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The Provision for the Future Corporation (PFTF) was established in January 2004 for the purpose of receiving and administering funds to be used for specific restricted purposes. The following are the three primary funds:
- Seminarian Scholarship Fund – consists of contributions solely for the use of seminarian education through semi annual distributions to the DOB General Fund. These distributions contribute toward approximately one third the costs of educating seminarians for the Bismarck Diocese. In 2012, $207,548 was distributed from the Seminarian Scholarship fund to the General Fund to offset seminarian education and vocation office expenses of $610,029. In the recent past the PFTF Seminarian Scholarship fund distribution was able to provide up to 60% of the annual budgeted costs for seminarian education and vocations office. This has dropped to 34% due to higher costs of educating our seminarians and of course the increase in numbers of men in seminary.
- Priests’ Care Fund - consists of contributions solely for the use of priest care, also through semi-annual distributions. The distributions to the DOB General Funds help with all the needs of our retired priests and any expenses associated with the active priests not covered by parishes. The Priests’ Care Fund was able to provide a full planned distribution of $91,036 to the General Fund towards the care and needs of our clergy.
- Catholic Schools and Education Endowment Fund – an annual distribution each year is paid directly to Catholic educational needs of the parishes through an annual grant program. The PFTF Catholic School and Education Fund distributed $90,796 in 2012. This was a full planned distribution.
Distributions from each of the above funds with PFTF are dependent upon available unrestricted funds (investment earnings).
Audited Financial Statement for the Fiscal Year end June 30, 2013
Audited Financial Statement for the Fiscal Year end June 30, 2012
Audited Financial Statement for the Fiscal Year end June 30, 2011
Beginning July 1, 2015 the Provision for the Future was renamed the Catholic Foundation for the People of the Bismarck Diocese. The Foundation website can be viewed at CatholicFoundationDOB.com