The St. Anastasia Development Board was organized in 1988 during Father Terrence A. McCarthy's pastorate. Almost unique in the archdiocese at that time, the Development Board was formed to build and implement a traditional financial development plan to augment existing fund-raising activities for the school. The group, composed of parishioners and school alumni, was established in order to meet the challenge established by Joseph Cardinal Bernardin to insure the school’s long-term financial stability. At that time, the school was faced with the possibility of joining a proposed major consolidation of area Catholic elementary schools. The establishment of the Development Board was one of several initiatives undertaken to keep St. Anastasia School a traditional, neighborhood Catholic school.

The Development Board supervises the work of a part-time Director of Development, whose responsibilities include conducting an Annual School Appeal among parishioners and alumni, soliciting major gifts, corporate support, foundation grants and the establishment and maintenance of a school endowment.

Today, the Development Board has supervision of two endowments for the school – one restricted to provide financial aid assistance to St. Anastasia School students, and the other to provide annual stipends to St. Anastasia School veteran faculty for the purpose of recruiting, retaining and rewarding dedicated, outstanding teachers.