IMPACT OVERVIEW School Year 2025/26
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 offer a high-quality, rigorous education within a supportive faith- and values-based community that nurtures students and their families. As members of the CEST Board, we are humbled by the responsibility of stewarding this Trust and ensuring that its resources continue to create life-changing opportunities for children. Since its inception and through the 2025/26 school year, more than 11,500 Phoenix Scholarships have been awarded, helping thousands of students access the benefits of a Catholic education. We are grateful that the endowment continues to grow through the generosity of our donors, whose commitment makes this work possible. Through careful stewardship of the Trust and the continued support of our benefactors, we hope to expand these opportunities and provide even more students and families with access to a Catholic education for generations to come. On behalf of those students and families, we extend our heartfelt gratitude 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
Matthew D. Walter Executive Director of Catholic Schools Archdiocese of Chicago CEST Board Member Mary Pat Burns CEST Term Board Member Moises Sanchez CEST Term Board Member Thomas King CEST Term Board Member 1
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 executive director 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.
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CEST PORTFOLIO AND ANNUAL PERFORMANCE as of June 30, 2026
CEST’s investments had a strong year, growing by approximately 17%, just slightly below the portfolio benchmark. Returns were driven largely by the exceptional performance of a handful of major technology companies. As of June 30, 2026, the Trust’s total market value was just under $84 million.
CEST Investment Performance
CEST Market Valuation
20%
$90M
17.1% 15%
14.4%
83.9M
$80M $70M
12.3%
$60M
66.1M
70.9M
$50M
10%
$40M $30M
5%
$20M $10M
0%
$0M
FY2024
FY2025
FY2026
FY2024
FY2025
FY2026
CEST INVESTMENT ALLOCATION as of June 30, 2026
Diversifiers provide the CEST portfolio with alternative sources of return, low correlation to other assets, and lower sensitivity to global equities. Through a variety of strategies, they help improve risk-adjusted returns, spread risk, and support the Trust’s long-term growth. Currently representing less than 2% of the portfolio, CEST will continue adding private investment managers to reach its 15% Private Investments target allocation. Fixed Income 10.0%
US Equity 25.4%
Private Equity 1.6%
Diversifiers 24.1% International Developed Equity 7.0% Emerging Markets 7.2%
Source: Cambridge Associates. All rates of return are nominal and net of investment fees.
Global Equity 24.7%
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PHOENIX SCHOLARSHIP GROWTH SINCE INCEPTION Since 2016/17, annual Phoenix Scholarship distributions have grown from $0.41 million to $2.39 million, reflecting the endowment’s sustained growth and expanding support for students with demonstrated financial need. $2.5M $2.25M
$2.23M
$2.26M
$2.10M
$2.29M
2021/22
2022/23
2023/24
2024/25
$2.39M
$1.87M
$2M $1.75M $1.5M
$1.44M
$1.36M
$1.25M $1M $0.75M $0.5M $0.25M $0.0M
2018/19
2019/20
2020/21
2025/26
PHOENIX SCHOLARSHIPS PROVIDE OPPORTUNITY IN THE COMMUNITIES WE SERVE School Year 2025/26
66%
70% 60%
55%
50% 40%
29%
30%
26%
20% 10% 0%
11% Black Archdiocese of Chicago Students
4
8%
4% White Phoenix Scholars
Hispanic
1% Asian/Other
“I want to express my sincere gratitude for awarding my son a Phoenix Scholarship. This scholarship will ease the financial burden on our family and provide our son with the confidence to pursue his academic and personal goals wholeheartedly. Thank you again. We greatly appreciate your support!” – Phoenix Recipient Family
SOCIOECONOMIC STATUS OF FAMILIES RECEIVING A PHOENIX SCHOLARSHIP School Year 2025/26 42% Household income equal to or less than $32,150*
31% Household income above $32,150 and less than $50,000
20% Household income equal to or above $50,000 and less than $75,000
7% Household income greater than or equal to $75,000 *Federal poverty level is $32,150 for a family of 4.
A family of four receiving a Phoenix Scholarship in 2025/26 had an average household income of less than $42,000 per year. 5
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. Restricted Endowments
2025/26 Scholarships
Life-to-date Scholarships
Fr. Augustus Tolton
$128,825
$750,213
Croghan Family
$36,675
$296,425
St. John the Baptist de la Salle
$44,000
$254,500
St. Agatha
$35,375
$152,585
St. John Paul II
$11,780
$95,963
San Juan Diego
$4,250
$32,733
Phelan Family
$2,000
$3,700
$262,905
$1,586,119
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
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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. wikimedia.org
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
Lawrence OP/flickr
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.
Image by Marzena P. from Pixabay.
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
Lawrence OP/flickr
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
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.
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PHOENIX SCHOLARSHIP DISTRIBUTION, INCLUDING FUNDS FROM RESTRICTED ENDOWMENTS Awarded by CEST
Scholarships Using Restricted Endowments Scholarships Using Unrestricted Funds
School Year 2025/26
Life-to-date
Amount Number of Distributed Awards
Amount Number of Distributed Awards
$262,905
180
$1,586,119
1,211
$2,123,950
1,261
$15,595,179
10,370
$2,386,855
1,441
$17,181,298
11,581
CATHOLIC SCHOOLS WITH STUDENTS RECEIVING PHOENIX SCHOLARSHIPS School Year 2025/26 School
Award Amount
Total Awards
School
Award Amount
Total Awards
Academy of St. Benedict the African
$56,140
36
Our Lady of Charity School
$65,750
27
Annunciata School
$25,525
17
Our Lady of Grace School
$39,100
34
Augustus Tolton Catholic Academy
$41,150
21
Our Lady of Guadalupe School
$103,870
78
Cardinal Joseph Bernardin Elementary School
$2,500
3
Our Lady of Tepeyac School
$35,300
20
Carmel Catholic High School
$1,000
2
Our Lady of Tepeyac High School
$8,500
4
Children of Peace School
$26,400
15
Our Lady of the Snows School
$43,550
25
Christ the King School
$500
1
Pope John Paul II Catholic School
$44,105
21
Cristo Rey Jesuit High School
$500
1
Queen of the Universe School
$51,900
35
De La Salle Institute
$1,500
2
Sacred Heart School
$65,400
42
DePaul College Prep
$2,000
2
Saint Patrick High School
$2,500
3
Epiphany School
$41,400
30
Saint Viator High School
$1,500
3
Fenwick High School
$3,500
4
Sts. Bruno and Richard School
$79,400
43
Holy Angels School
$36,100
23
St. Agnes of Bohemia School
$65,300
53
Holy Trinity High School
$5,000
1
St. Agnes School
$59,150
30
Immaculate Conception School (Exchange)
$45,620
37
St. Ailbe School
$24,550
15
St. Anastasia School
$66,675
30
Leo High School
$10,250
6
St. Angela School
$30,600
15
$500
1
St. Ann School
$51,285
33
Maternity BVM School
$69,200
46
St. Bede the Venerable School
$75,840
36
Most Blessed Trinity Academy
$31,455
21
St. Catherine of Siena-St. Lucy School
$65,275
39
Notre Dame College Prep
$1,500
3
St. Christopher School
$68,110
37
Marist High School
8
Phoenix Scholarships are provided to Catholic school students in the archdiocese. Last year, 82 percent of these students attended schools in Chicago and the remainder in other parts of Cook County and Lake County.
School
Award Amount
Total Awards
School
Award Amount
Total Awards
St. Constance School
$17,125
14
St. Mary Star of the Sea School
$46,550
28
St. Edward School
$11,075
6
St. Monica Academy
$1,000
2
St. Ethelreda
$36,550
19
St. Nicholas of Tolentine School
$67,470
53
St. Ferdinand School
$33,600
26
St. Philip Neri School
$40,060
17
St. Frances of Rome School
$87,150
48
St. Pius V School
$38,150
28
St. Gall School
$12,675
9
St. Procopius School
$42,750
28
St. Genevieve School
$49,925
24
St. Sabina Academy
$50,600
27
$500
1
St. Stanislaus Kostka School
$55,300
18
St. John de la Salle Catholic Academy
$55,350
34
St. Sylvester School
$44,250
31
St. John the Evangelist School
$8,500
5
St. Thomas of Canterbury School
$58,975
21
St. Laurence High School
$4,500
6
St. Walter - St. Benedict School
$49,300
24
St. Luke School
$1,000
1
Trinity High School
$6,000
2
St. Malachy School
$50,650
32
Visitation School
$22,950
13
St. Margaret of Scotland School
$43,500
27
TOTAL
$2,386,855
1,441
St. Mary of the Angels School
$2,000
2
St. Ignatius College Prep
Scholarships range by student from $500 to $3,950 with an average award of $1,660.
STUDENTS RECEIVING PHOENIX SCHOLARSHIPS ATTEND SCHOOLS THROUGHOUT THE ARCHDIOCESE
● St. Anastasia ● Most Blessed Trinity Academy
School Year 2025/26
● Carmel Catholic HS
Saint Viator HS ●
Notre Dame College Prep ●
● St. John the Evangelist
● St. Thomas of Canterbury
St. Monica Academy
●
● St. Constance ● St. Edward
● DePaul College Prep ● Saint Patrick HS St. Ferdinand ● St. Genevieve ● ● Our Lady of Grace ● St. Sylvester ● St. Mary of the Angels St. Angela ● ● St. Stanislaus Kostka ● Maternity ● Trinity HS ● Holy Trinity HS St. Luke ● BVM St. Catherine of Siena/St. Lucy St. Malachy ● Fenwick HS ● ● Children of Peace ● ● St. Ignatius College Prep St. Ann St. Frances of Rome ● ● ●● St. Procopius Our Lady of Tepeyac Elem & HS ● ● St. Pius V ● Epiphany ● ● Cristo Rey Jesuit HS St. Agnes of Bohemia ● De La Salle Institute Our Lady of Charity ●
● Pope John Paul II ● Holy Angels ● SS. Bruno and Richard ● Visitation ● St. Gall St. Nicholas Tolentine ● Academy of St. Benedict the African St. Mary Star of the Sea ● ●
Our Lady of the Snows ●
Augustus Tolton ● ● St. Philip Neri Queen of the Universe St. Sabina Academy St. Laurence HS ● ● ● Leo HS
●
St. Bede the Venerable ●
● Immaculate Conception ● St. Ethelreda ● Our Lady of Guadalupe ● St. Ailbe ● Sacred Heart ● St. Margaret of Scotland ● St. John de la Salle
Christ the King●
Marist HS ●
Annunciata ● ● St. Walter – St. Benedict – Chi campus
● St. Christopher
● Cardinal Joseph Bernardin Elementary
TO SUPPORT THIS PROGRAM call 312.534.8278 or email scholarships@archchicago.org ● St. Agnes © 2026 Archdiocese of Chicago
Photography: Rob Hart, Tricia Koning
● St. Walter – St. Benedict – BI campus