IMPACT OVERVIEW
School Year 2024/25
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 10,000 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 Lawrence J. Sullivan
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
Thomas King CEST Term Board Member
THE PHOENIX SCHOLARSHIPS
A Catholic school education is a life-changing experience that provides an opportunity for a better future, while giving children and their families both spiritual enrichment and community support that can last a lifetime.
Because all families cannot afford a Catholic school education, the Catholic Education Scholarship Trust (CEST) is there to help eligible children access a quality education at one of our schools.
CEST was established in 2013, in conjunction with the Archdiocese of Chicago’s To Teach Who Christ Is capital campaign. Phoenix Scholarships are awarded based on the recommendations of the Scholarship Delegation Committee to families who demonstrate financial need among other criteria defined by the board. The scholarships are provided to eligible students in grades K-12 in Catholic schools throughout Cook County and Lake County. Qualified students can apply for these renewable awards that follow the child should they transfer to another Catholic school within the archdiocese.
CEST is an independent 501(c)(3) tax exempt organization. The Northern Trust Company of Chicago is acting as a Directed Trustee. The archbishop of Chicago, the vicar general, the superintendent of Catholic schools and three volunteers with no business ties to the archdiocese serve on CEST’s board.
CEST is an endowment that achieves long-term appreciation of capital to ensure a long-term source of funding. An Investment Delegation Committee appointed by the trust board makes investment decisions in accordance with its investment policy and receives investment support from Cambridge Associates. The board awards a portion of the endowment each year as need-based scholarships.
We are incredibly grateful for the support of the many generous donors who support the Phoenix Scholarships. Your investment in our students not only helps afford children the gift of a high-quality education, but it is also a wise investment in the future of our community. Our Catholic schools empower young students, enrich their lives spiritually and emotionally while preparing them for the future.
CEST PORTFOLIO AND ANNUAL PERFORMANCE
as of June 30, 2025
The investment portfolio delivered a strong 12.3% return for the fiscal year, slightly trailing the benchmark—largely influenced by outsized gains from the ‘Magnificent Seven’ tech stocks. The Trust’s market value stood at just under $71 million as of June 30, 2025.
CEST Investment Performance CEST Market Valuation
CEST INVESTMENT ALLOCATION
as of June 30, 2025
To support long-term performance goals, new private investment managers have been engaged as part of our continued progress toward the approved 15% private investment allocation.
Source: Cambridge Associates. All rates of return are nominal and net of investment fees.
PHOENIX SCHOLARSHIP DISTRIBUTION TREND SINCE INCEPTION
The number of Phoenix scholarships has grown substantially since 2016/17. While there was a modest decline in 2023/24, the total number of scholarships awarded rebounded in 2024/25, driven by heightened demand following the conclusion of the Invest in Kids program.
$0.75M
$0.5M
$0.25M
$0.0M
PHOENIX SCHOLARSHIPS PROVIDE CRITICAL FINANCIAL ASSISTANCE TO STUDENTS FROM DIVERSE BACKGROUNDS, MAKING CATHOLIC SCHOOLS AFFORDABLE FOR THEIR FAMILIES
School Year 2024/25
–
Phoenix Recipient Family
“I could never afford to send my children to a Catholic school without the help of scholarships like the Phoenix scholarship. I firmly believe that a Catholic education sets our children on the right path. Being able to grow in their knowledge and love of God daily is a true gift. Thank you for making this possible!.”
SOCIOECONOMIC STATUS OF FAMILIES RECEIVING A PHOENIX SCHOLARSHIP
School Year 2024/25
A family of four receiving a Phoenix Scholarship in 2024/25 had an average household income of less than $42,000 per year.
RESTRICTED ENDOWMENTS
In addition to nonrestricted scholarships, Phoenix Scholarships include some funded and designated by seven specific endowments. Each of these seven endowments, established in partnership with CEST donors, funds Phoenix Scholarships within criteria dictated by donor requirements. Phoenix Scholarships are awarded each year to eligible students meeting the specific criteria of each endowment.
$1,323,214
FR. AUGUSTUS TOLTON ENDOWMENT
Established in 2016, this fund provides Phoenix Scholarships to African American students attending Catholic schools in the Archdiocese of Chicago. Venerable Augustus Tolton (April 1, 1854 – July 9, 1897), a former slave, was the first Roman Catholic priest in the United States publicly known to be black when he was ordained on Easter Sunday 1886 in Rome at the Archbasilica of St. John Lateran. Tolton first ministered to his home parish in Quincy, Illinois. Later assigned to Chicago, Tolton led the development and construction of St. Monica’s Catholic Church as a black “national parish church,” completed in 1893 at 36th and Dearborn Streets on Chicago’s South Side. His intelligence, tenacity, experience and commitment to the African American community in Chicago have made him a special patron for the City’s African American youth. He was declared Venerable by Pope Francis in June 2019.
CROGHAN FAMILY ENDOWMENT
This fund was established in 2017 to help students from low-income families attend archdiocesan Catholic schools selected by the Croghan Family.
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
CATHOLIC SCHOOLS WITH STUDENTS RECEIVING
School Year 2024/25
Phoenix Scholarships are provided to Catholic school students in the archdiocese. Last year, 79 percent of these students attended schools in Chicago and the remainder in other parts of Cook County and Lake County.
Viator
Hubert
● St. John the Evangelist
John of the Cross
Eugene
Anastasia
Mary of the Lake
Ferdinand
Lady of the Snows
Laurence