The has announced a $40 million gift from Christine and Stephen A. Schwarzman to launch a scholarship fund for underprivileged children attending New York Catholic schools.
The single largest donation in the archdiocese's 207-year history will establish a fund through the that will provide tuition assistance to children from underprivileged families attending Catholic schools in the archdiocese. The endowment, which is expected to provide approximately twenty-nine hundred scholarships annually, will award its first in the fall of 2016. The scholarships will be available to current and new students who qualify. In addition to a $40 million commitment from the archdiocese, the Inner-City Scholarship Fund seeks to raise $45 million over five years to match the Schwarzmans' contribution.
Christine Schwarzman, a trustee of Inner-City Scholarship Fund, is a former attorney who specialized in intellectual property, patent, trademark, and copyright law. Stephen Schwarzman founded the global asset management firm , where he serves as chairman and CEO. Their giving includes a $150 million gift to Yale University earlier this year to establish a campus center; a $100 million commitment to the in 2008; and the creation in 2013 of the , an international program modeled on the , to educate future leaders about China. The Schwarzmans began supporting Inner-City Scholarship Fund in 2001 after meeting the late Archbishop of New York, Edward Cardinal Egan; they have contributed more than $8 million in tuition support for three hundred and fifty students annually.
"The endowment campaign we are launching is an essential ingredient to the long-term stability and success of Inner-City Scholarship Fund and Catholic education," said Peter Grauer, president of Inner-City Scholarship Fund "We could not have asked for a better way to begin, thanks to the extraordinary generosity of the Schwarzmans."