An endowment is money that you put away, and as it gains interest you can either take out the interest or use it in programs or tuition or whatever, or you can let the interest accumulate on top of the original money that you put away.
Universities like Stanford, Harvard and Princeton have huge endowments, (billions of dollars) that they have built up over the years, to provide tremendous financial security for themselves. Someone said that Princeton could provide students with free tuition because their endowment is so big that the interest from the endowment could pay for it.
St Francis of Assisi has a very small endowment of $6,547. that is being held by the Catholic Community Foundation of Santa Clara County.
We had two meetings, one in Villages and one in the Gathering Hall, to start an endowment here.
We have the possibility of getting a matching grant of $20,000 if we raise the first $20,000 ourselves. We have until September 30, 2017 to raise that amount and we have the $6,547 that we raised from the two meetings that I mentioned above.
We want to not only start this endowment but we want to build on it over the years so that the parish will have more financial security.
We know that many of you would like to support the parish in this way even if you are already supporting it in other ways. Some of you who did not give to the Shine the Light campaign may consider this as an option for your generous giving.