What is an Endowment Fund?
The Academy’s annual and ongoing expenses are largely met by tuition, annual giving and the benefit, but the school’s future depends on our endowment. An endowment is a permanent fund from which only earned income is spent. The principal is invested under the guidance of the Finance Committee of the Board of Trustees. Funds come to the endowment through gifts designed for that purpose by donors and through unrestricted capital gifts that the trustees designate for endowment. A named endowment fund may be established by a gift restricted for that purpose and following approval from the Board of Trustees.
What are the Academy's Endowment Funds?
Academy of the Sacred Heart General Endowment
Established in 1969 by an estate gift. The earnings are directed to the operating budget of the Academy of the Sacred Heart as needed.
Established in 1998 with gifts from the capital campaign Building on Confidence to offer tuition assistance to students in Grade 2 through Grade 12 based on financial need.
Faculty Endowment (Sacred Heart Heritage Fund)
Established in 1998 with gifts from the capital campaign Building on Confidence to ensure that the Academy will be able to maintain and enhance its partnership in the Network of the Sacred Heart.
The Sr. Canty Faculty Endowment
Established with a challenge gift in 1999 to honor Margaret Mary Canty, RSCJ, for her 12 years of service as Headmistress of the Academy of the Sacred Heart.
Faculty Enrichment Fund (The Maxwell Fund)
Established in 1985 to support faculty development, education and seminars. The earnings are awarded for activities requested by individual faculty members and approved by the Head of School.
Anni Slavsky Art Fund
Established in 1981 in memory of Anni Slavsky. Earnings on the fund are awarded for purchases for the Art Department requested by department staff and approved by the Head of School.
Rebecca Ciesliga Art Fund
Established in 1991 in memory of Rebecca Ciesliga’86. The earnings on the fund are expended annually in support of the Academy’s art program for projects requested by the Art Department and approved by the Head of School.
Wansboro Scholarship Fund
Established for the purpose of awarding merit-based scholarships. Financial need is not a consideration. Scholarships include:
Wansboro Scholarship – a $1000 scholarship awarded by the Upper School faculty to an eleventh grade Upper School student. Limited to one year.
Duchesne Scholarships (2) - $2000 scholarships awarded by the Upper School Admissions Committee to students entering Grade 9. Renewable as tuition assistance.
Stuart Merit Scholarships (2) - $1000 scholarships awarded annually -- one by the Middle School Admissions Committee to a new middle school student and the other by the Lower School faculty to a current student entering Grade 6.
Mary S. and William J. Oldani Scholarship Fund
Established in 2000 with a gift from Mary S. Oldani. The fund generates a single scholarship awarded to a student based on financial need. Priority shall be given to the children of alumnae of the Academy of the Sacred Heart. The scholarship continues to the same student for as long as the financial need continues and the child is enrolled in the Academy of the Sacred Heart.
For more information on Endowment Funds, please contact the Development Office at 248-646-8900 ext. 170.