|  | New York Times Article Addresses Financial Aid Challenges for Schools
11/7/2009
The New York Times reported on the difficulties faced by the Academy and other endowment-dependent schools in its Saturday, November 7 business section. Upon reading the article, Head of School Andrew Watson noted that he was pleased to see, in the table accompanying the article, that the Academy's generosity stands out. "With the exception of schools with mega-endowments (Milton Hershey and Kamehameha), the Academy's commitment of endowment spending to the yearly operating budget is right at the top of the list."
The New York Times reported on the difficulties faced by the Academy and other endowment-dependent schools in its Saturday, November 7 business section. Upon reading the article, Head of School Andrew Watson noted that he was pleased to see, in the table accompanying the article, that the Academy's generosity stands out. "With the exception of schools with mega-endowments (Milton Hershey and Kamehameha), the Academy's commitment of endowment spending to the yearly operating budget is right at the top of the list."
He also noted that the article underlines the fact that generous financial aid policies are only made possible by very strong endowments which, in turn, are the product of the philanthropy found in strong independent school communities. "Because the Academy has never followed the practice of using tuition dollars from one set of families to support the financial aid offered to other families, all financial aid ultimately comes from the goodness of donations received. Our current work builds upon the generosity of the Simms family and subsequent donors; now we are redoubling our efforts to enlist the philanthropy of our alumni, parents, grandparents, past parents, and friends in support of our mission of excellence and accessibility ."
Mr. Watson went on to say, "Though the Times article covers information well known to community members who have stayed on top of school communications and/or attended our parent events, I'm pleased that the article and its message about our mission will be read by those at colleges and in the workforce who assess our graduates as they move to the next phases of their lives. I'm also pleased that prospective faculty applicants from around the country as well as prospective families will see this message." |
Gregg LaPore
11/11/2009 1:04 PM
The generosity of Academy towards its students in extraordinary. As a parent helper at Open House, I often impress upon the parents of prospective students the lengths that Academy goes to to make tuition affordable. None of the parents I have spoken to were aware of how much of Academy's tuition is defrayed by contributions from the endowment. Although many parents impression of Academy is that it is filled with smart & rich kids, many leave Open House understanding that Academy is filled with students who love learning and who are all receive an education valued far beyond that of the tuition charged. |
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