Friends of Ascension is a 501C3 that is legally and fiscally independent of The Church of the Ascension, Ascension Catholic School and the Archdiocese of St. Paul and Minneapolis. Its sole charter is to support the sustainability of Ascension Catholic School.  All contributions that are given to Friends of Ascension are used for the purpose of operating the school unless otherwise directed by the donor.

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Friends of Ascension holds an investment fund.  This money is a quasi endowment, and the Friends of Ascension organization contributes approximately $200,000 per year to the school’s operating budget from this fund.  These funds are overseen by the Friends of Ascension board and are restricted at their discretion. 

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In addition to this annual support from the investment fund, gifts from donors made for support of Ascension School’s annual operating activities are given to the school in that fiscal year to be used in accordance with the donor’s instructions. 

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As the organization’s expenditures are very minimal, no budget is created; however, an independent audit is conducted annually.