St. Mary of Gostyn School
The History of the Endowment Fund
In the early 1990’s, a group of SMG parishioners set forth a long term plan to ensure the future financial stability of the school by creating an Endowment Fund. The fund’s purpose was to provide an additional source of income to help fund the school’s operating expenses, capital projects, and special needs so that a catholic education could remain affordable for families. Funds have been raised through the annual dinner dance, the annual parish wide appeal, and direct donations. Beginning in 2010, a Diocesan Fund Board was established to oversee approximately 50 endowment funds in the Joliet Diocese. The Diocesan distribution policy allows withdrawals of up to 4% of the 3 year average market value of the fund for school operating expenses. An additional 1% may be distributed for capital expenditures or special needs.