‘Truly the gift that keeps on giving’
ASHEVILLE — Twenty-five years after it was established, an endowment fund has paid for nearly $700,000 in various projects at Asheville Catholic School.
The Asheville Catholic School Endowment Fund, created in 1997, began with a gift of $140,000 – the result of a capital campaign by St. Eugene Parish to assist its adjacent school.
Only the second endowment fund created after the Foundation of the Diocese of Charlotte was established in 1994, it has grown to $715,000 and distributed more than $681,000 over the years – representing a total of $1.4 million invested in the Asheville school that will keep benefiting the school for generations to come.
Thanks to the endowment, the school has been able to afford school-wide technology upgrades, tuition assistance for families and professional development for staff, says Principal Mike Miller – everything from laptops and smartboards to scholarships and teacher assistants.
“What’s been really nice about our endowments is that most of them are not restricted and that gives us maximum flexibility. That has led us to be able to be strategic,” Miller said.
“Since the endowment money is available on a quarterly basis, we have been able to make some technology purchases that had an immediate impact,” he said, and it “has allowed us to offer hundreds of thousands of dollars in tuition assistance. If there is a family who sincerely wants their children to have a Catholic education, we don’t want finances to be the reason they can’t do it. The endowments have allowed us to do that, to stay true to our mission.”
Thanks to the fund, teachers and staff have received professional development and the school has hired academic support personnel, he said.
“The domino effect of this is that with these improvements we’ve made, families and parents have noticed how their children directly benefit, and this word of mouth has generated more positive effects for the school,” Miller said. “That simple act of giving to a school (endowment) has a positive impact for decades.”
The endowment is one of seven that benefit the Asheville school. While other schools have more, seven is a sizable number, notes Jim Kelley, diocesan development director.
“The benefit of an endowment is that its principal continues to grow while at the same time generating an increasing amount of income for a school or ministry or parish,” Kelley explains. “In the case of the Asheville Catholic School Endowment Fund, not only has the school already received funding so far greater than the initial investment, it continues to receive funding that eventually will equate to millions of dollars and change thousands of lives.”
“The ACS endowments are truly the gift that keep on giving,” said Father Patrick Cahill, pastor of St. Eugene Church. “Having a Catholic school option in Asheville is extremely important. We dream of the day we can provide a quality education for each and every student that would like to come to our school.”
— SueAnn Howell, Senior reporter
Fund an endowment
Interested in setting up an endowment at your parish or Catholic school? Establish an endowment in the Diocese of Charlotte Foundation by leaving a bequest in a will, a beneficiary designation from a retirement plan, a gift of real estate, a gift of life insurance, cash or securities sufficient to set up an endowment, or a life income arrangement such as a trust or annuity.
For details, contact Gina Rhodes at 704-370-3364 or This email address is being protected from spambots. You need JavaScript enabled to view it..