Catholic Health Initiatives, the nation’s secondlargest faith-based health care system, is making a $10 million investment in Calvert Social Investment Foundation (Calvert Foundation) Community Investment Notes. The major initiative underscores the health care system’s long-term commitment to going beyond quality healthcare to promoting the health of communities.
“Our focus has always been on providing the best health care available – especially to underserved communities,” said Kevin Lofton, president and chief executive officer of Catholic Health Initiatives. “We have been promoting the social good since our formation more than a decade ago by investing in organizations, such as the Calvert Foundation, that are committed to building healthy communities. This investment is especially appropriate for us because it is a major step toward helping to provide sustainable solutions to fighting poverty and improving the health of disadvantaged populations.”
Shari Berenbach, executive director of the Calvert Foundation, said, “I would like to congratulate Catholic Health Initiatives on using their leadership role to make a real difference not only in the lives of people in the communities in which they work, but also in developing countries, where microfinance truly helps families pull themselves out of poverty. CHI is truly taking a localized approach to supporting the poor here in the U.S. and around the globe.”
Catholic Health Initiatives follows on the heels of previous Community Investment Note investments by other health care systems, including Trinity Health and Catholic Healthcare West, both of which have invested millions in underserved communities over the past three years. These groups are part of a growing number of institutions working with Calvert Foundation to express their values through community investment.
The investment by Catholic Health Initiatives is a major boost for Calvert Foundation, which, in the wake of the investment, has more than $175 million in assets. To date, this is the largest investment by a faith-based organization in the Community Investment Note program.
“We have been fortunate to work with a range of faith-based groups from various denominations each with their own social impact objectives,” said Berenbach. “Through our partnerships with faithbased institutions and congregations, we are able to help accomplish a common goal: helping fight poverty through investment.”
Catholic Health Initiatives’ investment is in Calvert Foundation’s flagship product, the Community Investment Note, a high-impact, fixed income investment that channels affordable capital to underserved communities and markets, providing economic opportunities where they are needed most. Calvert Foundation offers custom targeted portfolios for larger investors that align with their mission and desire for maximum social impact.
About Calvert Foundation
For over 12 years, Calvert Social Investment Foundation, a nonprofit 501(c)(3) organization, has been working to make community investment a safe and logical option for all investors seeking to make a positive social impact. To make community investment accessible to a wider audience, Calvert Foundation has removed critical barriers by creating investment products that blend both financial and social returns. With more than $170 million in assets, Calvert Foundation focuses on using investment capital, rather than conventional philanthropy, to create a sustainable, scalable model that enables nonprofit organizations, microfinance institutions and social enterprises to address critical social problems.
About Catholic Health Initiatives
Catholic Health Initiatives is a national nonprofit health organization with headquarters in Denver. The faith-based system includes 72 hospitals; 42 long-term care, assisted- and residential-living facilities; and two community health-services organizations in 19 states. Together, those facilities provided almost $480 million in community benefit in the 2007 fiscal year, including services for the poor, free clinics, education and research. With approximately 65,000 employees and annual revenues of $7.7 billion, Catholic Health Initiatives ranks as the nation’s second-largest Catholic health care system.