A significant donor interest in our school, and a sustainable practice seen in many long-term Catholic school institutions, is the development of an endowment from which a consistent yield is applied to tuition assistance or aid.
Currently St. Thomas More is blessed with an endowment that supplies partial funding into our tuition assistance system and general operations. Read more about this in a newsletter feature from our Diocese who hailed our program as a model for other parishes to follow. THE DIOCESE OF RALEIGH PLANNED GIVING NEWSLETTER
shows the growth of our holdings with the Diocese entitled “School Endowment.” The funds are held and managed under the governance of the following language from a parish/diocesan agreement from 2003:
Keeping with the call to responsible stewardship of its resources, strives to maintain financial stability for the future generations by establishing a permanent endowment fund. Gifts to the St. Thomas More School Endowment Fund may be unrestricted or restricted to the sub funds. Disbursements from the sub funds will be used towards the following:
- General Sub Fund: utilized to improve facilities and resources to keep pace with technology as well as capital improvements in the school building.
- Grassroots Sub-Fund: utilized to increase the financial support of our teachers and maintain their salaries in line with those teachers in the public school system as needed.
- Jubilee Education Sub-Fund: utilized to help defray tuition expenses for students in need of financial assistance.
The Governing Body will be Pastor and Principal, the chair of the St. Thomas More Finance Council, the chair of the Advisory Committee and other lay leaders as assigned by the Pastor.
All disbursements will be subject to approval by the Governing Body.
In order to maintain or increase the purchasing power of the Fund over long periods of time, five percent (5%) of the average market value of the fund for the previous three years will be distributed. Distributions will be quarterly unless otherwise communicated.
Any invasion or disbursements of the corpus, except as herein permitted, shall require the written approval from the Governing Body and the Bishop of the Roman Catholic Diocese of Raleigh
- Donations can be unrestricted to the fund or restricted to the sub funds.”
- Please contact the school office if you are interested in donating or need more imformation.