A Record for Catholic-school Scholarships

In September 2015, the Inner-city Scholarship Fund run by the Archdiocese of New York announced the largest-ever U.S. gift to Catholic schooling. Christine and Stephen Schwarzman gave a record $40 million to an endowment that will provide 2,900 New York City children per year with scholarships. The Schwarzmans started contributing money in 2001 to this cause. “We’ve met so many impressive young women and men who have benefited greatly from the values provided by a Catholic-school education,” stated Christine, who also serves as a trustee of the Inner-city Scholarship Fund. The fund combines contributions from New York business leaders and church donors, and provided tuition assistance to nearly 7,000 Catholic-school students in 2015, prior to the Schwarzman gift. The church has pledged to match the Schwarzman gift, and to raise an additional $45 million from other donors to increase the fund’s scholarship endowment by $125 million in total.