St' Marys School of Medford

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St. Marys School of Medford

• Financial Report
• January 2008

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OVERALL FINANCIAL CONDITION HEALTHY and SOLVENT

• The Board has increased financial stability
  significantly over the last five years.
• Primarily due to increased fundraising, both in
  The St. Marys Fund and the Auction.
• Also due to other gifts, ranging from 34,000 to
  200,000 in the last three school years.
• As a point of reference, in 2003, we paid off a
  loan that had been used to finish the upper
  school building and cover operating losses.

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Operating Costs and Tuition Fees

• Board of Trustees Fiduciary Responsibility
• Best practices for running independent schools
  call for 95 of operating costs to be funded by
  tuition fees (hard income)
• 2004 tuition fees 84 of operating costs
• 2007 tuition fees 88.5 of operating costs
• 2008 tuition fees 91 of operating costs

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Everyone Receives Financial Aid

• Advancement activities at St. Marys raise over
  500,000 per year, the margin of excellence,
  which allows the school to offer an academic
  program, with academic achievement, equivalent to
  schools charging 20,000 - 30,000 in tuition
  fees. PNAIS average is over 20,000 for day
  school in our size range.
• Any extra money raised through advancement,
  bequests, extraordinary gifts, or grants goes to
  maintaining and improving the physical plant.

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Tuition

• Tuition plus 500,000 allows us to break even.
• To accumulate amounts for projects, we need to do
  better than break even and are taking steps
  towards that.
• The Board has also been able to improve employee
  salaries and benefits. We approved a salary
  program in this last year to ensure that we are
  more competitive for many of our teachers.
• Unlike many Catholic schools (such as Sacred
  Heart), we do not receive support from the local
  parish. In fact, we pay rent to the parish.

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How do we use funds?

• Our first priority is the schools operations!
• Funds are then used for maintenance projects on
  the facilities.
• The main buildings date from 1960.
• Heating, roofing, electrical, and other aging
  systems require constant maintenance and
  monitoring.

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Improvements in the last four years

• Renovated middle school science lab
• Remodeled room 14
• Painted the gym
• Installed walkways and repaired stairs to the art
  building
• Performed repairs on the parking lot, added
  spaces
• Improved landscaping, plus new middle school
  courtyards
• Completely refurbished boys and girls locker
  rooms
• Remodeled front office
• Restored baseball field with new infield and
  warning tracks and outfield fencing

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Improvements continued

• Purchased and installed all new computers in
  libraryover 30, plus six digital projectors for
  classrooms
• Purchased and installed new, completely
  integrated school management software to replace
  failing system, My BackPack
• Installed new servers and switching equipment
• Installed pitching machine and batting cage for
  softball
• Installed electronic scoreboard and Olympic
  flagpole
• Installed major upgrades to antiquated irrigation
  system
• Upgraded snack bar
• Funding for these improvements came from the
  Booster Club.

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Improvements Summer 2007

• Upgraded and vastly improved website with
  sync-able calendaring tool
• Total resurfacing of track scheduled
  maintenance
• Mobile laptop lab with 30 laptop computers
  providing wireless web access in the classroom.
• Funding for this improvement came from the
  Booster Club.

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Teachers Attracting, Training, and Retaining the
Best

• The Board has committed to raising teacher
  salaries significantly over the last few years.
• St. Marys teachers salaries are now, on
  average, at about 80 of public school salaries
  and just below average for the PNAIS. They were
  much lower just a few years ago. We have now
  brought them to 100 of public schools for the
  first several years of teaching.
• Applications from highly qualified teachers are
  up. We cant have it both ways the best
  teachers at the lowest salaries.
• Professional development is now funded and
  mandated by the administration.

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Why does a high quality education cost so much?

• Ted Sizer The rule of 65
• St. Marys teacher loads average about 85
• This years student teacher ratio 10.651
• Next years projected ratio 10.4 1
• College graduation rates 86 (see The
  Messenger!)
• of instructional days

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St. Marys Alumni College Graduation Rates
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What is a college degree worth?

• Despite Bill Gates ability to skip college and
  make a zillion dollars . . .
• Next slide from ACT News Website
• http//www.act.org/news/releases/2002/11-15-02.htm
  l

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Economic Value of a College Education The
average income of a high school graduate is
28,700 versus 53,800 for individuals with a
bachelors degree. In terms of lifetime income, a
typical high school graduate would expect, in
present value terms, an income of 940,000. By
comparison, a typical college graduate would
expect to earn, in present value terms, 1.8
million or almost twice as much as an individual
with only a high school education.
ECONOMIC VALUE OF A COLLEGE EDUCATION Average
Income
ECONOMIC VALUE OF A COLLEGE EDUCATION Lifetime
Income
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Length of School Day and Year

• Your students get more for their money
• A real 180 day school year
• A longer school day with seniors actually
  attending meaningful classes
• Here are the educational systems your student is
  competing against in a flat world, global
  economy

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Financial Aid

• 12 of operating budget well within industry
  standards of 10-15
• 136 families receive some financial aid chances
  are your childrens best friends and teammates
• Financial aid allows the school to enroll some
  very fine students and highly supportive families
• Teachers are idealistic the faculty does not
  want to teach in a school reserved solely for the
  very wealthy

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Other costs

• Health insurance costs continue to increase (our
  first quote was a 22 increase!)
• Energy costs continue to increase
• No cut policy results in increased numbers of
  athletic teams and increased transportation and
  program costs. We have as many teams and
  athletes as South Medford HS.

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What can you do?

• Explain the facts to other parentssupport the
  work of your school board.
• Contribute to the St. Marys Fund and the Auction
  to the extent you can every dollar helps and we
  would love to have 100 participation for this
  years St. Marys Fund.
• Volunteer to assist at the Auction and other
  fundraisers.
• Keep your tuition payments current.

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Questions?

• Please feel free to contact Frank Phillips, Head
  of School or Business Manager, Wayne Healy, if
  you have questions later!