Trust is at the core of our client relationships
Q&A with David DeVito, Chairman of the CCF-LA Investment Committee
It has been an honor to be part of the founding Board of CCF-LA. Looking back since early 2015, when we booked our first business transactions, I was asked to comment for this newsletter on my thoughts about what it took to bring CCF-LA to over $450 million in assets in such a short period of time. Since the beginning, I’ve been the chair of the Investment Committee, which essentially guides and manages our primary line of business—providing for organizations and individuals.
CCF-LA: What were those early years like for you on CCF-LA’s Board?
David: Working with professional Board and staff members who are passionate about furthering Catholic philanthropy made CCF-LA possible. Their passion, coupled with a focused and steady compass, has driven CCF-LA to quickly flourish into one of the largest Catholic community foundations providing professional asset management in the U.S.
CCF-LA: What is the most important fiduciary responsibility of a CCF-LA Board director?
David: Clearly it’s all about being a financial steward of funds given for charity. That is the most serious responsibility.
CCF-LA: What’s the one thing you want people to know about CCF-LA?
David: CCF-LA has been built on trust‑—between our clients, our staff, our money managers, our contractors, and our Board and its committees. Our clients can feel confident that we recognize we must earn their trust on a daily basis as financial stewards of their charitable giving.
CCF-LA: How has CCF-LA benefited the Church in Los Angeles and our wider community?
David: That’s easy. Look at the volume of grants we have made during this period—over $225 million. These funds went to support education, social services, healthcare, and many charities that are aligned with the mission of our Church. In 2020, we made 398 grants, nearly 100 more than the previous year. I think this reflects the generosity of our CCF-LA clients during a year when charitable giving was needed most.