What is the Endowment and how is it invested?
The Endowment was initially funded with money brought in through the
Elizabeth Root Endowment Fund for Tuition Assistance, which was established
upon the retirement of PBS' second Head of School, Bitsie Root. The
Endowment is a way to bring increasing financial stability to PBS and to
grow support for our educational programs, our faculty's professional
development and our tuition assistance program. Endowment monies are held in
principal and invested by the school. The Finance Committee of the Board of
Trustees decides how the endowment monies are invested. As our Endowment
grows, the Finance Committee in conjunction with investment management firms
will decide how to invest the funds.
There are four areas of Endowment at PBS:
1) General Endowment
General Endowment is comprised of funds from donors for PBS' general use.
The principal in this fund will not be spent, but will be maintained in
perpetuity, for the purpose of producing income for PBS. The investment
income annually generated from this Endowment supports the general operating
budget of the school.
2) Elizabeth Root Endowment Fund for Tuition Assistance
The Elizabeth Root Endowment Fund for Tuition Assistance was established in
1997 to honor one of the founders of The Phillips Brooks School. Bitsie
served PBS, and its predecessor, for 36 years and was Head of School from
1984 until 1997. She had a particular passion for ensuring that a PBS
education was within reach of as many families as possible. The investment
income annually generated from this Endowment supports the tuition
assistance program at PBS.
3) Beth Passi Endowment Fund for Professional Development
The Beth Passi Endowment Fund for Professional Development was established
in 2005 to commemorate the retirement of PBS' third Head of School, Beth
Passi. PBSA raised these funds as part of its first ever adult only benefit
auction, 'Boots, Beans and Jeans.' Beth's legacy to PBS was her commitment
to faculty and their professional development. The investment income
annually generated from this Endowment supports professional development
opportunities for PBS' faculty.
4) Legacy Learning Endowment Fund for Program Development
The Legacy Learning Endowment Fund for Program Development was established
in 2006 and its goal is to support research and development for academic
programming across the curriculum. The objective is to support the core
fundamentals of curriculum math, language arts and science programs while
adding and enhancing world cultures, service learning, communications,
technology and much more. The investment income annually generated from this
Endowment supports program development at PBS.
What is the size of the PBS Endowment?
The market value of the endowment as of 6/30/2009 was $5,439,867. This
represents $19,710 per student (276 students). By comparison, the National
Association of Independent Schools' (NAIS) statistics indicate a national
average of approximately $36,000 per student in Endowment in Independent
Schools with similar numbers of students.
Is there a goal for raising Endowment funds through the Legacy Gifts
Program?
Yes. Over time, we intend to raise approximately $4,000,000 in Endowment so
as to align PBS with the NAIS' stated national average for Endowment per
student.
What is the Purpose of Having an Endowment?
Endowment is an important source of funds to support the operating budget
and minimize tuition increases. As the Endowment grows at PBS, the interest
on the invested monies will be used each year in conjunction with
unrestricted Annual Fund dollars to run PBS.
Please contact Michael Eanes, Head of School, if you have any
further questions or wish to give securities at meanes@phillipsbrooks.org or Phone: (650) 854-4545 x112 or Fax: (650)
854-6532.