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The Endowment for Inner-City Education is a nonprofit organization that was created in 1997 to provide a perpetual and stable source of income for the more than 100 Inner-City Schools of the Archdiocese of New York. The Endowment currently supports the education mission of the Inner-City Schools through three main areas of financial support: tuition scholarships for low-income students, capital repair grants to schools and grants for programmatic initiatives. For the 2007-2008 academic year, the Endowment will provide $4.7 million in disbursements to the Inner-City Schools and their students. The Endowment is incorporated as a publicly supported, tax-exempt organization with an independent 501(c)(3) designation from the Archdiocese of New York, and its Board of Trustees is comprised of accomplished professionals and leaders in the business and non-profit sectors.