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Vatican bank displays financial decline, moral gains after papal reforms

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Vatican bank displays financial decline, moral gains after papal reforms

VATICAN CITY (RNS) — Pope Francis has been clear about his vision for Catholicism as a “poor church for the poor” and the 2021 annual report of the Vatican bank shows that the pope’s wish is closer than ever to becoming a reality.

In the report published on Tuesday (June 7), the bank, officially the Institute for Religious Works, announced that it made a net profit of 18.1 million euros (about $19.3 million) last year, a significant decrease from the 36.4 million euros it netted in 2020, but which Vatican officials defended as an able effort in difficult times.

“This is certainly an important result considering the low yields on financial markets,” said Cardinal Santos Abril y Castelló, president of the Commission of Cardinals, which oversees the bank, in a statement accompanying the report.

“The wise and prudent choices made by management continue to pay off,” he added.

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The report said that two years of the COVID-19 pandemic, plus the war in Ukraine, put a strain on the church’s finances and that the repercussions will continue to harm its prospects.

Perhaps in light of the financial corruption trial going on at the Vatican tribunal, which has shown how church funds found their way into movie production and luxury real estate deals, the commission also underlined its commitment to “Catholic consistent investment criteria in line with the social doctrine of the church.” But curtailing high-risk investments and restricting its managers to ethical investing likely impacted the IOR’s bottom line, the report said.

The bank also highlighted its successes, particularly the 2021 report by Moneyval, the European anti-money-laundering entity, which gave the institution a good rating.

The bank, which provides services to 14,519 individuals and entities located in 112 countries, closed roughly 3% of its accounts in 2021. “The opening and/or maintaining of accounts at the IOR is destined to become more and more selective in the following years in order to protect the Institute’s service mission,” the report stated.

The costs of the institution grew in 2021 due to expenditures for providing digital services for clients and hiring new managers and employees. Total assets declined slightly because it acquired a pension plan for its employees in compliance with legal and accounting requirements.

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RELATED: Pope creates, staffs committee to guide future investments


The Institute for Religious Works was created in 1942 as a means to safely distribute funds to Catholic missions and dioceses during the Second World War. But since its founding, the bank has endured one wave of financial scandals after the next, the most recent resulting in the abrupt resignation of its president, Ettore Gotti Tedeschi, after the Vatileaks scandals of 2012.

A Vatican trial found a former president of the bank, Angelo Caloia, guilty of money laundering, embezzlement and misappropriation of funds in January 2021. In 2022, former IOR employees were also brought to trial and found guilty of corruption.

But Francis made reform of the Vatican’s finances one of his first priorities when he became pope in 2013, and after nearly a decade of scrutiny, the bank appears to be ready to turn a new page. In the current trial, involving 10 individuals charged with crimes ranging from money laundering to fraud, the IOR is only tangentially involved, and even flagged the purchase of a London apartment complex — the transaction at the heart of the charges — as suspicious, launching an investigation into the Secretariat of State’s financial management.

Monsignor Battista Mario Salvatore Ricca, the prelate of the IOR, said in a statement published with the report that today the bank “basically does what it is supposed to do and nothing else.”

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“So do not worry about achieving extraordinary results,” Ricca wrote. “Do what you can and let Providence do the rest, otherwise in the pursuit of excess, the words of St. James — ‘Will the rich person fade away in the midst of his pursuits’ — may come true for us as for everyone else.”


RELATED: When a celebrity becomes a bishop: Will Barron set aside Word on Fire for his new diocese?


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Gujarat Government Signs MOU with Entigrity, Commits Up to 150 Crore Investment

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Gujarat Government Signs MOU with Entigrity, Commits Up to 150 Crore Investment

Gujarat Government Signs MOU with Entigrity, Commits Up to 150 Crore Investment

Ahmedabad, India, June 27, 2022 –(PR.com)– Ahmedabad-based outsourcing and fintech company, Entigrity Pvt. Ltd entered into a partnership with the Government of Gujarat. They aim to invest 150 crores and create 3000 jobs in the IT & Outsourcing Industry of the state.

Entigrity Pvt. Ltd. is a global leader in outsourcing for accounting firms across North America and the United Kingdom. On 20th June, 2022, the company signed an Memorandum of Understanding (MoU) with the Government of Gujarat under its IT/ITES policy 2022-27.

A part of the Government’s IT/ITeS policy 2022-27, under this MOU, the company intends to generate an upwards of 3000 employment opportunities across Gujarat and invest upto 150 crores in the coming 3 to 5 years. The MoU was signed in the presence of the Hon’ble Chief Minister of Gujarat, Shri. Bhupendrabhai Patel. Shri. Vijay Nehra, Secretary of the State Department of Science and Technology along with Entigrity CEO, Mr. Shalin Parikh and COO, Mr. Valay Parikh attended the signing ceremony.

Through this MoU, Entigrity joins the State Government in bolstering its efforts to assist the Information Technology sector, empower youth through ICT skills, and position Gujarat as a preferred location for global knowledge workforce and industry.

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Mr. Shalin Parikh, Founder and CEO of Entigrity said, “Government of Gujarat’s IT and ITES policy initiative, under the leadership of Shri Bhupendrabhai Patel, will really boost investment & enable the whole ecosystem to grow. Gujarat will immensely benefit from these policies and we are happy that we have been selected among the Top 3 companies to sign an MOU to strengthen the government’s efforts. These policies will really help companies like ours in building infrastructure, hiring right talent and being more globally competitive. Our aim is to go to tier 2 cities of Gujarat and set up our offices there and generate progressive employment opportunities for the youth of these cities.”

Started in December 2015 with 4 team members in a short span of 6 years Entigrity has grown to more than 1250 employees, with offices in 6 different cities of India. Entigrity also has offices in Houston, TX and Toronto, ON. With its main office in Ahmedabad, in the coming years, the company plans to expand its presence to cities such as Rajkot, Baroda and Surat. Entigrity hired almost 700 people during the pandemic in 2020 and 2021, and grew by more than 100% in the last two years.

Shalin further says, “We have completely bootstrapped our business from scratch to scale and have never raised any funding from Investors or VC’s, and we would love to remain that way. We have had several investment offers over the years, however, our focus has been to grow profitably while prioritizing employee welfare and client satisfaction. Our core strength is our team.”

Entigrity focuses on 3Es for every Entigritian i.e. Enhance, Empower and Elevate.

#enhance – continuous upskilling amongst its employees by providing quality training and development all the while upholding its core values

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#empower – providing the right platform and environment for growth and development of each team member.

#elevate – all the Sr. Management positions at Entigrity are being held by employees who have grown and elevated in their career at Entigrity. Entigrity believe in elevating their homegrown talent to all senior and leadership position as they have given the sweat and blood in building the foundation.

In their short journey of less than 75 months, they have hired 800+ CA dropouts and have thereby provided them with progressive career opportunities. They intend to continue our endeavor and provide opportunities to those dropouts and individuals who have unfortunately failed in their CA exams. Providing such opportunities would result in gainful employment creation, because these candidates, who failed in their CA careers often don’t get the kind of opportunity that they truly deserve. In most cases, if you are not able to clear the CA exams, the opportunities and growth in the job market for such a student would be significantly lower compared to one who has become a chartered accountant. The knowledge and skills gained by them during their articleship and while preparing for their exams is what is far more valuable in the eyes of the company rather than just a title or degree. As far as statistics are concerned, there are more than 5 Lakh semi- qualified/dropped out CA aspirants in the market struggling for a gainful opportunity.

Not only that, but Entigrity also provides sponsorship to all its staff members if they wish to pursue CPA (Certified Public Accounting) or EA (Enrolled Agent) program while working with the company.

Elaborating on the same, Shalin says, “We want to reach out to this pool of talent who have dropped out of CA exams because of various reasons, financial, social or otherwise, so that we can break the stigma around these dropped out CA aspirants and provide more advantageous and progressive working opportunities. I believe they deserve better job opportunities and financial growth considering the amount of hard work they have done in preparing for their CA exams and the knowledge they have gained by working in a CA firm for 2 to 3 years. We at Entigrity, respect hardwork and knowledge over any title or degree.”

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Speaking about their plans to scale the business, Mr. Valay Parikh, COO and Co-founder said, “We plan to hire more than 3000 professionals in the state of Gujarat in the next 3 to 5 years across multiple cities. Apart from expanding our operation in Ahmedabad, we will be opening up our offices in Gandhinagar, Rajkot, Surat, Vadodara, thereby generating direct employment of 3000+ professionals in the state of Gujarat. With this increased hiring, we would continuously increase our investment in expanding our Infrastructure, building state of the art research and development centers, continuously upgrade our learning and development infrastructure, expand our investment in technology and cybersecurity capacities, especially in the area of Automation, Robotics and Edtech, to cater our clients. We plan to invest between 100 to 150 crores in the state of Gujarat in the next 3 to 5 years. Our focus would be to provide economic and job opportunities to the youth of Tier 2 cities of gujarat so they don’t have to migrate to pune, bangalore or hyderabad and they get the same opportunities in their hometown.”

The company has also taken great efforts to give back to the community and support the less fortunate. They started with an Initiative in March 2022 called the “1 Child Education Support for 1 Employee” wherein they support the complete education of 1 underprivileged child for every employee they recruit. With a target to support more than a thousand children before the end of 2022 and a double of that by the end of 2023, this MoU will go a long way in aiding Entigrity’s goal.

Entigrity Private Limited

Patrick Ross

646-827-4348

www.entigrity.com

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Pennsylvania’s Governor Race Focuses on Abortion Following Supreme Court Ruling

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Pennsylvania’s Governor Race Focuses on Abortion Following Supreme Court Ruling

Abortion is now front and center in the gubernatorial race in Pennsylvania, after the Supreme Court overturned Roe v. Wade leaving states to individually choose abortion access.

The race is very tight between Pennsylvania State Sen. Doug Mastriano, a Republican, and Pennsylvania Attorney General Josh Shapiro., a Democrat. The latest election poll by the American Association of Retired Persons (AARP), released two days before the Supreme Court ruling on abortion, showed Shapiro holding a slim lead, 49 percent to 46 percent, over Mastriano.

On June 26, Shapiro took to Twitter to state what he would do if elected governor.

“As Governor, I won’t hesitate to veto any bill that undermines a woman’s right to choose in Pennsylvania,” Shapiro said. “Doug Mastriano wouldn’t hesitate to sign that bill into law—and outright ban abortion in the Commonwealth.”

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“That’s the difference,” Shapiro said.

Josh Shapiro
Pennsylvania Attorney General Josh Shapiro in Philadelphia, Pa., on March 2, 2017. (Jessica Kourkounis/Getty Images)

Hours after his initial Twitter post, Shapiro added that he would continue the pro-abortion stance of the current Gov. Tom Wolf, a Democrat.

“In Pennsylvania, women still have the choice—and that’s because of the veto pen of our Democratic Governor,” Shapiro added. “We can’t lose that veto pen.”

One day earlier, Shapiro held a rally at Philadelphia’s National Constitution Center, during which he told his supporters to vote in November and pledged his support for abortion.

The Supreme Court overturned Roe v. Wade, a seminal 1973 ruling that largely legalized abortion nationwide, on June 24 following a 6–3 vote. Justice Samuel Alito, who wrote the court’s majority opinion, stated that “Roe was egregiously wrong from the start” and, “It is time to heed the Constitution and return the issue of abortion to the people’s elected representatives.”

Abortion has become illegal for some states with so-called trigger laws, but Pennsylvania is not one of them. Currently, Pennsylvania allows abortions up to the 24th week of pregnancy.

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Wolf, who has been governor since 2015, has vetoed three different bills that would have restricted abortion access in the state, in the years 2017, 2019, and 2020. The bills were passed by the Republican-controlled General Assembly.

Epoch Times Photo
Republican gubernatorial candidate Doug Mastriano gives a victory speech at his election-night party at The Orchards in Chambersburg, Pennsylvania on on May 17, 2022. (Michael M. Santiago/Getty Images)

Following the Supreme Court’s decision on abortion, Mastriano released a statement calling the ruling “a triumph for innocent life.”

“Roe v. Wade is rightly relegated to the ash heap of history. As the abortion debate returns to the states, Pennsylvania must be prepared to lead the nation in being a voice for the voiceless,” Mastriano said.

“Pennsylvanians will not be distracted by the hysterics of the left as they exploit this ruling to try to fulfill their far-left agenda,” Mastriano continued. “As they struggle with all-time record-high inflation, the people care deeply about the price of gas and groceries, as well as out-of-control crime and good-paying jobs—which is exactly why I will prioritize these issues as their governor.”

Voters in Pennsylvania consider abortion an important issue. According to a recent USA Today/Suffolk University poll (pdf), abortion was the third (16 percent) most important issue for female voters in the governor’s race, behind the economy (24 percent) and gun control (18 percent). The poll was conducted from June 10 to 13.

Abortion became the most important issue (24 percent) for female voters in Pennsylvania’s Senate race, according to the poll, ahead of the economy and gun control, each with 16 percent.

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Wellness celebrity figure Dr. Mehmet Oz, a Republican, is facing Lt. Gov. John Fetterman, a Democrat, in Pennsylvania’s Senate election, to fill a seat vacated by retiring two-term Sen. Pat Toomey (R-Pa.).

John Kincaid, director of the Meyner Center for the Study of State and Local Government at Lafayette College, told WFMZ-TV that the Supreme Court’s ruling on abortion will have a marginal effect on voters in Pennsylvania.

“The decision may bring out more Democrats in the election than there otherwise would be, so that will help the Democrats, but I believe it will have a more marginal, rather than major, impact,” Kincaid said.

Frank Fang

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Frank Fang is a Taiwan-based journalist. He covers US, China, and Taiwan news. He holds a master’s degree in materials science from Tsinghua University in Taiwan.

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‘God’s Great Outdoors’: Navy Vet Takes Air Force Vet Mom on Epic Tour of 20 States

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‘God’s Great Outdoors’: Navy Vet Takes Air Force Vet Mom on Epic Tour of 20 States

The 96-year-old U.S. Air Force veteran says she is ‘humbled by the beauty and greatness” of the country

A retired Navy nurse took her 95-year-old mother, a U.S. Air Force veteran diagnosed with dementia, on a 26,000-mile adventure across the United States. Together, they passed through 70 cities in 20 states, collecting stories and experiences like none they’d had before.

Teresa Lee McFarland of Lone Pine, California, is 63 years old. She retired as a Navy Nurse Corps Commander and family nurse practitioner in 2020 to care for her mother, Norma Lee Lamascus, full time. Norma, who celebrated her 96th birthday on the tour, was once a registered nurse and served two years with the U.S. Air Force between 1952 and 1954.

The mom-daughter pair have since returned home from their over 10-month-long trailer tour of a lifetime and are planning to travel again, starting in July. The best part, after all this traveling, is that Norma’s dementia scores have improved.

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“[I feel] humbled by the beauty and greatness of our big country,” she told The Epoch Times. “I learned that life is wonderful, and that I can still enjoy God’s great outdoors at my age! Life is for living. Every moment can be a wonderful adventure if you look for it.”

Teresa added: “I learned that, with God’s help, there isn’t really anything we can’t do. I also learned that most strangers are kind and generous.”

Epoch Times Photo
Teresa (L) and Norma at London Bridge, Lake Havasu City, Arizona. (Courtesy of Teresa McFarland)
Epoch Times Photo
Norma standing next to the 400-foot-tall American Flag in Sheboygan, Wisconsin. Visiting this place was Norma’s “favorite thing” on the tour, according to Teresa. (Courtesy of Teresa McFarland)

‘I Want to See the People I love Before I Die’

Norma moved in with Teresa in March 2018 when she could no longer afford to keep up her home in Oceanside, California, and needed help with chores. Then the COVID-19 pandemic hit, and life grew even harder.

“The forced isolation and travel restrictions shut down her social life,” Teresa said. “She couldn’t go to visit her dearest friends living near her former home, and five of her new friends died. Needless to say, she became despondent with grief.”

Norma told her daughter, “I want to see the people I love before I die!”

Teresa was determined to make it happen.

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In October 2020, she bought a 2011 2WD Toyota Tacoma and 17-foot 1985 Aljo Aly pull trailer to fix up. Teresa oversaw the modifications herself, raising the seats 3 inches for accessibility, adding hand grips, a new heater and window, and updating the decor. By March 2021, the revamped trailer, nicknamed “Blessing,” boasted a fully functional kitchen, bathroom with shower, sleeping spaces, and a brand-new look.

“I did everything but the heater myself,” she said.

Epoch Times Photo
Teresa and Norma with their tour trailer, nicknamed “Blessing.” (Courtesy of Teresa McFarland)
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Norma outside the trailer. Her daughter affectionately addresses her as “a super hero” for her resilient spirit and love for life. (Courtesy of Teresa McFarland)

With Norma fully on board, Teresa plotted a route using paper maps and an old U.S. Road Atlas to include visits to old friends, family, and even DNA relatives whom Norma had discovered through DNA testing but never met. The pair chronicled their epic trip on a dedicated Facebook page, Norma’s 95: Big Adventure.

With a preference for quiet rural spots and natural beauty, Teresa made reservations at campgrounds ahead of each pit stop. She found military base campgrounds especially welcoming, and says life on the road was both “fun and challenging.”

“I did all of the trip planning, packing, shopping, cooking, laundry, driving and towing, set-up and take down for the trailer,” Teresa said. “My goal was to drive less than five hours each day, stop before dark, and stay at least two days at each stop. At this pace, we could both enjoy the journey all along the way.

“We remained flexible and didn’t plan ahead too much so we could accommodate unexpected mishaps, like a flat tire, and take advantage of any surprise opportunities that showed up: the public art murals, sculptures, mosaic-tiled automobiles, riverside walking paths, swimming pools, community concerts, spontaneous dancing in the grass, and the amazing beauty of God’s creation.”

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Epoch Times Photo
Cadet Nurse Norma Lee, in Denver, Colorado, in 1943. (Courtesy of Teresa McFarland)
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Student Nurse Norma Lee (R), at the Visiting Nurse Association, in Denver, Colorado. (Courtesy of Teresa McFarland)

Making Memories

In over 10 months, with four oil changes and four new tires along the way, Teresa and her mother visited 20 U.S. states: California, Nevada, Idaho, Utah, Colorado, Nebraska, Iowa, Minnesota, Wisconsin, Illinois, Missouri, Indiana, Kentucky, Tennessee, North Carolina, Arkansas, Oklahoma, Texas, New Mexico, and Arizona.

In their home state of California, Norma visited her childhood best friend since Kindergarten at Scotts Valley. In St. Louis, Missouri, the pair visited Teresa’s sister; Norma met her latest great-grandson for the first time in Crystal City.

Colorado heralded a nostalgic meeting.

“Norma enjoyed seeing three of her nursing classmates from 1946,” said Teresa, “and we went to Presbyterian Saint Luke’s Hospital to see if there was any interest in Norma, a 1946 graduate of the Denver Saint Luke’s Hospital School of Nursing; they gave Norma a wonderful book filled with photos and detailed history of the hospital.”

In her hometown of Lewellen, Nebraska, Norma reunited with family and old friends and met her first DNA relative, a 94-year-old third cousin, for the very first time.

As the tour progressed, they kept adding new memories to their book of life.

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Norma (C) with 100-year-old Jim Patterson, her first boyfriend, and his wife in Oshkosh, Nebraska. (Courtesy of Teresa McFarland)
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Norma (L) with an old friend, “Muggy” Delores, whom she used to babysit in Lewellen, Nebraska. (Courtesy of Teresa McFarland)
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Norma (R) with her childhood friend Betty in nursing home. (Courtesy of Teresa McFarland)

The pair also made ample time for day trips, including Noah’s Ark in Williamstown, the Minneapolis Zoo, where Norma fulfilled a lifelong wish to ride a camel, and Sheboygan’s 400-foot-tall American flag.

They spent the holidays in Lake Havasu City, enjoying London Bridge, walking in the cactus garden, and taking the ferry to Christmas dinner at the casino. “The Arizona sunsets still warm our memories,” said Teresa.

Norma celebrated her 96th birthday in Meridian, Idaho. And in Cascade, 15 family members spanning in age from 7 to 96 hosted “Camp Grandma” for the nonagenarian birthday girl.

Epoch Times Photo
Norma (R) with Agnes, her 1946 nursing school classmate. (Courtesy of Teresa McFarland)
Epoch Times Photo
Norma (C) with her nephew Barney and niece Suzie at the Minneapolis Zoo. Suzie was later diagnosed with cancer and died 2 months after the meeting. (Courtesy of Teresa McFarland)

The Conscientious Daughter

Teresa first noticed warning signs of dementia in her mother in November 2019.

Norma had trouble problem-solving, did not use logical reasoning, and was forgetting more frequently; she had difficulty following directions of more than two steps, repeated questions already answered, and said the same things over and over again. Less active physically, her social life declined.

Unable to drop to a part-time schedule, Teresa retired to become her mother’s full-time caretaker. Ironically, she believes Norma herself might have invented the “assisted living” model we know today during her career as a nurse. Teresa said: “In 1968, [my mother] bought a too-large house to provide a home like ‘board and care’ to elderly men and women who needed help with their medication, laundry, and meals. Otherwise they were independent and on their own. The health and fire inspectors weren’t sure what to do with her, as this type of care was otherwise unheard of.”

Well-versed in Norma’s needs by the time the trailer was ready, Teresa made sure their trip was accessible. Norma uses a four-wheeled rolling walker for stability, quickly runs out of steam due to heart failure and COPD, and cannot stand without support for more than a few seconds.

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Epoch Times Photo
Norma. (Courtesy of Teresa McFarland)

It was Norma’s job to inspect every new campground for adequate bathroom facilities, said Teresa, while she set up the trailer for each stay. The thoughtful daughter carried three portable suction grab bars, a shower stool, and a hand-held shower spray with wrenches, just in case they needed them.

But during their travels, Teresa noticed that even Norma’s transport chair was too flimsy to handle the uneven trails and river walks they hoped to explore. She found a $4,000 all-terrain chair from France online, but was reluctant to commit without trying it first. Then she came across an advocacy group that provides running pushchairs for disabled athletes.

“This contact led me to Mike DiDonato of Southbridge Tool and Manufacturing in Massachusetts,” said Teresa. “He offered to let us borrow a blade running chair with trail wheels for as long as we needed it, all we had to pay was the shipping costs.”

Teresa believes that when one is faced with problems or challenges, it’s important to be curious and to ask others for ideas and whatever help they can offer, and “be persistent to find a solution.”

Help was never far away. When Norma contracted a painful ear infection in Minnesota, they visited a local urgent-care facility with a prescription vending machine in the waiting room, getting the antibiotics they needed in the middle of the night. The Traveling Veterans Program looked after Norma throughout her recovery.

Even the trailer suffered a few health issues as the trip went on, but Teresa saved the day. She recalled: “Once the weather started to get colder in Tennessee, some of the trailer’s old pipes became frozen. I solved this issue by placing small portable heaters inside the bathroom cabinet.”

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Epoch Times Photo
(Courtesy of Teresa McFarland)

After 10 months on the road with now-96-year-old Norma, Teresa feels proud of her mother for her enduring adventurous spirit, proud of herself for making the trip happen, despite obstacles, and grateful that they ignored the naysayers.

“I learned that enjoying the present is an incredible gift to myself and those around me,” Teresa reflected.

Concerned about her mother’s memory and mental health, Teresa recently got Norma’s thorough neuro-cognitive assessment done. The results were surprising. “Her score had actually improved from January 2021,” Teresa said. “I am convinced that the mental stimulation, social experiences, and travel to new places actually improved her mental function!”

Teresa, who is a member of the VA Caregiver Support Network, implores other caregivers to find support from people who understand and empathize. The “frank, funny, steady, reliable” friends in her virtual support group have made caregiving possible for Teresa, and thriving possible for Norma at 96.

“I encourage everyone to experience an adventure every day. This is important for young and old. It makes all of life much richer, fuller, and more fun,” Teresa said.

“I’m forever grateful we took this trip.”

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Arshdeep Sarao contributed to this report.

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