Stewarding Resources for Future Generations

From the Chief Financial Officer

The past year has called on each member of the faculty and staff to be a good steward of the resources you so generously share with us. I’m happy to report that Woodberry has weathered the challenges of the COVID-19 pandemic in strong financial shape thanks to a combination of generous philanthropy, comprehensive planning, COVID-19 risk mitigation practices, and sound fiscal management.

With the boys temporarily at home in spring 2020 and again for part of the winter, we focused on reducing operating expenses wherever possible, which allowed us to offer a tuition credit to families for the room and board they did not use. We were able to provide partial salary increases in February 2021, and regular salary adjustments were approved by the board of trustees for the 2021–2022 school year. Because events like Reunion Weekend were postponed, we set aside some surplus funds in an operating reserve in order to support the three reunion weekends scheduled for the current school year. A key charge from the board of trustees is to pay careful attention to affordability. Over the past five years, we have held tuition increases to an average of 3.1 percent and have set a policy of increasing tuition at or below the rate of household income growth. If we can continue to increase the number of endowed tuition assistance scholarships, we hope to be able to further reduce the pressure on tuition and ensure that all members of our community, including the sons and grandsons of alumni, can take advantage of a Woodberry education.

Finally, I wish to draw your attention to an important and underappreciated element of the school’s financial strength: the Renewals and Replacements Reserve Fund, known colloquially as the Triple R Fund. This was established in the 1980s thanks to the foresight of Walter Craigie ’48 and other members of the board of trustees. Each year we set aside roughly $4 million of our budget into the Triple R Fund and then use that money to help pay for capital repairs and renovations like the Walker Building. In the future, this resource will be critical for the renovation of the Dick Gym and Turner Hall and Taylor Hall in the years to come.

As treasurer and CFO I work with other members of the school’s leadership to steward and preserve the long-term capital assets of the school and allocate current resources so that we can best advance Woodberry’s transformative programs. The incredible experience that students enjoy each year would not be possible without your gifts each year, whether to the Amici Fund or to the endowment. Thank you for all you do to advance Woodberry’s mission.