IMPACT OVERVIEW
School Year 2023/24
A WORD FROM THE CATHOLIC EDUCATION SCHOLARSHIP TRUST BOARD
It is an honor to serve on the board of the Catholic Education Scholarship Trust (CEST) and help provide Phoenix Scholarships to families across Cook County and Lake County. Our Catholic schools provide high-quality, rigorous education and a supportive faith- and values-based community to children and their families. As members of the Catholic Education Scholarship Trust Board, we are humbled to steward and guide this Trust and help provide families with tuition assistance that has a positive impact on our students’ lives. Since its inception, the Trust has provided Phoenix scholarships to over 8700 students. On behalf of those students and families, we extend our heartfelt thanks to the thousands of generous donors who have made this scholarship endowment possible.
Sincerely yours in Christ,
Cardinal Blase J. Cupich
Archbishop of Chicago
Archdiocese of Chicago
CEST Board Member
Bishop Robert G. Casey
Vicar General
Archdiocese of Chicago
CEST Board Member
Greg A. Richmond
Superintendent of Catholic Schools
Archdiocese of Chicago
CEST Board Member
Mary Pat Burns
CEST Term Board Member
Ted Hocter Sr. CEST Term Board Member
CEST PORTFOLIO AND ANNUAL PERFORMANCE
as of June 30, 2024
Like the broader market, CEST’s investment portfolio saw strong performance in FY2024, with a 14.4% return. This was also in line with its benchmark. The Trust’s market value was $66.1 million as of June 30, 2024.
CEST Investment Performance CEST Market Valuation
CEST INVESTMENT ALLOCATION
as of June 30, 2024
An allocation to private investments, up to 15% of the portfolio, was approved to help drive performance over the long term.
PHOENIX SCHOLARSHIP DISTRIBUTION TREND SINCE INCEPTION
The number of Phoenix Scholarships has grown significantly since 2016/17 but has begun to level off recently. In 2023/24, there was a 7% dip in scholarships issued. Many eligible students received tax credit scholarships in the final year of the Invest in Kids program.
$1.5M
$1.25M
$1M
$0.75M
$0.5M
$0.25M
$0.0M
PHOENIX
SCHOLARSHIPS
ASSISTANCE
MAKING
PROVIDE CRITICAL FINANCIAL
TO STUDENTS FROM DIVERSE BACKGROUNDS,
CATHOLIC SCHOOLS AFFORDABLE FOR THEIR FAMILIES
School Year 2023/24
“We want to express our deepest gratitude for your generous support of Catholic education and for offering a scholarship to my kids. Your kindness and commitment to education have made a significant impact on our family, and we are truly thankful for the opportunities this scholarship provides.”
– Parent of a Phoenix Scholar
SOCIOECONOMIC STATUS OF FAMILIES RECEIVING A PHOENIX SCHOLARSHIP
School Year 2023/24
A family of four receiving a Phoenix Scholarship in 2023/24 had an average household income of less than $42,000 per year.
ST. JOHN THE BAPTIST DE LA SALLE ENDOWMENT
Established in 2017, the fund provides Phoenix Scholarships to children of our Catholic school teachers, administrators and staff.
St. John the Baptist de la Salle was a French priest, ordained in 1678. He was of noble birth and as a priest, devoted himself to the education of the poor. He established charity schools in France and subsequently formed his teachers into a religious order, the Institute of the Brothers of the Christian Schools. Pope Pius XII declared him the patron saint of all schoolteachers in 1950.
ST. AGATHA ENDOWMENT
Established in 2015, this fund provides Phoenix Scholarships to students from St. Agatha Parish, a predominantly African American parish in Chicago’s North Lawndale neighborhood, or to former students of St. Agatha Early Childhood Center. The pastor of St. Agatha must nominate the students and they must attend a Catholic school in the archdiocese.
St. Agatha was martyred in AD 253 during the Decian Persecution and is considered the patron saint of breast cancer patients, martyrs and wet nurses.
ST. JOHN PAUL II ENDOWMENT
Established in 2014, this fund provides Phoenix Scholarships to students of Polish heritage attending an Archdiocese of Chicago Catholic school.
St. John Paul II, the first Polish pope, is highly revered among Chicago’s Polish Catholics. Chicago is home to nearly 30% of the Polish immigrants in the U.S. and has the second largest Polish population after Warsaw. His 1979 visit drew over a million people, and his role in the fall of communism, loving demeanor, and teachings on forgiveness make him a special patron for Chicago’s Polish community.
SAN JUAN DIEGO ENDOWMENT
Established in 2016, this fund provides Phoenix Scholarships to Latino students attending an Archdiocese of Chicago Catholic school.
In 1531, the Virgin Mary appeared to San Juan Diego at Tepeyac Hill, instructing him to tell the bishop to build a shrine. After initial disbelief, the bishop was convinced by a miraculous sign of roses and an image of Mary on Juan Diego’s cloak. The Basilica of Our Lady of Guadalupe now stands on the site. The feasts of San Juan Diego on Dec. 9 and the Virgin of Guadalupe on Dec. 12 are cherished by the Latino community worldwide..
PHELAN FAMILY ENDOWMENT
This fund was established in 2022 by the Phelan Family Trust in honor of Father Francis Phelan and Sr. Mary Donatilla Lorenz. Funds from this endowment are used to provide scholarship support to students attending Catholic schools near the former St. Martin de Porres School.
Awarded by CEST
2023/24
CATHOLIC SCHOOLS WITH STUDENTS RECEIVING
School Year 2023/24
Phoenix Scholarships are provided to Catholic school students in the archdiocese. Last year, 75 percent of these students attended schools in Chicago and the remainder in other parts of Cook County and Lake County.
