MCWS 21-22 Annual Report

MCWS Finances
A SUSTAINABLE BUDGET, SUPPORTED BY PHILANTHROPY
Thoughtful Fiscal Management and Investing for Our Future
JOHN MANGANELLO, BOARD TREASURER
Financial Summary (Unaudited)
2021-2022 Fiscal School Year: July 1, 2021 - June 30, 2022
Annual Income Amount % Of
Tuition & Fees $4,668,053 88%
Fundraising $582,452 11%
Additional Program & Misc Income $31,117 1%
Total Income $5,281,622 $100%
Annual Expenses
Salaries & Benefits $3,486,721 68%
Tiered Tuition $920,383 18%
Programs $93,848 2%
Buildings & Grounds $214,598 4%
Administration $254,517 5%
Debt Service $164,965 3%
Total Expenses $5,135,032 100 %
Net Operating Income (before depreciation) $146,590
Capital Improvements $30,032
Surplus/(Deficit) $116,558
Summary of Fundraising (Reflects funds received & booked July 1, 2021- June 30, 2022)
Maine Coast Waldorf Fund 2021-22 (Annual Appeal) $251,606
Spring for Waldorf Annual Auction (Net) $66,681
Tiered Tuition Fund $75,550
Endowment $110,000
Opportunity Fund $75,167
Giving Tree $3,448
Total Giving 2021-22 $582,452
ANNUAL
INCOME
ANNUAL
EXPENSES
Annual Income
l Tuition & Fees $4,668,053
l Fundraising $582,452
l Additional Program
& Misc Income $31,117
Total $5,281,622
Annual Expenses
l Salaries & Benefits $3,486,721
l Tuition Assistance $920,383
l Programs $93,848
l Buildings & Grounds $214,598
l Administration $254,517
l Debt Service $164,965
Total $5,135,032
It takes a strong and engaged
community to provide, year after
year, the high-quality Waldorf
education that has been cultivated
since the School’s founding in 1984.
One of the pillars that allows our
community to sustain, and grow, is
the School’s financial health, that
is underpinned by tuition revenue
and the generous giving from the
MCWS community. Below are a few
highlights from the 2021-22 financials:
• Tuition and fees make up nearly 80% of the School’s
annual revenue and was flat when compared to the
2020-21 school year. Increasing enrollment, reducing
student attrition, and also reducing our reliance on
tuition revenue by increasing our Endowment Fund
remain top priorities. A significantly larger endowment
fund is needed to generate annual revenues at least
equivalent to our tiered tuition expenses.
• The tiered tuition expense increased $66K (or 8%) from
the previous year, highlighting the need for this program,
and our commitment to making a Waldorf education
inclusive and accessible. Increasing annual giving to the
Maine Coast Waldorf Fund, the Tiered Tuition Fund, and
the Opportunity Fund, all help make this happen.
• Salaries and benefits increased by $210K (or 6%) from
the previous year, the result of filling vacancies and
annual wage adjustments.
• Our buildings and grounds expense decreased by $260K
(or 45%) from the previous year of extraordinary COVID-
19 related expenses, bringing this budget item closer to
pre-pandemic levels.
• Although not reflected in the accompanying financial
statement or last year’s annual report, the School
recognized the forgiveness of nearly $600K from COVID-
19 related federal loans, such as the Payroll Protection
Program (PPP). This one-time boost to revenue had an
outsized impact on our revenue during the pandemic years.
So much of our collective time, treasure and talent
has been consumed in recent years by navigating the
challenges brought upon by COVID-19. With thoughtful
fiscal management of the School’s financial resources,
we are on solid footing as we collectively turn towards
the future to take on what comes next. Like many other
schools, MCWS has been impacted by the nationwide
teacher shortage, which is amplified by the high cost
of living in this area. The Board recognizes that action
must be taken to retain and attract the very best faculty
members whom we entrust to guide our children. To that
end, the board began a process last year to invest in
our future by bolstering our compensation and benefits
package, beginning in the 2022-23 fiscal school year.
MAKING A DIFFERENCE
The Giving Tree
The Giving Tree is a way for parents and friends to
purchase “wish list” items to benefit MCWS classrooms,
workspaces, and programs.
Every MCWS employee can submit wish list items to be
included on the Giving Tree. The items can be something
for the students to work or play with, something for the
office or gathering spaces that makes the space better for
everyone, or something that improves teaching across
grades. Descriptions and prices of the wish list items are
displayed on leaves of the tree. If you would like to purchase
an item, visit the tree, select and remove a leaf, and connect
with the Development Office. The actual ordering of the item
is handled by administrative staff. Once the item is delivered
to MCWS, you will be contacted and delivery to the recipient
will be arranged. Remember to check in often, the Giving
Tree will be continuously updated with new items.
Our Goal is to
Make Giving Easy
Mobile and Online Giving help make giving easier.
Easily Transfer QCDs for those over age 70 and a
half from individual IRA accounts.
Stocks, DAFs, and Foundation Gifts to meet your
long-term financial and estate planning needs
Planning for the Future naming MCWS as a
beneficiary of a bequest in your Will or trust.
The first step is making the decision to give.
The details can be tailored to meet your goals. Start
the conversation today with the Development Office
at development@mainecoastwalorf.org and visit
mainecoastwaldorf.org/give.
How Philanthropy Supports MCWS
WITH GRATITUDE FROM LAURA BONARRIGO, DEVELOPMENT DIRECTOR
The Maine Coast Waldorf Fund, our largest annual
unrestricted fundraising effort, predominately supports
MCWS’ faculty salaries and benefits, and student Tiered
Tuition. Each year we ask board members, faculty, staff,
families, and the greater community to participate in this
Annual Appeal. In 2021-22, 263 donors contributed a
total of $251,606 to this essential fund.
The Tiered Tuition Fund is supported through directed
gifts by individuals, businesses, and foundations, and
through the Spring for Waldorf Auction & Dance Party.
During 2021-22 this Fund received $142,731. This
provided tuition support to over 40% of MCWS families.
Generous donors established the Opportunity Fund in
the spring of 2021 to increase diversity and accessibility.
It provides supplemental tuition assistance for a number
of high school families who qualified through TADS
(Tuition Aid Data Services). In 2021-22, donors contributed
$75,167 in pledged support for MCWS students.
The Endowment Fund is supported primarily by larger,
directed, planned gifts and is open to all donors and any
amounts. The Endowment Fund ensures MCWS’ future
financial sustainability by providing annual revenue from
investments. Last year The Endowment Fund increased
by over $110,000 thanks to generous philanthropic
donations and an overall favorable stock market.
6 MAINE COAST WALDORF SCHOOL 2021-2022 ANNUAL REPORT 7