Needs-based grants from both the endowed and expendable funds will be available for students attending grades Kindergarten through 12 in Catholic schools in our archdiocese.
These percentages – 80% and 20% — reflect the proportion of Catholic School families which are at or below the 200% Federal Poverty level currently enrolled in our schools at the two levels. In 2014 82% of our families at this income level have students in elementary schools, and 18% have students in high school. (The 200% Federal Poverty Level in 2014 for a household of four is $47,700; the students are eligible for free or reduced price lunch).
The $50 million in tuition assistance ($40 million endowment + $10 million expendable) will not satisfy all tuition assistance needs of the people of the Archdiocese over the long term. The need is far greater than what $50 million can satisfy. However, this funding will help alleviate immediate pressures and help define future efforts to raise additional funds, and it is a great beginning.
It is assumed that the CEF will continue to raise money, although it will be some time before we see a campaign of this magnitude again. Aside from gifts from individual parishioners, there are corporations, foundations, and generous individual donors who understand the importance of Catholic Schools in our diocese. Thus the $40 million endowment will continually grow, even as we routinely pay out all the earnings in the form of assistance