By TARA CONNOLLY Staff writer
In 2012 Monsignor Robert Wargo, pastor of St. Joseph the Worker, Orefield, was visiting St. Paul Seminary, Minnesota when he learned about the concept of Catholic foundations and how these organizations were sustaining parishes, school and ministries.
Upon his return, he and Paul Huck, parishioner and retired chief financial officer of Air Products and Chemicals, Inc., spoke with Catholic Foundation of Greater Philadelphia and set out to form the Catholic Foundation of Eastern Pennsylvania (CFEP.)
One of Monsignor Wargo’s goals was to invest money from the parish’s annual “Angel Ride,” a 100-mile motorcycle ride through scenic Pennsylvania, which primarily raises funds to assist students in education endeavors, and parish maintenance and equipment.
“I was looking for a way to invest the money our parish was raising so we could do more to support programs for our parish and school,” said Monsignor Wargo.
After intense research and consulting, Huck agreed to become the founding board chairman of CFEP.
The foundation was incorporated as an independent 501c3 nonprofit organization five years ago. It has experienced steady growth during the past three years of managing assets. It has gone from $1.8 million in seven funds in 2015, reached $3.3 million in 15 funds in 2017 and is now managing $6.6 million in 30 endowment funds.
What drew Monsignor Wargo to the operation of CFEP was the option to invest the estimated $25,000 the “Angel Ride” generates and to use the 5 percent distribution for scholarships.
“It is not the Diocese’s money. The money stays with the foundation to directly benefit the parish and the local community,” he said.
The Catholic Foundation is a 501c3 charitable organization independent from the Diocese of Allentown. It is designed to manage assets through endowment and donor-designated funds that generate perpetual income and provide financial stability for Catholic parishes, schools, cemeteries and nonprofit organizations in the Diocese.
“The money raised from the Angel Ride stays right with the Foundation. To date, we have more than a quarter million dollars for scholarships at St. Joseph the Worker School,” said Monsignor.
Monsignor Wargo said Pete Waldron, executive director of the foundation, and the board of directors monitor and control the invested money with the best interest of diocesan parishes, schools and ministries at heart.
Along with funds from the Angel Ride, Monsignor Wargo invests donated funds from the parish St. Vincent de Paul Society, which provides financial assistance and food to families in need.
“The parish and the society thought it would be beneficial to invest funds with CFEP. The society provides food, rent and other necessities to people facing difficult times. To date that fund has grown to almost $60,000,” said Monsignor Wargo.
“The Catholic Foundation has put together a first-class investment strategy that ensures Catholic parishes, schools and nonprofits have income for the future to carry out their missions of faith,” said Monsignor Wargo. “It has been a good financial decision to align with CFEP.”
Along with the funds raised by the Angel Ride and the St. Vincent de Paul Society, the parish invests funds from the St. Joseph the Worker Parish Endowment Fund and the Frances and Michael Huszar College Scholarship Fund.
“We are growing and we want to help more parishes and schools,” said Waldron.
CFEP is managed by a staff and volunteer board of directors representing professionals in the financial investment, legal, charitable foundation and Catholic communities. With donor intent at the forefront, the foundation works diligently and faithfully to maximize the return on all investments.
For more information, visit www.catholicfoundationep.org, call Waldron at 610-439-7681 or email [email protected].
