2017 Annual Report
STORIES OF STEWARDSHIP
LETTER FROM BOARD CHAIRMAN
From Trinity Academy’s
Chairman of the Board
Dear Parents, Grandparents, Alumni, and Friends of Trinity Academy:
At the start of 2018, Trinity Academy is on the threshold of a transformative future. Over
the last decade, Trinity’s leadership has focused on moving us to a place of financial strength
while also advancing our program excellence. We are strong in both areas and ready for the
next stage in Trinity’s history. Our school’s history can generally be divided into three eras:
1. Formative. This was a time marked by substantial financial underwriting by a few key
donors. The generosity of this era allowed the school the flexibility to focus on its mission
and to form its core identity without fear of financial distress. To this day, we all enjoy
the fruits of this time.
2. Foundational. During this period, Trinity transitioned financially to a place of selfsufficiency.
With strategic moves by our leadership, we moved from a position where
tuition and other program revenues covered only 67% of operating expenses to a position,
by 2012, where those same sources of revenue covered 97% of operating expenses. The
national benchmark for excellence in this area is 90%.
3. Thriving. In the 2014-2015 academic year, we moved into a new era by launching
our first annual fund effort, The Trinity Fund. This was an important step as we worked
to broaden the stable of families that own the Trinity mission through their time, talent,
and treasures and as we attempted to fund important strategic initiatives and supplement
our operating budget. The Trinity Fund has been a remarkable success. Over the last four
years, we have seen broad-based giving include parents, teachers, grandparents, alumni
and board members – and the giving has been reliable, with over 95% of pledges fulfilled.
Be assured that the Board and administration are both prayerful and strategic in their thinking as
we plan for tomorrow. Our recent successes lay the groundwork for us to take the next step as we
consider ways to grow and make more permanent our physical infrastructure. We are all blessed
to be a part of Trinity at such an exciting time. As we transition our administrative leadership and
plan for the continued development of Trinity’s campus, we are in a place where we can all make
a difference – through our prayers, our time, and our gifts. I trust you will enjoy reading this
Annual Report and see it for what it is – a very eager thank you for all that each of you has done,
and will continue to do, to support and grow our Trinity Academy community.
Matthew A. Young
One of our top priorities as Trinity parents is to provide our children with an education that will equip them to
live with wisdom, excellence, and purpose, whatever the future may hold. The tuition we pay for our children’s
education (K-College) is our investment in their future. We all sacrifice to provide them such a generous gift.
And we entrust Trinity to steward well our children and our finances.
In a sense, we are also called to be stewards of the next generation. Our children’s development of an authentic,
Christian worldview at Trinity, combined with their ability to think critically and creatively, and to communicate
effectively, will give them the ability to Transform Tomorrow in the realms of business, politics, technology,
culture, and the Church. This is a tomorrow worth investing in.
This publication provides you with important financial information on how Trinity is stewarding your
resources. In addition, we share Stories of Stewardship that prove your investment is making an eternal impact
as Trinity students Transform Tomorrow.
OUR FIVE PILLARS
grace and love,
PAGE 9, 15
Stephen West (Academic Excellence)
stewarding minds, cultivating thought
MEET STEPHEN WEST ‘10
College: North Carolina State University ‘14, Park Scholar
Major: Aerospace Engineering
Post-Graduate: Stanford University ’16, M.S.; Arizona State University ’21, Ph.D.
Favorite Trinity Class: AP Calculus
Three Words to Describe Trinity: Classical, Christian, Community
Fun Fact: Stephen is a commercial pilot and certified flight instructor
At Trinity Academy, Stephen developed the ability to think critically, communicate
effectively, and filter everything he learned through a Christian worldview. From
an early age, he grew an appreciation for and a love of learning. Taking on the most
challenging classes, both while attending Trinity and throughout his college and postgraduate
years, quickly became Stephen’s norm, not because he felt pressured to, but
because he genuinely wanted to. Stephen attributes his love of learning to the standard
of academic excellence Trinity Academy encouraged day in and day out. As a result,
he’s felt well-equipped in his pursuit of higher education to take on studies of new topics
with steep learning curves. To date, he has not only gone on to obtain his Masters in
Aeronautics & Astronautics from Stanford University, but he is also currently pursuing a
Ph.D. in Geological Sciences at Arizona State University where he’s studying planetary
science and nuclear instrumentation. Stephen says there’s no question that the academic
foundation with which Trinity blessed him has and will continue to help him excel to his
Trinity is important to me because it provided an exceptional
education spanning all disciplines, surrounded and continues
to welcome me into community, and cultivated my ability to
articulate and defend my Christian faith.
fullest potential and set him apart in his academic pursuit.
Trinity shaped me into a person who can
boldly engage with any line of inquiry while
standing strong in my Christian faith.
Matthew Duggins (Curricular Athletics)
stewarding competitive drive, cultivating humility
MEET MATTHEW DUGGINS ‘11
College: Denison University ‘15
Major: Political Science, Arabic
Favorite Trinity Class: AP US History
Three Words to Describe Trinity: Community, Faith, Purpose
Fun Fact: Matthew has lived in the Middle East
Academics were only half of what Trinity Academy gave Matthew Duggins. His
participation in swimming throughout his years at Trinity was as much a vital part of his
school experience as the academics themselves. Curricular Athletics taught Matthew the
value of hard work and leadership by example, critical values that are important in any stage
of life. They also taught him how to persevere through difficult times while showing him the
importance of leaning on friends and faith. Matthew believes that the real-life experiences
he learned while at Trinity, especially through team sports, prepared him for life beyond
high school and set him up well for life as an adult, living in the Washington D. C. area
and working for the United States Department of Defense. Trinity’s first state champion
in swimming, Matthew went on to swim on Varsity his freshman year at Denison, making
lifelong friends in the process. He eventually went on to direct the campus-wide intramural
sports program his last two years in college. Sports have been and always will be an integral
part of his life and much of that can be attributed to his years at Trinity. Congratulations to
The experiences you have with your team in the pool
or on the field add another layer of meaning to the
already strong friendships you have.
Matthew upon his December engagement to Anna Apostel.
THE GESSNER’S STORY
The Gessner Family (Spiritual Formation)
stewarding hearts, cultivating joy
MEET THE GESSNER FAMILY (TED ‘15, ANNA ‘19, EMILY ‘22)
Three Words to Describe Trinity: Grace-filled, Community-driven, Culture-engaged
Ted’s College: University of North Carolina - Chapel Hill ‘19
Ted’s Majors: Geography and Chinese
Ted’s Trinity Involvements: Soccer, Basketball, Tennis, House Head of Urquhart
Ted’s Fun Fact: Lived in Kenya for two years
The Gessner Family has been cared for and supported by the Trinity community for
more than 12 years. Both Rick and Sarah distinctly recall the outreach from faculty,
staff, friends, and families during their two years living in Kenya. The support in this
season even included a summer trip by Trinity students and faculty to serve alongside
the Gessners. The whole family has benefited from the overwhelming love that is
associated with this community of faith and learning.
Dr. Sarah Gessner describes the goals of Trinity’s spiritual formation through Christian
education as two-fold: first, educate students from a Christian worldview and second, teach
students how to think critically, so they can, in turn, go into their spheres of influence and
be winsome and effective in sharing the Gospel with others. Students are encouraged,
even required, to think about and discuss difficult, confusing issues in our world - they are
presented with issues and supported as they work through them, but never told what to
think or say. Dr. Rick Gessner credits this model for effectively preparing their oldest, Ted,
for the challenges and opportunities he is facing in the university setting as a student at the
University of North Carolina - Chapel Hill.
“Ted has continued to seek to grow in his Christian walk while
in college, which is a time filled with unbelievable pressures
and influences, many of which come from professors and the
administration. Because of Trinity, he knows what it means to
think critically about issues that are presented to him, both in
the classroom and without,” Sarah Gessner reflects.
Ted is not satisfied with pat answers or simplistic explanations. He is comfortable
discussing big issues with all sorts of people on campus. He grew his early involvement
with CRU, a campus ministry, into a leadership role this year pouring back into others as
a Bible study leader.
THE GESSNER’S STORY
Hailey Price (Christ-Like Community)
stewarding grace and love, cultivating lives
MEET HAILEY PRICE ‘15
College: Meredith College ‘19
Major: Chemistry and Biology
Favorite Trinity Class: AP Chemistry
Three Words to Describe Trinity: Community, Tight-knit, Family
Fun Fact: Performed as a cheerleader in the Macy’s Day Parade
Growing up in a family of believers at Trinity Academy profoundly shaped
Hailey’s life and future. From a young age, she was being invested in and
molded by her peers, her teachers, her coaches, and the families at Trinity.
This Christ-like community fostered in her a hunger for Christian community
and a deep desire to provide this community for others. At Meredith, she
became deeply involved with CRU, a campus ministry, through which she has
served as a bible study leader for local high school girls. This past summer,
she had a life-changing experience serving on the CRU Summer Missions
Team in East Asia for six weeks, sharing the gospel with college students,
many of which had never before heard of Jesus Christ. Hailey credits the
fortitude of the skills and knowledge she learned at Trinity - rhetoric, ethics,
philosophy, religion, and apologetics - for effectively and efficiently being able
to communicate the gospel to foreign students. Through the power of the Holy
Spirit, she personally witnessed eight students accept Christ and truly desire
relationship with Him this past summer! Hailey hopes to use her double major
in Chemistry and Biology on the mission field after graduation.
“Looking back now, with more maturity, I understand that there is
truly something special and different about the way that Trinity
Academy raises up their students. They have prepared us to be
leaders and advocates for living differently in light of the gospel.
Trinity Academy allowed me to blossom as an individual. Being
able to take classes such as rhetoric, ethics, logic, apologetics, and
philosophy prepared me not only academically, but spiritually,
allowing me to find my voice and truly argue for what I believed.
Ashley Wallace (Thriving Future)
stewarding resources, cultivating long-term security
MEET ASHLEY WALLACE ‘12
College: Baylor University ‘16
Graduate School: UT Southwestern Medical School, Pursuing MD, Class of 2020
Three Words to Describe Trinity: Christ-centered, Purposeful, Life-filled
Activities at Trinity: Art, Volleyball, Soccer, Swimming
Trinity instilled in Ashley a deep and profound love
of learning that has carried her through her academic
endeavors and enabled her to thrive. She credits the
amazing community she was a part of from grades 1-12
for instilling in her the confidence to pursue a career
in medicine. Now a second year medical student, she
remains confident that God will continue to guide her
path as she makes decisions, both significant career
decisions and also small decisions, about how to care
for and love the people that surround her daily.
“I am thankful that God placed me at Trinity, where
I learned how to learn and was surrounded by
people who exemplified God’s love. My prayer is
that Trinity would continue to impact students’
lives with God’s love, as it did for me!
OVERALL DONATIONS FOR 2016-17: $392,221
*Covers the cost of the event
** Legacy (alumni children) Scholarship Fund
- The Trinity Fund
- Brick Campaign**
- Capital Gifts
- Camp Trinity
THE TRINITY FUND – $330,851
- Exceptional Evening
- Restricted Gifts***
- Spring Fling Silent
Auction and Raffle
- Second Empire 5K
- Feed the Hunger
*** Technology, Athletics, Tuition Assistance, Landscaping, etc.
THE TRINITY FUND - WHY YOUR GIVING MATTERS
We have been so blessed and encouraged by the response from our community to the Trinity Fund over the last four years.
Since the Trinity Fund’s inception in 2014-2015, we have exceeded our annual goal each year. TOGETHER, we have
collectively given above and beyond what could have been given individually. Thank you!
When you give to the Trinity Fund, you are supporting our growth at Trinity. The Trinity Fund is directly tied to our
strategic plan. A portion of the Trinity Fund is used to fund our operations budget (OPS – see bar graph below) allowing
us to continue to offer the quality experience we currently have in a fiscally responsible manner - but the rest is channeled
into funding specific efforts that fall under the Strategic Plan Initiatives.
As the Lord is leading us to begin the work of raising the funds for our first permanent academic building (Capital
Campaign), it will be important that we continue to prioritize giving to the Trinity Fund. This is where participation by our
entire community becomes even more important. High participation in an annual fund is an indicator of a healthy school,
and it also sends a signal to investors and prospective families that we have a mission worth their investment.
That is why we are asking our entire community to consider giving to the Trinity Fund annually. It will help us to
continue to meet our annual operating and strategic needs, while also launching a successful Capital Campaign. When
more families and individuals participate, the load is shared, allowing others to help fund our growth.
TRINITY FUND NUMBERS BY YEAR:
97% FULFILLMENT 97% FULFILLMENT
How High Can We Go?
With four months left in the
fiscal year, just think what 100%
participation by all Trinity families
would mean to our overall Trinity
Fund for 2017-18!
Capital Campaign Update
As was shared during Exceptional
Evening 2017, the Board is moving
forward with all the necessary behindthe-scenes
work to prepare Trinity
Academy for a Capital Campaign to
build our first permanent academic
building. Work continues on this project
with a humble desire to listen to the
Lord’s leading each step along the way.
FAST FACTS ABOUT TRINITY FUND
• The “Trinity Fund” is our “Annual Fund” and coincides with our fiscal year which runs July 1st - June 30th.
• Exceptional Evening is the kick-off event for each year’s Trinity Fund.
• A gift to the Trinity Fund is a donation made to Trinity Academy’s operating budget for a specific school year.
• The Trinity Fund vs. Capital Campaign? The Trinity Fund supports on-going and annual expenses and strategic
initiatives in the school’s operating budget. Capital gifts (Capital Campaign) are used for the building of new
buildings. In short, the Trinity Fund helps us live, while gifts to a Capital Campaign help us grow.
• Doesn’t tuition cover the cost of our operating budget? Unfortunately, tuition and fees, facility rentals,
after-school programs, and Corporate Champions are simply not adequate enough to cover the operating
expenses and strategic initiatives each year.
• 100% of our board participates in the Trinity Fund.
• Currently 51% of our families, faculty, and staff participate in the Trinity Fund.
• Our goal is not a dollar amount but rather a participation goal. Can you imagine what our Trinity Fund
would look like if we increased from 51% participation to 75%, 90%, or even 100%?
Finance Chair, Trinity Board
As Finance Chair of your Trinity Academy Board
of Directors, I am constantly impressed by the
intentional way your finances are so carefully
stewarded by Trinity Academy’s leadership. CFO
Kris Hinton is one of the best I’ve ever worked
with and understands what parents sacrifice to give
their child a Trinity education. Under her watchful
eye, Trinity budgets conservatively and spends in
an economic manner. I can confidently say Trinity
manages expenses extremely well and is constantly
looking for additional revenue streams to keep the
annual tuition increases to a minimum.
Our partnership with Thomas, Judy & Tucker as our
annual auditor has confirmed that Trinity follows
best practices for nonprofit institutions of our
size and that it is stewarding your resources well.
Kristen Hoyle’s expertise is a blessing to us and
another source of confidence for each of you.
Kristen T. Hoyle, CPA
Area of Expertise: Nonprofits
Kristen has been with Thomas, Judy & Tucker, P.A.
since 1998 and has 30 years of experience in public
accounting. TJT has audited Trinity Academy for
over eight years. Important items to note from the
June 30, 2017 audited financial statements:
• Unmodified audit opinion
• Financial results were positive both for net
income and cash flow
• Debt service is within a reasonable range
and the School has met all its debt covenants
• Financial results of the School are
comparative to other Triangle private schools
As an alumni parent (Katherine ‘15), Kristen has
always had a special interest in making sure Trinity
Academy is a good steward of parents’ tuition.
Her knowledge of other nonprofits in our area
helps ensure that Trinity Academy is on target with
expenses and tuition rates.
REVENUE AND EXPENSES - $4.4 M BUDGET
2017-18 Budgeted Numbers
- Tuition and Fees
- Additional Sources
2017-18 Budgeted Numbers
- Salary and Benefits
- Debt Service
- Health Insurance
*Camp Trinity/Extended Learning, Corporate Champions, and Facility Rentals
THE OPERATING BUDGET AND TUITION
Tuition revenue currently covers 92% of the cost to educate our students. National independent school
associations state that 90% and above is a solid indicator of fiscal health. There are two ways to fund the other
8% it takes to run Trinity Academy: 1) raise tuition rates to the level they need to be in order to cover 100% of
educational expenses, or 2) use a combination of donations and alternative sources of revenue to make up the
difference and relieve the pressure on tuition levels.
Trinity’s leadership is committed to continuing our work to boost enrollment, build a consistent culture of
annual giving, and seek alternative sources of funding, with the goal of keeping annual tuition increases low and
continuing to provide a superior Trinity education.
CAMP TRINITY/EXTENDED LEARNING (EL)
NET PROFIT 2016-17
Over 310 families served by Camp Trinity in the 2016-17 fiscal year.
EL After-School Programs
EL Private Music Lessons
Camp Trinity Donations
Total Net Profit 2016-17 = $96,358
In coming years, the International
Scholars Program will be a new
revenue stream for Trinity Academy.
However, the vision for this program
is much more than financial - it is
a mission focused to transform the
hearts of our international students
and our own. Hear our heart in this
We generated $69,667 in revenue
for the 2016-17 fiscal year by
entering into partnerships for the
use of our facilities and fields.
Appraised Value = $11.0 M
Mortgage = $4.9 M, 4.5% Fixed
25-Year AM, 6 -Year Call
$26,462 Monthly = 7% of
A WORD ABOUT FINANCIAL ASSISTANCE
There are many misconceptions about Tuition Assistance or “financial aid,” as it is sometimes called. Tuition
Assistance is neither counted as revenue nor as an expense. In essence, it represents a tuition discount,
recommended by a third-party organization, FACTS Grant and Aid, based upon a family’s demonstrated need.
2014-15 191 168 359
2015-16 207 168 375
2016-17 204 177 381
2017-18 200 186 386
DID YOU KNOW?
• Those who receive Tuition Assistance contribute around
$700,000 in tuition, revenue the school would not have
without these families at Trinity. This revenue lowers
tuition for all families as most major expenses are fixed
and do not fluctuate per student.
• Tuition Assistance helps contribute to a more robust
culture and program at Trinity Academy by increasing
enrollment and tuition revenue without resulting in a
significant increase to expenses.
• Tuition Assistance can help those who may be in
a temporary situation where assistance is needed,
allowing their child(ren) to begin or to remain at Trinity
until they no longer require Tuition Assistance.
GIVING FUELS ATHLETICS
2016-17 ATHLETICS EXPENSES
GIVING TO CORPORATE
2014-15 $38,700 11
2015-16 $44,500 12
2016-17 $58,000 13
2017-18 $90,000 14
Trinity’s Corporate Champions Program is one
of the primary sources of funding for Trinity
Academy’s Athletic program. Over the last four
years, the number of partners and their financial
support has increased tremendously.
Coaching Salaries $56,096
Athletic Trainer $15,000
Scoreboard (soccer) $12,000
Membership fees $4,050
Off-site Facility Rental $2,421
GRAND TOTAL $145,318
The Trinity Tigers fielded 27 athletic teams and
employed 42 paid coaching positions.
Kalli Hulse (Thriving Future)
stewarding resources, cultivating long-term security
MEET KALLI HULSE ‘06
College: North Carolina State University ‘11
Major: Industrial and Systems Engineering
Current Employer: Production Supervisor at Kitty Hawk Aero-space, Sunnyvale, CA
Favorite Class at Trinity: Drama, Choir, and Humanities (because I can’t pick just 1)
Three Words to Describe Trinity: Personal, Challenging, Tailored
Activities at Trinity: Cheerleading, Tennis, Soccer
When Kalli began her freshman year at NC State she planned to major in philosophy.
She loved the challenge of thinking through all disciplines and learning became
a lifelong pursuit. She ultimately chose to focus her studies in engineering and
received her B.S. in Industrial and Systems Engineering. This degree has provided
for one exciting and challenging opportunity after another… from building jet
engines, to spaceships that go to the International Space Station, to flying cars
- the foundation that Trinity helped establish prepared her to be successful in
each opportunity she has encountered. As a woman engineer, STEM education
is something she is passionate about, and yet she believes the blessing of being
challenged by both the sciences and fine arts at Trinity was a catalyst to her success.
“The most valuable thing Trinity taught me was
not a specific class, sport, or topic - Trinity taught
me how to think. It was that ability to logically
think through issues that has made me successful
in all my endeavors.
WORK EXPERIENCE TO DATE:
Walt Disney World
GE Aviation - Boeing Engines
SpaceX - Dragon Space Capsule
Kitty Hawk - Silicon Valley Start-Up
THANK YOU FOR THE SUPPORT AND GENEROSITY OF OUR DONORS,
FAMILIES, AND LARGER TRINITY COMMUNITY.
BECAUSE OF YOU, OUR STUDENTS HAVE THRIVING FUTURES.
THANK YOU TO OUR 2017-18 CORPORATE CHAMPIONS
Second Empire Restaurant & Tavern, Grossman Orthodontics, Britt Dental Center,
JCM Telecom, Campbell Orthodontics, Mason & Clark Wealth Management Group
Williams & Daily Dental, Avian & Exotic Animal Care, Kilpatrick Law Group,
Bumgarner & Martin Orthodontics, Advanced Research Monotoring, Inc.
Franklin Watkins Financial Group, Pursuit Wealth Management, HMD Development,
Au Family, Wake Orthopaedics
BOARD OF DIRECTORS
Matt Young, Board Chairman
Samantha Kilpatrick, Vice Chairman
Mark Slaga, Finance Chairman
Chris Evans, Chairman Emeritus
Kathryn Ayers, Past Board Chairman
Dave Kern, QISP Chairman
TRINITY ACADEMY STAFF LEADERSHIP
Matthew Breazeale, Interim Head of School
Jane Houchin, Upper School Head
Susan Hofer, Interim Lower School Head
Kris Hinton, Chief Financial Officer
Jane Currin, Director of Marketing & Communications
Susan Dougherty, Director of College Counseling
Chris Freeman, Director of Extended Learning
Brad Hodgson, Director of Technology
Celeste Huffstutler, Director of Admissions
Bill Michaels, Director of Facilities
David Schenk, Director of Athletics
Courtney Woodfin, Director of Development
Together, We Transform Tomorrow
10224 Baileywick Road, Raleigh, NC, 27613