News From CCF-LA | April 15, 2021
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The Importance of Our Annual Audit
CCF-LA has been entrusted with nearly $740 million in charitable assets since early 2015. To properly steward these assets, it is our duty and obligation to maintain the professionalism of our team and our attention to responsible financial reporting. We must operate with the highest standards for accounting, investments, and client services as our annual audit includes reviews of our policies and procedures to ensure that they continue to be followed.
The Audit Committee of our Board, chaired by William E. Simon Jr. and including John C. Morrissey and Chairman William M. Wardlaw, selected Moss Adams for the audit of our 2019 financial statements. Moss Adams is one of the 15 largest auditing and accounting firms in the U.S. and has a reputation for excellence, particularly in the nonprofit sector.
Though our audit takes places in the spring after the close of our financial year, our operations team—in fact our entire staff—prepares on a daily and weekly basis throughout the year by ensuring that we follow all policies and procedures, that we properly handle and archive all documents, and that we maintain strong internal controls.
Achieving an unmodified or clean opinion at the end of an audit—as we have done for the last five years—is like getting an “A+” on your report card. The Board and staff of CCF-LA take a lot of pride in a job well done! We also enjoy the opportunity to share the report with our current and potential clients.
— Andrew O’Boyle
Chief Financial Officer and Treasurer
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Integrity and Accountability Mean Everything at CCF-LA
The integrity of our people and our operations at CCF-LA is our promise and our word. In our financial world, integrity is also about accountability.
As we go through tax season and the year-end audit, this is even more apparent to all of us. Coming out of a year of remote operations, we found our systems and our financial reporting were solid. Our small and dedicated staff delivered in the quality of recordkeeping, the timeliness of transactions, and the communications with our clients to keep them informed of market conditions related to investments, changes in tax reporting, and the status of their transactions.
Our clients rely on us to faithfully and expeditiously carry out all the activities related to their accounts. That means processing gifts and tax receipts, completing deposits and withdrawals, and handling stock transfers on a very timely basis. Whenever possible, we used bank wires to transact business, reducing the exposure to mail delays and the fact that many of our clients and beneficiaries were also operating remotely.
This is also the time for our individual tax returns. One of the greatest advantages for me was the accountability in my own donor-advised fund at CCF-LA. Using my DAF for grants cut back on the paperwork I needed to file and account for our family’s charitable giving.
We are closing our books on 2020, the best year in our short history. It is integrity and accountability that allow us to flourish, exceed expectations, and produce a strong balance sheet. This is what draws our clients to us.
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— Kathleen H. Anderson
President and Executive Director
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It has surpassed a year since the initial COVID-19 shutdowns. Improved economic conditions and successful vaccine rollouts continue to drive the significant comeback we have witnessed in the financial markets. The total assets managed by the Catholic Community Foundation of Los Angeles as of March 31, 2021, totaled $481.1 million, compared to $460.5 million at the end of 2020. The Balanced Pool results (net of fees) for March were +1.44%, which brought the return for the trailing 12-month period through March 31, 2021, to +37.95%. Our Intermediate Fund had a return of +1.2% for the month and +20.87% for the 12-month period. As always, we welcome you to contact our client-services team by phone or email with any questions or concerns.
— Andrew O'Boyle
Chief Financial Officer and Treasurer
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Featured Client:
Cathedral of Our Lady of the Angels
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This Easter season coincides with the careful reopening of churches in the Archdiocese of Los Angeles. The joy and hope of Easter were evident this year at the Cathedral of Our Lady of the Angels, the spiritual center of our Catholic life in Los Angeles.
Director of Operations Br. Hilarion O’Connor reflected on this past year at the Cathedral: “In his Easter message, Pope Francis said that the Risen Christ is hope for all, and here at the Cathedral that sense of hope was real and tangible as we were able to celebrate Holy Week and Easter with in-person Masses. While following all COVID guidelines, we were able to accommodate Cathedral parishioners, visitors, and pilgrims at these most sacred liturgies. We look forward with hope to the day when this House of Prayer for All People will once again be filled to capacity.”
CCF-LA has a number of funds to benefit the Cathedral of Our Lady of the Angels, its parishioners, and its campus, both now and into the future. Click here to learn more.
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Donor-Advised Funds: A Professional Adviser's Answer to Uncertain Times
As accountants, financial planners, and other professional advisers work toward the 2020 tax filing deadline, many are seeing clients who are experiencing life changes and uncertain circumstances. With this continuing uncertainty in the world, a donor-advised fund gives clients a flexible and safe option for tax-planning needs. When contributing to a DAF, the donor receives a charitable deduction in that year but can distribute the funds at a future time, while it grows in our investment pools. Read more here.
Our New Philanthropist Donor-Advised Fund Program
At CCF-LA, we believe everyone has the ability to make a difference through charitable giving, which is why we created the New Philanthropist (NP) DAF Program for individuals and families, designed specifically for the next generation of Catholic philanthropists. Individuals can establish an NP DAF with just $2,000 and still receive all the benefits of a traditional DAF. Read more here.
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Coming Soon!
Our 2020 Annual Statement of Accountability
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The Catholic Community Foundation of Los Angeles is committed to the prudent management of charitable investments to support the schools, parishes, and ministries that help our neighborhoods thrive in faith. To join our mission to teach and sustain Catholic philanthropy, please contact our Client Development team at (213) 426-1187 or via email.
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