Facing the - Culver Academies

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Julie Hanna ’78 John Bollman ’75 Thomas Mayo ’75 14 The Culver Educational Foundation From The Culver Fund national Co-Chairs and director: Why should Culver settle for second-rate results? Every gift counts, but why should culver settle for below-par? At most college preparatory schools, annual giving provides 8 percent to 15 percent of the annual budget. At culver, annual giving through The culver fund accounted for 13 percent of the annual budget in the 2011-2012 fiscal year. Student financial aid, an excellent faculty, and quality programming benefit directly from culver fund gifts, allowing the culver experience to be a lifechanging event for our diverse and international student body. in the 2011-2012 fiscal year, your generosity led to record culver fund results. cash-in totaled $6,276,044, up 8 percent from the last year and exceeding our goal of $6,250,000. Thank you! Particular recognition goes to our leadership donors who have made five-year commitments to the culver fund – the importance of which is discussed in our chief Advancement Officer Mike Perry’s comments in this Annual Report. Also, we want to recognize and thank our volunteer corps whose class solicitations resulted in substantial contributions to The culver fund. While we are grateful for these results, which also help preserve the endowment for future use, we find that we have work to do to become the highly performing culver fund that we want to be. Opportunities to grow the fund are many, but we want to take the time to highlight just two. first, participation at every level is important. Even small gifts make a difference. As a matter of fact, 72 percent of our culver fund gifts are donations of $250 or less. We could not reach our goals without these donations. Many scholarship students are supported by these gifts, as are talented faculty members. The average secondary school annual giving program’s participation rate is about 37 percent. Surprisingly, even with culver’s committed and loyal alumni base, our participation rate is just 22 percent. few (if any) of us believe that culver should lag below average in participation rate in support of The culver fund. in order to improve the participation rate, we must demonstrate the importance and impact on the school of smaller gifts to broaden our base of support. if we are successful in raising our participation rate to just the secondary school average, this alone would add several hundred thousand dollars to our annual culver fund results. have you been a regular participant in annual giving? if not, will you make an effort to be so? Second, we want to continue to grow online giving, which increased 51 percent from the previous fiscal year, yet represented only 7 percent of annual giving. This secure and easy way of giving can be encouraged with web content giving donors the opportunity to direct their gifts to support programs at our school toward which the donor has affinity. Also, we have just rolled out the ability to make automatic recurring online gifts and pledges via direct debit and credit card. This will allow donors to spread their contributions over the year resulting in the possibility of improved cash flow flexibility for donors. in closing, we want to make our gratitude clear for record culver fund results. Nevertheless, we have work to do to seize the opportunity to become a top performing annual fund. Like everything at culver, we want to strive to be exceptional. With your help, there is no doubt that we will become a top performing annual fund in the future. Thank you. Sincerely, Julie hanna ’78 John Bollman ’75 Thomas Mayo ’75 culver fund National co-chairs culver fund director
With the success of By Example, culver has entered a position in which the financial viability of the school is not in question. There are maybe 10 schools in the independent school world that can make this statement. clearly, we are blessed and are most grateful for the generosity received from the Legion and friends of culver. Tuition revenue, endowment, and The culver fund are the critical components of the three-legged stool on which culver’s revenue stream is built. This year tuition, room, and board total $39,000, which represents a 2.6 percent increase over last year. We have intentionally tried to hold tuition increases in the 2–3 percent range, which makes balancing the budget difficult if the goal is to provide faculty salary increases that are at or above that level. for this reason, we look to The culver fund to provide that margin of excellence to ensure a robust financial aid budget and strong faculty salaries. Given the prominent role that The culver fund plays within the budget, a decision was made last year to make the fund the top priority in our advancement efforts. At the summer meeting of The culver Educational foundation board, the importance of The culver fund became readily apparent. Board-approved spending from the endowment is at 5 percent, which means that the goal of the investment committee is to return more than 5 percent. This is a challenging goal in the present economic environment. The board quickly grasped that The culver fund was the place to go for increased revenue and tasked Advancement with developing a plan to build a strong and sustainable fund. The strategy developed was to ask alumni, as they entered reunion celebrations, to consider making a five-year commitment to The culver fund. Reunions are a time when classmates are asked to consider making leadership gifts in honor of their class. To encourage and establish leadership gifts at new levels – multi-year gifts of $5,000 and above – culver agreed to allow donors to direct their support to an interest in which the impact of the gift could be demonstrated. for instance, a gift of $5,000 directed to financial aid would be attached to a student with demonstrated need and would be stewarded as though it were a true endowment. As important, the agreement for the commitment is that this would be the only funding request from the school during that five-year period. in essence, this would allow culver to spend more time stewarding people and demonstrating the impact of gifts than constantly asking for support. We began this new strategy last spring with strong results. Gaining leadership gift commitments at these levels allows us to build a solid foundation for The culver fund that will have a much more predictable flow of gifts. We are excited and energized by the prospects of this plan and hope that as your reunion arrives, that you will consider making an extended five-year commitment. The result will be a strong and vibrant fund to support the current needs of the school. Mike Perry chief Advancement Officer 5-Year leadership Gift Commitments build a Strong Financial Foundation Annual Report 2011-2012 15
Page 1 and 2: Facing the ANNUAL REPORT 2011-2012
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