Saint Francis School Endowment
The St. Francis of Assisi Catholic School Foundation originally started to build funds to cover catastrophic events at the old school downtown. Those responsible for the foundation began the school auction to raise those funds. Through the generous support of parents, alums, and friends, the funds continue to support our efforts as we grow and change. The St. Francis of Assisi Catholic School Foundation accepts all the usual donations, such as endowments and gifts, but our annual school auction provides the most significant income source.
The entire history of this trust, the trust language, was drafted many years ago, in 1987. The primary purposes, as outlined in Article II, were to provide a depository for gifts and bequests of all kinds and to serve as a receptacle for receiving and managing those gifts that specify Saint Francis of Assisi School Endowment Trust as its beneficiary.
- To operate exclusively for the operating expenses, educational, and scholarship assistance within the meaning of Section 501C3 of the IRC code of 1954. This means it was to operate as a charitably qualified trust:
- To promote and further develop St Francis of Assisi Parish School.
- To Conduct fundraising campaigns and supervise and assist fundraising programs for St. Francis Parish School. Such fundraising activities shall be conducted per Diocese fundraising policies as determined by the Managing Trustee.
A) The Trustees shall provide for the use of the trust fund, at such time or times, in such a manner, and such amounts as they may determine, or as may be required by any restricted donation(s), to the purposes outlined in Article II.
B) Any other provisions of this agreement notwithstanding, the Trustees shall distribute an amount equal to 3.5-5% annually as approved by the trustees utilizing a rolling three-year average balance of trust principle as of January 1st each year. Amounts paid that exceed income, including realized or unrealized gains, will be distributed from the principal. Excess income for a fiscal year shall be added back to the principal.
The Managing Trustee was initially the Bishop with delegation to the Pastor of St. Francis of Assisi Parish, and any successor Bishop may take back the successor trustee. The Board of Trustees shall be not less than six or more than nine with four permanent trustees by roles of Pastor, Chairperson of SAC, a SAC member other than SAC chair, Principal or acting Principal of St Francis of Assisi School, and three persons at large. Prominent members shall rotate off and serve terms of three years or until the election of qualified successors.
All actions for or on behalf of the trustees shall be taken by the managing trustee (Pastor), who will have sole power and authority to act as trustee of the trust, provided, however, in the discretion and distribution of funds outlined in the purposes of the trust instrument, the board of trustees at regularly scheduled meetings shall establish the criterion and policy to be followed in the distribution of funds by the managing trustee, in keeping with the purpose of the trust. No action shall be taken without a quorum of the trustees, i.e., 50% plus one, including a SAC committee member. There is to be a secretary appointed from the trustees to keep record of all actions of the trustees.