Roman Catholic Diocese of Greensburg

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 About Us

The Catholic Foundation for the Diocese of Greensburg is a not-for-profit, tax-exempt corporation established by the diocese in 1986.

As the philanthropic arm of the diocese, the foundation exists to support the pastoral, educational, and social service ministries of the diocese. This includes, but is not exclusive to parishes, Catholic schools, Catholic Charities, Catholic cemeteries, and other diocesan ministries.

The foundation also manages fundraising initiatives on behalf of the diocese and its institutions, including but not limited to, the Diocesan Lenten Appeal, endowments, planned giving efforts and stewardship education.

These assets provide a permanent source of supplemental funding for myraid of ​​​​needs within the diocese. Endowment funds are essential to the financial stability of our diocese and parishes. The Catholic Foundation Board of Trustees, which is comprised of laity and clergy from the diocese, carefully manages all investments.

Annual Reports of The Catholic Foundation

 Our Mission

​The Catholic Foundation for the Diocese of Greensburg, through its philanthropic initiatives that are rooted in Gospel values and in the teaching of the Catholic Church, raises funds, awards grants, and stewards assets in order to advance the mission of the Roman Catholic Diocese of Greensburg to proclaim in word and action the Gospe​l of Jesus Christ and to build up the Kingdom of God on earth.

 Leadership of the Catholic Foundation

Members of the Corporation

​Bishop Larry J. Kulick, JCL
Msgr. Raymond E. Riffle, MSW, MPA
​Vice Chairperson
Margaret DiVirgilio
Associate Vice-Chairperson, ​Chancellor


Members of the Board of Trustees

​Paul Mongell President
​Paul Rockar, Jr.
​Vice President
​Shirley Makuta, Esquire 
​John Coleman
​Richard Bonfiglio, M.D.


Ex-Officio Trustees: Diocese of Greensburg Managing Directors

​Sheila Murray ​Chief Financial Officer
Dr. Paul Niemiec
​Interim Managing Director, Catholic Charities
​Jennifer Miele ​Chief Communications Officer
​Dr. Maureen Marsteller ​Superintendent, Catholic Schools
​Msgr. William R. Rathgeb, JCL
​Office of Judicial Vicar of the Tribunal


Ex-Officio Trustees: College of Deans

​Father Kenneth G. Zaccagnini
​Deanery I
​Father Alan N. Polczynski ​Deanery II
​Msgr. James T. Gaston, VF ​Deanery III
​Father Paul A. Lisik
​Deanery IV
Father Michael J. Crookston
​Deanery V


The Catholic Foundation

​John N. Stevens
Interim Director for the Catholic Foundation and Chairman of Investment Committee


org-structure-img.jpgOrganizational Structure

The Catholic Foundation for the Diocese of Greensburg (The Foundation) is a not-for-profit, tax-exempt corporation established by the Diocese of Greensburg (Diocese) in 1986.

Effective July 1, 2009, new by-laws were adopted for The Foundation. These by-laws provide for a three-tier management structure designed to enhance monitoring of policies and procedures, and ensure effective accomplishment of its mission to serve the parishes and schools of the Diocese.

Three levels of oversight are established by the bylaws:

  1. Members of the Corporation
  2. Board of Trustees
  3. Ex-Officio Trustees

The Members of the Corporation establish the philosophy, objectives and purpose.  The Board of Trustees exercises general management, monitors the ordinary business affairs of The Foundation, and implements policies and procedures.  They also monitor The Foundation’s external investment portfolio manager to ensure compliance with its investment policy.

Investments Policy and Endowments

The Catholic Foundation endowments consist of approximately 200 individual funds established for a variety of purposes.  Its endowments include both donor restricted funds and funds designated by the Board of Trustees to function as endowments.  As required by generally accepted accounting principles, net assets associated with endowment funds, including funds designated by Boards of Trustees to function as endowments, are classified and reported based on the existence or absence of donor-imposed restrictions.

The endowments within the Managed Balanced Portfolio of The Catholic Foundation have adopted a Total Return Policy (TRP).  The TRP suggests an amount to be distributed, which is designed to allow for a reasonable stream of distributions, while preserving the value of the endowment against inflation and a volatile market.  The calculation applies an applicable distribution percentage (based on investment allocation of the endowment) to the average value of the endowment over a period of 12 calendar quarters (three years).  The distribution percentage was five percent for the fiscal years ending June 30, 2009 and 2008.  All other endowments may elect to have interest and dividend income distributed to their beneficiaries if the corpus of the endowment is greater than $10,000.

The Foundation employs a conservative investment methodologies for its endowments.  A high priority is placed on preservation of principal; therefore, a diversified, high-quality, low-turnover, long-term, investment strategy is used.  The primary objective is a total return exceeding the relevant indices over an extended period of time.  The fund manager is provided with investment guidelines.  These guidelines, modeled after guidelines suggested by the United States Conference of Catholic Bishops, exclude investments in companies whose products or services are morally or socially inconsistent with the teachings of the Catholic Church.

The target asset allocation is 70 percent equities and 30 percent fixed income securities.  Investments are to be reasonably diversified by industry and companies within an industry where exposure to any single issuer will not exceed five percent of the portfolio market value.  Exceptions are made for U.S. Treasuries and Agencies.

The fund manager is not permitted to purchase equity securities on margin, sell short, trade commodities futures, or deal in put or call option contracts.  Investments are to be made in marketable securities, which therefore excludes private placements and public issues for which the market is severely restricted.  Derivatives and leverage are to be avoided.