The Josephinum Academy of the Sacred Heart, a Catholic high school for girls in Chicago, has assured its long-term survival thanks to the assistance of The Catholic Initiative.
A beloved institution founded in 1890, the Josephinum in partnership with the Pulte Family Charitable Foundation’s The Catholic Initiative has raised $9.4 million to purchase its longtime home, which it has leased since 1985, according to PR Newswire.
The property will be owned by a newly formed, dedicated nonprofit administered by the initiative to which the school will pay a symbolic $1 lease. The model secures its permanent right to operate as a Catholic school on the property.
>> Catholic nonprofit assumes ownership of Detroit’s historic Ste. Anne Basilica <<
“The Catholic Initiative is a groundbreaking, Vatican-approved funding model that faithfully restores Catholic churches and schools across the U.S., and reenergizes Catholic communities, fostering vibrant parishes where faith, people, and culture thrive together,” the initiative’s website states.
The website also notes that the model includes a permanent endowment designed to ensure consistent, long-term financial support for parishes and schools.
“This is a historic moment for Josephinum,” said President of Josephinum Academy Richard McMenamin. “Thanks to the generosity of The Catholic Initiative and our community of supporters and benefactors, we will continue to uplift students — particularly young women from under-resourced neighborhoods — through a Sacred Heart education rooted in academic excellence and spiritual growth.”
The Josephinum provides a rigorous education to students from varied backgrounds, including 20 nationalities. Most students at the Josephinum are given full scholarships, according to the school.
“Josephinum already embodies the best of Catholic education — faith, excellence, and service,” said Kevin Doyle, president of The Catholic Initiative. “Our role is to help safeguard that legacy and equip the school with the long-term tools it needs to flourish for decades to come.”
>> Charitable foundation launches funding model created to restore Catholic schools, parishes <<
