Fr. Earl Walker Memorial Endowment Trust Fund for Cathedral Chapel School

On October 22, 2010, just days before his death, Fr. Walker established two endowment gifts to our church and school in the amount of $50,000 each. Immediately upon receipt of the funds a request was submitted on Nov. 8th of the same year,  to the Archdiocese for the approval to establish two new endowments. The approval was granted on November 15th and on December 3rd, the Archdiocese of Los Angeles Catholic Parish Endowment Trust Fund Charter and Decree erected The Father Earl G. Walker Memorial Endowment Trust Fund for Cathedral Chapel parish, and the Memorial Assistance Fund for Cathedral Chapel School, as an Autonomous Pious Foundation and Approving its Statutes by then Archbishop of Los Angeles, Cardinal Roger Mahony.

The parish Endowment Fund is a restricted fund that is to be specifically used for repairs, renovations and/or new constructions. The school Endowment Fund is also a restricted fund that is to be specifically used for tuition assistance. These foundations are established in perpetuity. However, the principal of the endowment funds are to remain intact, and the use and disbursements of the fund will only be from the earnings of the fund. (Earnings are defined as interest, dividends, realized and unrealized gains and losses). The percentage disbursement rate is 5% of the total market value of the Fund.
Since its conception, our parish has established two annual collections and deposited to the Funds accordingly: one during All Saints Day (for the parish Endowment Fund) and second during Catholic Schools Week (for the school Tuition Assistance Fund). In addition to the annual deposits, we are also required each year to submit an annual written report of the disposition of the Fund to the Office of Financial Services of the Archdiocese.

This Sunday, in celebration of Catholic Schools Week, we are taking up a second collection for Fr. Walker’s Endowment Fund for our school at the 10:00am Mass. It is Fr. Walker’s wish that his love for our parish and school be memorialized through his gift and that his legacy will be carried on and honored for generations to come.
 
Fr. Earl Walker (August 19, 1922 to October 26, 2010)  was an alumni of Cathedral Chapel School and graduated in 1936.  He followed his brother Jack into the priesthood and was ordained on May1, 1948 by Archbishop McIntyre and celebrated his first mass here at Cathedral Chapel the next day. Fr. Walker served in different parishes throughout  Los Angeles, and became pastor of Cathedral Chapel on March 15, 1972, until he retired as pastor on June 30, 1998 after his Golden Jubilee as a priest. He was in residence here at Cathedral Chapel until his death.


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