Through the efforts of its Finance Committee, portfolio manager Christian Brothers Investment Services, and consultant Cornerstone Advisors, the Independent Catholic Foundation announces that its investment portfolio increased 14.7% in calendar year 2017. With its investment value growing $5 million since December 31, 2016, the Foundation now has $31 million under management for the first time in its history.
In addition to the double-digit portfolio return, the Foundation received $1.6 million in contributions to existing endowments or to the eleven new endowments that were created throughout the year. The Foundation now manages 255 permanent endowments that benefit parishes, schools, cemeteries, religious orders, scholarship funds and diocesan ministries.
The Independent Catholic Foundation was established 28 years ago as a self-governing, non-profit organization to manage permanent endowments for the long-term benefit of Catholic causes of the Diocese of Altoona-Johnstown. The Foundation has grown as a result of ordinary Catholics making extraordinary planned gifts. Our portfolio investment policy is based on socially-responsible Catholic values influenced by fiscal guidelines issued by the U.S. Conference of Catholic Bishops. It is recognized as a four-star charity by Charity Navigator. To learn how you can contribute to an existing parish, school or ministry endowment, or create your own named endowment, please contact the Foundation at (814) 201-2080 or visit us online at www.icfdaj.org.