It’s known as an essential member of the Omaha community for many years, not only as a place of education but also of moral support and service.

Now, Holy Name Catholic Grade School is facing a major financial problem that threatens to close its doors for good.

Because of the recession, donations and enrollment have been down, causing debt to pile up on the school. If the $300,000 debt is not paid off by March 1, Holy Name will most likely have to shut down.

The school, now in its 93rd year, has a lasting relationship with Creighton.

“Over the years, there have been a lot of Creighton people who have done service over there,” said the Rev. John Schlegel, S.J. This includes Creighton faculty members and students, especially members of the Magis Catholic Teachers Corps Program. Creighton professional students have been known to come in to help teach classes in areas of their expertise.

Schlegel has been a “Celebrity Reader” at Holy Name, making appearances throughout the years. He feels the impact of the school will be missed if it can’t stay open.

“I feel that the event of the school closing is like taking something out of the community, an opportunity, a resource,” Schlegel said. “Local schools have a great impact in the community.”

Schlegel says that the most important services Creighton provides to Holy Name are not financial resources, but rather human resources, which, to him, are the best to have.

The school’s closing would affect the Creighton community as well. Luke Ostrander, a Creighton alumnus, is currently in his fourth year teaching at Holy Name.

“If the school is closed down, there will be serious repercussions for both this area in North Omaha and the CORE group of schools,” said Ostrander. CORE is an organization of seven inner-city Catholic schools in the region.

Holy Name’s service to the community is well-known. During the summer, the school feeds about 400 children a day.

The school is also the most diverse Catholic grade school in Omaha. About 68 percent of the students are minorities and 43 percent are not Catholic.

“When you walk into the school, the feelings of tradition and happiness are widespread,” said Dr. Timothy Cook, associate professor of education. “It provides an excellent example of an authentic faith school that serves a diverse group of families.”

Cook believes the possible closing of Holy Name is related to larger social issues, but that Creighton could be a major player in the future of similar schools.

“Creighton has a lot at stake in the future of Catholic schools because they are a major feeder system,” Cook said.

Holy Name has started raising money to help save the education of its 200 students who come from 16 zip codes. Donations will be taken at its 5 p.m. Friday Fish Fry events. There is also a new Web site http://www.helpholyname.com, which will include ways to donate as well as testimonials of those who have had memorable experiences at Holy Name.