2023 Endowment Report

2023 ENDOWMENT REPORT

THE HEART OF OUR MISSION

The Benedictine Schools of Richmond have accomplished amazing things over the past few years.

In 2017, the Frank Boehling Sr. Weight Room was dedicated, providing an incredible training facility for our student athletes. In 2020, the McMurtrie-Reynolds Pavilion was opened to the students of Benedictine and Saint Gertrude, providing the finest gymnasium amongst secondary schools in Virginia. In 2023, the new Saint Gertrude High School was completed. It is a 50,000-square-foot state-of-the-art academic facility that was recognized nationally as “Outstanding Project: New Construction” in the Learning By Design architectural journal.

Coupled with a group of smaller projects that include classroom expansions, new softball, baseball and wrestling facilities, new faculty and student lounges, and enhancements to our irrigation and water management systems, the schools have completed approximately $90,000,000 of capital development on the Abbey campus, producing one of the finest school campuses in Virginia.

However, all this development is for naught if we don’t serve the mission of the Church, its people.

People, not buildings, create the vitality of our campus, particularly the students in the hallways and the teachers that greet them in their classrooms. We know the incredible value of the Catholic education at Benedictine and Saint Gertrude. It needs to be accessible for every qualified student, and there are many. Likewise, those students deserve to be educated by the best teachers. A part of recruiting and retaining the best teachers is providing the best compensation and benefits programs in the area. It was with these goals in mind that the Board of Trustees approved the BSoR vision statement in 2023.

As we pivot our schools’ charitable priorities to endowments that support this vision, please know of our deep gratitude for what you’ve done to put us on good footing and my sincere hope that you will continue to grow the corpus of your fund to support our students and teachers.

Yours in Prayer and Work, JESSE GRAPES | PRESIDENT

To be the schools-of-choice for students and teachers who are inspired to excel, develop as leaders, and grow in their faith; a community that provides access for all students to be taught by Virginia’s best educators, builds young leaders of character and glorifies God in all things.

ENDOWMENT BALANCE

$12,535,126 $13,199,912 $15,752,300 $14,033,864 $16,473,855

PERCENTAGE OF STUDENTS RECEIVING SCHOLARSHIPS OR FINANCIAL AID 66% 24%

“One of the most important things about being a Cadet is that you are held to a higher standard in everything you do, and I will hold on to that for the rest of my life.”

— Riley Roarty, BCP ’24, Scholarship Recipient

ENDOWMENT ACTIVITY

Beginning Balance January 1, 2023 $14,033,864 Donations $1,164,886

Interest and Dividends $514,570

Net Realized and Unrealized Gains (Losses) $1,420,682

Fees ($51,589)

Scholarship / Financial Aid Disbursements for 2023-2024 ($608,558)

OUR LEGACY, THEIR FUTURE

I firmly believe in the enduring and transformative impact of Catholic education.

For more than 100 years, Benedictine and Saint Gertrude have been forming young men and women into principled leaders guided by faith and a strong foundation of academic excellence that has helped shape their character.

In this world of uncertainty and relativism, our schools are getting it right. They are challenging our young people to find — and develop — the greatness that is within each one of them. We must preserve and continue to nurture this legacy of achievement for even more qualified students and the gifted teachers who inspire them — in body, mind and spirit — every day.

As fellow trustees of our schools’ endowment, we can make this happen.

Our endowment serves as the cornerstone of our longterm vision, enabling us to attract outstanding students and faculty while sustaining our mission indefinitely. This strategic approach gives us freedom: The freedom to expand access to a Benedictine education, to identify and recruit the finest teachers, and to swiftly seize new opportunities that will help us elevate the educational experience for our students.

Please join me in continuing to support the future of our schools. Every contribution to our more than 65 named endowed scholarships, regardless of size, helps propel us forward and makes a lasting impact on future generations.

Kevin M. McNamara ’74 and his wife Mary Beth Foulke McNamara ’75 are trustees of scholarships named for their parents: the Donald & Constance McNamara Scholarship and the Stewart & Joyce Foulke

Kevin is a member of the BSoR Board of Trustees and serves as ViceChairman of the Board of Directors for Tyson Foods (TSN). He is the founding principal of McNamara Family Ventures, a family investment office providing venture and growth capital to health care companies. Kevin also serves as a director and advisor to several private equity-

TOTAL $16,473,855

ENDOWMENT FREQUENTLY ASKED QUESTIONS

WHAT IS THE BENEDICTINE SCHOOLS EDUCATIONAL FOUNDATION (BSEF) ENDOWMENT?

The BSEF Endowment is the permanent capital of the schools. The purpose of the Endowment is to provide fiscal stability and support of our mission. Unlike annual funds, which are typically spent in full upon receipt, endowment gifts are invested, providing both current revenue and the potential for growth over time.

WHO SETS THE ENDOWMENT POLICY?

The BSEF Board of Directors sets the Endowment policy. The Board has 25 members from the Benedictine Schools of Richmond alumni, parent and donor communities.

WHAT

WHAT IS THE MINIMUM AMOUNT REQUIRED TO ESTABLISH A NAMED ENDOWMENT AT BENEDICTINE SCHOOLS OF RICHMOND?

The minimum amount to establish a new, named endowment fund is $25,000. Revenue from a new, named endowment will remain unrestricted until its corpus reaches $100,000. Distributions from endowments below $100,000 in corpus may be pooled by the Foundation to support scholarships, financial aid awards, teacher support, facilities support or other purposes.

WHAT IS THE BSEF ENDOWMENT’S SPENDING RATE?

ENDOWMENT?

TYPE OF FUNDS MAKE UP THE BSEF

The BSEF Endowment is a collection of individual endowment funds, supporting a range of initiatives, including scholarships, educational programs, facilities maintenance, and faculty retention and development. Revenue from the investment of these funds must be used as stipulated by the donor, either for a restricted purpose (such as an annual scholarship) or for unrestricted use at the discretion of the BSEF Board of Directors. The BSEF Endowment also includes quasiendowment funds that have been set aside by prior boards for specific purposes. Quasi-endowment funds may be redirected at the discretion of future boards.

The Endowment annual spending rate is 4 percent of the fund corpus, as recommended by the Investment Committee and approved by the Board of Directors. This rate is based on an average value of 12 quarters evaluated at 12/31 for the next academic year. The target is 4 percent but can fluctuate based on school needs and market conditions.

WHY DOES THE VALUE OF AN ENDOWMENT FUND FLUCTUATE?

Gifts to the fund can increase the market value. Endowment distributions can decrease the market value. Investment earnings can increase or decrease the value, depending on market returns.

WHO SHOULD I CONTACT IF I HAVE A QUESTION ABOUT MY ENDOWED SCHOLARSHIP?

For information on how to make donations and gifts to the BSEF Endowment, please contact Director of Scholarship Giving Kristina Pudner at 804-708-9581, kpudner@benedictineschools.org.