Catholic Schools Foundation Board of Trustees Meeting€¦ · Catholic Schools Foundation Board of...

Catholic Schools Foundation Board of Trustees Meeting June 15, 2017 3:00PM -

5:00PM Wilmer Hale ∙ 60 State Street ∙ 26th floor ∙ Cutler Room

Agenda

Dial-in Phone Number: 605-475-6711 ∙ Code: 2583654

I. Welcome Bill Mosakowski

II. Opening Prayer Fr. Marc Bishop

III.

IV.

V. VI.

Committee on Trustees (TAB 1) MOTION 1

Approval of Minutes from March 23, 2017 (TAB 2)

Officers’ Report (TAB 3) MOTION 2

Executive Director’s Update (TAB 4)

Jack Regan

Mike Rogers

Bill Mosakowski

Mike Reardon a. FY 17 Summary b. Progress on FY17 Goals c. FY 18 Goals

VII. Committee Goals and Reports Committee Chairs

a. Allocations (TAB 5) MOTION 3 b. Advancement (TAB 6) c. Finance (TAB 7) MOTION 4,5

VIII. Presentation: Priorities and Funding Bill Mosakowski/Mike Reardon

IX. Other Business

X. Adjournment

Next Scheduled Meeting Thursday, October 12, 2017 at 3PM

TAB 1

TAB 1 Return to Page 1

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 and plan 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 ActiveUS 158585987v.3

Committee on Trustees June 12, 2017

Size of the Board:

With the election of the candidates presented, the Board will total 24 elected members for FY18. New Trustees All of the candidates below have been met with and all have agreed to allow their names to be put forward for election to the Board: Name Target Area Rationale

Margaret Wade AGE/GENDER

On short list last year, referred by Eileen Shapiro; diversity, experienced board member, interested,

committed for over a decade

Tom Corra AGE Executive at Fidelity, committed for over a decade

John Hayes AGE/INDUSTRY (PE)

On short list last year; went to Arlington Catholic; committed for over a decade

Roberto Goizueta is retiring from as a professor of Theology at Boston College this year. Roberto is an expert on Hispanics in America and has become engaged in our work. He is also on the Board of the Goizueta Family Foundation which has $633M in assets. He has expressed a desire to become more engaged in our work and possibly consider a spot on the Board. He is travelling through June and we will connect when he returns.

Candidates for renewal All of the candidates below have been met with and all have agreed to allow their names to be put forward for election to the Board. They have all been invited to the June 15 Board meeting.

Trustee

Initial Appoi

nt Expires

Current Term Limit

Start Mr. Miceal Chamberlain 2014 2017 2014 Mr. Brendan McCarthy 2014 2017 2014 Ms. Eileen C. Shapiro 2011 2017 2011 Mr. John J. Remondi* 1992 2017 2008

Retiring Trustees: The following Trustees will retire effective June 30, 2017:

Mr. Craig M. Tateronis 2011 2017 Mr. R.J. Dourney 2012 2018

Officers for renewal The orderly transition of officers and custom of the president serving three years with replacement by the clerk was discussed as being a positive situation. Each officer is aware of this process and is open to the expectations at this point. The treasurer position is anticipated being a multi-year position without expectation of ascension to the president role.

Bill Mosakowski President Jim Mooney Vice President Mike Rogers Clerk Christine Komola Treasurer

Working Suggestions

Candidate CategoBusiness Suggested by Added Actions/NotesBrendan Swords Wellington Mike Reardon 2007 DeferredHerb Wagner Baupost Group Mike Reardon 2008 DeferredDan Dibartolomeo Northfield Mike Reardon 2011 DeferredTina Grant Community Mike Reardon 2012Bob Maresca Business Mike Reardon 2012Thomas hagerty Private Equity Mike Reardon 2013Sonja Kelly Philanthropy Mike Reardon 2013Kathleen McGillycuddy Philanthropy Mike Reardon 2013Elise Schafer Investments Mike Reardon 2013Bob Atchinson Investments Mike Reardon 2014Donna DePrisco Business Donna Deprisco 2014Lynne Miller Curriculum/PhilanthropyMike Reardon 2014 laterSusan Esper Finance Mike Reardon 2014Fr. Mark Bishop Priest jack O'connor 2014Steve Knightly Investments Mike Reardon 2015 Committee firstKathy Murphy Investments Mike Reardon 2015Cathy Minehan Business Mike Reardon 2015Meg Reynolds Investments Mike Reardon 2015 Investment CommitteeBlake Battaglia Investments Rob Cunjak 2016Kevin O'Leary Business Mike Reardon 2015 Allocations CommitteeSean Keohane STEM Mike Reardon 2016Kurt Steinkrauss Legal/PE Mike Reardon 2016 Advancement CommitteeTed Hoff Leadership Mike Reardon 2016 Committee firstTim McBride Investments/DevelopmeMike Reardon 2017 Advancement CommitteeTiziana Dearing Non Profit Jack Regan 2016Roberto Braceros Law Jack Regan 2016Roberto Goizueta Education/Philanthropy Mike Reardon 2016Andy Blanchard Tech Mike Reardon 2016Dan Kenary Business Mike Reardon 2017John Flannery Business Mike Reardon 2017Key Corporate Partners?

Terms and Areas of Expertise of Elected Board Members

Trustee ExpertiseInitial

Appoint ExpiresYears as Officer

Year Rolled Off

Mr. Miceal Chamberlain Finance 2014 2020 0Mr. Brendan McCarthy Investments 2014 2020 0Mr. John J. Remondi* Finance 1992 2020 7Ms. Margaret Wade Philanthropy 2017 2020 0Mr. John Hayes Private Equity 2017 2020 0Mr. Thomas Corra Financial Svcs 2017 2020 0Ms. Eileen C. Shapiro Business 2011 2020 0

Trustee ExpertiseInitial

Appoint ExpiresYears as Officer

Mr. John J. Regan* Law 1994 2018 12Mr. Richard J. Henken* Real Estate 2006 2018 7

Trustee Expertise Initial Expires Years as Mr. Brian J. Gallagher* Accounting 2004 2019 9Mr. Jack D. O'Connor Business 2004 2019 0Mr. Rob Cunjak Finance 2013 2019 0Fr. Paul O'Brien Pastor 2013 2019 0Mr. Steven Principe Finance 2013 2019 0Tchintcia Barros Investments 2016 2019 0Fr. Marc Bishop Clergy 2016 2019 0Noel Dixon Investments 2016 2019 0David Foley Investments 2016 2019 0Rob Morrissey Law 2016 2019 0Tim Tully Finance 2016 2019 0

Officers+ Expertise Initial Expires Years as Mr. William Mosakowski* Consulting 2012 5Mr. James F. Mooney, III* Investments 2009 8Mr. Mike Rogers* Finance 2012 2Ms. Christine T. Komola* Business 2011 2

Trustee Expertise Initial Expires Years as *Serve or served as officers. Time as officer does not count towards 9 years of continous service+ Elected term as trustee suspended while officer

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. See

the current board tab for notes

For more information call Fidelity Corporate Communications at 617-563-5800. 05/17

Sanjiv Mirchandani is president of Fidelity Clearing and Custody, the business that

Tom Corra is Head of Managerial Finance for Fidelity Investments, a diversified financial services firm that makes financial expertise broadly accessible to people investing their life savings, businesses managing their employee benefits and advisors investing their clients’ money. Since 1946, Fidelity has been helping people live the lives they want through its customer-centered approach, innovative technology and investment solutions. Tom leads teams responsible for Corporate Financial Planning and Analysis, Corporate Procurement, and the firm’s cross company scale & efficiency effort.

Tom’s prior roles at Fidelity include

Executive Vice President and Chief Operating Officer of Fidelity Clearing and Custody Solutions (2015-2016), a division of Fidelity Institutional and the business that offers a comprehensive clearing and custody platform, trading capabilities and business process and operations consulting to banks, broker-dealers, registered investment advisors, professional asset managers, strategic acquirers and retirement advisors and recordkeepers.

Executive VP, Strategy & Business Analysis (2014-2015), a Fidelity Institutional (FI) shared services team also responsible for communications, technology program management, and quality control and analysis.

Senior VP for FI Technology Management Services and Technology Risk (2012-2014), a role which included responsibility for FI’s Information Security efforts.

Chief Administrative Officer for Fidelity Financial Advisor Solutions (2009-2012), where he headed FFAS’s offshore distribution efforts.

Senior VP, FFAS Retirement Products and Services (2006-2009), where he had P&L responsibility for Fidelity’s Advisor 401(k) business.

Tom joined FFAS in 2004 as Vice President for business planning and analysis. Prior to joining Fidelity, he spent six years with The Boston Consulting Group, where he advised senior executives on strategy development and implementation, operational improvement, and cost reduction issues. He began his career at General Electric (GE) and is a graduate of GE’s Financial Management Program. Tom left GE to teach at the Nativity Preparatory School in Roxbury, MA where he was also director of administration.

Tom earned his Bachelor of Science degree in finance from Fairfield University in 1990 and his MBA from Harvard Business School in 1997. He is a CFA® Charterholder.

Corporate Biography

Tom Corra

John G Hayes, Managing Partner, Great Hill Partners

John is a co-founder of Great Hill Partners. He is responsible for transaction origination, investment policy, fundraising, investor relations and the general management of the firm. His investment experience covers a broad group of industries, including Internet infrastructure, communications, business services and media. John serves on the board of directors of Ascenty and Symmetry. He formerly served on the boards of Latisys, Vivax, GMT Group, Global Tower Management, Horizon Telecom International, Recruiting.com, and American Broadband.

John began his career in private equity in 1989 when he joined M/C Partners as a senior associate upon graduation from business school. Prior to business school, he spent two years at Bank of Boston, completing the bank’s training program and serving as a loan officer in the bank’s media & communications group.

John earned a degree in economics from Williams College and an MBA from Harvard Business School

Margaret (Joyce) Wade Winchester, MA

Margaret Wade and her husband Jim have lived in Winchester since 1999. They have four children; Peter (16), Michael (16), James (14) and Ellie (12). Margaret currently serves on the boards of the Developmental Medicine Center at Children’s Hospital, Belmont Hill School and Belmont Day School. Margaret is also active within her local parish, St Mary's in Winchester. Prior to having children, Margaret was Executive Vice President of Operations for Coldwell Banker. Margaret is a graduate of Fairfield University.

TAB 2


TAB 3

Catholic Schools Foundation, Inc.

Minutes of the Board of Trustees Meeting March 23, 2017

Minutes

Members of the Board of Trustees in Attendance: Fr. Marc Bishop, Miceal Chamberlain, Noel Dixon, David Foley, Brian Gallagher, Richard Henken, Christine Komola, Peter Lynch (phone), Brendan McCarthy, Rob Morrissey(phone), William Mosakowski, Rev. Paul O’Brien, Steve Principe, Jack Regan, Mike Rogers, Eileen Shapiro (phone), and Tim Tully. Others Attending: Megan Adzima, Fergus Shiel, Susan Gartside, Hillary Laggis, Kathleen Mears, Michael Reardon, and Gina Rindfleisch.

I. Welcome

Bill Mosakowski thanked everyone for attending the meeting and for making the trip out to Weston. He reminded the Trustees that about 60 school leaders will be attending the Pastor/Principal reception immediately following the Board meeting.

II. Opening Prayer Bill Mosakowski introduced Fr. Marc Bishop to open the meeting with prayer. III. Approval of Minutes from October 27, 2016

Mike Rogers was running late, so Mike Reardon asked for any comments or questions relative to the Minutes from the October 27, 2016 Board meeting. With no comments, those minutes were unanimously approved. IV. Executive Director’s Update

Mike Reardon gave an update on the three goals outlined at the start of the year: realigning of staff; implementation of a financial planning tool and new financial reporting; establishing non-scholarship priorities while strengthening the scholarship continuum. He indicated that progress was being made in all areas. He also updated the Board of the three to five year priorities established at the October Board meeting:

• Maximization of existing resources

The first step is to anticipate student attrition and attempt to arrest it in advance. This requires a blending of the reallocation process with the regular allocations process. In effect, predicting the attrition rate and trying to control for it in advance will strengthen enrollment. 38% of schools reported that students left because of financial reasons. This action addresses that issue. Ultimately, the goal will be to grow enrollment and retention thereby, increasing the need for scholarships. This shift is occurring simultaneous with an effort to focus funding to balance student versus school need. Focusing resources in this manner maximizes the impact of dollars invested and addresses the stated operating principle of promoting a central vision for Catholic education while creating the most access for students.

• Strategic and focused investment in school leadership and focusing scholarship support with enhanced

school relationships while targeting schools in need of attention.

There is a direct correlation between school success and leadership. Absent demographic or other existential challenges, quality leadership makes the difference in a school success. During the first year of working with target schools it became evident that there is no set leadership pipeline. The investment committed by the Board towards this end should bear fruit and align with the targeting of scholarship funds.

• Development of a comprehensive fundraising strategy that aligns corporate, individual and young leaders

support to build a predictable pipeline to support allocation priorities. Now that a clear path has been laid out relative to scholarship and non-scholarship priorities, actions are being developed to establish a multi-year fundraising plan. In addition to the requirements of any effort, special attention will be paid to the key-man risk associated with the efforts of Peter Lynch. A clear and deliberate plan to calculate the magnitude of risk and manage it, as best possible, will be required. Staffing needs will need to be addressed to align with this strategy.

V. Committee Goals and Reports

Allocations Mike Rogers gave the report on the Allocations committee.

• Committee goals and processes for FY18 elementary and high school scholarships were included in materials

• Committee goals drive the meeting agendas and have helped with informed actions/decisions to date • Scholarship and non-scholarship investments are in line with CSF’s mission to create access for at-risk

students to attend high-quality Catholic schools. • Actions align with CSF’s missions to support a strong central Catholic Schools Office. • Allocations Committee has focused on aligning funding priorities at elementary and high school levels • The top funded communities (scholarship): Boston/Dorchester/Roxbury, Lawrence, Lowell, Brockton,

Brighton, Lynn • Elementary school grants were allocated by approximately $500,000 over the budgeted amount

anticipating withdrawals from two years of historic data. Allocated new amounts will empower schools for successful recruitment and retention of students.

• The guaranteed scholarships process has allowed for more strategic scholarship planning for families, schools and CSF and has positively informed Allocations processes.

• New grant process drives CSF’s ability to meet the needs of the community and serve needy students, provides consistent and more focused assignment of scholarship awards, and maximizes current resources.

Committee on Trustees

Jack Regan gave the report from the Committee on Trustees. The process has started for reviewing the terms of current trustees and trustees whose terms will expire at the end of FY17. The committee had their first meeting in the beginning of March and affirmed a working target of 24 members but not to the exclusion of having the right people around the table. Recruiting younger members with an emphasis on private equity and Board diversification continues to be a priority. Members were asked to share any recommendations with Mr. Regan or Mr. Reardon.

Mr. Reardon or a committee member will speak with Trustees whose terms are up for renewal to see if they will renew or cycle off. The hope is that if someone is coming off the board they can assist with choosing a successor. New candidates will have a meeting with the Committee Chair, Board President and the Executive Director and any Committee member who would like to attend in the coming months. The hope is to have Candidates that can be voted on at the June Board meeting.

Advancement

Gina Rindfleisch gave the report from the Advancement Committee.

FY17 Advancement Committee Goals

o The key focus for the committee this year is to connect donors with a clear case for support. o The Committee members will help to make connections as well as solicit on CSF’s behalf. o Plan to add five new members to the Committee this fiscal year. o Advancement Committee and Dinner Committee will have enhanced alignment.

Advancement Committee update

As of 3.16.17 the Annual Campaign is up 5% year over year (Commitment value). The overall commitment value is up 3% year over year. As of March, CSF increases, new and recovered gift amounts are more than the decreases and refusals. The data is included in the Development section of the materials. It is critical that CSF diversify the relationship between staff and supporters to mitigate risk, where one or two individuals hold relationships for our top donors.

Hillary Laggis updated the Board on the upcoming ICSF Dinner being held on April 6th from 6-9PM. CSF is up 4% for the Annual Dinner year over year. Dell/EMC’s $100K donation was lost due to the merge with Dell, but CSF received a 100K gift from GE who previously gave at the $25K level and did not give last year. CSF was able to recover $50K from Dell/EMC through a technology grant for our Engineering is Elementary program, which will provide the participating schools with 3D printers and a grant to underwrite CSF’s Engineering is Elementary program. A new feature of the Dinner this year is to raise $100,000 in additional gifts live, using a new mobile platform. CSF will be making a live asks during the dinner program.

The Advancement Committee is supporting the Dinner Committee’s efforts this year. Members have been assigned with Dinner solicitations and identifying new prospects. A third new member, Kurt Steinkrauss has been added to the Committee. The Committee continues to work on adding an additional two members. The area of expertise the committee needs is Biotech, Commercial Real Estate and technology. Trustees were encouraged to send any suggestions they may have to Gina Rindfleisch.

On 3.6.17 CSF, PwC hosted CSF senior scholars at the PwC Atrium in the Seaport. CSF supporters and students networked during breakfast. 170 individuals attended and heard from Cardinal Sean O’Malley, John Farina and current and former CSF scholars. The breakfast was a huge success and CSF will be adding this as an annual event to recognize scholars and connect with donors. At the last meeting Board meeting, Trustees reviewed prospects. Trustees offered to help with making connections. Trustees were asked to revisit the list and any commitments they made and make introductions on behalf of CSF.

The Bus Tour will be held on Wednesday, May 3rd and the Trustees were encouraged to attend and bring new prospects. A Corporate advisory group has been organized of corporate citizenship professionals to further inform corporate engagement programs moving forward. This committee will meet twice a year beginning this spring. Finance, Investments, and Audit Christine Komola gave the Finance Committee update and reported that both revenue and expenses are in line with the budget with revenue ahead by 3%. The draft FY18 Budget was included in the materials. The scholarship support for FY18 was approved by the Board in October. The balance of the allocations budget and the operating budget will be formally reviewed and approved at the June Board meeting but is substantially complete.

The current budget anticipates keeping the distribution rate at 4% of the trailing 12 quarters and anticipates an operating budget increase of approximately 3.1%. Anticipated additional revenue from enhanced fundraising has also not been added. The Finance Committee will continue to work with Mr. Reardon and his team over the next few months to finalize things.

The FY16 Audit has been completed and a clean opinion was issued. The final electronic version of the 990 that was filed from the Auditor is posted on the website along with the Audit.

The Audit Committee and Finance Committee both recommended that GT Reilly be retained for the FY17 Audit. Christine Komola moved to retain GT Reilly. This motion was seconded and unanimously approved.

The Investment performance was contained in the board materials. Performance is in line with the benchmark established by the Investment Committee. Bill Mosakowski and Christine Komola have been attending Investment Committee meetings since taking office as president and chair of the Finance Committee.

VI. Presentations

Annual Report of the Investment Committee by Fergus Shiel, Chair

Mr. Shiel is a Portfolio Manager at Fidelity Investments where he has managed the Fidelity Capital Appreciation Fund since 2005. He has been in the investment business since 1989 after finishing business school. Mr. Mosakowski thanked Mr. Shiel for his service and making time to present to the Board.

Mr. Shiel shared a deck of slides and reviewed the list of the Investment Committee members. The committee originally began with members who worked in only stocks and bonds. Now it has members who work across diverse sectors who volunteer their time. Meetings are held four times a year, but if necessary action can be taken between meetings. Attendance is high and the quality of the membership is truly outstanding. He reported that the president of the CSF Board and the chair of the Finance Committee are ex-officio members. All Investment transactions and reporting are handled internally by CSF Staff.

As of February 28, 2017 the Investment pool is at $67.1million. Several charts and graphs were presented by Mr. Shiel to provide information on Asset allocation, Equity allocation, Fixed Income allocation and benchmarking.

Mr. Shiel noted that the committee is very in tune to the long term mission of the Foundation. The group always keeps in mind that the investment pool is insurance to serve the students with long term stability and insurance for future generations of students and their families. Mr. Mosakowski has had the opportunity to attend several meetings and noted that he finds them very interesting, challenging and robust in conversations and debates about the Foundations’ Investments. All members were grateful to Mr. Shiel for being able to come and make his presentation.

Access 2022 Overview presentation

Mr. Reardon introduced a plan to address the priorities outline at the October Board meeting. He stated that the goal of the presentation is to get feedback from the Board and then come back with a final plan for implementation. The working title, “Access 2022,” reflects the plan’s goal to provide access to high-quality Catholic schools for students and families. CSF must be clear and unapologetic in direction and it will require focus and clear expectations on outcomes. Mr. Reardon also made it clear that it is not about money – money is the tool and it will cost money – but the most important item is to agree on the outcome and then define how to get there. This goes to questions about drawing down the endowment at a quicker rate, or reducing the distribution rate. Mr. Reardon acknowledged that either answer may be fine, but what the intended outcome needs to be clear and defined first. Adding money sometimes does not help address underlying issues and opportunities and CSF is obligated to ensure every donor dollar has maximum impact. Defining the goal as the merely the number of scholarships is not sufficient because the number of scholarships could be doubled simply by decreasing the amount of students’ awards. Thoughtful outcomes must be defined and then the tools to achieve the end must be developed. Megan Adzima reviewed strategic investment opportunities in scholarships and leadership. She indicated that retention and development of excellent school leaders is critical along with a pool from which to draw them. She outlined the need for scholarships to be deployed in a manner responsive to the data being tracked and to assist with student retention and strengthening of the K-12 pipeline. The STAR (Schools Targeted to Advance and Rise) Schools concept was also reviewed. This effort will help promote excellence in schools by leveraging the scholarship dollars already being committed while driving accountability to the CSO. This was piloted this year with three schools and the results have been positive for two of the three schools. Three STAR schools have been identified for FY18. Mr. Reardon outlined the three basic sources of funding future plans: reallocation of existing resources, investment pool distribution and philanthropic support. He indicated that all should be considered and that the steps taken by the committees through the last few years will help in determining the impact of various approaches. He then invited Gina Rindfleisch to speak about philanthropic support. Ms. Rindfleisch outlined the need to address the key-man risk associated with Peter Lynch, quantify it and develop a plan to address it. She also indicated the need to continue to grow support at all levels, with a focus on larger supporters — who make up 90% of CSF’s portfolio

— to engage people around a vision for the future while building staff appropriately to effectively manage this process. She also emphasized the need for Board leadership around fundraising. The next steps were reviewed where were identified as:

• Tighten the metrics for success and cost • Review FY18 budget and Committee goals in context of plan and discuss in Board Committee • Review with some key supporters/prospects for feedback and to gauge interest. • Develop timeline for implementation • Decide on vote and announcement timing, June or October Board meetings.

Mr. Mosakowski opened the floor for comments and asked members to share feedback directly with Mr. Reardon or any of the officers or chairs as things proceed.

VII. Other Business Catholic Schools Council

It was reported that John Kaneb has been invited to speak about the work of the Catholic Schools Council for the last few years. Mr. Kaneb is away, but Jack Regan is a member of the Council and was able to provide some information to the board members of topics that are discussed. The Council is considered a sounding board for the Superintendent of Catholic Schools, Kathy Mears.

Mr. Regan extended an invitation to the Board from the American Federation of Children being held on 4/11 at Wilmer Hale, 60 State Street. The conference is being held to discuss the current Federal tax credits and about the current Massachusetts Governor expressing interest in having a Massachusetts tax credit put in place.

VIII. Executive Session With no other business, Mr. Mosakowski motioned to have all Trustees present to go to Executive Session for the purpose of discussing Trustee feedback and the review of the Executive Director. The motion passed unanimously and all non-Trustees exited.

Respectfully submitted, Michael Rogers Clerk

TAB 3


Charge

BOARD OF TRUSTEES FY 17

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

Mission Statement The Catholic Schools Foundation changes lives by providing families with demonstrated financial need an opportunity to give their sons and daughters a quality education, focused on Christian values and character formation at Catholic Schools located throughout the Archdiocese of Boston, regardless of race, religion, ethnicity or gender. Affirmed 6.15.16

Operating Principles

We support the concept of a strong Catholic Schools Office with a clear mandate, established and measureable standards for school quality, dedicated resources and adequate authority to rationalize and thereby strengthen the network of schools in the Archdiocese of Boston. The CSF will significantly focus its allocations in support of this objective and will direct funds towards schools that are viable in the long-term and away from schools that are not meeting the standards.

Our ultimate objective is to maximize the number of children attending quality Catholic schools in the Archdiocese of Boston while enhancing opportunities for disadvantaged students. Affirmed 6.15.16

TAB 4


Three to Five Year Priorities

UPDATE

• Maximization of existing resources

Anticipating Attrition:

Ensuring every dollar entrusted to CSF has its maximum return is critical before additional investments can be made. In the last two years, approximately $500,000 was returned to CSF due to unassigned aid during the spring and summer. A reallocation process was established to address this issue, but with little impact. Although this funding was redeployed as transition and emergency funding and had a direct impact on students it demonstrates the fact that just adding more dollars is not the solution. It must be part of a larger strategy.

The first step is to anticipate student attrition and attempt to arrest it in advance. This requires a blending of the reallocation process with the regular allocations process. In effect, predicting the attrition rate and trying to control for it in advance will strengthen enrollment. 38% of schools reported that students left because of financial reasons. This action addresses that issue. Ultimately, the goal will be to grow enrollment and retention thereby, increasing the need for scholarships.

Balancing Student versus School need:

Focusing funding to balance student versus school need is also required. Focusing resources in this manner maximizes the impact of dollars invested and addresses the stated operating principle of promoting a central vision for Catholic education while creating the most access for students.

• Strategic and focused investment in school leadership and focusing scholarship support in with

enhanced school relationships while targeting schools in need of attention.

Targeting scholarship funds at mission critical schools with clearly defined challenges, and requiring these schools to work with the CSO to address these challenges, drives authority to the CSO. This also creates a pressure point for schools to address issues if they are to serve the most students possible with the highest quality education. This strategy has proven successful and will continue.

There is a direct correlation between school success and leadership. Absent demographic or other existential challenges, quality leadership makes the difference in a school success. During the first year of working with target schools it became evident that there is no set leadership pipeline. The investment committed by the Board towards this end should bear fruit and align with the targeting of scholarship funds.

• Development of a comprehensive fundraising strategy that aligns corporate, individual and young leaders support to build a predictable pipeline to support allocations priorities.

Fundraising is the by-product of building commitment to the CSF mission. The resources raised are the tools to achieve that mission. Now that a clear path has been laid out relative to scholarship and non-scholarship priorities, actions are being developed to establish a multi-year fundraising plan. In addition to the requirements of any effort, special attention will be paid to the key-man risk associated with the efforts of Peter Lynch. A clear and deliberate plan to calculate the magnitude of risk and manage it, as best possible, will be required. Staffing needs will need to be addressed to align with this strategy.

Catholic Schools Foundation

FY 17 Progress Against Goals June 12, 2017

FY 17 Goal Update

Goal #1 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.

Progress The open allocations position was redeployed to the fundraising area and positions in development realigned to focus on corporate relations and dinner, the annual appeal and young leaders/alumni. This new shift has resulted in the creation of a corporate advisory council, focused corporate partnerships and alignment with our young leader activity. The data position has been split into a contract and part-time position to continuum to have access to highly skilled remote employee along with functional needs of the office. Student tracking and verification process has been realigned and will require an additional review and possible outsourcing for programming in order to maximize efficiency. CSF Scholar graduates are now being tracked and communicated with consistently with a few CSF scholarship alumni serving on the Young Leaders Dinner Committee.

Goal #2 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.

Progress Simplified financial dashboard implemented and LRP modeling tool established. This has been coupled with increased alignment between allocation, finance and investment committee communication and goals.

Goal Statement #3 Pilot a K-12 scholarship continuum while establishing strategic non-scholarship investment priorities and moving away from operational responsibility for non-scholarship programs.

Progress Funding for the K-12 pilot has been budgeted in the FY18 budget and is being implemented as part of the 2017 Elementary allocations process. Leadership has been identified as the strategic priority and a preliminary plan in place with a multi-year plan being drafted. The FY18 program budget reflects a tailing of other program support not identified as priority. Ultimate direction is being reviewed and a final decision is anticipated at the October Board meeting.

Catholic Schools Foundation

FY18 WORKING GOALS

Goal Statement #2 To: Develop a financial plan to support goal of access that includes all revenue streams and long term investment pool goals. How will you know when this is accomplished? 3-5 year plan for fundraising support and investment pool distribution will be operational. Target completion date: October 2017

Goal Statement #3 To: Execute a fundraising campaign to underwrite leadership efforts, increased scholarship support and other non-scholarship efforts while clearly addressing concentration risk associated with Peter Lynch. How will you know when this is accomplished? Clear underwriting opportunities will be established with significant subscription. Concentration risk is quantified, shared openly and plan in process to address agreed upon risk. Adequate staff in place to sustain efforts. Target completion date: June 2017

NOTES:

Updated: 5.16.17

Goal Statement #1 To: Increase access to high quality Catholic schools through focused scholarship and non-scholarship support with emphasis on retention increases, leadership development and in-need schools. How will you know when this is accomplished? Leadership program will be functioning with the beginning of a leadership pool established. Retention rate increased at schools. Tiered relationship system formally established. In need schools on path to stabilization and growth.

Target completion date: October 2017; June 2018

TAB 5


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 that align with funding priorities 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 • Funding guidelines and priorities • 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


September 23, 2016 Update on re-allocation process Review Allocations timeline, grant applications, rubrics Review School audit Review Scholarship data FY18 High school budget recommendation and process Review of non-scholarship funding Review funding guidelines and priorities 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

FY17 Allocations Summary

• 3,989 Scholarships • $7,877,451.47 in Scholarship Support • $1,022,191.50 in Programmatic Support • $8,899,642.50 in Total Support

Third Year of One-to-One Scholarship Program

• Annual verification processes to ensure enrollment and student need • Regularized process for tracking student withdrawals • Outcomes

o Increased scholarship recipient retention rate by 10% o More effective budget planning for schools o Proactive grant allocation notification to empower schools to retain and recruit students

Redefined Grant Evaluation Process

• New high school and elementary school grant review processes focused support into tiered categories, illustrating CSF’s priority areas

• New process aligns elementary school and high school funding • Allows balancing need to serve needy communities with needy students • Elementary school process intentionally over-allocated based on a predictive number for

unassigned aid • Outcomes

o Defined, more objective, consistent process o Clear definition of CSF funding priorities o Balance of the subjective and objective o More proactive allocation to address recruitment and retention challenges o Clearly communicated objectives and expectations for schools

Audit of Processes

• Four elementary schools participated in an audit of processes with an outside firm, BlumShapiro • Evaluated distribution process and application of scholarship funds and non-scholarship support • Reflective of 33% of CSF elementary school grants • Outcomes

o Positive evaluation of CSF processes with specific recommendations o Strengthened CSF communications and tightened grant criteria o Targeted financial aid workshop for school leaders

K-12 Catholic School Continuum

• Initiation of $25,000 Continuum Scholarship pilot in May, 2017 • Inclusion of high school representatives at PL Scholar Mass • Increased communication of graduating PL Scholars for high school admissions teams • Outcomes

o Strengthened communication between 8th grade PL Scholars and CSF scholars o Intentional communication of K-12 priority school o Increased collaboration between high school and elementary feeder schools

Defined Non-Scholarship Support Priorities

• Draft of strategic, aligned scholarship and non-scholarship funding focusing on increasing access to high-quality Catholic schools for at-risk students.

• Immediate investment in Catholic school leadership • Continue process to provide support and resources to priority area schools • Outcomes

o Multi-year funding direction to move Catholic education forward RCAB o Clear definition of funding priorities with plan for funding initiatives o Retention and development of talented leadership pool

Priority Area Schools

• Collaboration with CSO and three elementary schools to define and achieve goals around leadership, governance, enrollment, and parent engagement

• Implementation of two vice principals and bilingual front-office administrator in East Boston • Designation of two new school leaders for FY18 • Outcomes

o Active collaboration with the Catholic Schools Office, which has empowered the CSO o Formalized leadership development with the CSO o Succession plan for leadership and clear vision for two schools moving forward o Identification of three new priority-area schools for FY18 o Integration of priority area school as part of comprehensive plan to increase access to

high quality Catholic schools

FY17 Allocations Summary as of 5.31.2017

*Additional $277,000 directed and adopt-a-school funds received and distributed in FY17 with no budget impact

Category Level Type of Support

FY17 Budget Paid YTD Anticipated June Payout

Total Difference Directed Funds

ABLE HS Scholarship 102,500.00$ $87,500.00 -$ 87,500.00$ 15,000.00$

Adopt-a-School* Other Scholarship 30,000.00$ 30,000.00$ 30,000.00$ -$ Directed

Corporate Work Study Program

HS Scholarship 91,800.00$ 93,800.00$ 93,800.00$ (2,000.00)$

CSF Scholar HS Scholarship 2,140,594.00$ $2,060,143.50 -$ 2,060,143.50$ 80,450.50$

Emergency Fund Other Scholarship 200,000.00$ 365,965.00$ 58,650.00$ 424,615.00$ (224,615.00)$

General Scholarship - Elem Elementary Scholarship 4,143,490.00$ 2,800,448.50$ 2,800,448.50$ 1,343,041.50$

General Scholarship - High HS Scholarship 100,000.00$ 168,775.00$ 168,775.00$ (68,775.00)$

Gerstner HS Scholarship 60,000.00$ 60,000.00$ -$ 60,000.00$ -$ Directed

Horizon for Homeless Elementary Scholarship 149,000.00$ 144,028.47$ 8,750.00$ 152,778.47$ (3,778.47)$ Directed/Discretionary

HRI/NIS Elementary Scholarship 800,000.00$ 762,973.00$ 762,973.00$ 37,027.00$

Lynn Collaborative Match Other Scholarship 100,000.00$ -$ 100,000.00$ 100,000.00$ -$

Recruitment Elementary Scholarship 50,000.00$ 589,981.00$ -$ 589,981.00$ (539,981.00)$

Retention Elementary Scholarship 50,000.00$ 523,937.00$ -$ 523,937.00$ (473,937.00)$

South Boston Boys and Girls Club

HS Scholarship 15,000.00$ 22,500.00$ 22,500.00$ (7,500.00)$

Admissions Collaborative Elementary Program 116,000.00$ 136,000.00$ -$ 136,000.00$ (20,000.00)$ Directed/Discretionary

August Institute Other Program 40,000.00$ 40,000.00$ -$ 40,000.00$ -$ Directed/Discretionary

BC Experience HS Program 20,000.00$ -$ 13,800.00$ 13,800.00$ 6,200.00$ Discretionary

BSO Elementary Program 6,000.00$ 6,159.50$ 6,159.50$ (159.50)$ Directed

Counseling Elementary Program 311,475.00$ 311,475.00$ 311,475.00$ -$ Directed/Discretionary

Lynn Collaborative Other Program 100,000.00$ -$ 100,000.00$ Directed

Lynch Foundation Funds Other Program -$ 150,000.00$ 150,000.00$ (150,000.00)$ Directed

Marketing Other Program 96,083.00$ -$ 96,083.00$ 96,083.00$ -$ Directed

Museum of Science Elementary Program 40,000.00$ 40,000.00$ -$ 40,000.00$ -$ Directed

Technology Other Program 233,341.00$ -$ 228,674.00$ 228,674.00$ 4,667.00$ Directed

TOTAL 8,995,283.00$ 8,243,685.97$ 655,957.00$ 8,899,642.97$ 95,640.03$

CSF Scholar Graduate Engagement Background

The CSF Scholars Program was established in 2011 to provide scholarships to a select group of students in the Archdiocese of Boston’s Catholic high schools. Since 2011, $8.1 million in scholarships have been distributed to 800 students for the CSF Scholars Program.

The class of 2017 is the third class of graduating CSF Scholars. Kate Rota was hired by CSF in fall 2017 as a Development Associate to increase engagement and tracking of senior and alumni CSF Scholars. The following actions have been taken to strengthen that goal.

Strengthened Senior and Alumni Engagement

• Individual school visits with 127 senior CSF Scholars by all CSF Staff • Increased communication with CSF Scholars via personal email addresses and Facebook Group • CSF Scholar Night Pizza Party and Celtics Game • Initiation of New CSF Scholar Recognition Event • New CSF Scholar Opportunities (offered at no cost with the exception of the Bentley University

Wall Street 101 program and Boston College Experience program, both which fulfill the mission of CSF by strengthening participants with essential program resources) − Bentley University Wall Street 101 Program − Boston College Experience Program − Boston College Tour and Information Session − Hill Holiday Internship − Torch Scholars Tour and Panel at Northeastern University

Priorities Moving Forward

In order to continue to engage current alumni and build a network of young leaders to support the mission of the Catholic Schools Foundation, the following actions will be made a priority for FY18:

• Partner with CSO on National Clearinghouse for College enrollment and completion data • Develop strategic plan for alumni programming and engagement • Strengthen and increase alumni communication

CSF Scholar Class of 2017 Report

CSF Scholars Class of 2017 ∙ May 2012

CSF Scholars Class of 2017 ∙ March 2017

CSF Scholar Class of 2017 Report Student Data

• 126 Students • 28 High Schools • Single-Parent Homes: 47% • Median Total Family Income: $56,819.43 • Median Family Size: 3.9 • Non-White: 70%

630 Acceptances to 140 Colleges and Universities

• 4 Year Colleges and Universities - 118 • 2 Year Colleges - 3 • Military Service - 1 • Defer College for a Year - 4

95 Acceptances at 23 Liberal Arts Colleges/Universities Ranked in the Top 100 in the Country

• Boston College - 3 • Boston University - 9 • Bowdoin College - 1 • Brown University - 1 • Brandeis University - 1 • Clark University - 3 • College of the Holy Cross - 7 • Connecticut College - 1 • Drexel University - 1 • Duke University - 1 • Fordham University - 3 • Georgetown University - 2 • Loyola University Chicago - 1 • Northeastern University - 9

• Rutgers University - 3 • St. Lawrence University - 1 • Sarah Lawrence College - 2 • Skidmore College - 1 • Stony Brook University - SUNY - 1 • Swarthmore College* - 1 • Trinity College* - 1 • Tufts University - 2 • University of Connecticut - 9 • University of Massachusetts, Amherst - 26 • University of North Carolina, Chapel Hill - 1 • University of Notre Dame - 2 • Worcester Polytechnic Institute - 2

CSF Scholar Class of 2017 Report 268 Acceptances at 34 Colleges and Universities Ranked in the Top 50 in Massachusetts

• Assumption College - 6 • Babson College - 1 • Baypath University - 1 • Bentley University - 4 • Boston College - 3 • Boston University - 9 • Bowdoin College - 1 • Clark University - 3 • College of the Holy Cross - 7 • Emerson College - 1 • Emmanuel College - 15 • Fitchburg State University - 4 • Gordon College - 3 • Lasell College - 5 • Lesley University - 6 • Massachusetts College of Art and Design - 1 • Massachusetts College of Liberal Arts – 6

• Mass College of Pharmacy & Health Sciences - 9 • Merrimack College - 17 • Northeastern University - 8 • Regis College - 15 • Simmons College - 4 • Springfield College - 1 • Stonehill College - 12 • Suffolk University - 22 • Tufts University - 2 • University of Massachusetts, Amherst - 28 • University of Massachusetts, Boston - 27 • University of Massachusetts, Dartmouth - 11 • University of Massachusetts, Lowell - 24 • Wentworth Institute of Technology - 3 • Western New England University - 2 • Worcester Polytechnic Institute - 2 • Worcester State University - 5

162 Acceptances at 31 Catholic Colleges and Universities

• Anna Maria College - 6 • Assumption College - 6 • Boston College - 3 • Catholic University of America - 4 • College of the Holy Cross - 7 • Emmanuel College - 15 • Fairfield University - 2 • Fordham University – 3 • Georgetown - 2 • Iona College - 5 • Labouré College - 2 • LeMoyne College -1 • Loyola University Chicago - 1 • Loyola University, Maryland - 1 • Manhattan College - 4 • Marist College - 1

• Merrimack College - 17 • Providence College - 17 • Regis College - 15 • Rivier University - 3 • Sacred Heart University - 5 • Saint Anselm College - 7 • Saint Francis Xavier University, Nova Scotia - 1 • Saint John’s University - 7 • Saint Joseph’s College, Maine - 5 • Saint Michael’s College - 2 • Saint Peter’s University - 1 • Saint Thomas University - 1 • Salve Regina University - 4 • Stonehill College - 12 • University of Notre Dame - 2

FY18 Allocations Budget

Category Level Type of Support

FY16 Budget FY17 Budget FY18

Recommend. Difference Directed Funds

ABLE HS Scholarship 102,500.00$ 102,500.00$ 72,500.00$ (30,000.00)$

Adopt-a-School Other Scholarship 134,900.00$ 30,000.00$ -$ (30,000.00)$ Directed

Corporate Work Study Program HS Scholarship 91,800.00$ 91,800.00$ 93,800.00$ 2,000.00$

Continuum Scholarships HS Scholarship -$ -$ 25,000.00$ 25,000.00$

CSF Scholar HS Scholarship 2,092,960.00$ 2,140,594.00$ 2,270,800.00$ 130,206.00$

Emergency Fund Other Scholarship 254,925.50$ 200,000.00$ 200,000.00$ -$

General Scholarship - Elem Elementary Scholarship 3,619,590.00$ 4,143,490.00$ 3,643,000.00$ (500,490.00)$

General Scholarship - High HS Scholarship 147,634.00$ 100,000.00$ 140,000.00$ 40,000.00$

Gerstner HS Scholarship 30,000.00$ 60,000.00$ 92,500.00$ 32,500.00$ Directed

Horizon for Homeless Elementary Scholarship 76,500.00$ 149,000.00$ 149,000.00$ -$ Directed/Discretionary

HRI/NIS Elementary Scholarship 740,000.00$ 800,000.00$ 800,000.00$ -$

Lynn Collaborative Match Other Scholarship 100,000.00$ 100,000.00$ 100,000.00$ -$

Recruitment Elementary Scholarship 237,000.00$ 50,000.00$ 300,000.00$ 250,000.00$

Retention Elementary Scholarship 286,900.00$ 50,000.00$ 300,000.00$ 250,000.00$

South Boston Boys and Girls Club HS Scholarship 15,000.00$ 15,000.00$ -$ (15,000.00)$

Admissions Collaborative Elementary Program 133,500.00$ 116,000.00$ 66,000.00$ (50,000.00)$ Directed/Discretionary

August Institute Other Program 40,000.00$ 40,000.00$ -$ (40,000.00)$

BC Experience HS Program 20,000.00$ 20,000.00$ 20,000.00$ -$ Discretionary

BSO Elementary Program 6,000.00$ 6,000.00$ 6,000.00$ -$ Directed

Counseling Elementary Program 326,551.50$ 311,475.00$ 297,151.25$ (14,323.75)$ Directed/Discretionary

Leadership Elementary Program -$ -$ 600,000.00$ 600,000.00$ Discretionary

Lynn Collaborative Other Program 100,000.00$ 100,000.00$ 100,000.00$ -$ Directed

Marketing Other Program 94,208.35$ 96,083.00$ 96,083.00$ -$ Directed

Museum of Science Elementary Program 20,000.00$ 40,000.00$ 60,000.00$ 20,000.00$ Directed

Technology Other Program 228,809.07$ 233,341.00$ 233,341.00$ -$ Directed

TOTAL 8,898,778.42$ 8,995,283.00$ 9,665,175.25$ 669,892.25$

Allocations FY18 Budget Recommendation

Recommendation: It is recommended that the FY18 -Allocations Budget be set at $9,665,175.25

FY16 FY17 FY18 High School Budget $2,479,894 $2,509,894 $2,694,600 Elem. School Budget $4,959,990 $5,192,490 $5,192,000 Lynn Collaborative Match $100,000 $100,000 $100,000 Program Budget $969,068.92 $962,899 $1,478,575.25+ Emergency Fund $254,925.50 $200,000 $200,000 Total* $8,763,878.42 $8,965,283.00 $9,665,175.25 Rationale High School Budget

• $583,800 from new funding and graduating CSF Scholars to a new class of CSF Scholars; • $25,000 for the Continuum Scholarship pilot program; • $15,969 for Elizabeth Seton Academy students enrolled at new Catholic high schools; • Three Corporate Work Student Programs at the Cristo Rey schools; • Increase General Scholarship budget by $40,000 to $140,000 in order to transition August Institute from non-

scholarship support to scholarship funding at Cathedral High School • Maintenance of scholarship amounts for ABLE scholarships; • Increase of $32,500 for Gerstner Scholarships for a new class of scholars per donor agreement.

Elementary School Budget • $4,317,412 in guaranteed scholarships; • ~$1,233,000 for retention and recruitment, HRI/NIS and Horizons;

o This funding anticipates melt from with withdrawn students to be used proactively • ~100,000 for HRI/NIS high school recipients and Madrinas (budgeted with elementary support) • FY18 Support will be contingent on Lowell schools looking at a long-term plan and three new priority area

schools working towards goals with the Catholic Schools Office

Lynn Collaborative Match • Final year of five year scholarship match for Lynn Collaborative Schools to provide scholarship support for

approximately 30 students each year.

Program Budget • + Provide $495,424 in donor-directed funds to be finalized with donor approval • Allocate $600,000 in discretionary funds for strategic investment in leadership • Allocate $20,000 in discretionary funds for the Boston College Experience program • Grant $363,151.25 in discretionary to continue funding Catholic Schools Admissions Collaborative and City

Connects Counseling. These programs are in line with CSF funding priorities and funding guidelines.

Emergency Fund • $200,000 for five rounds of emergency funding available to all schools in the Archdiocese of Boston to advocate

for families experiencing unforeseen circumstances with financial impact on enrollment.

*Does not include Adopt-a-School ($30,000 budgeted and $157,000 distributed in FY17)

Allocations Committee FY 18

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

Approve funding guidelines and 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, including the pilot of portable Continuum Scholarships. Provide feedback on implementation of strategic, comprehensive plan to align scholarship and non-scholarship support to increase access to high-quality, sustainable K-12 Catholic schools for at-risk students in the Archdiocese of Boston. Suggest and monitor allocations benchmarks in order to demonstrate success of allocation initiatives and programs.

Actions: Review and discuss

• Grant timelines, applications and school evaluation materials • Funding guidelines and priorities • Scholarship recipient data, including retention rate and demographic information • Elementary School Allocation process and data in anticipation of student melt from historic 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 • Strategies for comprehensive scholarship and non-scholarship support


September 2017 Update on Continuum Scholarships Strategic programming update Review Allocations timeline, grant applications, rubrics Review Scholarship data FY18 High school budget recommendation and process Review other non-scholarship funding December 2, 2016 High school scholarship grant recommendations Elementary process, evaluation, budget recommendation Program budget recommendation Review funding guidelines and priorities February 2018

Elementary scholarship grant recommendations Program grant recommendations Strategic programming update High school process and evaluation May 2018 FY18 Allocation summary FY19 Final budget recommendation Review funding guidelines Allocations benchmarks

Funding Guidelines

General Guidelines: • A minimum of 80% of the Catholic Schools Foundation (CSF) discretionary allocation

budget should be allotted for scholarship funds each year • The majority of funding should be directed to students at the elementary school level • Opportunities for internal capacity building and sustainability outside of CSF should be

sought by all grantees, including opportunities for financial support from the Archdiocese of Boston (RCAB)

• All schools should be able to demonstrate they are meeting or working towards defined standards of academic quality, financial sustainability, faith formation, and effective governance

CSF will fund the following:

• Financial assistance to students with demonstrated financial need attending academically proficient Catholic schools in the Archdiocese of Boston.

• Programs that provide sustainability for, and access to, Catholic education within RCAB CSF will not fund any of the following:

• Building projects or renovations, with the exception of projects that are part of a wider plan to strengthen Catholic education.

• Direct requests by students and families for support. Such requests should be directed to the school the student is attending.

High schools that are recipients of CSF grants are expected to:

• Demonstrate their CSF Scholars are receiving a quality education by providing updated reports on the students’ academic progress through test scores and transcripts

• Demonstrate transparency regarding their financial health by providing yearly up-to-date audited financial statements

• Be able to demonstrate they are providing a quality education in the Catholic faith • Be mindful of and adhere to established CSF deadlines and required meetings • Look for opportunities to leverage CSF grants and to collaborate with other schools and

organizations Elementary schools that are recipients of CSF grants are expected to:

• Demonstrate measureable progress on outcomes around four areas of excellence and index markers agreed upon by the CSOby providing an updated sustainability index and progress on Smart goals each year

• Be able to demonstrate they are providing a quality education in the Catholic faith • Be mindful of and adhere to established CSF deadlines and required meetings • Look for opportunities to leverage CSF grants and collaborate with other schools and

organizations Approved 6.15.16

Formatted: Top: 0.17", Bottom: 0.3"

Comment [m1]: What is the right metric? College completion rate? Grades? Test scores?

TAB 6


FY18 Advancement Committee Members: Jack O’Connor, Eileen Shapiro, Richard Henken, Ryan Connolly,

Dan diBartolomeo, Peter Pound, Kurt Steinkrauss, Tim McBride, Kevin O’Leary, Kevin Smithson Charge The Advancement Committee shall ensure that the Catholic Schools Foundation has fundraising and marketing processes in place to ensure the successful fulfillment of the foundation's mission. They shall be held accountable to monitor, promote and engage in fundraising and marketing activities that support the work of the foundation. 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.

Complete and implement five-year fundraising strategy that aligns with Allocations strategy and vision.

Help CSF staff make connections to influential members who understand, promote and enthusiastically pursue the fundraising needs of 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.

Provide guidance in ensuring marketing materials and communications are in-line with fundraising plan and initiatives.

First Quarter Meeting (September) • Review FY17 End of Year Financials • Evaluate FY18 Goals and YTD Funds Raised • Discuss merits of a recognition event • Review Prospect List/letters to prospects • Outstanding items/set AC dates for FY18 Third Quarter Meeting (April) • 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) • 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) • Review YTD Funds Raised • Review FY19 Development Budget • Review Funding Opportunities and

Prospecting Plan with action items

Board of Trustees Meeting June 15, 2017

Advancement Committee Report

Fundraising Highlights

• FY17 Annual Campaign • As of 6.1 the Annual Campaign is flat year over year (commitment value). • Overall commitment value is flat year over year. • Overall cash is flat year over year. • CSF has exceeded the FY17 overall budgeted goals by 106%. • As of 6.1 there were $487,624.00 in outstanding pledges and $556,750 in LYBUNTS (donors who gave last

fiscal year but not this one). We anticipate recouping all of the outstanding pledges and are working hard to bring in the remaining LYBUNTS. Of the $556,750 LYBUNT total, we conservatively estimate bringing in $340,000 by June 30. (Please note that $225K of the LYBUNT total is from one anonymous donor and we are currently working with him on his renewal). This would put our year-end number just over $9 million.

• As of June 6, CSF increases, new and recovered gift amounts are more than the decreases and refusals. Please see attached chart for more details.

• CSF’s goal is to diversify the relationship between staff and supporters to mitigate risk, where one or two individuals hold relationships for our top donors.

• Advancement Committee update • The Advancement Committee reached its goals adding five new members this year, the Committee will be

welcoming newest additions Kevin Smithson of PwC and Kevin O’Leary of TIAA-CREF next week for our last meeting this fiscal year.

• With Craig Tateronis stepping down from the Committee, Rick Henken will be joining in FY18 as the new Chair.

• The focus of the Committee in the next few months will be prospecting with Private Equity firms, securing sponsorships for golf and providing guidance and insight for a five year fundraising strategy.

Event Highlights

• ICSF Annual Dinner Celebration - April 6, 2017 • Dinner raised $3.3 million (includes marketing credit) with nearly 1,000 attendees • $50K raised live at the dinner with text-to-give program (not including $50K match from Lynch Foundation). • Staples was honored and Shira Goodman accepted the Carolyn and Peter Lynch award. • Bill Achtmeyer of Parthenon-EY to chair 2018 dinner on Thursday, April 12, 2018

• Schools Out Summer Celebration – June 14, 2017

• Hosted by John Hancock in their atrium space. Over 100 young professionals will come out to raise money for student scholarships for the 2017-2018 school year.

• Amy Iseppi of State Street is receiving the volunteer of the year award.

• Falmouth Road Race – August 20, 2017 • CSF secured five bibs for the race. Runners will be required to fundraise $1,000 each in support

of the ICSF. • More than 12,000 individuals run the race each year.

• Back to School Cup Golf Tournament is back – Monday, September 25

• In an effort to engage donors 35-45, CSF is hosting the 15th Annual Back to School Cup Golf Tournament • The tournament will be held at Pinehills Golf Club in Plymouth. • Expected Income $100,000.

Marketing/PR

• Catholic Space • The Pilot featured CSF’s Bus Tour as the cover article in May. • CSF is sponsoring a bi-weekly article in The Pilot about Catholic education. • This past November, CSF started running an ad in the church bulletins in over 25 parishes in the

Archdiocese of Boston. This will continue through November.

• General marketing • CSF was featured in a 3 part series in the Herald prior to the 27th Annual ICSF Dinner Gala. • ICSF Dinner Gala Student Speaker was featured on NBC Boston. • Bi-annual Newsletter: Star News went out the first week in June.

Corporate Partnerships

• ICSF Dinner Committee • Members are being met with individually over the summer to discuss industry diversification,

new members, etc. • Focus on engaging priority corporate prospects: Pioneer Investments, Blue Hills Bank, Bose

Corporation, Thermo Fisher, Boston Scientific, General Electric, Dunkin’ Brands, Wayfair, Eaton Vance, KPMG, Vertex, Teradyne, Blackrock Financial, Waters Corporation, Global Partners.

• Corporate Volunteer Day – Friday, March 24th • 25 young professionals volunteered at Mission Grammar and Saint John’s School.

• State Street • Volunteer Day at Mission Grammar with State Street employees on Monday, March 13th was

attended by 10 employees. • State Street employees lead Young Leaders Council and Young Leader Dinner Committee.

• Hill Holliday • 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. • Recent CSF Scholar finished internship, is attending Stonehill College, and has been asked to

come back in intern with HH during college. • Staples

• $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.

• Staples hosted a 5K and silent auction for CSF this spring and raised over $10K. • PwC

• Corporate Volunteer Day: On July 14th, over 300 PwC employees will volunteer to complete various maintenance projects at 8 Catholic schools.

• Morgan Lewis • 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

• An advisory committee has been organized of corporate citizenship professionals to further inform corporate engagement programs moving forward.

• Committee will meet twice a year and the first meeting is July 12th. We have members from State Street, Staples, Teradyne, Loomis Sayles, PwC, Hill Holliday.

• Young Leader Program growth

• Before 2012: no formal engagement program. • 2013: young leader dinner committee formed. • 2013-2015: number of young leaders quadrupled in size to 100. • 2015: Young Leader Council established to provide continuity in programming throughout the

year (8 young professionals representing 5 companies). • 2016/2017: six young professional events each year, 200+ young leaders, 10 long-term corporate

engagement partnerships, comprehensive programming, more than $100K raised each year.

Advancement Committee Fundraising UpdateCommitment Value - 7/1/2016-6/1/2017

FY17 (YTD) FY16 (YTD) .+/- %+/-

Total Income $8,664,818.85 $8,696,949.75 (32,130.90)$ 0%

Appeal 5,557,338.47$ $5,616,483.07 (59,144.60)$ -1%Dinner $2,433,351.60 $2,416,966.68 16,384.92$ 1%Total ICSF $7,990,690.07 $8,033,449.75 (42,759.68)$ -1%

Endow $25,000.00 $70,000.00 (45,000.00)$ -64%Temp/Directed $512,128.78 442,500.00$ 69,628.78$ 16%Adopt $137,000.00 $151,000.00 (14,000.00)$ -9%

Commitment - Year to Date Compared to BudgetBUDGET FY17 (YTD) .+/- % Towards Goal

Total Income 8,155,400.00$ $8,664,818.85 $509,418.85 106%

Appeal 5,105,400.00$ 5,557,338.47$ $451,938.47 109%Dinner 2,600,000.00$ $2,433,351.60 ($166,648.40) 94%Total ICSF 7,705,400.00$ $7,990,690.07 $285,290.07 104%

Endow -$ $25,000.00 $25,000.00Temp/Directed 450,000.00$ $512,128.78 $62,128.78 114%Adopt -$ $137,000.00 137,000.00$

DONOR SUMMARY ALL -(FY17 is through June 5 & FY16 is through June 30)Row Labels Count of Status Sum of FY17 Total Sum of FY16 Total VarianceINCREASE 160 1,870,075.30$ 1,288,801.78$ 581,273.52$ NEW/RECOVERED 469 726,131.41$ -$ 726,131.41$ Total Increase, New, Recovered 1,307,404.93$ REFUSAL 30 -$ 338,663.27$ (338,663.27)$ DECREASE 120 1,437,645.45$ 2,303,417.77$ (865,772.32)$ OTHER 4,630,350.00$ 4,681,835.92$ (51,485.92)$ Total Refusal, Decrease, Other (1,255,921.51)$ LYBUNT 256 -$ 327,181.85$ (327,181.85)$ SPECIAL LYBUNT 2 615.69$ 230,184.08$ (229,568.39)$ Total LYBUNTS (556,750.24)$ Grand Total 779 8,664,817.85$ 9,170,084.67$ Increase & New and Recovered Total 1,307,404.93$ Decrease, Refusal and Other Total 1,255,921.51$ Variance 51,483.42$

*LYBUNTS are donors who gave last fiscal year but not this one

TAB 7


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 moving impact of adjustments to high school 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


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

11/15/2016 5/16/17

Initial scholarship budget approval 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

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 FY18 Goals, Budget and Investment Pool Distribution Recommendation Distribution rate Annual Report to the CSF Board Standing Agenda Review Updated 8.5.16

Revenue (accrual)

YTD Actual through 4/30/17

Full FY17 Budget

Variance from Budget

% of Budget

Raised/Spent



Variance from the prior FY

Appeal & Dinner (excludes perm. rest.) 6,941,169 8,115,400 (1,174,231) 86% 6,941,169 6,647,733 293,436 Non-dinner events 19,535 40,000 (20,465) 49% 19,535 55,278 (35,743)

Total Revenue 6,960,704 8,155,400 (1,194,696) 85% 6,960,704 6,703,011 257,694 -

Expenses:School Allocations (cash) Scholarships 7,536,023 7,853,384 317,361 96% 7,536,023 7,498,600 37,423 Program & Other (directed) 814,663 812,475 (2,188) 100% 814,663 710,398 104,265 Lynch Funds - 329,425 329,425 0% - - - Total Budgeted School Allocations 8,350,686 8,995,284 644,598 93% 8,350,686 8,208,998 141,688 Prior Year Carryover 469,571 572,917 103,346 82% 469,571 6,250 463,321 Total School Allocations 8,820,257 9,568,201 747,944 92% 8,820,257 8,215,248 605,009 Operating Expenses (accrual) Management (incl depreciation) 360,446 440,585 80,140 82% 360,446 365,534 (5,088) Allocations 286,889 420,302 133,412 68% 286,889 247,075 39,814 Development (incl events) 632,299 785,187 152,888 81% 632,299 589,254 43,045 Total Operating Expenses 1,279,634 1,646,075 366,440 78% 1,279,634 1,201,863 77,771 Total Expenses 10,099,891 11,214,275 1,114,384 90% 10,099,891 9,417,111 682,780

Net from Operations (3,139,187) (3,058,875) (80,312) 103% (3,139,187) (2,714,101) (425,087)

plus investment pool distribution 1,250,000 2,501,229 1,251,229 50% 1,250,000 1,550,000 (300,000)

Operating Surplus/Deficit (1,889,187) (557,646) (1,889,187) (1,164,101) (725,087) -

Operating Cash Required for Future Commitments 1,379,769 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

Top Line - Operating Statement Overview

ProposedBudget Forecast FY18 Var Actual FY17 Var Actual FY16 Var Actual FY15 VarFY18 FY17 from FY17 FY16 from FY16 FY15 from FY15 FY14 from FY14

Income:Appeal & Dinner 8,844,000 8,442,500 401,500 8,755,626 (313,126) 9,255,554 (499,928) 8,024,717 1,230,837 Non-dinner events 156,000 57,500 98,500 88,283 (30,783) 104,597 (16,314) 87,048 17,549

Total Income 9,000,000 8,500,000 500,000 8,843,909 (343,909) 9,360,151 (516,242) 8,111,765 1,248,386

Expenses:School Allocations Scholarships 8,037,600 7,853,384 184,216 8,384,469 (531,085) 8,218,721 165,748 6,402,381 1,816,340 Program & Other (directed) 1,302,819 817,142 485,676 996,695 (179,552) 1,680,379 (683,684) 1,182,650 497,729 Lynch Funds 324,757 324,757 0 361,948 (37,191) 227,747 134,201 378,064 (150,317) Total School Allocations 9,665,176 8,995,284 669,892 9,743,112 (747,828) 10,126,847 (383,735) 7,963,095 2,163,752 Operating Expenses Management 413,094 440,585 (27,492) 455,684 (15,099) 387,590 68,094 402,113 (14,523) Allocations 425,329 420,302 5,027 325,458 94,844 413,795 (88,337) 365,004 48,791 Development 885,493 785,187 100,306 719,004 66,183 674,147 44,857 565,743 108,404 Total Operating Expenses 1,723,916 1,646,075 77,841 1,500,146 145,929 1,475,531 24,615 1,332,860 142,671 Total Expenses 11,389,091 10,641,358 747,733 11,243,258 (601,899) 11,602,378 (359,121) 9,295,955 2,306,423

Net from Operations (2,389,091)

(2,141,358)

(247,733)

(2,399,349)

257,991

(2,242,227)

(157,122)

(1,184,190)

(1,058,038)

plus investment pool distribution (cash taken from inv. Pool) 2,501,229 1,250,000 1,251,229 1,550,000 (300,000) 1,000,000 550,000 1,500,000 (500,000)

Net Surplus/Deficit 112,138

(891,358)

1,003,496

(849,349)

(42,009)

(1,242,227)

392,878

315,810

(1,558,038)

-

Less Permanently Restricted Contributions - - - - - - - (25,000) 25,000 Plus Allocations paid for by prior year contributions 192,500 160,000 32,500 130,000 30,000 100,000 30,000 100,000 -

Operating Surplus/Deficit 304,638

(731,358)

1,035,996

205,762

(937,120)

(1,142,227)

1,347,989

390,810

(1,533,038)

-

Operating Expense Comparative Summary


Total Operating Expenses (excl deprec & bad debt) 1,723,916 1,646,075 77,841 1,500,146 145,929 1,475,531 24,615 1,332,860 142,671 Variance from Prior Year (%) - 4.73% 9.73% 1.67% 10.70%

FY18 Operating Budget Notes:

- Employee costs (all) are budgeted to increase approximately $12.5K over the prior year representing a 1.6% budgeted salary increase over the FY17 budget - Development operating budget increased $52,500 for the golf tournament and an additional $31K for the dinner - Portion of program budget intended to be offset by portion of technology and marketing endowment - The Lynch Funds allocations and investment pool distribution is budgeted at the FY17 budgeted rate until the final distribution is calculated in early August

Catholic Schools FoundationBudget Comparison (FY14 - FY18) to Prior Year Actuals (Un-audited)

Catholic Schools FoundationBudget Comparison (FY14 - FY18) to Prior Year Actuals (Un-audited)

Allocation Budget Summary


ScholarshipsGeneral Scholarships 6,945,100 6,793,384 151,716 6,496,148 297,237 6,464,894 31,253 5,360,539 1,104,356 Urban Recruitment (incl new immigrant scholarships) 800,000 800,000 - 1,553,026 (753,026) 669,874 883,152 609,447 60,428 Emergency Fund 200,000 200,000 - 305,295 (105,295) 202,481 102,814 267,395 (64,914) HS - Matching Grant - - - - - 538,500 (538,500) 165,000 373,500 Bright Spots - - - - - 342,971 (342,971) - 342,971 Total General Scholarships 7,945,100 7,793,384 151,716 8,354,469 (561,085) 8,218,721 135,748 6,402,381 1,816,340

Program & OtherCounseling 297,151 311,475 (14,324) 311,475 - 308,160 3,316 329,480 (21,321) Other Program Grants (Innovation) 901,000 371,000 530,000 320,978 50,022 249,500 71,478 553,000 (303,500) Other Directed Funds - - - 108,666 (108,666) 883,477 (774,812) - 883,477 Adopt a School - 30,000 (30,000) 151,000 (121,000) 134,900 16,100 196,075 (61,175)

Technology - non-Lynch 4,667 4,667 - 4,576 91 4,343 234 4,094 248 Total Program & Other 1,202,819 717,142 485,676 896,695 (179,552) 1,580,379 (683,684) 1,082,650 497,729 Lynch Funds Other Directed Funds (re-use of tech & mktg budgeted funds) - - - 361,948 (361,948) 213,599 148,349 - 213,599

Technology 228,674 228,674 0 - 228,674 - - 293,773 (293,773) Marketing 96,083 96,083 - - 96,083 14,148 (14,148) 84,291 (70,143)

Total Lynch Funds 324,757 324,757 0 361,948 (37,191) 227,747 134,201 378,064 (150,317) Total School Allocations 9,472,676 8,835,284 637,392 9,613,112 (777,828) 10,026,847 (413,735) 7,863,095 2,163,752 Plus Prior Year Contributions (Mooney, Mosakowski, Gerstner)

Gerstner (Scholarship) 92,500 60,000 32,500 30,000 30,000 - 30,000 - Mosakowski (Mooney) (Program) 100,000 100,000 - 100,000 - 100,000 - 100,000 - Total Prior Year Contributions 192,500 160,000 32,500 130,000 30,000 100,000 30,000 100,000 -

Total 9,665,176

8,995,284

669,892

9,743,112

(747,828)

10,126,847

(383,735)

7,963,095

2,163,752

- (0) - - - - 0 - - - (0)

FY18 Allocation Budget Notes:

- Allocations based on the endowment distribution amount (marketing & technology) have been left at the FY17 budgeted rate until the distribution is updated in August 2017 - Adopt-a-School gifts are now being distributed in the year received so no allocations are expected to be budgeted starting in FY17. The $30K shown in the FY17 is due to a FY16 gift that was not dispersed prior to 6/30/16 - "Other Program Grants" include $600K for the Strategic Leadership Program - The FY18 Allocations budget is based on the expected payout to schools during the 17-18 school year with the expense for all specified, non-endowment funded allocations taken in FY18 (6/30/18.) During FY18 the Foundation will expense a monthly amount based on the FY18 budget but the actual allocation expenses for FY18 will be dependent upon the FY19 budget (accrued at 6/30/18.) Consistent with prior years, it is not expected that the payout rate will change dramatically between FY18 and FY19.

Top Line - Operating Statement Overview

ProposedBudget Budget FY18 Var Budget FY17 Var Budget FY16 Var Budget FY15 VarFY18 FY17 from FY17 FY16 from FY16 FY15 from FY15 FY14 from FY14

Income:Appeal & Dinner 8,844,000 8,115,400 728,600 8,080,000 35,400 7,850,000 230,000 7,500,000 350,000 Non-dinner events 156,000 40,000 116,000 120,000 (80,000) 120,000 - 140,000 (20,000)

Total Income 9,000,000 8,155,400 844,600 8,200,000 (44,600) 7,970,000 230,000 7,640,000 330,000

Expenses:School Allocations Scholarships 8,037,600 7,853,384 184,216 7,787,778 65,607 7,188,519 599,259 6,739,835 448,684 Program & Other (directed) 1,302,819 817,142 485,676 862,028 (44,885) 958,620 (96,592) 1,137,470 (178,850) Lynch Funds 324,757 324,757 - 318,441 6,316 299,626 18,815 286,910 12,717 Total School Allocations 9,665,176 8,995,284 669,892 8,968,246 27,037 8,446,765 521,482 8,164,214 282,551 Operating Expenses - Management 413,094 440,585 (27,492) 444,556 (3,970) 412,114 32,441 412,365 (251) Allocations 425,329 420,302 5,027 420,609 (307) 406,947 13,662 406,805 142 Development 885,493 785,187 100,306 764,648 20,540 755,855 8,793 736,413 19,442 Total Operating Expenses 1,723,916 1,646,075 77,841 1,629,813 16,262 1,574,916 54,897 1,555,583 19,333 Total Expenses 11,389,091 10,641,358 747,733 10,598,059 43,299 10,021,681 576,378 9,719,797 301,883

-

Net from Operations (2,389,091)

(2,485,958)

96,867

(2,398,059)

(87,899)

(2,051,681)

(346,378)

(2,079,797)

28,117

plus investment pool distribution 2,501,229 2,501,229 - 2,473,821 27,409 2,278,349 195,472 2,144,358 133,991

Net Surplus/Deficit 112,138

15,271

96,867

75,762

(60,491)

226,668

(150,907)

64,561

162,107

Less Permanently Restricted Contributions - - - - - - - (100,000) 100,000 Plus Allocations paid for by prior year contributions 192,500 160,000 32,500 130,000 30,000 100,000 30,000 100,000 -

Operating Surplus/Deficit 304,638

175,271

129,367

205,762

(30,491)

326,668

(120,907)

64,561

262,107

Operating Expense Comparative Summary

ProposedBudget Budget FY18 Var FY17 Var FY16 Var FY15 VarFY18 FY17 from FY17 FY16 from FY16 FY15 from FY15 FY14 from FY14

Operating Expenses 1,723,916 1,646,075 77,841 1,629,813 16,262 1,574,916 54,897 1,555,583 19,333 Variance from Prior Year (%) 4.73% 1.00% 3.49% 1.24%

FY18 Operating Budget Notes:

- Employee costs (all) are budgeted to increase approximately $12.5K over the prior year representing a 1.6% budgeted salary increase over the FY17 budget - Development operating budget increased $52,500 for the golf tournament and an additional $31K for the dinner - Portion of program budget intended to be offset by portion of technology and marketing endowment - The Lynch Funds allocations and investment pool distribution is budgeted at the FY17 budgeted rate until the final distribution is calculated in early August

Catholic Schools FoundationBudget Comparison (FY14 - FY18 - un-audited)

Catholic Schools FoundationBudget Comparison (FY14 - FY18 - un-audited)

Allocation Budget Summary

ProposedBudget Budget FY18 Var FY17 Var FY16 Var FY14 VarFY18 FY17 from FY17 FY16 from FY16 FY15 from FY15 FY14 from FY13

ScholarshipsGeneral Scholarships 6,945,100 6,793,384 151,716 6,762,815 30,569 6,088,519 674,297 5,724,835 363,684 Urban Recruitment (incl new immigrant scholarships) 800,000 800,000 - 740,000 60,000 650,000 90,000 650,000 - Emergency Fund 200,000 200,000 - 254,963 (54,963) 200,000 54,963 200,000 - HS - Matching Grant - - - - - - - 165,000 (165,000) Bright Spots - - - - - 250,000 (250,000) - 250,000 Total General Scholarships 7,945,100 7,793,384 151,716 7,757,778 35,607 7,188,519 569,259 6,739,835 448,684

Program & OtherCounseling 297,151 311,475 (14,324) 326,552 (15,077) 352,240 (25,689) 375,000 (22,760) Other Program Grants (Innovation) 901,000 371,000 530,000 296,000 75,000 306,000 (10,000) 400,000 (94,000) Other Directed Funds - - - - - - - 100,000 (100,000) Adopt a School - 30,000 (30,000) 134,900 (104,900) 196,075 (61,175) 158,375 37,700

Technology - non-Lynch 4,667 4,667 - 4,576 91 4,305 271 4,094 210 Total Program & Other 1,202,819 717,142 485,676 762,028 (44,885) 858,620 (96,592) 1,037,470 (178,850)

Lynch FundsTechnology 228,674 228,674 - 224,233 4,441 211,004 13,229 202,619 8,385 Marketing 96,083 96,083 - 94,208 1,875 88,622 5,586 84,291 4,331 Total Lynch Funds 324,757 324,757 - 318,441 6,316 299,626 18,815 286,910 12,717

Total School Allocations 9,472,676 8,835,284 637,392 8,838,246 (2,963) 8,346,765 491,482 8,064,214 282,551 Plus Prior Year Contributions (Mooney, Mosakowski, Gerstner)

Gerstner (Scholarship) 92,500 60,000 32,500 30,000 30,000 - 30,000 - - Mosakowski (Mooney) (Program) 100,000 100,000 - 100,000 - 100,000 - 100,000 -

Total Prior Year Contributions 192,500 160,000 32,500 130,000 30,000 100,000 30,000 100,000 - Total 9,665,176

8,995,284

669,892

8,968,246

27,037

8,446,765

521,482

8,164,214

282,551

(0) - - - - - - - -

FY18 Allocation Budget Notes:

- Allocations based on the endowment distribution amount (marketing & technology) have been left at the FY17 budgeted rate until the distribution is updated in August 2017 - Adopt-a-School gifts are now being distributed in the year received so no allocations are expected to be budgeted starting in FY17. The $30K shown in the FY17 is due to a FY16 gift that was not dispersed prior to 6/30/16 - "Other Program Grants" include $600K for the Strategic Leadership Program - The FY18 Allocations budget is based on the expected payout to schools during the 17-18 school year with the expense for all specified, non-endowment funded allocations taken in FY18 (6/30/18.) During FY18 the Foundation will expense a monthly amount based on the FY18 budget but the actual allocation expenses for FY18 will be dependent upon the FY19 budget (accrued at 6/30/18.) Consistent with prior years, it is not expected that the payout rate will change dramatically between FY18 and FY19.

1) Asset AllocationCSF SpendingProgram vs Benchmark

2) Program Performance AttributionAsset Allocation vs Manager Selection

3) Manager AllocationManager SelectionNew Ideas

4) Manager PerformanceActive vs PassiveTrack Buys/Sells

TBD Manager Position OverlapIndex OverlapManager OverlapConcentrated PortfoliosTracking Error

Catholic Schools Foundation/Inner City Scholarship Fund

Investment Report4/30/17

1) Asset Allocation - Actual Versus BenchmarkPeriod ending 4/30/17

Normal Range Over/UnderEquities Current + / - 10% Median Range

DomesticLarge Cap 16.8% 30.0% -13.2%Small Cap 6.3% 10.0% -3.7%All Cap 11.2% 0.0% 11.2%

Total US 34.3% 40.0% -5.7%

InternationalGlobal 4.1% 15.0% -10.9%Asia 3.6% 3.6%Europe 3.0% 3.0%Emerging 5.6% 5.6%

Total Int'l 16.3% 15.0% 1.3%

Sectors / OtherSector/Other 10.4% 5.0% 5.4%

Total Equities 61.0% 60.0% 1.0%

Normal Range Over/UnderBonds Current + / - 10% Median Range

Corporate / HY 10.0% 20.0% -10.0%Treasuries 5.6% 10.0% -4.4%Non-US 0.0% 5.0% -5.0%

Total Bonds 15.6% 35.0% -19.4%

Cash Cash Equivalents 23.4% 5.0% 18.4%

Total 100.0% 100.0% 0.0%

Period: YTD ending 4/30/17

YTD 4/30/2017Bench Return

US 45% S&P 500 7.2% S&P 500 3.2%Int'l 15% EAFE 10.5% EAFE 1.6%Bonds 35% Barclays Agg 1.6% Barclays Agg 0.6%Cash/Other 0% Tbills 0.0% Cash/Other 0.0%Other* 5% Tbills 0.0% Tbills 0.0%

total 100% total 5.4%

*asset return x normal allocation*Assumes "other" is supposed to be absolute return and so Tbills used as bench

G/Lo/u 4 mos asset manager/sector/style

Actual Normal Actual 4 mos allocation*US 47% 2% US 5.4% US 2.5% 0.1%Int'l 16% 1% Int'l 12.5% Int'l 2.0% 0.1%Bonds 16% -19% Bonds 1.4% Bonds 0.2% -0.3%Cash 21% 21% Cash 0.1% Cash 0.0% 0.0%Other 0% -5% Other 0.0% Other 0.0% 0.0%

total 100% ^total 4.8%

vs. Bench -0.6% -0.1%

* Average over period; sectors aggregated US or Int'l * 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

-0.5%

selection #-0.8%0.3%0.0%0.0%0.0%

CSF Actual Portfolio

Allocations* Returns Attribution% G/L

Benchmark

Allocations Returns Attribution*

Normal Allocation YTD 4/30/2017

3) Manager Allocations4/30/2017 30-Apr Expense

Date Cost Market Percent YTD 2016 RatioEquities

DomesticLarge Cap

T Rowe Price Growth Stock Fund (6/05) Jun-05 690,313 1,238,604 1.8% 15.3% 1.41% 0.67%Vanguard Value Index Investor (8/15) Aug-15 4,226,787 4,806,855 7.1% 3.2% 16.75% 0.23%Fidelity 500 Index Institutional Class (6/16) Jun-16 4,273,581 5,359,555 7.9% 7.1% 11.93% 0.06%

Total Large US 9,190,680 11,405,014 16.8%

Small CapFrontier Research Fund (12/05) Dec-05 1,425,000 3,751,886 5.5% 7.6% 9.12% 1.10%Dimensional U.S. Small Cap Value Dec-15 400,000 497,852 0.7% -0.9% 28.26% 0.52%

Total Small US 1,825,000 4,249,738 6.3%

All CapLateef Investments (10/06) Oct-06 1,000,000 2,443,076 3.6% 7.5% -0.07% 1.00%Scharf Investments Core Equity Fund (10/06) Oct-06 3,000,000 5,164,870 7.6% 6.5% 4.92% 1.00%

Total All Cap 4,000,000 7,607,946 11.2%

Total US 15,015,680 23,262,697 34.3%

InternationalGlobal

Morgan Stanley Inst. Intl Equities, Class A (12/03) Dec-03 2,881,358 2,762,700 4.1% 11.5% -2.00% 0.95%Total Int'l Large 2,881,358 2,762,700 4.1%

AsiaMatthews Japan (2/11) Feb-11 444,461 701,857 1.0% 8.1% 0.40% 0.99%Ishares MSCI Japan Small Cap Index Fund (5/10) May-10 905,281 1,100,230 1.6% 9.3% 8.27% 0.48%Ishares MSCI South Korea Capped ETF (8/16) Aug-16 599,959 646,772 1.0% 16.7% 8.44% 0.63%

Total Asia 1,949,701 2,448,858 3.6%Europe

Vanguard FTSE Europe (3/15) Mar-15 749,857 718,347 1.1% 12.4% -0.37% 0.12%Ishares trust MSCI Europe Financials (8/16) Aug-16 1,099,485 1,336,959 2.0% 12.2% -2.71% 0.48%

Total Europe 1,849,341 2,055,306 3.0%

Emerging MarketsVanguard FTSE Emerging Markets (3/15) Mar-15 2,732,800 2,637,349 3.9% 12.9% 12.21% 0.15%BMO Emerging Markets (5/16) May-16 1,008,173 1,147,467 1.7% 18.6% 5.96% 1.15%

Total EM 3,740,973 3,784,815 5.6%

Total Int'l 10,421,373 11,051,678 16.3%

Sectors / OtherAmex Energy Select Spdr Fd (6/05) Jun-05 826,980 919,436 1.4% -9.4% 28.02% 0.17%Market Vectors Gold Miners (8/11) Aug-11 2,724,032 1,911,135 2.8% 6.3% 52.92% 0.53%Financial Select Sector SPDR® ETF (2/16) Feb-16 1,981,799 2,340,859 3.5% 1.6% 22.59% 0.14%iShares US Oil&Gas Explor&Prodtn (5/16) May-16 499,567 517,301 0.8% -10.7% 24.98% 0.43%Ishares TR US Home Cons ETF (8/16) Aug-16 600,487 665,998 1.0% 17.8% 1.85% 0.44%Vanguard Health Care Investor (2/17) Feb-17 668,094 668,842 1.0% 12.0% -8.99% 0.36%

Sector/Other 7,300,960 7,023,570 10.4%

Total Equities 32,738,013 41,337,946 61.0%

Bonds

Corporate / HYVanguard Short TTM Corp Fund (3/09) Mar-09 5,512,021 5,586,905 8.2% 1.2% 2.72% 0.20%Fidelity Capital & Income (2/15) Feb-15 760,490 806,363 1.2% 5.3% 10.75% 0.71%Third Avenue Focused Credit Fund (2/15) Feb-15 595,946 384,444 0.6% -3.5% 12.15% 0.88%

Total Corp / HY 6,868,457 6,777,712 10.0%

TreasuriesUnited States Treasury Bond due 02/15/2018 Feb-15 1,848,703 1,848,631 2.7%United States Treasury Bond TIPS due04/15/2018 Feb-15 1,958,712 1,953,068 2.9%

Total Tsy's 3,807,415 3,801,699 5.6%Non-US

Total Non-US - - 0.0%

Total Bonds 10,675,872 10,579,411 15.6%

Cash Cash EquivalentsFidelity Account MMF 1,408,051 1,408,051 2.1%United States Treasury Bills zero CPN 5/25/17 14,482,238 14,493,475 21.4%

Total Cash 15,890,289 15,901,526 23.4%

TOTAL 59,304,175 67,818,883 100.0%

4) Manager Performance 40 64 124Shaded green = Full Year CSF Investment Invest 30-Apr

Expense Date 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 3 yrs 5 yrs 10 yrsEQUITIES 4 mos 4 mos 4 mosDomestic

Large CapT Rowe Price Growth Stock Fund (6/05) PRGFX 0.67% Jun-05 10.4% -42.3% 43.3% 16.9% -1.0% 18.9% 39.2% 8.8% 10.9% 1.4% 15.3% 10.9% 17.0% 9.1%Vanguard Value Index Investor (8/15) VIVAX 0.23% Aug-15 0.1% -36.0% 19.6% 14.3% 1.0% 15.0% 32.9% 13.1% -1.0% 16.8% 3.2% 9.4% 14.7% 6.0%Vanguard Growth Index VIGRX 0.22% 12.5% -38.2% 36.0% 16.8% 1.7% 16.9% 32.0% 13.4% 3.2% 6.0% 12.1% 10.4% 15.7% 8.9%Fidelity Advisor Insight FINSX 0.66% 20.6% -37.6% 29.3% 16.3% -0.7% 16.1% 32.1% 9.3% 2.6% 6.6% 10.8% 8.8% 14.1% 8.3%Fidelity 500 Index Institutional Class (6/16) FXSIX 0.06% Jun-16 5.5% -37.0% 26.6% 15.0% 2.1% 16.0% 32.3% 13.6% 1.4% 11.9% 7.1% 10.2% 15.6% 7.4%

Small CapMA Weatherbee and Co (12/05) Exited 2/17 1.00% Dec-05 13.9% -38.2% 39.0% 28.5% 1.2% 11.3% 50.5% -4.0% 1.7% 9.9% n/a n/a n/a n/aFrontier Research Fund (12/05) 1.10% Dec-05 17.3% -37.9% 33.8% 21.8% -10.0% 20.8% 35.7% 10.6% -1.6% 9.1% 7.6% 7.6% 12.6% 8.1%Dimensional U.S. Small Cap Value DFSVX 0.52% Dec-15 -10.8% -36.8% 33.6% 30.9% -7.6% 21.7% 42.4% 3.5% -7.8% 28.3% -0.9% 6.0% 13.3% 6.5%Russell 2000 ETF (bench) IWO 0.25% 6.9% -38.4% 34.5% 29.3% -3.0% 14.8% 43.2% 5.8% -1.3% 11.7% 7.2% 6.9% 13.8% 8.3%

All CapLateef Investments (10/06) 1.00% Oct-06 7.9% -35.6% 23.7% 15.1% 0.2% 19.2% 32.0% 5.0% 3.0% -0.1% 7.5% 4.6% 12.0% 5.9%Scharf Investments Core Equity Fund (10/06) 1.00% Oct-06 5.0% -28.4% 27.7% 12.9% 3.3% 12.6% 31.8% 15.8% 1.9% 4.9% 6.5% 8.7% 14.1% 7.9%

InternationalGlobal

Morgan Stanley Inst. Intl Equities, Class A (12/03) MSIQX 0.95% Dec-03 9.8% -33.1% 21.6% 6.1% -7.6% 19.6% 20.4% -6.1% 0.4% -2.0% 11.5% 0.9% 6.1% 2.6%Asia

Matthews Japan (2/11) MJFOX 0.99% Feb-11 -11.0% -28.4% 10.1% 19.6% -7.7% 8.3% 34.0% -2.6% 20.8% 0.4% 8.1% 7.6% 10.6% 3.6%Ishares MSCI South Korea Capped ETF (8/16) EWY 0.63% Aug-16 31.7% -56.0% 71.8% 29.6% -13.5% 21.9% 3.5% -13.5% -8.0% 8.4% 16.7% 0.2% 1.8% 3.4%Ishares MSCI Japan Small Cap Index Fund (5/10) SCJ 0.48% May-10 na -19.6% 2.2% 19.1% -4.9% 5.5% 24.7% -2.7% 14.9% 8.3% 9.3% 8.8% 9.9% na

EuropeVanguard FTSE Europe (3/15) VGK 0.12% Mar-15 13.2% -44.7% 31.3% 6.0% -11.6% 21.6% 24.4% -7.1% -1.9% -0.4% 12.4% 0.6% 6.0% 1.7%Ishares trust MSCI Europe Financials (8/16) EUFN 0.48% Aug-16 na na na na -26.6% 35.4% 29.3% -9.7% -4.7% -2.7% 12.2% -1.8% 3.6% na

Emerging MarketsVanguard FTSE Emerging Markets (3/15) VWO 0.15% Mar-15 37.3% -52.5% 76.3% 19.5% -18.8% 19.2% -4.9% -0.1% -15.4% 12.2% 12.9% 2.1% -0.2% 3.0%BMO Emerging Markets (5/16) MIEMX 1.15% May-16 na na na na -23.7% 19.2% -6.4% 6.3% -11.3% 6.0% 18.6% 5.2% 0.2% na

Sectors / OtherAmex Energy Select Spdr Fd (6/05) XLE 0.17% Jun-05 36.9% -38.9% 21.8% 21.8% 2.8% 5.2% 26.2% -8.7% -21.5% 28.0% -9.4% -5.4% 2.4% 3.4%Market Vectors Gold Miners (8/11) GDX 0.53% Aug-11 16.8% -26.1% 36.7% 33.9% -16.1% -8.9% -54.0% -12.4% -24.9% 52.9% 6.3% 2.0% -16.8% -4.9%Financial Select Sector SPDR® ETF (2/16) XLF 0.14% Feb-16 -18.9% -54.1% 17.0% 11.9% -17.1% 28.3% 35.3% 14.9% -1.7% 22.6% 1.6% 10.8% 14.1% -0.1%Ishares TR US Home Cons ETF (8/16) ITB 0.44% Aug-16 -57.9% -42.5% 22.1% 10.4% -9.1% 79.4% 17.5% 4.7% 5.07% 1.9% 17.8% 8.7% 19.0% -1.8%iShares US Oil&Gas Explor&Prodtn (5/16) IEO 0.43% May-16 39.8% -41.8% 40.7% 18.7% -3.2% 4.3% 30.8% -12.3% -24.6% 25.0% -10.7% -8.7% -0.5% 2.8%Vanguard Health Care Investor (2/17) VGHCX 0.36% Feb-17 4.4% -18.5% 21.0% 6.2% 11.5% 15.1% 43.2% 28.5% 12.7% -9.0% 12.0% 12.4% 20.6% 11.1%

BONDSCorporate / HY

Vanguard Short TTM Corp Fund (3/09) VFSTX 0.20% Mar-09 5.9% -4.7% 14.0% 5.2% 1.9% 4.5% 1.0% 1.8% 1.0% 2.7% 1.2% 2.0% 2.6% 3.2%Fidelity Capital & Income (2/15) FAGIX 0.71% Feb-15 3.8% -31.9% 72.1% 17.1% -1.9% 16.4% 9.7% 6.1% -1.0% 10.8% 5.3% 6.3% 8.4% 7.9%Third Avenue Focused Credit Fund (2/15) TFCIX 0.88% Feb-15 na na na 15.6% -4.6% 17.2% 16.8% -6.0% -30.1% 12.2% -3.5% -9.7% -1.4% naHigh Yield Index ETF (HYG) (bench) HYG 0.50% na -17.6% 28.6% 11.8% 6.7% 11.6% 5.7% 1.9% -5.0% 13.4% 3.1% 3.8% 6.9% na

Non-USMS Emerging Markets (2/14) Exited 2/17 EDD 2.10% -29.0% 42.0% 27.3% -5.4% 27.3% -13.0% -11.9% 1.7% -28.2% 16.2% 12.6% -1.4% -1.3% 1.2%

CSF Return 9.2% -30.5% 27.4% 14.3% -0.9% 11.1% 17.5% 4.5% -0.5% 6.8% 4.9% 4.7% 8.0% 5.1%Benchmark (45% S&P 500/EAFE 15%/35% Barclays Agg/Tbills 5%) 6.6% 5.4%

CSF Market Value (MM) 49.2 34.9 43.9 50.0 49.0 53.7 61.6 63.5 61.6 64.6 67.8

Finance Committee FY 18

DRAFT

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 19 Budget, in collaboration with development and allocations committees.

Review and monitor on-going operations;

Monitor the work of the audit and investment committees

Develop projections and make recommendations on how best to fund strategic priorities.

Actions

• Confirm CSF is prepared for and understands new reporting requirements in FY19 • Regular review of financial statements and reports of the audit and investment committees • Analyze and recommend on most prudent manner to fund strategic priorities. • Monitor relationship with Catholic Community Fund

Meeting Dates* and Topics

All meetings will have review of financials and investment performance

8/15/17 2/20/2018

Review of FY17 Financials Review of FY 19 budget Review of CSF goals Update on 2017 Audit Finalize draft committee goals FY 18 Auditor Recommendation Surplus/Deficit/Reserve Discussion Review of CCF assets Update on strategic vision and costs

11/14/2017 5/22/18

Initial scholarship budget approval FY 19 Goals discussion Report on FY 17 Audit progress Review and setting of Payout Policy Review of investment pool assumptions Finalization of FY19 Budget Review of Insource Insurance Coverage

Review of open accounts –signers/access Review of LRP Model

* Tentative – awaiting confirmation

Investment Committee DRAFT FY 18

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


(Quarters based on June 30th fiscal year) Q1(8/8/2017) Q2 (11/7/17)

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 (2/13/18) Q4(5/8/18) 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 6.12.17

Catholic Schools Foundation Board of Trustees Meeting€¦ · Catholic Schools Foundation Board of...

Documents

Transcript of Catholic Schools Foundation Board of Trustees Meeting€¦ · Catholic Schools Foundation Board of...