KC 1872 MEMORIAL ENDOWMENT FUND

OVERVIEW

Through the years, Father Luke Sheehan Council 1872 has always been a generous supporter of St. Francis School in many ways. In 1989, Grand Knight, Frank Krupicka suggested that the council ask for donations from the members to start a Scholarship Fund for financially needy students of St. Francis Parish attending St. Francis Catholic School. The fund would be invested with only the interest used for Scholarships or some form of student aid. Added donations would hopefully add to this account through the years.

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In January 1990, $5,000 had been donated by members and the Columbian Charity Fund was opened. To help this account, it was approved that all profits from the annual Parents of St Francis Knights of Columbus Dinner would go into this Fund. Through 2004, the fund grew to $24,756 from additional donations and proceeds from the annual Parents of St. Francis Knights of Columbus dinners. Tuition aid of $18,164 has been given to St. Francis School.

In 2004, it was brought to the Council’s attention that any income from funds invested in a money market or mutual funds by the Knights of Columbus Council is Taxable. Father Luke Sheehan Council upon finding this information to be correct voted to give $20,000 to the St. Francis School Endowment Fund that had been established for the same purpose through a very generous donation from the Catholic Daughters. The Council held back the remaining $4,756 in case there was any penalty from the IRS.

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In 2007, the Council set up an account with The Legacy of Faith Catholic Community Foundation of Oregon in the name of St. Francis School for $5,000 with the same intentions as spelled out in the Columbian Charity Fund. This account remains open to additional donations for the help of St. Francis School for tuition assistance in perpetuity in the name of Father Luke Sheehan Council 1872 Knights of Columbus.