History of The Foundation
Serving as pastor of St. Mary’s Catholic Church from 1937 until his passing in 1974, Msgr. John J. Creegan left an indelible mark on the community. Under his leadership and spiritual guidance, St. Mary’s Parish flourished to become the vibrant community we know today.
In 1946, Msgr. Creegan foresaw the need for a new school; one that would serve to educate and develop future Catholic leaders for the community. From his vision, St. Mary’s Catholic School opened its doors to students in 1949. Almost 75 years later, the legacy of Msgr. Creegan endures, as St. Mary’s continues to graduate students with the moral character, values, and high academic standards unique to Catholic schools.
In honor of this extraordinary contribution, The John J. Creegan Foundation was established in 1981. Governed by a Board of Directors, The Foundation operates as a separate organization independent of St. Mary’s Parish and School. Assets of The Creegan Foundation are invested through an endowment fund generating income for the annual cash donation The Foundation makes to St. Mary’s School.
Understanding Endowment Funds
The Creegan Foundation endowment is a permanent fund comprised of donor gifts that are collectively invested for financial gain. The principal asset base of the endowed funds (the total of all gifts) is preserved, ensuring that gifts made to The Creegan Foundation provide financial support for St. Mary’s School in perpetuity. The income earned from the investment funds is the source of The Foundation’s annual monetary gift to the school. Endowment funds are designed to withstand a fluctuating market through professionally managed, morally responsible investing practices. The continued success of the performance of their portfolio has afforded the Foundation the ability to provide St. Mary’s School with over one million dollars in financial gifts, typically ranging from $50,000-$60,000 per year!
