In 2000, under the leadership of Pastor Fr. Carl Morello, St. Paul established the Parish Educational Endowment Fund. The goal of the fund is to help keep tuition as low as possible making Catholic education available to all families and to provide scholarships to well deserving and students in need and to assist with other educational needs of the parish. The fund began with a $10,000 donation from the school walk-a-thon fundraiser. The fund’s initial goal was to reach 1 million dollars and, until that goal was met, no monies were spent.
Upon reaching our initial goal of 1 million, we established 4 scholarships. In 2006, we established the Maureen McCambridge Scholarship which is a $1,000 award to a 7th grader for 8th grade tuition. The award goes to the student who best exemplifies Catholic traits of faith, love, understanding, compassion and hard work. Maureen McCambridge was one of the most dedicated and hard working volunteers of our parish. We have also established 3 need’s based scholarships of $1,500 each. Additionally, the endowment has made substantial annual contributions to the school in order to keep tuition rate increases to a minimum. The endowment has also contributed to the catechesis program. As we turn to our next chapter, our goal is to grow the fund to 2 million dollars and beyond in order to further help keep tuition increases to as low as possible as well as to establish additional scholarships and to help out the parish with all educational needs.
The Parish Educational Endowment received more than 138,000 in donations in 2013; these donations include a 50,000 donation from a single donor as well as half of a 100,000 end of year donation. In order to keep our scholarship income from the Endowment viable the Endowment Committee worked with the treasury manager of the Archdiocese of Chicago to create The St. Paul of the Cross Scholarship Endowment Fund. Part of the fund was established by our end of year donations and part by Income from our Parish Education Endowment. The fund is managed as a 50/50 balanced investment portfolio.
Funding requests are reviewed by the Endowment Board which makes recommendations to the Pastor for a final decision. To apply for Educational Endowment Funds, please complete a Requisition Form.
Parish Educational Endowment: $1,717,439.40 as of 09/30/2013
St. Paul of the Cross Scholarship Endowment Fund: $240,493.63 as of 12/1/2013