The Assumption Catholic School Foundation was organized and approved in May 2004. It was structured as a separate and distinct auxiliary of the school. It is its own nonprofit organization, governed by a Board of Directors and a set of bylaws established at its founding. The Board of Directors consists of no fewer than five members, two of which include the pastor of the Church of the Assumption and the principal of Assumption Catholic School.
Although the Foundation’s assets were initially managed by the Board of Directors, the assets are now held with Mercer Investments through the Archdiocese of Seattle’s Fulcrum Foundation. There are three separate funds within the School Foundation: Educational Enrichment (unrestricted), Deger Educational Fund (restricted), and the Support for Century (restricted). The combined assets of these three funds has grown to over $500,000 by the end of the 2017-18 school year. Each year, a distribution of approximately 4% of the average balance over the previous three years is given to the school.
The purpose of the School Foundation is to support the school both in its current operation (Educational Enrichment Fund) and into the school’s future. The majority of the assets are to remain invested for the long term, keeping the balance at $500,000 or above. All families of Assumption Catholic School are expected to contribute a minimum of $100 per school year to support the School Foundation and help grow the balance into the future. This donation and designation is referred to as the Support for a Century campaign which is launched in the fall of each school year and runs through May.
Families and other donors can designate if they would like their donation to provide support for tuition assistance, school operations, or Support for Century which is the school’s endowment. This final category designates that the principal amount will not be spent, but only the interest will be redistributed to the school.