Nadiyah Browning ’16, Nina Pagano ’16: The Episcopal Academy has been perceived by many to be the “Million Dollar School.” However, not many people know that in comparison to other private Main Line schools, our competitors dwarf us in the amount of endowment money that they receive.
Photo Courtesy of Jenna Cooley ’17
In actuality, Penn Charter is the leader in receiving the largest endowment as of 2007, with a total of $50,930,000. In comparison, that year Episcopal Academy totaled $21,856,384. Although the Academy has only a fraction of the endowment money other schools in our area have, the amount of money collected from endowment donors has slowly and steadily increased ever since former head of school, Ham Clark, came to the Academy. In the annual report of the 2012-2013 academic year, Mr. Larry Capuzzi of EA’s business office wrote, “I am happy to disclose the School’s endowment value is closing on 42 million dollars. Some new gifts, coupled with double-digit investment growth, paved the way for another excellent year.” Partly behind Capuzzi’s excitement is partly due to the fact that approximately 4% of the school’s operating budget is supported by the draw from the endowment, with 82.7% of EA’s income coming from student tuition.
Jennifer Fifer, EA’s Campaign Director, said Episcopal has been pushing to connect donors and alumni with different areas of interest in the school. For example, if an alumnus is especially fond of athletics, the business office may suggest an endowment for a sports award or an addition to the Dixon Athletic Center. Similarly, a supporter of the arts might rather help expand the visual, musical, or theatrical programs. Fifer explained, “Years ago Outward Bound was established thanks in part to a very generous gift made by a friend of Episcopal. Each year this friend would make a gift to support the program. Last year, EA alumnus Walter Buckley ’55 established an endowment fund to ensure the Outward Bound educational experience will continue to be supported for years to come. Fifer continues, “Two of the most popular endowments given are scholarships and faculty professional development funds.” Such donations allow students from low-income families to attend Episcopal and permit teachers to experiment with innovative teaching techniques.
“The Board of Trustees has the ultimate fiduciary responsibility for Episcopal’s endowment,” Fifer clarified. “The Board ensures that appropriate policies governing the management of the school’s assets are in place and that these policies are being effectively implemented. To implement these responsibilities, the Board and the Investment Committee set and approve the investment policy. Funds Evaluation Group, an investment advisory firm based in Cincinnati, Ohio, has served as the school’s endowment consultant since 2009. They offer advice, expertise and insight on portfolio construction and manager selection and provide ongoing due diligence.”
Significantly, there is no one “big” endowment that has allowed the Academy to reach its record high endowment rate this year, nor does the school’s endowment money compete with that of similar Main Line schools. Rather, Episcopal’s endowments are a collection of generous donations from the Episcopal community.