As we approach the end of this calendar year, I write to give you an update about the school’s fund raising plans. Our Strategic Plan has three major goals. One of them leads us to achieve the objective that “Berkshire Country Day School’s financial resources are stable and sustainable.” Furthermore, the plan states that “long-term financial health is built on a foundation of thoughtful strategic planning, strong leadership, and sound business management. Our long-range financial plan informs the operation of all aspects of our school. As stewards of the School and its mission, everyone gives what he or she can to strengthen our resources today and endow Berkshire Country Day School’s future.”
We are on course with a balanced budget this year. No longer dependent on the contributions from a small circle of donors to close a considerable financial gap to meet basic operating expenses (above and beyond the Annual Fund), we are now able to focus on our current and future needs in new ways and are proceeding in three important directions with regard to our fund raising initiatives.
First, we are steadfast in our commitment to the success of our Annual Giving Fund. The Annual Giving Fund bridges the gap between tuition and the actual cost of educating each student. Each year we seek the full participation of our current community – parents, trustees, and employees – and we reach out for support from former students and parents, grandparents, and friends of the school. We are extremely appreciative of the many contributions we have received this year and ask that everyone participates before the end of the school year. Last year, 90% of current parents contributed to the Annual Fund – a school record. I’m hopeful that we will achieve 100% participation this year.
Second, we are identifying the special projects that will advance our programs and accomplish the need to preserve our precious campus resources. As we envision new classroom resources to support the innovation of our programs, and ascertain what work is required to renovate our buildings and address deferred and anticipated maintenance issues, we seek to match our needs with donors who are committed to supporting these needs.
Third, we are focusing our sights on building our endowment, an essential and important element of the financial picture in independent schools like BCD. An endowment is a school’s “savings account.” It provides additional and permanent resources to maintain and improve the quality of education that the school provides its current students and generations of future children. An endowment at independent schools is typically used to augment faculty salary increases and professional development, provide additional funds for financial aid, support special program initiatives and/or enhancements, and the ongoing maintenance of the school’s facilities. With a relatively small endowment, BCD currently relies on tuition income to fund these important needs. In addition, the size of the current endowment means that there are limited funds available for a rainy day, effecting our ability to plan strategically in the near-term. Our goals in the areas of faculty salaries, professional development, financial aid, and facilities are important. We will not be able to achieve our goals through tuition alone, and an increased endowment is paramount so that we can rely less on tuition and ensure the future financial sustainability of BCD.
If you have an interest in speaking with me further about any of these topics, please contact me directly.
