. Last year at this time, CSF made some significant investments to show support for the CSO
and help drive some strategic change as well made some operational changes to help support a central vision
for Catholic education.
Mr. Reardon began by thanking the Board for their support and sharing that the relationship with the CSO and
Supt. Kathy Mears is strong and communication quite good. This has been critically important during the
significant shifts during the year with the elementary scholarship process. It was also reported that the
Museum of Science (MOS) partnership has been handed over to the CSO for management and due to their
expertise the program has expanded, is scalable and has become a model for the MOS. A similar hand-off is
in process for the admissions collaborative (CSAC) and Hispanic recruitment (NRI/NIS) efforts and a similar
outcome is anticipated.
Mr. Reardon also shared how good communication with the CSO has generated better data for both
organizations and this trend should continue. He also noted that by working with the CSO during the
allocation process, CSF can act as a change agent and gave the examples of St. Jude, St. Patrick and East
Boston Central. All three schools are now engaged with the CSO in addressing sustainability issues as a result
of collaboration with the CSO during the allocations process. The need for CSF to continue to shift from
operator to collaborator is critical and will require the shift with CSAC, HRI and City Connects.
The effort to support the CSO was tangible last year with CSF distributing ~$800,000 to the CSO for
programmatic and operational investments indicated as priorities by the Supt. Kathy Mears. Mrs. Mears was
introduced to offer an update on the alignment from the CSO perspective and to provide an update on the use
of the resources granted last year.
Mrs. Mears began by thanking CSF for their financial support and shared planning. She indicated that CSF,
CSO and the Lynch Foundation have been working well together to plan. She went on to update everyone on
the work being done by her and her staff at the CSO.
She indicated that the Student Information System was the largest frustration of the year and just did not meet
the needs of the CSO. Legal action is underway to void the contract. In addition the student communication
system implementation was delayed but will be ready to go for fall 2016.
Mrs. Mears indicated that the educational assessment tool that was implemented has been extremely
successful and informative and will help guide future investments in professional development. It will also
provide significantly better benchmarking data.
Leadership development and the ability to attract and retained differentiated learners is priority moving
forward and the investment last year has helped create a mentoring program and to pilot some special
education programs.
VIII. Executive Session All
With no further business Mr. Mosakowski motioned to have all Trustees present to go to Executive Session
for the purpose of discussing the performance of the Executive Director. The motion passed unanimously and
all non-Trustees exited.
Respectfully submitted,
Michael Rogers
Clerk
Tab 2
ActiveUS 158585987v.3
Committee on Trustees FY 17
Charge
The Committee on Trustees shall ensure that the CSF Board of Trustees has the necessary membership to
carry out its mission and achieve its goals. The Committee shall recommend new trustees and officers for
the Board and ensure that all trustees act in accordance with CSF’s charter and by-laws. The Committee
shall also act to address any issues of trustee performance, conflicts-of-interest or other Board governance
matters, and make recommendations on such matters to the Board and its officers.
Goals
Define and carry out a comprehensive nominating process.
Nominate trustee candidates who fit agreed upon trustee profiles, with an emphasis on increasing gender,
racial and industry diversity and on succession planning.
Create and implement a trustee self-evaluation to assess trustee perspectives and surface opportunities for
deeper Board engagement.
Actions
Annually present to the Board on the current trustee profiles, terms, and obligations, and the
conflict of interest policy
Review the target membership of 24 trustees to determine if that number is appropriate relative to
current needs of the Board
Identify areas of deficiency in representation, including such factors as industries, expertise, and
demographics
Recommend trustees for appointment or renewal by the June Board meeting
Determine a succession plan for officers and trustees with future expiring terms
Nominating Committee Meeting Dates and Topics
November/December February
Review Committee’s goals Finalize target profile for trustees
Review trustee profiles and retiring members Review initial candidates for trustees
Decision about adding new trustees and target profiles Review retiring trustees
Trustee invitation process Candidate review and prioritization
Initial discussion about officers for FY 17 Board self-evaluation follow-up
Follow up on conflict of interest compliance
Board self-evaluation discussion
May
Update on retiring trustees
Discuss FY18 goals and process for Committee
Vote on officers and new and renewing trustees
Board self-evaluation follow-up
Terms and Areas of Expertise of Elected Board Members
Trustee Expertise
Initial
Appoint Expires
Years as
Officer
Year Rolled
Off
Mr. Miceal Chamberlain Finance 2014 2017 0
Mr. Brendan McCarthy Investments 2014 2017 0
Mrs. Natalie Sanders+ Private Investor 2014 2017 0
Mr. James F. Mooney, III* Investments 2009 2017 6
Mr. John J. Remondi* Finance 1992 2017 7
Ms. Christine T. Komola Business 2011 2017 0
Mr. Craig M. Tateronis Law 2011 2017 0
Ms. Eileen C. Shapiro Business 2011 2017 0
Trustee Expertise
Initial
Appoint Expires
Years as
Officer
Mr. John J. Regan* Law 1994 2018 12
Mr. Richard J. Henken* Real Estate 2006 2018 7
Mr. Mike Rogers Finance 2012 2015 0
Mr. R.J. Dourney Business 2012 2018 0
Mr. William Mosakowski* Consulting 2012 2018 3
Trustee Expertise
Initial
Appoint Expires
Years as
Officer
Mr. Brian J. Gallagher* Accounting 2004 2019 9
Mr. Jack D. O'Connor Business 2004 2019 0
Mr. Rob Cunjak Finance 2013 2016 0
Fr. Paul O'Brien Pastor 2013 2019 0
Mr. Steven Principe Finance 2013 2019 0
Tchintcia Barros Investments 2016 2019 0
Fr. Marc Bishop Clergy 2016 2019 0
Noel Dixon Investments 2016 2019 0
David Foley Investments 2016 2019 0
Rob Morrissey Law 2016 2019 0
Tim Tully Finance 2016 2019 0
Trustee Expertise
Initial
Appoint Expires
Years as
Officer
*Serve or served as officers.
Time as officer does not count towards 9 years of continous service
+ resigned effective 11.1.16
Service time of
Officer and any
Trustees who
completed 9 years of
service and rolled off
the Board need to be
reviewed and the
chart updated.
CSF Committee Assignments
2016/2017
Allocations Audit Advancement Board Officers Finance Investment On TrusteesMike Rogers Dick Dubois + Craig Tateronis William Mosakowski Christine Komola Fergus Shiel + Mr. Jack Regan
Msgr. Francis H. Kelley + Brian J. Gallagher Mr. Jack D. O'Connor Mike Rogers Mr. Brian J. Gallagher Gerry Curtis + Rob Cunjak
Paul Birmingham Christine Komola Eileen Shapiro Jim Mooney III Todd Cozzens + John Fantozzi + Rick Henken
Rob Cunjak Bill Mosakowski Tim McBride + Christine Komola RJ Dourney Greg Fraser + Craig Tateronis
Fr. Paul O'Brien Peter Pound + Dick Dubois + Ms. Linda H. Lynch+ Eileen Shapiro
William Mosakowski Not yet final Ryan Connolly + John Mahoney + Peter Lynch Miceal Chamberlain
Tim Tully Dan DiBartolomeo + Steve Principe Brendan McCarthy
Liz Fennell + Bob Reynolds + Chris McConnell+
Kevin O'Leary + Paul Sullivan + Meg Reynolds+ Not yet Final
Noel Dixon Tim Tully Jack Sommers+
Fr. Marc Bishop Dave Foley
Tchintcia Barros
Rob Morrissey
Bold = Chairs
+ Non- Trustees
& Appointed by Cardinal
Bold = Chairs ^ Pending confirmation
May be joining committee
+ Non- Trustees
& Appointed by Cardinal
Sub committees:
Not Assigned
Revised Criteria (October 24, 2016)
Criteria for Membership as a Trustee of the Catholic Schools Foundation
In order to exercise their fiduciary responsibilities and to oversee the performance of the
Corporation in conformity with its Article of Organization and By-Laws, Trustees will be
expected to do the following:
1. Attend Meetings
Regular attendance at Board and Committee meeting is expected of CSF Board members.
Through regular attendance, Board members will be able to provide the continuity
essential for orderly deliberations and systematic formulation of policy. If members miss
two or more consecutive meetings without good reason, they may be retired from the
Board.
2. Committee Involvement and Willingness to Accept Assignments
Board members with specific talents or expertise may be called upon to assist in
particular tasks or projects promoting CSF’s mission. The majority of the work of the
CSF Board takes place in the Standing and Ad Hoc Committees. Active involvement by
each Board member in one or two committees expedites the work of the Board. A Board
member’s willingness to assume these responsibilities is highly valued. Members must
become active in a committee within twelve months.
3. Donations/Fundraising for CSF
CSF Trustees may choose to fulfill this responsibility to increase the organization’s
financial resources in three ways: a) make direct contributions themselves; b) attract
other donors and donations; and c) provide or solicit in-kind services. Members are
expected to attend the Inner-City Scholarship Fund dinner.
4. New Members
Once a prospective Board member has been indentified, a trustee or someone close to the
prospect must review the criteria with him/her to qualify their interest.
5. All members must annually submit a conflict of interest disclosure.
CSF Board of Trustees Current Profile Fiscal Year End 2016
Number of Trustees
Giving Level
4 $100K+
3 $50,000 - $99,000
1 $25,000 - $49,999
7 $10,000 - $24,999
3 $5,000 - $9,999
6 $500 - $4,999
Fundraising and Public Relations Expectations Include:
• Provide annual financial contribution to the Catholic Schools Foundation according to Trustee’s means. • Join in supporting the Catholic Schools Foundation by participating in events when possible, including the Annual Dinner Celebration, Annual Bus Tour, and other events throughout the year. • Periodically review the staff’s list of prospects to assist in offering contacts and /or make introductions. • Enhance public image of the Catholic Schools Foundation when opportunities arise. • Make an effort to promote the work of the Catholic Schools Foundation among friends, family, and colleagues. Consider hosting an event at home or another venue.
Catholic Schools Foundation, Inc.
Disclosure of Substantial Interests
Trustee Name: ____________________________ Date: ____________
Do you, directly or indirectly, have a Substantial Interest in a business entity that in the prior fiscal year (July 1–
June 30) had, or now has or seeks in the coming fiscal year to have, a financial or other business relationship
with Catholic Schools Foundation? NO [_] YES [_]
If yes, please provide the information below:
Nature of
Name & Name of Nature of Financial
Identity of Owner Business Entity Ownership Interest Relationship
Substantial Interest means (i) ownership by you of an interest of 5% or more in a business entity; (ii)
annual income or payment, or expected annual income or payment, by you of more than $10,000 from a
business entity; or (iii) service by you as an officer, manager, trustee, director, agent or employee of a business
entity (except that uncompensated service as a director of a not-for-profit corporation is not a Substantial
Interest)
I have read, understand and agree to the Foundation’s Corporate By-Law on Conflict of Interest.
Signature:
2
ARTICLE XXXX CONFLICT OF INTEREST
A trustee shall be considered to have a conflict of interest if he or she (1) has existing or
potential financial or other interests that impair or appear to impair his or her
independent, unbiased judgment in the discharge of his or her responsibilities to the
foundation; or (2) is aware that a member of his or her family has financial or other
interest that would impair or appear to impair the trustee’s independent judgment in the
discharge of his or her responsibilities to the Foundation. For the purposes of this
provision, a family member is defined as a spouse, parent, sibling, child, or any other
relative residing in the same household as the trustee.
All trustees shall disclose to the board any possible conflict of interest at the earliest
practical time. Further, the trustee shall absent him or herself from discussions of, and
abstain from voting on, such matters under consideration by the board of trustees or its
committees. The minutes of such meeting shall reflect that a disclosure was made and
that the trustee with a conflict or possible conflict abstained from voting. Any trustee who
is uncertain as to whether a conflict of interest may exist in any matter may request that
the board or committee resolve the question in his or her absence by majority vote. Each
trustee shall complete and sign a disclosure form provided annually by the clerk of the
board of trustees.
Tab 3
BOARD OF TRUSTEES FY 17
Charge
The Board of Trustees is elected by the members of the corporation to oversee the operations of the Catholic Schools
Foundation. In doing so, the Board maintains a fiduciary obligation to ensure effective management of the organization
and its assets at the service of the mission.
Goals
Oversee work of Board Committees with regular and consistent reporting against goals to ensure
operational effectiveness.
Realign staffing to ensure focused growth in fundraising and corporate relations in support of
clearly defined objectives while ensuring that the allocations and student tracking are sustainable.
Implement the long range financial planning tool that unifies vision for the future with clarity
around reserve requirements and providing a simple management report to more accurately report
on performance against clearly defined goals.
Pilot a K-12 scholarship continuum while establishing strategic non-scholarship investment
priorities and moving away from operational responsibility for non-scholarship programs.
Actions Regular review on progress of stated goals of the Board Committees to ensure effective operational oversight.
Define and agree upon scholarship and non-scholarship priorities for the next 3-5 years
Review of fundraising data and goals necessary to fulfill mission
More actively engage alumni in fundraising, prospect identification and cultivation
Move to new financial management reporting and projection document
Review scholarship and school data in context of CSO vision
Meeting Dates and Topics
October 27, 2016
Review of Board Goals and Meeting Topics
Conflict of Interest, term review and giving expectations
Staffing review and FY17 Goals
Preliminary Scholarship Budget
New financial report and model review
3-5 Year priority presentation and current program investments
Executive Session – Finalize FY16 ED review
March 23, 2017
Update Committee progress against goals
Update on strategic priorities and cost
Annual Report from the Investment Committee
FY18 Budget and distribution discussion
Executive Session – FY17 ED review process
June 15, 2017
Election of Trustees and Officers
Catholic Schools Council presentation
Committee progress against goals
Elementary process, evaluation, budget
recommendation
Program budget recommendation
Executive Session – Finalize FY17 ED review
Tab 4
Allocations Committee FY 17
Charge The Allocations Committee of the Catholic Schools Foundation (CSF) shall monitor the distribution of all funds granted by
CSF. They shall work with CSF staff to set and review policies and practices governing the distribution of all grants and
recommend funding guidelines. They shall also assist with the grant review process and site visits as appropriate.
Goals
Monitor a comprehensive allocation process to ensure compliance with CSF funding guidelines and operating principles.
Review and, if appropriate, recommend changes to high school and elementary school scholarship processes to better align with operating principles and student and school need, considering all financial impacts on schools including fundraising and real estate.
Suggest and review strategies to strengthen a continuum of pre-k to 12 Catholic school education.
Review purpose and processes for non-scholarship funding to better align with operating principles and student and school need.
Review and recommend funding guidelines to the Board of Trustees.
Provide feedback on the development of strategies to increase engagement of scholarship recipients and alumni.
Actions: Review and discuss
Grant timelines, applications and school evaluation materials
School audit materials and results
Scholarship recipient data, including retention rate and demographic information
Re-allocation process and data
Benchmarks to measure future growth of scholarship and non-scholarship programs
Strategies and practices to strengthen elementary and high school partnerships
Recommendations on high school and elementary school scholarship processes and budgets
Processes for student tracking at CSF and after graduation
Meeting Dates and Topics
September 23, 2016 Update on re-allocation process Review Allocations timeline, Grant applications, rubrics Review School audit Review Scholarship data FY18 Budget recommendation Review of non-scholarship funding December 2, 2016 High school scholarship grant recommendations Elementary process, evaluation, budget recommendation Program budget recommendation
February 3, 2017 Elementary scholarship grant recommendations Program grant recommendations High school process and evaluation May 5, 2017 FY17 Allocation summary FY18 Final budget recommendation Review funding guidelines Allocations Benchmarks Graduate and alumni data and engagement
Allocations FY17 Scholarship Overview
Elementary School Guaranteed Scholarship Program The first full year of CSF’s one-to-one scholarship program was the 2015-2016 school year. The program guarantees that
elementary school students receiving aid in the previous school year will continue to receive the same amount of aid
until they graduate from their elementary school provided they remained enrolled in their schools and continue to
demonstrate financial need every year through FACTS Grant & Aid.
If a student withdraws from his or her school or does not re-enroll at the school, those scholarship funds are not
available to the student or the school. These funds are returned to the CSF scholarship pool.
A new additional aid application process to re-allocate funds from withdrawn students and students not receiving
awards in FY17 was implemented in August, 2016.
All elementary schools in the Archdiocese of Boston were invited to apply for additional aid
Schools with total CSF scholarship grants equaling less than $65,000 were eligible to apply for aid for individual
newly enrolled students with no limit to the number of applications.
Schools with total CSF scholarship grants equaling greater than $65,000 were invited to apply for block grants
with all aid to be assigned to newly enrolled student by September 30, 2016.
Outcomes and Successes:
Schools report increased early and on-time registration of returning students
More accurate reporting on withdrawn students
Streamlined and clearer verification process for schools
Students not receiving an award from the previous year decreased by 5%;
Families not applying for their guaranteed scholarship award decreased by 5%;
$546,400 was granted for additional aid to 27 elementary schools through the re-allocations process
o $116,400 was granted for 73 students to 15 schools for individual applications.
o $430,000 was granted to 12 schools for the block grant application.
Next Steps:
The Allocations Committee will discuss the opportunities to leverage approximately $400,000 or 5% of the
scholarship budget that is available in unassigned scholarships since the August 9th re-allocation process due to
withdrawn students or students not assigned awards.
Analyze schools’ applying on behalf of individual families as part of a large scholarship process review.
K-12 Continuum Scholarships and High School Process In FY16 CSF and the Allocations Committee reviewed its processes in the context of strengthening a K-12 Catholic school
continuum in the Archdiocese of Boston. Through the high school advisory committee and conversations with key school
partners, CSF has prioritized understanding high schools’ scholarships and financial aid programs, their relationships and
collaborations with Catholic grade schools, and different communities’ needs and demographics.
Based on feedback and its current practices, CSF proposes the following actions to help strengthen its high school
scholarship programs. These actions and their impact need to be evaluated regularly in the context of all of CSF’s
scholarship programs.
School Feedback Proposed Action Timeline Rationale
1. Schools need more flexibility to meet the needs of their families.
Provide a range of CSF Scholars to be named with the new grant notifications (i.e. $20,000 for 3-5 scholars)
September 2016 CSF Scholar budget approved by the Allocations Committee December 2016 CSF Scholar Class of 2021 notifications May 2017 Review new CSF Scholars’ demographics and award amounts
Schools will have flexibility and fewer restrictions to build their scholarship programs and meet the needs of families with varying financial needs. Additionally, schools with larger tuitions will not necessarily receive larger grants (historically CSF Scholars grants were 33% tuition x number of students).
2. Catholic elementary school and Catholic high schools feel a disconnect and a lack of opportunity regarding admissions.
Provide five Continuum scholarships for 7
th grade
students currently enrolled in a Catholic grade school with demonstrated financial need ($5,000 or full tuition if less than $5,000). Scholarships are guaranteed for 7
th-8
th
grade at the elementary school. Scholarships transfer to the students’ Catholic high school of choice.
September 2016 Continuum Scholarships presented in the FY18 high school budget May 2017 Application process for current 6
th
graders 2017-2018 7
th Grade students receive
continuum scholarship
Recognizing the impact of grade 7-12 Catholic high schools on all schools’ admissions and enrollment, this scholarship program allows grade schools to retain students in the 7
th and 8
th grade, provides more
high school options for students, encourages partnerships between elementary schools and high schools, and allows CSF to explore the impact of portable scholarships.
Outcomes and Successes:
Responsive to schools’ needs while balancing current processes, funding priorities, and the greater Catholic
school landscape in the Archdiocese of Boston
Positively received from high school and elementary school advisory committees
Pragmatically promotes of a K-12 Catholic school continuum
Empowers schools to meet the needs of their families
Encourages communication and collaboration among schools, school leaders, students, and families.
Next Steps:
CSF Scholar grants will provide a range of scholars instead of an appointed number in grant notifications
Implementation of a Continuum Scholarship Program in spring 2017
Addition of a portable scholarship for 7th grade students for the FY18 high school budget
Careful evaluation and adjustment of practices in order to best serve all constituents
Leveraged Scholarship Funding at Priority Schools To ensure the most students possible have access to high quality Catholic schools, CSF, along with the Catholic Schools
Office, began collaboration with three elementary schools with bright futures that face significant challenges around
leadership, governance, enrollment, and parent engagement in the fall of 2015.
These schools require transformative change. In addressing the challenges, the schools, CSF, and the CSO have
partnered to help secure Catholic education for three crucial: East Boston Central Catholic School, Saint Jude School,
Waltham, and Saint Patrick School, Roxbury.
Because CSF does not have personnel to adequately provide the necessary expertise and support for schools, the CSO
has taken a leadership role empowers the CSO and is in line with CSF’s missions to support a strong central Catholic
Schools Office. Additionally, requiring schools to collaborate with the CSO provides the additional resources school
leaders need to strengthen their schools and to be the excellent education institution that students deserve now and in
the future.
Through this program of leveraged scholarship funding, CSF:
Made FY17 scholarship funding contingent on collaboration with the CSO to make progress on focus areas
Met with school and parish leaders to discuss identified challenges and CSF’s goals and role
Received completed goals and strategies template by June, 2016
Direct schools to collaborate with the CSO
Drive accountability and leadership to the CSO
Serve as convener and facilitator as appropriate
Continue to monitor progress on goals and strategies
Outcomes and Successes:
Active collaboration with the Catholic Schools Office, which has empowered the CSO
Succession plan for leadership and clear vision for school moving forward
Additional support and action strengthens the schools in the long-term
Implementation of vice principals participating in the Lynch Leadership Academy
Hire of bilingual front-office administrator in East Boston
Next Steps:
Continue to foster collaboration and partnership with schools, the CSO, and CSF
Monitor progress on goals
Develop and strengthen a pipeline for Catholic school leadership
Identify future opportunities to partner with priority schools for focused change and long- term impact
Scholarship Type Level Grant Type
Additional Aid Awards Elementary School Bulk Grant and Individual Student Awards
CSF Scholars Awards High School Bulk Grant
Emergency Fund Both Individual Student Awards
HRI/NIS Awards Elementary School Bulk Grant
Retention and Recruitment Awards
Elementary School Bulk Grant
Scholarship Process Review Scholarships are the core of CSF’s funding. Following the implementation of the elementary school one-to-one
scholarship program and the alignment of its scholarship awards and processes, CSF will review the current process in
FY17 for adjustment in FY18. The review will take into consideration its current scholarship application processes.
CSF currently offers five grant application processes for new scholarships:
With the exception of the emergency fund and the new additional aid process, schools at the same level (elementary or
high school) complete the same application and participate in the same review process regardless of the schools’
student and community demographics and current CSF grant size.
The emergency fund and the new additional aid process (in part) review student applicants on a individual basis based
on information provided by the schools and the FACTS grant and aid application.
In addition to these application structures, the current scholarship process will also be reviewed considering:
Current funding guidelines
Size of CSF grant
Current number of students with CSF awards
Community demographics
Schools’ student population
Continuum and portable scholarships
Bulk grants and individual student awards
Outcomes and Successes:
Additional aid application demonstrated the value in reviewing requests for aid based on schools’ needs and
level of support
Changing demographics in communities will be considered and parameters for support will not be narrowly or
prohibitively defined
Thoughtful approach to serving both needy communities and needy students will be designed and a focus for
scholarship support will be determined
Next Steps:
Careful review of data from scholarship processes
Solicit input from advisory and board committees
Draft a methodical roll-out of any changes for schools for FY18 for review with Allocations Committee and BOT
Lessons Learned from Scholarship Program Deeper understanding of schools, school leaders, and their communities through scholarship funding
Continued recognition of each school’s uniqueness and diverse community
Value of serve both needy communities and needy families
Necessity of balancing change that is neither too local nor too global
Ability to use scholarship funding to enact change and promote goals
Importance of supporting current leaders during succession planning
Need for a pipeline for Catholic school leadership
Significance of school leadership to move schools forward
10/24/2016
1
Preliminary FY17 Allocations
Student and School Data
October 27, 2016
• FY16 Elementary School Scholarship Recipients with No Award FY17
– 647 Students or 23% of Eligible Students
• Reasons for No Award FY17
– Not Approved (2%)
– Did Not Qualify (15%)
– Did Not Apply (22%)
– Not Enrolled (61%)
FY16 Scholarship Recipients with No Award FY17
10/24/2016
2
• Budgeted Scholarship Awards
– $7,732,384
• Assigned Scholarship Awards
– $7,342,719
• Difference
– 5%
*Does not include Emergency Fund or Lynn Collaborative
Budgeted Scholarship Awards vs. Assigned Scholarship Awards
School Data FY17
• 86 Schools
– 29 High Schools
– 57 Elementary Schools
• 3,541 Scholarship Recipients
– 638 High School Students
– 2,903 Elementary School Students
*Does not include Emergency Fund or Lynn Collaborative
10/24/2016
3
School Data FY17
• Range of Scholarship Recipients
– 1 to 67 High School
– 4 to 541 Elementary School
• Average Scholarship Recipients per School
– 25 High School
– 53 Elementary School
*Does not include Emergency Fund
School Data FY17
• Range of Scholarship Support by School – $9,417 to $250,534 High School
– $3,187 to $964,434 Elementary School
• Range of Student Scholarship Amount – $400 to $13,332 High School
– $100 to $8,000 Elementary School
• Average Award – $3,689 High School
– $1,458 Elementary School
*Does not include Emergency Fund
10/24/2016
4
Scholarship Recipient Data FY17
• Median Total Family Income
– $42,074 High School
– $37,349 Elementary School
• Median Total Family Income per Capita
– $12,017 High School
– $11,953 Elementary School
*Does not include Emergency Fund
Scholarship Recipient Data FY17
• Student Ethnicity – 31% Hispanic – 27% Multiracial or Other Ethnicity – 21% Caucasian – 16% African American – 5% Asian
• Student Religion – 75% Catholic – 21% Other Christian – 4% Other Non-Christian
• Single-Parent Family – 62%
*Does not include Emergency Fund
FY16 and FY17 Elementary School Withdrawn Student and No Award Data*
FY17 Aid available from No Awards = $X
FY17
Withdrawn Students – 392
FY16 Award Amount for Withdrawn Students - $595,112
Students Assigned no Award FY16 – 255
FY16 Award Amount for No Award Students - $425,251
Reason for Withdrawals
Number of
Students
Percent of Withdrawals
Academic 6 2%
Behavior 8 2%
Commute 12 3%
Financial 150 38%
Moved 82 21%
Special Services 27 7%
Stronger Academics 8 2%
Unhappy 7 2%
Unknown 92 23%
Total 392
*As of October 20, 2016
FY16 FY17
Previous Year Scholarship Recipients with No Award
711 647
Percent of Eligible Students 28% 23%
Reasons for No Award
Did Not Apply 27% 22%
Did Not Qualify 14% 15%
Assigned Other Aid 10% 0%
Not Approved 2%
Not Enrolled 49% 61%
Fund Number of Withdrawn
Students
Total Award
Amount
HRI/NIS 26 $69,673
Recruitment 71 $106,785
Retention 82 $99,398
General 200 $299,306
General + Retention 13 $19,950
Total 392 $595,112
Eligible Schools Completing the
Individual Application
Eligible Schools NOT completing the
Individual Application
Eligible Schools Completing the Bulk Applicable
Eligible Schools NOT Completing
the Bulk Applicable
Total Number of Schools 15 24 7 12
Average Total CSF Support $31,400 $23,300 $251,300 144,175
Average Withdrawn Students per School
3 1 12 7
- Average Award Amount for Withdrawn Students
$1,098 $982 $1,832 $1,365
- Percent of Withdrawn Students for Financial Reasons
48% 32% 33% 32%
Average Number of Students Not Receiving an Award in FY17
3 2 10 3
- Percent of No Award Students who Did Not Apply
47% 44% 67% 58%
- Percent of No Award Students who Did Not Qualify
53% 33% 27% 29%
Additional Aid Application Data
Individual Application Summary
39* schools
15 Elementary Schools applied
Total requested: $158,875 for 76 students
Total approved $116,400 (73% of request) for 72 students o Average total family income of applications: $40,944.29 o Average family size: 3.9 o Average Award Requested: $2,103.62
Bulk Grant Summary
19* schools
12 Elementary Schools applied
Total requested: $577,400 for potentially 370 students
Total approved: $430,000 (74% of request) o Average total family income of school’s applications: $42,076.85 o Average family size: 3.4
*Currently funded schools; all elementary schools in the Archdiocese of Boston were invited to apply via five email announcements from April 2016-August 2016.
School Students Request Total
Approved Guaranteed Approved
Emergency Approved
Archbishop Williams High School, Braintree 6 $0.00 $0.00
Cardinal Spellman High School, Brockton 6 $5,305.00 $5,304.00 $5,304.00
Cathedral High School, Boston 12 $8,700.00 $6,200.00 $6,200.00
Cristo Rey High School, Boston 5 $2,500.00 $2,500.00 $2,500.00
Fontbonne Academy, Milton 9 $31,419.00 $30,219.00 $11,519.00 $18,700.00
Matignon High School, Cambridge 1 $2,000.00 $2,000.00 $2,000.00
Mount Alvernia High School, Newton 4 $18,725.00 $10,500.00 $10,500.00
Notre Dame Academy, Hingham 4 $12,000.00 $6,000.00 $6,000.00
Pope John XXIII High School, Everett 1 $3,500.00 $3,500.00 $3,500.00
Saint Joseph Preparatory School, Brighton 6 $2,462.00 $2,462.00 $2,462.00
Ursuline Academy, Dedham 4 $0.00 $0.00
Total 58* $86,611.00 $68,685.00 $30,985.00 $37,700.00
*Some students were included in more than one school request
Elizabeth Seton Academy Update
Background
Elizabeth Seton Academy closed in August, 2016. The Catholic Schools Office assisted students during
this transition to help enroll the students in other Catholic high schools for the 2016-2017 school year.
Following allocation of their own aid, including unfunded aid to fill empty seats, high schools were
invited to request additional aid from the Catholic Schools Foundation to support the enrollment of
Elizabeth Seton Academy students at their school. Additional funding was made available from
withdrawn students’ awards and the emergency fund.
Request for Additional Aid
42 Students; 11 Current CSF scholarship recipients
11 High Schools
Requested: $84,111
Approved: $68,685
o Guaranteed Scholarship Fund: $30,985
o Emergency Fund: $37,700
Confirmed Enrollment and FY17 CSF Scholarships
86% of ESA students have enrolled in a Catholic School for the 2016-2017 school year
$91,713 will be allocated for ESA students
o $43,044 will be allocated to current CSF Scholars
o $15,969 will be allocated in additional guaranteed awards
o $32,700 will be allocated in emergency fund awards
Tab 5
FY17 Advancement Committee Goals
Members: Craig Tateronis, Chair; Jack O’Connor, Eileen Shapiro, Ryan Connolly, Dan diBartolomeo, Timothy McBride, Peter Pound
Charge The Advancement Committee is accountable for promoting and engaging in fundraising and marketing activities that build and strengthens CSF’s base of support with new prospects and existing supporters. This will be accomplished by assisting CSF staff in identifying and cultivating prospects for funding our operations and programs. Additionally, Advancement Committee members will ensure that CSF has fundraising and marketing processes in place for the successful fulfillment of the foundation's mission. They will monitor the processes and results on a quarterly basis and ensure transparency to the full Board of Trustees.
Goals
Promote a mission-driven fundraising program that works to connect donors with the various CSF programs, while
maintaining or exceeding budgeted goals and tracking progress with clearly defined metrics.
Reinvigorate the committee by adding a minimum of five new members in fiscal year 2017.
Strengthen and broaden CSF’s corporate partnerships.
Help CSF staff make connections to influential members who understand, promote and enthusiastically pursue the
fundraising needs of the CSF. Activities can include, personalizing appeal letters, providing access to potential donors,
making thank you calls, inviting friends and colleagues to events, hosting an event at your home or other venue, provide
help and insight to a CSF recognition event.
Align CSF’s Advancement Committee and 2017 Dinner Committee in order to strengthen outreach and fundraising activities.
Encourage and promote Board participation at events and as ambassadors in carrying out the CSF mission.
First Quarter Meeting (September 28)
Review FY16 End of Year Financials
Evaluate FY17 Goals and YTD Funds Raised
Discuss merits of a recognition event
Review Prospect List/letters to prospects
Outstanding items/set AC dates for FY17 Third Quarter Meeting (March 29)
Review YTD Funds Raised and action items
Annual Fund Campaign Check –in where are we?
Review Funding Opportunities and Prospecting Plan with create actions
Second Quarter Meeting (January 19)
Review YTD Funds Raised
Examine Annual Dinner Fundraising
Annual Fund Campaign Check –in where are we?
Review Funding Opportunities and Prospecting plan with action items
Fourth Quarter Meeting (June 21)
Review YTD Funds Raised
Review FY18 Development Budget
Review Funding Opportunities and Prospecting Plan with action items
Board of Trustees Meeting
October 27, 2016
Advancement Committee Report
General
Staffing
o CSF restructured the development department. Kate Rota has been hired as the
new Development Associate who will be charged with administrative
development tasks, coordinating events, marketing initiatives, and creating a CSF
scholar alumni program. Hillary Laggis, as the Director of Corporate Partnerships
will now focus on strengthening existing corporate relationships and forming new
partnerships. She will still manage the Young Leaders program and the annual
dinner gala. Gina Rindfleisch as the Director of Development will continue to
focus on individual and foundation gifts.
o CSF will pay particular attention to building a Planned Giving program. Staff will
work on various marketing initiatives and creating and naming a formal Legacy
Society.
Fundraising
FY17 Annual Campaign
o The Annual Campaign is in full swing and staff is working hard to secure
renewed support as well recapturing lapsed donors and adding new individuals to
our base.
o Commitment value is down slightly, but this is purely due to timing at this point
in the year.
o Year over year, donor to donor CSF is trending up by 6%.
Advancement Committee update
o Development staff is looking to reinvigorate the Advancement Committee by
adding five new members to the committee this year. We currently have two new
members, Peter Pound of Morgan Lewis and Tim McBride of Bessemer. The
focus of the committee this year is to help make connections to new donors and
other individuals CSF has identified as a priority.
CSF is asking Board members to help recommend additional members to the
Advancement Committee. Areas of interest: Biotech, Commercial Real Estate,
and Technology.
Events:
Christmas for the Kids Cocktail Party- Wednesday, November 30th
from 6-9pm
o 250 expected guests
ICSF Dinner-Thursday, April 6th
from 6-9pm
2017 ICSF Bus Tour – Wednesday, May 3rd
from 11-2pm
o Saint Patrick School in Roxbury
Marketing/PR
Social Media
o Social media campaign to recognize corporations that donate over 10K.
Schools have been sent signs and will be notified when to post thank you
messages to these donors.
o Holiday campaign, #ICSFHope, is underway. Students have been asked to
create videos that give their definition of hope, a story of a time they had
hope, or an example of someone who has hope.
o CSF Scholar Seniors will be recognized on our social media pages for the
great things they have accomplished throughout their four years of high
school.
Catholic Space
o Catholic TV- Blink segment planning process is underway.
o Catholic Radio is running an ad about Christmas for the Kids in their
upcoming events segment.
o CSF is sponsoring a bi-weekly article in The Pilot about catholic education.
o Starting in November, CSF will be running an ad in the church bulletin in
over 25 parishes in the Archdiocese of Boston.
Annual Report –due in mailboxes week of November 14th
Corporate Partnerships
Corporate Volunteer Day – Wednesday, August 17th
- Cathedral High School
o Attended by over 50 young professionals from eight companies
Hill Holliday
o Internship: expanded to 3 interns per year with possibility of increasing to 6 (2
per session) with ultimate goal of hiring them in college and post college
o Quarterly employee engagement events: focus on advertising and media
workshops
Thursday, October 13th
–first event at Mission Grammar in Roxbury.
HH employees made videos with students for school website
o New Hire Materials: HH will be including information about ICSF
involvement in all new hire training packets beginning Nov 1st.
Staples
o $2M & Change- young professionals at Staples nominated CSF to receive
funding through their associate grant program. We received $5K this year, and
have the potential to receive $25K in the future now that we are in the
program.
o Printing – Staples will continue to print our dinner materials pro bono (~15K
value)
PwC
o “Earn Your Future” Day—PwC will partner with one of our high schools this
spring to provide financial literacy workshops. Goal is to provide quarterly
events in 2017.
Morgan Lewis
o Peter Lynch event –Thursday, November 10th
PL will speak to attorneys about markets and then he and Roger
Joseph will pitch ICSF involvement to all employees
o Roger Joseph and Peter Pound nominated a young professional attorney to
join the Young Leaders Council. She is working to further young professional
involvement at the firm.
Corporate Advisory Group
o Working to put together an advisory committee of corporate citizenship
professionals to further inform corporate engagement programs moving
forward.
Young Leader Program growth
o Before 2012: no formal engagement program.
o 2013: young leader dinner committee formed.
o 2013-2015: number of young leaders quadrupled in size to 100.
o 2015—Young Leader Council established to provide continuity in
programming throughout the year (8 young professionals representing 5
companies).
o 2016—six young professional events each year, 200+ young leaders, 10 long-
term corporate engagement partnerships, comprehensive programming, more
than $100K raised each year.
CSF Board of Trustees Current Profile Fiscal Year End 2016
Number of Trustees
Giving Level
4 $100K+
3 $50,000 - $99,000
1 $25,000 - $49,999
7 $10,000 - $24,999
3 $5,000 - $9,999
6 $500 - $4,999
Fundraising and Public Relations Expectations Include:
• Provide annual financial contribution to the Catholic Schools Foundation according to Trustee’s means. • Join in supporting the Catholic Schools Foundation by participating in events when possible, including the Annual Dinner Celebration, Annual Bus Tour, and other events throughout the year. • Periodically review the staff’s list of prospects to assist in offering contacts and /or make introductions. • Enhance public image of the Catholic Schools Foundation when opportunities arise. • Make an effort to promote the work of the Catholic Schools Foundation among friends, family, and colleagues. Consider hosting an event at home or another venue.
Tab 6
Finance Committee FY 17
Charge
The Finance Committee of The Catholic Schools Foundation (CSF) shall advise, make policy recommendations and
recommend operating procedures to the Board of Trustees and Executive Director on all aspects of CSF's finances, including
annual operating budget, general financial management and long range fiscal planning.
Goals
Approve and monitor a comprehensive budget process and make a recommendation to the Board on the FY 17
Budget, in collaboration with development and allocations committees.
Review and monitor on-going operations;
Monitor the work of the audit and investment committees
Develop three year operating model to facilitate planning that to maximizes mission impact while factoring
cash reserve needs
Actions
Consider budget impact of any adjustments to scholarship timeline
Regular review of financial statements and reports of the audit and investment committees
Regularly review the long range cash flow
Analyze various scenarios to maximize impact and purpose of Investment Pool
Monitor relationship with Catholic Community Fund
Meeting Dates and Topics
All meetings will have review of financials and investment performance
8/16/16 2/14/2017
Review of FY16 Financials Review of FY 18 Budget
Review of CSF goals Update on 2016 Audit
Finalize draft committee goals FY 17 Auditor Recommendation
Surplus/Deficit/Reserve Discussion Review of CCF assets
Update on 3 year model
Initial high school scholarship budget review
11/15/2016 5/16/17
Initial elementary scholarship budget review FY 18 Goals discussion
Report on FY 16 Audit progress Review and setting of Payout Policy
Review of investment pool model Finalization of Budget
Update on 3 year model Review of Insource Insurance Coverage
Review of open accounts –signers/access
Review of LRP Model
Audit Committee FY 17
Charge
The Audit Committee makes a recommendation on the appointment of an auditor; reviews the audit
process; presents the results of the audit to the Finance Committee. The committee should also
understand and provide insight regarding internal controls.
Goals
Make a recommendation to the Board on the appointment of an independent auditor.
Monitor and review the annual audit and make a report to the Finance Committee with a goal of having
the audit completed by 2/1/17
Monitor and review CSF compliance with new financial reporting standards and FLSA impact
Ensure compliance with Federal and State filings.
Actions
Oversee audit process and findings
Review changes to new financial reporting standards and FLSA impact
Review of any changes to internal controls and banking relationships
Recommend auditor for 2017 Audit
Executive Session with auditor
Meeting Dates and Topics
Meeting dates TBD based on audit schedule
Investment Committee FY 17
Charge
The Investment Committee recommends investment policies to the Catholic Schools Foundation Board pertaining to
the Foundation’s funds and any other funds under the investment stewardship of the Foundation. Such policies include
the approval of asset classes, permitted ranges, and the spending policy. The Board has delegated the implementation
of the investment policies, including without limitation the selection, monitoring, and termination of investment
managers, to the Committee.
Goals
Establish annual performance goal
Approve policies and guidelines for CSF Investment Funds
Monitor and advise on fund selection towards agreed upon performance goal
Review and provide feedback on recommended annual distribution rate as set forth in the preliminary
budget and maintain adequate cash reserve
Actions
Regular review of investment performance against performance goal
Establishment of standing agenda and meeting topics
Annual Report to the Board of Trustees
Regular review of managers
Meeting Dates and Topics
(Quarters based on June 30th
fiscal year)
Q1(8/9/2016) Q2 (11/8/16)
Review of CSF goals and cash needs Investment Reporting Review
Finalize draft committee goals Performance Goal for next calendar year
Outside Manager Review Review fees and return
Conflict of Interest Disclosure Annual Report on Foundation activity
Q3 (2/14/17) Q4(5/9/17)
Annual Performance Review Policy and Guideline Review
Review of Draft Budget Update on CSF Budget and Distribution rate Investment Pool
Distribution Recommendation Standing Agenda Review
Annual Report to the CSF Board
Updated 8.5.16
䄐セ�
Revenue (accrual)
YTD Actual
through
6/30/16
Full FY16
Budget
Variance from
Budget
% of
Budget
Raised/S
pent
YTD Actual
through
6/30/16
YTD Actual
through
6/30/15
Variance
from the prior
FY
Appeal & Dinner (excludes perm. rest.) 8,675,176 8,080,000 595,176 107% 8,675,176 9,332,170 (656,994)
BTSC 54,865 80,000 (25,135) 69% 54,865 29,442 25,423
YPP Event 28,837 40,000 (11,163) 72% 28,837 29,442 (605)
Total Income 8,758,878 8,200,000 558,878 107% 8,758,878 9,391,054 (632,176)
Expenses:
School Allocations (cash)
Scholarships 7,536,970 7,757,778 220,808 97% 7,536,970 6,841,413 695,557
Program & Other (directed) 890,102 1,210,469 320,367 74% 890,102 2,490,086 (1,599,984)
Total School Allocations 8,427,072 8,968,246 541,175 94% 8,427,072 9,331,499 (904,427)
Operating Expenses (accrual)
Management (incl depreciation) 444,919 444,556 (363) 100% 444,919 387,590 57,329
Allocations 325,458 420,609 95,151 77% 325,458 413,795 (88,337)
Development (incl events) 683,973 764,648 80,674 89% 683,973 674,147 9,826
Total Operating Expenses 1,454,350 1,629,813 175,463 89% 1,454,350 1,475,531 (21,182)
Total Expenses 9,881,422 1,629,813 716,637 606% 9,881,422 10,807,030 (925,609)
Net from Operations (1,122,544) (2,398,059) 1,275,515 47% (1,122,544) (1,415,977) 293,433
plus investment pool distribution 1,550,000 2,473,821 923,821 63% 1,550,000 1,000,000 550,000
Operating Surplus/Deficit 427,456 75,762 427,456 (415,977) 843,433
Operating Cash Required for Future Commitments 1,435,269
FY16 budgeted investment pool distribution not used (operating cash used) 923,821
Notes:
- The purpose of this report is to show performance in a format consistent with the original expectations for the year (budget)
- The investment pool distribution is budgeted at 4% of the trailing 12 quarters for the entire pool
YTD actual represents actual cash withdrawn from the pooled investment fund
- The continued development of this metric is intended to further drive discussions around: full year & multi-year forecasting,
developing a more comprehensive cash management policy (operating & investments) and the overall budgeting process
Catholic Schools Foundation
Operating Performance Metric - DRAFT
Revenue (accrual)
YTD Actual through 9/30/16
Full FY17 Budget
Variance from Budget
% of Budget
Raised/Spent
YTD Actual through 9/30/16
YTD Actual through 9/30/15
Variance from the prior
FY Appeal & Dinner (excludes perm. rest.) 517,956 8,115,400 (7,597,444) 6% 517,956 354,323 163,633 BTSC - - - - 49,365 (49,365) YPP Event 450 40,000 (39,550) 1% 450 320 130 Total Income 518,406 8,155,400 (7,636,994) 6% 518,406 404,008 114,398
Expenses:School Allocations (cash) Scholarships - 7,793,384 7,793,384 0% - - - Program & Other (directed) 12,963 1,201,900 1,188,937 1% 12,963 256 12,707 Total School Allocations 12,963 8,995,284 8,982,321 0% 12,963 256 12,707 Operating Expenses (accrual) Management (incl depreciation) 107,029 440,585 333,557 24% 107,029 125,592 (18,564) Allocations 71,292 420,302 349,010 17% 71,292 72,460 (1,168) Development (incl events) 92,009 785,187 693,178 12% 92,009 110,771 (18,761) Total Operating Expenses 270,330 1,646,075 1,375,745 16% 270,330 308,823 (38,493) Total Expenses 283,293 10,641,358 10,358,065 3% 283,293 309,079 (25,786)
Net from Operations 235,113 (2,485,958) 2,721,071 -9% 235,113 94,929 140,184
plus investment pool distribution - 2,501,229 2,501,229 0% - - -
Operating Surplus/Deficit 235,113 15,271 235,113 94,929 140,184
Operating Cash Required for Future Commitments 1,426,306 FY17 budgeted investment pool distribution not used (operating cash used) -
Notes: - The purpose of this report is to show performance in a format consistent with the original expectations for the year (budget) - The investment pool distribution is budgeted at 4% of the trailing 12 quarters for the entire pool YTD actual represents actual cash withdrawn from the pooled investment fund - The continued development of this metric is intended to further drive discussions around: full year & multi-year forecasting, developing a more comprehensive cash management policy (operating & investments) and the overall budgeting process
Catholic Schools FoundationOperating Performance Metric - DRAFT
1) Asset Allocation
CSF Spending
Program vs Benchmark
2) Program Performance Attribution
Asset Allocation vs Manager Selection
3) Manager Allocation
Manager Selection
New Ideas
4) Manager Performance
Active vs Passive
Track Buys/Sells
TBD
5) Manager Position Overlap
Index Overlap
Manager Overlap
Concentrated Portfolios
Tracking Error
1) Asset Allocation - Actual Versus Benchmark
Normal Range Over/Under
Equities Current + / - 10% Median Range
Domestic
Large Cap 18.3% 30.0% -11.7%
Small Cap 11.3% 10.0% 1.3%
All Cap 11.0% 0.0% 11.0%
Total US 40.7% 40.0% 0.7%
International
Global 3.9% 15.0% -11.1%
Asia 5.0% 5.0%
Europe 1.9% 1.9%
Emerging 5.4% 5.4%
Total Int'l 16.2% 15.0% 1.2%
Sectors / Other
Sector/Other 7.8% 5.0% 2.8%
Total Equities 64.7% 60.0% 4.7%
Normal Range Over/Under
Bonds Current + / - 10% Median Range
Corporate / HY 9.5% 20.0% -10.5%
Treasuries 5.8% 10.0% -4.2%
Non-US 1.0% 5.0% -4.0%
Total Bonds 16.3% 35.0% -18.7%
Cash Cash Equivalents 19.0% 5.0% 14.0%
Total 100.0% 100.0% 0.0%
4) Manager Performance 33 69 117
Shaded green = Full Year CSF Investment Invest 30-Sep
Date 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2 yrs 5 yrs 9 yrs
EQUITIES 9 Mos 9 Mos 9 Mos
Domestic
Large Cap
T Rowe Price Growth Stock Fund (6/05) PRGFX Jun-05 10.4% -42.3% 43.3% 16.9% -1.0% 18.9% 39.2% 8.8% 10.9% 1.3% 7.6% 12.8% 8.1%
Vanguard Value Index Investor (8/15) VIVAX Aug-15 0.1% -36.0% 19.6% 14.3% 1.0% 15.0% 32.9% 13.1% -1.0% 8.6% 7.3% 11.6% 5.2%
Vanguard Growth Index VIGRX 12.5% -38.2% 36.0% 16.8% 1.7% 16.9% 32.0% 13.4% 3.2% 6.5% 8.3% 12.4% 8.2%
Fidelity Advisor Insight FINSX 20.6% -37.6% 29.3% 16.3% -0.7% 16.1% 32.1% 9.3% 2.6% 6.7% 6.7% 11.0% 7.7%
Fidelity 500 Index Institutional Class (6/16)FXSIX Jun-16 5.5% -37.0% 26.6% 15.0% 2.1% 16.0% 32.3% 13.6% 1.4% 7.8% 8.2% 12.3% 6.7%
Small Cap
MA Weatherbie and Co Dec-05 13.9% -38.2% 39.0% 28.5% 1.2% 11.3% 50.5% -4.0% 1.7% 7.7% 1.9% 10.6% 8.6%
Frontier Research Fund Dec-05 17.3% -37.9% 33.8% 21.8% -10.0% 20.8% 35.7% 10.6% -1.6% 6.5% 5.5% 9.8% 7.5%
Dimensional U.S. Small Cap Value DFSVX Dec-15 -10.8% -36.8% 33.6% 30.9% -7.6% 21.7% 42.4% 3.5% -7.8% 11.5% 2.3% 9.7% 5.5%
Russell 2000 ETF IWO 6.9% -38.4% 34.5% 29.3% -3.0% 14.8% 43.2% 5.8% -1.3% 7.7% 4.4% 10.7% 7.7%
All Cap
Lateef Investments Oct-06 7.9% -35.6% 23.7% 15.1% 0.2% 19.2% 32.0% 5.0% 3.0% 1.6% 3.5% 10.0% 5.7%
Scharf Investments Core Equity Fund Oct-06 5.0% -28.4% 27.7% 12.9% 3.3% 12.6% 31.8% 15.8% 1.9% 4.9% 8.1% 11.8% 7.7%
International
Global
Morgan Stanley Inst. Intl Equities, Class A (12/03)MSIQX Dec-03 9.8% -33.1% 21.6% 6.1% -7.6% 19.6% 20.4% -6.1% 0.4% 0.4% -2.0% 4.1% 1.8%
Asia
Matthews Japan (2/11) MJFOX Feb-11 -11.0% -28.4% 10.1% 19.6% -7.7% 8.3% 34.0% -2.6% 20.8% 9.9% 9.8% 10.0% 3.9%
Ishares MSCI Japan Small Cap Index Fund (5/10)SCJ May-10 na -19.6% 2.2% 19.1% -4.9% 5.5% 24.7% -2.7% 14.9% 11.5% 8.3% 8.0% na
Europe
Vanguard FTSE Europe (3/15) VGK Mar-15 13.2% -44.7% 31.3% 6.0% -11.6% 21.6% 24.4% -7.1% -1.9% 0.8% -3.0% 3.6% 0.7%
Emerging Markets
Vanguard FTSE Emerging Markets (3/15) VWO Mar-15 37.3% -52.5% 76.3% 19.5% -18.8% 19.2% -4.9% -0.1% -15.4% 17.5% -0.2% -1.5% 2.4%
Sectors / Other
Amex Energy Select Spdr Fd (6/05) XLE Jun-05 36.9% -38.9% 21.8% 21.8% 2.8% 5.2% 26.2% -8.7% -21.5% 19.6% -5.4% 2.8% 3.9%
Market Vectors Gold Miners (8/11) GDX Aug-11 16.8% -26.1% 36.7% 33.9% -16.1% -8.9% -54.0% -12.4% -24.9% 92.6% 9.0% -13.1% -3.5%
Financial Select Sector SPDR® ETF (2/16)XLF Feb-16 -18.9% -54.1% 17.0% 11.9% -17.1% 28.3% 35.3% 14.9% -1.7% 1.3% 5.0% 9.1% -2.2%
ISHare US Healthcare ETF IYH 8.0% -22.8% 20.7% 4.1% 11.2% 17.3% 41.2% 25.1% 6.2% 1.1% 11.3% 17.1% 10.3%
Select Sector SPDR Real Estate (9/16) XLRE 7.5%
BONDS
Corporate / HY
Vanguard Short TTM Corp Fund (3/09) VFSTX Mar-09 5.9% -4.7% 14.0% 5.2% 1.9% 4.5% 1.0% 1.8% 1.0% 3.6% 2.3% 2.4% 3.4%
Fidelity Capital & Income (2/15) FAGIX Feb-15 3.8% -31.9% 72.1% 17.1% -1.9% 16.4% 9.7% 6.1% -1.0% 9.1% 5.1% 6.5% 7.6%
Third Avenue Focused Credit Fund (2/15) TFCIX Feb-15 na na na 15.6% -4.6% 17.2% 16.8% -6.0% -30.1% -1.4% -14.6% -2.9% na
High Yield Index ETF (HYG) na -17.6% 28.6% 11.8% 6.7% 11.6% 5.7% 1.9% -5.0% 12.4% 3.1% 5.6% na
Non-US
Morgan Stanley Emerging Markets (2/14) -29.0% 42.0% 27.3% -5.4% 27.3% -13.0% -11.9% 1.7% -28.2% 26.9% -2.7% -1.7% 1.0%
CSF Return 9.2% -30.5% 27.4% 14.3% -0.9% 11.1% 17.5% 4.5% -0.5% 5.9% 3.6% 6.4% 4.8%
Benchmark (45% S&P 500/EAFE 15%/35% Barclays Agg/Tbills 5%) 6.0%
CSF Market Value (MM) 49.2 34.9 43.9 50.0 49.0 53.7 61.6 63.5 61.6 65.3
3) Manager Allocations
9/30/2016 30-Sep Expense
Date Cost Market Percent YTD 2015 Ratio
Equities
Domestic
Large Cap
T Rowe Price Growth Stock Fund (6/05) Jun-05 667,020 1,073,456 1.6% -0.4% 10.9% 0.70%
Vanguard Value Index Investor (8/15) Aug-15 5,851,052 6,083,996 9.3% 9.1% -1.0% 0.23%
Fidelity 500 Index Institutional Class (6/16) Jun-16 4,165,722 4,818,416 7.4% 7.8% 1.4% 0.06%
Total Large US 10,683,793 11,975,867 18.3%
Small Cap
MA Weatherbee and Co (12/05) Dec-05 1,340,000 2,351,891 3.6% 4.8% 1.7% 1.00%
Frontier Research Fund (12/05) Dec-05 1,945,000 4,598,476 7.0% 6.2% -1.6% 1.10%
Dimensional U.S. Small Cap Value Dec-15 400,000 436,579 0.7% 10.1% -7.8% 0.52%
Total Small US 3,685,000 7,386,946 11.3%
All Cap
Lateef Investments (10/06) Oct-06 1,000,000 2,314,111 3.5% 2.5% 3.0% 1.00%
Sharf Investments Core Equity Fund (10/06) Oct-06 3,000,000 4,889,999 7.5% 5.6% 1.9% 1.00%
Total All Cap 4,000,000 7,204,110 11.0%
Total US 18,368,793 26,566,923 40.7%
International
Global
Morgan Stanley Inst. Intl Equities, Class A (12/03) Dec-03 2,857,705 2,536,646 3.9% 0.6% 0.4% 0.95%
Total Int'l Large 2,857,705 2,536,646 3.9%
Asia
Matthews Japan (2/11) Feb-11 627,377 1,019,960 1.6% 3.2% 20.8% 1.30%
Ishares MSCI Japan Small Cap Index Fund (5/10) May-10 1,386,817 1,658,086 2.5% 4.0% 14.9% 0.50%
Ishares MSCI South Korea Capped ETF (8/16) Aug-16 599,959 605,424 0.9% 13.2% -8.3% 0.63%
Total Asia 2,614,153 3,283,469 5.0%
Europe
Vanguard FTSE Europe (3/15) Mar-15 749,857 653,323 1.0% -0.1% -1.9% 0.12%
Ishares trust MSCI Europe Financials (8/16) Aug-16 598,938 609,266 0.9% -13.3% 5.7% 0.48%
Total Europe 1,348,794 1,262,589 1.9%
Emerging Markets
Vanguard FTSE Emerging Markets (3/15) Mar-15 2,732,800 2,460,174 3.8% 14.7% -15.4% 0.15%
BMO Emerging Markets (5/16) May-16 1,000,050 1,075,252 1.6% 19.6% -11.3% 1.15%
Total EM 3,732,850 3,535,426 5.4%
Total Int'l 10,553,503 10,618,130 16.2%
Sectors / Other
Amex Energy Select Spdr Fd (6/05) XLE 826,980 956,977 1.5% 15.8% -21.5% 0.17%
Market Vectors Gold Miners (8/11) Aug-11 2,076,087 1,585,562 2.4% 85.6% -24.9% 0.53%
Financial Select Sector SPDR® ETF (2/16) Feb-16 1,400,497 1,184,904 1.8% 4.1% -1.7% 0.14%
iShares US Oil&Gas Explor&Prodtn (5/16) May-16 499,567 545,409 0.8% 11.6% -24.6% 0.43%
Ishares TR US Home Cons ETF (8/16) Aug-16 600,487 567,530 0.9% 0.4% 5.7% 0.44%
Select Sector SPDR Real Estate (9/16) Sep-16 272,785 279,921 0.4% 7.5% 0.14%
Sector/Other 5,676,403 5,120,304 7.8%
Total Equities 34,598,699 42,305,357 64.7%
Bonds
Corporate / HY
Vanguard Short TTM Corp Fund (3/09) Mar-09 4,829,079 4,947,561 7.6% 3.5% 1.0% 0.20%
Fidelity Capital & Income (2/15) Feb-15 741,393 754,816 1.2% 8.5% -1.0% 0.71%
Third Avenue Focused Credit Fund (2/15) Feb-15 790,771 490,362 0.8% -1.4% -22.4% 0.88%
Total Corp / HY 6,361,243 6,192,739 9.5%
Treasuries
United States Treasury Bond due 02/15/2018 1,848,703 1,856,938 2.8%
United States Treasury Bond TIPS due04/15/2018 1,941,197 1,947,009 3.0%
Total Tsy's 3,789,900 3,803,947 5.8%
Non-US
Morgan Stanley Emerging Markets (2/14) Feb-14 723,290 651,635 1.0% 22.9% -28.2% 2.10%
Total Non-US 723,290 651,635 1.0%
Total Bonds 10,874,433 10,648,320 16.3%
Cash Cash Equivalents
Fidelity Account Money Market 93,214 93,214 0.1%
United States Treasury bill due 8/25/16 12,293,358 12,297,417 18.8%
Total Cash 12,386,572 12,390,631 19.0%
TOTAL 57,859,705 65,344,308 100.0%
Period: YTD ending 8.31.16
YTD 9/30/2016
Bench Return
US 45% S&P 500 7.8% S&P 500 3.5%
Int'l 15% EAFE 2.8% EAFE 0.4%
Bonds 35% Barclays Agg 6.0% Barclays Agg 2.1%
Cash/Other 0% Tbills 0.0% Cash/Other 0.0%
Other* 5% Tbills 0.0% Tbills 0.0%
total 100% total 6.0%
*asset return x normal allocation
*Assumes "other" is supposed to be absolute return and so Tbills used as bench
G/L
o/u 9 Mos asset manager/sector/style
Actual Normal Actual 9 Mos allocation*
US 47% 2% US 8.8% US 4.2% 0.2%
Int'l 14% -1% Int'l 8.3% Int'l 1.2% 0.0%
Bonds 17% -18% Bonds 4.6% Bonds 0.8% -1.1%
Cash 22% 22% Cash 0.2% Cash 0.0% 0.0%
Other 0% -5% Other 0.0% Other 0.0% 0.0%
total 100% ^total 6.2%
vs. Bench 0.1% -0.9%
* Average over period * over/under % allocation x index return
^ Flows and averaging can result in minor distortion from actual peformance presented on month end # actual return - asset alloc - normal return
1.0%
selection #
0.5%
0.8%
-0.2%
0.0%
0.0%
CSF Actual Portfolio
Allocations* Returns Attribution
% G/L
Benchmark
AllocationsReturns Attribution*
Normal AllocationYTD 9/30/2016
Category Level Type of Support
FY16 Budget FY17 Budget FY18
Recommend.* Difference
Directed Funds
ABLE HS Scholarship $102,500.00 $102,500.00 $102,500.00 $ -
Corporate Work Study Program
HS Scholarship $91,800.00 $91,800.00 $91,800.00 $ -
K-12 Continuum Scholarship
HS Scholarship
$25,000.00 $25,000.00
CSF Scholar HS Scholarship $2,092,960.00 $2,140,594.00 $2,150,000.00 $9,406.00
General Scholarship - High
HS Scholarship $147,634.00 $100,000.00 $100,000.00 $ -
Gerstner HS Scholarship $30,000.00 $60,000.00 $92,500.00 $32,500.00 Directed
South Boston Boys and Girls Club
HS Scholarship $15,000.00 $15,000.00 $15,000.00 $ -
TOTAL
$2,479,894.00 $2,509,894.00 $2,576,800.00 $66,906.00
*Does not include $100,000 Lynn Collaborative or Emergency Fund
High School FY18 Grant Recommendation
FY18 High School Budget Recommendations
It is recommended that the FY17 High School Scholarship Budget be set at $2,576,800.00. In doing so, CSF would:
o Allocate $450,000 from new funding and graduating CSF Scholars to a new class of CSF scholars;
o Provide $25,000 for the Continuum Scholarship pilot program;
o Guarantee $15,969 for Elizabeth Seton Academy students enrolling at new Catholic high schools;
o Continue to fund three Corporate Work Student Programs at the Cristo Rey schools;
o Maintain general scholarship funding at Cathedral High School
o Maintain scholarship amounts for ABLE and SBBGC scholarships;
o Increase the Gerstner Scholarships by $32,500 for a new class of scholars per donor agreement.
Rationale
The outlined budget would allow CSF to maintain current scholarship programs, including the CSF Scholars and ABLE
program, while providing schools with more flexibility to assign awards to scholarship recipients. This will help schools
to meet the needs of families with varying financial needs.
The amount for the Continuum Scholarship pilot will allow for a methodical and purposeful roll-out of the program as
CSF prioritizes K-12 Catholic school continuum and considers the impact of merit aid and financial aid practices at high
schools in the archdiocese of Boston.
The increase in the CSF Scholarship amount and guaranteed awards for ESA will allow for stability for families during
school transitions, including the closure of Elizabeth Seton Academy and the change of St. Clement School from a K-12
school (previously considered an elementary school) to a grade 7-12 high school.
FY 16
Surplus Recommendation
Background:
The process for determining any calculated operating surplus was presented at the June
Board meeting. The Board voted to authorize the Finance Committee to reserve any
portion of a calculated operating surplus in excess of $100K for use provided a
satisfactory review of:
o Current year performance against budget
o Current year GAAP performance
o Further discussion at the October Board meeting in context of longer
range financial planning
*Performance Summary:
Calculated Operating Surplus/(Deficit): $427,456
GAAP Surplus/ (Deficit) ($3,242,568)
*unaudited
Analysis:
As is demonstrated by the comparison between the GAAP surplus/deficit in FY13, FY14
FY15 and FY16, wide swings can occur due to market and have a significant impact on
the GAAP surplus deficit.
During FY16 Management and the Finance Committee updated the measurement tool to
better align with the budgeting process. This new metric allows us to more accurately
measure the Foundation’s performance against its goals but is more of a hybrid
cash/accrual accounting method. In addition, we also began tracking how much
potentially encumbered cash is being kept in the operating accounts: this is cash that is
temporarily restricted by purpose and could be called to fulfill future purposes. At June
30, 2016 this amount is $1.4M.
In addition to the new methodology for calculating the operating surplus/deficit, the
Finance Committee and Management have also worked to develop a modeling tool that
will allow it to better assess the longer-term impacts of funding decisions and
commitments while also considering encumbered cash.
Recommendation: .
That the Board defer on making any decision on the FY16 calculated surplus/deficit at
this time while the Board and Allocations Committee determine future funding priorities
and direction. If additional support is determined as being necessary, the Finance
Committee is now better poised to determine the longer-term impact of the additional
funding needs.
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