Cristo Rey Network Announces $500,000 matching gift from Caster Family Foundation

CHICAGO (July 23, 2010) – The Cristo Rey Network is pleased to announce that the Caster Family Foundation at The San Diego Foundation  has committed to a $500,000 matching gift to fund the Network’s new financial sustainability model, which will ensure the long term sustainability of the Network Center Office.

The grant will support the implementation of the Cristo Rey Network’s shift to a diversified revenue plan by matching school-based revenue and new foundation revenue dollar for dollar up to a maximum of $500,000.

“Since the inception of the Network Center Office, 80% of the funding has been from two national foundations,” said Cristo Rey Network CEO Robert Birdsell. “The new revenue model, comprised of multiple stakeholders, is crucial for the ongoing success of the Network and our schools.”

The major change projected in the revenue model is the amount of school-based revenue the Network Center Office generates from Cristo Rey Network schools.  Currently, the Network Center Office receives a minimal fee from each Network school after its third year of operation. In three years, the Cristo Rey Network anticipates that at least 40% of the Network Center operations will be funded by school-based revenue and 60% by national and corporate foundations, college partners, individual donors, and the Network board of directors.

“My wife Barbara and I realize that the capacity of the Cristo Rey Network to prepare center-city youth for success in college and beyond is dependent on the support of others,” shared Terry Caster, president of the Caster Family Foundation. “We are proud to be part of the most exciting and innovative movement in urban education.”

In addition to the generous support from the Caster Family Foundation, the Caster’s company, A-1 Self-Storage, is a National Partner of the Cristo Rey Network.

“The Cristo Rey Network is blessed for Terry and Barbara’s long standing friendship and continued support of our mission,” remarked Cristo Rey Network Chairman John Foley, S.J. “Their generosity that provides our students with a future of opportunities.”

About the Cristo Rey Network®:
The Cristo Rey Network is comprised of 24 high schools that provide a quality, Catholic, college preparatory education to 5,892 urban young people who live in communities with limited educational options. Most of our students qualify for the federal free or reduced lunch program. Member schools utilize a longer school day and year, academic assistance, and counseling to prepare students with a broad range of academic abilities for college. All students at Cristo Rey Network schools participate in a work-study program through which they finance the majority of the cost of their education, gain real world job experience, grow in self-confidence, and realize the relevance of their education. Learn more at www.cristoreynetwork.org.