Why does the school ask us for a gift in addition to tuition?
Why doesn’t tuition cover the cost of operating the school?
How much should we give to the annual fund?
What does the annual fund support?
When can gifts be made to the annual fund?
Why is participation in the annual fund so important?
Can we make a gift for a specific purpose?
Can we make a gift in memory of someone or in honor of someone?
Is our gift to the school tax-deductible?
Can our gift be made anonymously?
Why does the school ask us for a gift in addition to tuition?
Tuition alone does not cover all of the school’s day-to-day expenses, nor does it allow sufficient margin to grow and develop the programming and facilities that we all want and expect as part of a Canterbury education. Unlike public schools, which are funded by tax dollars, independent schools rely solely upon tuition, endowment income and charitable gifts to meet their expenses. Charitable gifts, therefore, are needed to bridge the gap between tuition and the actual cost of operating the school.
Why doesn’t tuition cover the cost of operating the school?
If tuition were set at that higher level, Canterbury would become unaffordable to many qualified students in our community. Since the founding of the school the board has attempted to set tuition at a level that can be met by families of diverse socioeconomic backgrounds, thereby making Canterbury affordable to a broad spectrum of area families. The remainder of the cost each year has been covered through the annual fund, where the entire Canterbury community – parents, grandparents, faculty, alumni and friends – is asked to support the school with a charitable gift. These beliefs and practices hold true today.
Because additional funds are needed to cover the year’s operating expenses, each October all Canterbury families and friends are asked for a gift to the annual fund as a means to raise the balance of the funds needed for the current school year. It is believed that if all families participate to the extent possible – recognizing that they will give at different levels – all families then help cover the additional cost. Gifts to the annual fund are tax-deductible. Learn more about the annual fund here.
How much should we give to the annual fund?
That is a question each family must decide. We encourage everyone to give in the generous spirit that is so much a part of Canterbury. Without question every gift, regardless of amount, is greatly appreciated and important to the success of the annual fund.
What does the annual fund support?
Annual fund gifts are not restricted, or directed, and therefore go to work immediately to support programs across the board, including academics, arts, faculty development, financial aid, the library, athletics, technology and facility maintenance.
When can gifts be made to the annual fund?
Annual fund gifts are accepted anytime during the year. Each school year begins on July 1 and ends the following June 30. Because
gifts from the annual fund are anticipated in the year’s operating
budget, early gifts are greatly appreciated. Also, early gifts
and pledges reduce mailings and overhead costs, saving annual fund
dollars for use in academics and other school programs.
Why is participation in the annual fund so important?
Canterbury occasionally seeks grants from outside foundations and corporations. When the school applies for grants, we are asked for the percentage of participation from parents, faculty and alumni – those groups closest to the school. In this way, a gift of any amount to the annual fund can truly leverage into several thousand dollars.
Can we make a gift for a specific purpose?
Of course. In addition to their annual fund gift that provides general support for the year’s budget, many families want to direct a gift in support a specific program or department. Gifts of this nature are received throughout the year.
Can we make a gift in memory of someone or in honor of someone?
Certainly. Most tribute gifts the school receives are directed to the school’s endowment, where they are invested with other endowment funds and provide support over the years through the income they earn. Some families, however, want their annual fund gift to be received in honor or in memory of someone, which we are happy to do. The individual being recognized will be notified of the gift, if appropriate.
Endowment funds are those that are set aside by an institution, then saved and invested, for either general or specific uses in the future. A spending rate is set at a level that allows for capital appreciation of the principal while providing an annual income payment to the school. Canterbury’s endowment is an essential aspect of our long-term financial security. New gifts and annual contributions from the Laughing Cavalier (our annual auction) have been the primary source of growth for our endowment. Planned giving is another powerful way to increase the size of the endowment.
The term “planned giving” encompasses a collection of gift ideas that typically involve tax advantages to the donor and are often – but not always – developed in conjunction with one’s estate plans. Click here for more information about planned giving and some of the more popular types of planned gifts.
Is our gift to the school tax-deductible?
Yes, all charitable gifts are tax-deductible according to IRS regulations.
Can our gift be made anonymously?
Absolutely. When you send in your gift, just let us know that you would like it to remain anonymous and we will be happy to honor your request.
