Morgan Trust Winds Down, Distributes Assets to the Foundation to Continue
Father John’s Vision in Perpetuity
LOUISVILLE, KY (November 29, 2018) – The Catholic Education Foundation of Louisville (the “Foundation”) and the Trustees of the Father John H. Morgan Charitable Trust (the “Morgan Trust”) today jointly announced an agreement by which the Foundation’s permanent endowment will receive $1,000,000 from the Morgan Trust to continue Father John’s vision for Catholic high school students to earn a college degree.
In 1997, Father John H. Morgan, a Catholic priest in the Archdiocese of Louisville, established the Morgan Trust to annually provide a college scholarship to a qualifying senior at each of the nine Catholic high schools in central Kentucky. Since 1998, the Morgan Trust has honored the scholarship recipients at the annual Salute to Catholic School Alumni dinner event hosted by the Foundation.
In 1998, the year of his passing, Father John stipulated that the life of the Morgan Trust would be limited to 20 years following his death. In connection with the dissolution of the Morgan Trust in November, the Trustees determined that a large portion of the assets should be used to perpetuate Father John’s vision.
The Foundation will continue the tradition of the Morgan Trust and plans to increase the scholarship awards over time. Most recently, each recipient earned a college scholarship award of $7,000. Richard A. Lechleiter, the President of the Foundation, noted, “For 20 years, the Foundation has had the honor of recognizing the Morgan scholars at our annual Salute dinner event, and I am so thrilled that the Morgan Trustees have blessed us with the opportunity to continue this great tradition going forward. Thanks to Father John Morgan and the Morgan Trustees, more Catholic high school seniors will realize their dream of a college education through the Catholic Education Foundation!”
The Most Reverend Joseph E. Kurtz, D. D., Archbishop of Louisville and Foundation Board Vice-Chair, welcomed the news with great joy and gratitude. “What a wonderful show of support for Catholic school families that the Morgan Trustees would allow the Foundation to carry on with the work of Father John Morgan himself – God has indeed blessed us once again!”