Description
The purpose of the Endowment Program is to provide, through a program of planned giving, financial resources for the long-term continuation and growth of St. Mary’s Grade School and Middle School, its mission, programs and physical plant, and to provide the financial means to enable St. Mary Grade School to meet its changing needs and demands, and to reduce the overall cost of education for the parents and parishes involved. Committee: The Endowment Program Committee may have from three to five members, each of whom will share in the decision making process. The Committee should be representative of the parishes involved in parish assessments for the school. The initial Committee is composed of the following members: (1) Pastor of St. Mary Church, Sterling, IL. (2) Pastor of Sacred Heart Church, Sterling, IL. (3) Principal of St. Mary School, Sterling, IL. (4) Business Manager of St. Mary Church, Sterling, IL. The Pastor may appoint a member to fill a vacancy on the Committee, or increase/decrease the membership within the numbers specified above. Committee Duties: The St. Mary Grade School of Sterling, IL. Endowment Fund in the Catholic Foundation is intended to serve as a permanent endowment resource to the School. At no time may the income and/or earnings of this endowment program or funds be used in a way contrary to the doctrine, regulations or policies of the Catholic Church, the Diocese of Rockford or St. Mary Church. The following are the duties of the Committee: (1) To market the program, soliciting contributions, especially planned gifts, to the Endowment Fund. (2) To allocate annually the specific disbursements of any or 90% of the earnings of the Fund except that no disbursements will be made until the fund exceeds $50,000.00 (3) Ten percent of the annual earnings shall be added to the corpus of the endowment fund in order to provide future growth of the fund. (4) To select the particular type of fund for its investments as offered by the Catholic Foundation. (5) To render such other financial and administrative decisions as are required.
