Endowment Report

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Message from Scott Hayter President, SAC Foundation

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he 2012–2013 school year was a very busy and successful one.

My heartfelt thanks go to all those who have guided and supported the College this past year. We are so fortunate to have such a caring and generous Andrean community. Your commitment to helping advance the School makes all the difference, and we are very grateful.

with a 63% participation rate for the year.

Thankfully, the SAC Foundation endowment has experienced some modest growth at a current value of $25.7 million. Funds distributed to the School from the annual endowment transfer helped to provide $2 million in scholarship and bursary assistance to 148 boys— 24% of the 613 student body.

SAC is advancing well, but we are always mindful of avoiding complacency. We continue to develop better ways to involve and engage our Old Boys and our past and present parents to ensure that they feel they play a role in the School’s future.

“Your commitment meaningful The latest survey indicated that we doing a better job of communicatto helping advance are ing to our constituencies, in particular about the value of supporting the the School makes School. We have a gap of $7 million to fill to meet the Not An Ordinary all the difference, Place Campaign—a campaign that will complete the capital needs of the and we are School for the foreseeable future. And very grateful.” when the capital campaign wraps up, we look forward to the opportunity to focus on the growth of the Foundation endowment fund. Helping to provide The $37 million Not An Ordinary Place Campaign the Andrean experience to deserving students resohas been our primary focus, with construction on nates with all of us. campus in full swing. The first phase, the Yuill FamThank you again for your support. ily Athletic Complex, is complete. The second phase, the Centre for Innovation, Leadership & Performance, is well underway with expected completion in January 2015. The third phase, the La Brier Family Arena, is underway with expected completion in spring 2014.

Andreans have been very supportive of the camJ.SCOTT W. HAYTER paign, while continuing their annual support to areas Executive Director of Advancement of the School they are particularly passionate about.

President, SAC Foundation Parent annual support in particular continues to grow 1 aNNUal REPORT

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$25 million

SAC Endowment Growth

‘13

mission of St. Andrew’s College to “develop the complete man, the well-

Market Value (1985–2013)

$20

$21

,400

$14

Generations of Andreans embrace the

,000

,300

,000

rounded citizen.” It is these Andreans who have passionately supported endowed scholarships, bursaries and awards,

,971

,002

ensuring the very best in education for students who they may never know.

$7,2

The Governors and Trustees, along with

11,0

$1,3

90

the Headmaster and his staff, are truly grateful for this high level of commitment

$1,9

08,4

78

24,9

24

A

and trust in the School and its future.

$25 million Endowment Fund is a remarkable achievement that further inspires us to continue growing the endowment capital in order to support as many deserving SAC students as possible.

This year, the SAC Foundation Trustees, working with staff members Beth McKay, Scott Hayter, and Edna Collins, conducted a comprehensive review of the SAC Foundation Endowment Fund. The review looked at all donations, donated amounts adjusted for CPI, investment gains and distributions from 1990 to June 30, 2013. Results confirmed that the Fund has continued to grow after taking into account all of the above factors. The Trustees are confident that the Fund has been managed effectively, and continues to provide robust support for the School while maintaining the integrity and earning power of the capital.

Individual funds comprise a large area of growth in the Endowment Fund.

The Dick Gibb Scholarship is highlighted in this report along with an article about a recent recipient. We have included the Annual Report for the Dick Gibb Scholarship Fund indicating not only growth from investment income, but also from ongoing donations by those who still remember him or the help they received from the scholarship in his memory.

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Endowment Fund Report For the year ended June 30, 2013

The Dick Gibb Scholarship Fund Established 1986 Opening Balance July 1, 2012 (Market Value)

$ 702,409

Donations Received in 2012-2013

$ 12,740

Realized Gain (Loss) on Investments

$ 23,058

Interest and Dividends

$ 20,465

Unrealized Gain (Loss) on Investments

$ 48,728

Expenditure for Dick Gibb Scholarship Fund

$ (32,556)

Closing Balance June 30, 2013 (Market Value)

$774,845

SAC Foundation Executive Summary June 2013

June 2012

$ 25,090,430

$ 22,919,278

$ 5,295,718

$ 3,419,965

Donations to Endowed Funds

$ 119,700

$ 138,664

Endowment Fund Grant to SAC*

$ 930,564

$ 901,679

$ 24,965,507

$ 25,100,507

Total Endowment Fund Assets (Market Value) Total Donations to SAC Foundation

The Andrean Legacy — Total Value (Life Insurance policies currently held by SAC Foundation)

* Each year earnings from the investments of the SAC Endowment Fund are transferred to St. Andrew’s College. This transfer, the Endowment Fund Grant, is based on a formula of 4.5% of the average of the market value of the endowment fund for the previous 12 quarters. The grant monies are used by the College to sponsor scholarships, bursaries, awards and programs, as designated by the generous donors who have provided financial stability for the school, in perpetuity, through the SAC Foundation Endowment Fund.

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The

Gibber’s Legacy

By JIM HERDER ’64

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omehow it is fitting that the classroom dedicated to former teacher Dick Gibb, a man who cared deeply for the School and its students, is nestled between academics and athletics and surrounded by art.

Dick spent 37 years on the faculty of the College, and the classroom in his honour is where he last taught geography. The room is located at the end of McLaughlin Hall, where the work of the Headmaster’s Art Awards winners graces the walls, and the last stop before the Bedard Athletic Centre. Just around the corner is the gym and a few steps further, Walden Pool, so named for John ’71, one of his former students, and later, a fellow faculty member.

Dick was a consummate educator and coach of the first order. He spent nearly four decades at St. Andrew’s. And like most memorable teachers, he is remembered fondly by the hundreds of students he helped turn into men.

Mr. Gibb was a man who was respected not just by Old Boys, faculty members, and friends of the School, but also by the legion of young people who travelled with him. These boys and girls who travelled to Europe with Gibb-Macfarlane tours and on the “shipwrecked trips” to the Bahamas were known as “Trippers,” “Rudesheimers,” “Walkers,” and “Bikers.”

He was no shrinking violet. As one of the first teachers to sit on SAC’s Board of Governors, he once spoke at a board meeting about the importance of the School’s visual arts program. If he felt strongly about something, he let everyone in the room know his opinion.

When Dick passed away suddenly in 1985, Old Boys wanted to do something in his memory. That something soon evolved into a scholarship endowed in his name. The Scholarship Committee of Wendy Little, Stan Macfarlane, Jake Omstead ’52, and Tom Bosley, along with assistance from Gayle McPherson, John Walden ’71, David Dunlap ’56,

and Dick’s eldest son, Richard Gibb ’61, tracked down as many travellers and admirers as they could find.

The original solicitation letter for the Dick Gibb Scholarship stated that the “scholarship will be awarded annually to a student in need who demonstrates honesty, sportsmanship, a sense of humour, and who excels in geography, cricket and/ or sailing—the kind of young man who would be a welcome mate on board Dick’s boat.”

The response was generous and, frankly, overwhelming. Over 400 donations were received from that initial mailing. From an original goal of $60,000, the fund has grown to over $700,000, and dozens of Old Boys and other supporters continue to contribute every year, 28 years after its creation. Outside his former classroom now hangs a donor plaque, a tribute in Dick’s honour.

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Dick Gibb?

I was fortunate to go on a Gibb-Macfarlane trip through Europe. It was an unforgettable experience to understand and appreciate his unique character. He enriched my life and I will always be grateful. Judging by the success of his scholarship fund, many others share my opinion.” —Robert Jones ’67

“I really liked him. Charismatic comes to mind. He reminded me of Sean Connery who was playing James Bond at the time. He had a habit of going on and on in his classroom rambles. He used to say, ‘If I go on for more than five minutes, you are allowed to throw a book at me.’ No-one ever threw a book – it was a clever way of getting, and keeping, our attention.” —Ted Ruse ’71

“His geography class was more of a class in the philosophy of life. He spent many sessions advising us on life that was soon going to envelop us all once we left the halls of St. Andrew’s College. I have always been impressed that one man could have so great an effect on so many others!” —Dave Wharton ’64

“One of his nicknames in my time was ‘Carver,’ which was his middle name, but perhaps it was because of his skill with the cane. I well remember the ‘interregnum’ year when he served as Acting Headmaster between the departure of Ken Ketchum and the arrival of Bob Coulter. His career at the School spanned the Ketchum to the Bedard eras, a period of remarkable transformational change.”

—Brian Armstrong ’61

“Few people remember Richard Gibb the English teacher, yet that was who Headmaster Kenneth Ketchum hired in 1946.

After a month closeted in a small apartment above what was then the Infirmary, now Sifton House, struggling with oxymorons, iambic pentameter, and dramatic irony, Gibb the English teacher threw in the towel. Dr. Ketchum fortuitously recognized Dick Gibb as ‘having the right stuff’ for St. Andrew’s and offered him a job as a geographer.” —John Walden ’71

He was a real character with his forthright manner. He drove a VW Beetle (brave for the 1980s) and was able to regale us with tales of the Second World War. He was a man’s man.

Was Dick Gibb our own Hemingway?”

—John Morgan ’86

“He had a great personality for a boys’ school. I remember when Randall decided to answer only one question on the winter term exam and leave the other five blank. He wrote a university level answer on the one issue. ‘Thube’ had no idea what mark to give him so he asked Randall what he should do, and Randall’s response was ‘Would 90% be too much to ask, sir?’” —Ray Osborne ’64

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2012–2013 Gibb Scholarship Recipient: William White ‘13

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he scholarship that bears Dick’s name has been increased in recent years to several annual awards. To date, 37 Old Boys have received support from the Gibb Fund, the latest being William White ’13.

William grew up in Bermuda and was attending Saltus Academy when he met Headmaster Ted Staunton (SAC’s Headmaster from 1997–2009). Ted suggested that St. Andrew’s would be a good fit for William, and the Gibb Fund seemed to be tailor-made for him. William arrived at St. Andrew’s in the fall of 2010 and graduated this past June.

William says he was a laid back student in Bermuda who needed more focus academically and athletically. He was assigned David Manning as his advisor, who is Head Coach of Varsity Soccer and Hockey.

“Coach Manning quickly identified that I had the ability to play at the next level in soccer, but my work ethic was very low,” recalls William. “He brought me around the First Hockey team, and asked me to be their manager. I was amazed at how hard those student athletes worked in practice, in games, and in the classroom, not to mention their

dedication completing assignments and homework, whether it was on the road, in a bus, or in their dorms.”

William not only acted as manager that first year, but continued for all three years he was at the School. David Stewart was his Housemaster in Flavelle, someone William says “was very influential in the development of what I now call ‘the Canadian work ethic.’ I plan to carry that mentality with me into the future.”

William was a cricketer for two years, and MVP once, and his team claimed the CISAA championship this past season.

His SAC soccer team won back-to-back CISAA championships as well. He played on the Bermuda U19 national team in 2013. William accepted an offer from the University of the South in Sewanee, Tennessee, where he now studies business and plays soccer.

In time, the Old Boys who knew and respected Dick Gibb will fade from the scene, but what will remain is his scholarship, created and funded in perpetuity by his former students and friends. What will also remain is the extraordinary tribute of providing future young men with a St. Andrew’s education. And for that he would be most proud.

JIM HERDER ’64

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SAC Foundation Statement of Operations 2012–2013 Year Ended June 30

2013

2012

5,295,718

3,419,965

Interest & Dividends

789,118

761,109

Realized Gain/(Loss) on sale of Investments

741,777

379,558

$6,826,613

$4,560,632

738,644

733,643

Unrestricted Donations

509,486

493,355

Other Designated Gifts

335,292

411,340

4,852

21,288

4,467,156

2,383,660

DONATIONS

REVENUE Donations

Total Revenue

DISTRIBUTIONs Scholarships & Bursaries School’s Priority Needs & Designated Gifts

Gifts in Kind Capital Projects (CMP & Major Renovations) Total Distributed to St. Andrew’s College

Capital

Annual Giving

Endowment

81.4%

16.3%

2.3%

DONATIONS BY CONSTITUENCY Old Boys

Current Parents

Other

55%

34%

11%

Governors & Trustees: 29% This % is counted in the above totals as all Governors

$6,055,430

$4,043,286

and Trustees are in another category.

DISTRIBUTIONS Capital Projects

School‘s Priority Needs & Designated Operating Items

71%

12.8%

Scholarships, Bursaries & Awards

Investment & Planned Giving Expense

12%

4.2%

Other DISTRIBUTIONs Investment & Custody Fees

123,611

111,170

Planned Giving Expense

144,302

140,850

$267,913

$251,020

$6,323,343

$4,295,306

503,270

265,325

23,054,806

23,640,357

1,571,303

(850,876)

$25,129,379

$23,054,806

Total Distributions

Excess (Deficit) of revenue over expenses for the year Fund Balances Beginning of Year Unrealized gain (loss) on Investments Fund Balance End of Year

7 Fall 2013

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Another year of exceptional performance!

St. Andrew’s College Foundation ESTABLISHED 1962