Endowment

St. Joseph’s commitment to diversity and recruiting exceptional students means increasing endowment for scholarships, both need and merit based, must remain a strategic priority.

What is the St. Joseph’s Catholic School Endowment?

The St. Joseph’s Endowment is a financial tool that is intended to provide ongoing funds to the school “to provide scholarships and other financial aid to students of St. Joseph’s Catholic School, to supplement teachers’ salaries and compensation and for such other extraordinary expenses as the Board from time to time considers in need of funding” (quoted from the Endowment By-Laws).

By supporting our Endowment through creating a Named Scholarship or contributing to an existing Scholarship, you are providing the opportunity for deserving students to receive a St. Joseph’s education, and thereby helping to equip them to go out and change the world!

Please contact Kevin Meyer in the Development Office with any questions.

FAQs

How can a contribution be made to the Endowment?

Any contribution made to the Endowment is fully tax deductible because of the 501(c)(3) status. The most common contribution is cash but the Endowment Board policy on Gift Acceptance provides that the Board shall evaluate any type of value based contribution to be considered on a case by case basis. Things like appreciated stock, life insurance policies and annuities are common sources of funds to be contributed.

How does the Named Scholarship program within the Endowment work?

A Named Scholarship can be established to memorialize someone or in honor of someone. A Named Scholarship must have a value of at least $10,000 to provide funds. This amount can be in a single donation or can be achieved over time (no more than 5 years) via partial donations. After the Named Scholarship reaches the $10,000 threshold it will payout each year. The donor can work with the Endowment Board to develop criteria for the scholarship (examples might be to specify a feeder school graduate, membership in a specific parish, greatest need, etc). There is no requirement that specific criteria be established.

How are funds distributed from the Endowment?

The leadership of the school or the Board of Trustees can request funds for specific needs within the scope of the Endowment’s By-Laws (see first question above). The Endowment Board will evaluate each request and respond as available funds allow. Named Endowed Scholarships will be supported as directed by the donor’s criteria.

What is the Endowment’s relationship to the school?

The Endowment is a separate 501(c)(3) organization from the school. Funds in the Endowment are separate from school funds and are managed by the Endowment Board.

What is the Endowment Board?

The Endowment Board is a body of 5 individuals appointed by the St. Joseph’s Catholic School Board of Trustees. However, the Board of Trustees has no control over the Endowment Board activities and grant making powers.

How are funds in the Endowment invested and managed?

The Endowment Board has a written policy describing its investment philosophy and goals. Essentially, the funds in the body of the Endowment will be maintained and any grants or other disbursements will come from the earnings of this body of funds.