||What is the difference between the Endowment Fund and the Financial Aid Program?
||Income from the Endowment Fund serves as a cushion should financial stress affect the school and it is also composed of gifts intended to supplement scholarships, teaching chairs and departments, and administrative positions.
At St. Andrew’s, our Endowment Fund currently has a balance of $4.9 million. This is considered to be a very modest endowment for a grade 1-12 independent school of St. Andrew’s age and reputation; the average endowment of other Southwest Preparatory Conference schools is approximately $65 million.
An endowment of $10 million could provide approximately $500,000 annually. Although substantial, this amount would not be enough to cover the school’s annual financial aid needs, which for the 2004-2005 school year were more than $640,000. An endowment of $10 million would relieve pressure, although not eliminate, the need to use other school dollars to cover financial aid requirements. This amount would also allow the school to begin building other endowed funds to benefit St. Andrew’s students.
An endowment of $50 million could generate as much as $2.5 million per year. This amount would not only fully fund financial aid needs, it could generously supplement faculty salaries, purchase library books and other resources, replace obsolete technology, and ensure the well-being and beauty of our two campuses.
Financial Aid assists our students who are unable to pay in full to go to St. Andrew’s. In the 2004-2005 school year, over $640,000 was distributed to deserving students, approximately 17% of our student body. The National Association of Episcopal Schools recommends that financial aid be made available to 20% of the student body. St. Andrew’s has received commendations for its increasingly generous financial aid program, which allows the school to seek students of character and intelligence from diverse socioeconomic backgrounds.
The main vehicle for financial aid fundraising is the Family Fair, a fun community event held each spring. In addition, a portion of tuition proceeds is given annually in financial aid to encourage and support socio-economic diversity. St. Andrew’s success at reaching out to a socioeconomically diverse community underlines the need to significantly increase the Endowment Fund, which, through income earned from the endowment fund, will support annual financial aid requests.