Capital Campaign funds distributed

The Capital Campaign, titled "Into the Future in Faith," was part of a stewardship program introduced in 1999 that also included an increased offertory drive and a major-gifts campaign.

Jack Manning, director of the diocesan Bishop's Appeal/Stewardship Office, told The Evangelist that well over $22 million of the projected $58 million total has been collected so far.

"The money is coming in well; people are fulfilling their pledges," he stated.

According to diocesan comptroller Richard Farrell, about $19 million has been distributed:

* the priests' retirement fund, Catholic schools endowment fund, Cathedral restoration fund and Catholic Charities endowment fund each received about $3.8 million;

* the faith formation endowment fund and diocesan endowment fund each received about $1.5 million; and

* the leadership endowment fund received about $770,000.

Of the areas receiving funding, only the priests' retirement fund and the Cathedral restoration fund directly use the money donated. The others are not allowed to touch the principal, only the interest the donations generate.

Mr. Farrell noted that donations are distributed every six months as they come in. Any funds not yet distributed are left in a deposit-and-loan fund, earning interest.

Funds distributed from the Capital Campaign pay for:

* a retirement fund for priests;

* a tuition aid program for Catholic-school students (see below);

* restoration of the Cathedral of the Immaculate Conception in Albany;

* Catholic Charities' services to the poor, elderly, disabled and others in need;

* an endowment fostering leadership skills and the creation of an institute devoted to spirituality and faith formation;

* an endowment for evangelization and catechesis; and

* an endowment to meet future needs in the Diocese.

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