Bishop McKnight hosted a reception for friends of Tolton Catholic on April 1st. He wanted long-time supporters gathered there to know it’s his long-term hope that local parishes will ultimately support our schools to make Catholic education accessible to all families. Until that vision becomes reality, he stressed that he is personally very committed to the success and sustainability of our Catholic schools, including Tolton, the newest institution in our diocese.
He reminded everyone that, in January, a donor supported Tolton’s long-term viability in a significant way, committing a gift of $1,000,000 specifically to reduce the school’s debt. He confirmed that the school’s debt obligation now stands at $6M and the paying down of that balance remains one of the school’s highest priorities.
He also announced that a second $1,000,000 commitment has been made by an anonymous donor for the purpose of establishing a scholarship and tuition assistance endowment for Tolton Catholic students. This asset will not only increase accessibility for students, but will positively impact the school’s annual budget, allowing leadership to re-allocate budget dollars previously used for tuition assistance toward other high-priority operational and academic program needs.
Bishop McKnight emphasized that there is wonderful momentum behind the school. He invited those gathered to follow the example of the anonymous donors’ generosity and encouraged them to take a long-term view when considering a gift commitment, calling special attention to the priorities of reducing the debt and building upon the existing operations endowment.