Trinity School Annual Report 2023-2024 - tw

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Our Idea of Excellence

Our vocation.

The conversation between student and teacher is the heart of our school; all that we do must be born of and nourish that relationship. We are called to challenge the minds, fire the imaginations, and train the bodies of the young people who have been entrusted to us; to enlarge their spiritual lives and to increase their capacity for mutual and self-respect. We intend to prepare them to learn confidently for the rest of their lives and to give generously and joyfully to others. We can accomplish these things only if we keep our students safe and well while they are in our charge.

Our obligation.

We must ask our young people what they believe in so they can know themselves in the world. We must give them the tools of rigorous and passionate intellectual inquiry and self-expression so they can grow. In our commitment to diversity, we must show our students how to be colleagues and friends so they can act out of respect and love. We must lead them to distinguish right from wrong and then do what is right so they can be persuasive and courageous citizens.

Our promise.

As a school community with these purposes and responsibilities, we will engage the larger communities of city, nation, and world of which we are a part. We will serve our neighbors. We will live fully in our city—exploring its byways and playing over its terrain. We will learn its history and traditions, and what it can teach us of the arts and sciences. We will embody and celebrate its diversity.

Our means.

Labore et virtute. The terms of our motto, hard work and moral excellence, are meant to strengthen us as we pursue the promise and joy of Trinity School. We ask Trinity families, alumni, and friends to join us in taking on this high calling.

Trinity School Annual Report 2023-2024

Head of School

Alexis Mulvihill

Associate Head of School for Advancement & Operations

Myles B. Amend

Director of Communications

Kevin D. Ramsey

Please note: This issue of Annual Report deals solely with the 2023-2024 fiscal year, which ended 30 June 2024. All gifts received after that date will appear in the 2024-2025 Annual Report. Every effort has been made to ensure the accuracy and completeness of this report. Please accept our apologies for any errors or omissions and report them to the Office of Advancement at 212-932-6860.

Annual Report is published each year by Trinity School and is sent free of charge to alumni, parents, and other friends of the School. POSTMASTER: Send address changes to Trinity School, Annual Report, 139 West 91st Street, New York, NY 10024-1326.

Trinity School admits students of any race, color, gender, gender identity or expression, religion, national or ethnic origin, disability, or sexual orientation to all the rights, privileges, programs, and activities generally accorded or made available to students at the School. It does not discriminate on the basis of race, color, gender, gender identity or expression, religion, national or ethnic origin, disability, or sexual orientation in administration of its employment policies, educational policies, admissions policies, financial aid programs, or athletic and other School administered programs.

© Copyright 2024 by Trinity School, 212-873-1650, 139 West 91st Street, New York, NY 10024-1326. All requests for permissions and reprints must be made in writing to Trinity School Annual Report, 139 West 91st Street, New York, NY 10024-1326. Reproduction without permission is strictly prohibited.

DEAR FRIENDS,

On behalf of the board of trustees, it is my pleasure to present Trinity School’s 2023-2024 Annual Report. More than anything else, I want to express our gratitude for the remarkable generosity of our community to Trinity School. The many gifts of time, talent, and treasure offered by thousands of individuals speak volumes about the vitality and importance of Trinity’s mission and continue a long tradition of partnership and philanthropic support that has been a characteristic of this School since its founding 315 years ago. The Trustees and I are grateful beyond words.

2023-2024 was a year of transition as we prepared for John Allman’s retirement in June and for Alexis Mulvihill to take on her new role as Trinity’s 30th Head of School. John and Alexis have worked carefully together and with the senior leadership team and the board, and their partnership this year has assured a smooth transition.

John’s fifteen-year tenure as Head of School has been transformative. He led the School through two cycles of comprehensive strategic planning, two decennial cycles of the New York State Association of Independent Schools (NYSAIS) accreditation, a $140 million capital campaign, and major physical expansion and improvement projects. Under his leadership, the School created the Office of Public Service, the Office of Global Engagement, the Upper School Minimester, and the Middle School Out-of-the-Box Days, all programs meant to provide singularly “Trinity” experiences for our students. Over these years, the School has expanded the depth and breadth of its program across all three divisions and our students now benefit from offerings in every discipline that were made possible by his thoughtful, energetic, mission-driven engagement with faculty, department heads, and the principals. Furthermore, he led the School with care and energy through a once-in-a-century pandemic. We owe him an inexpressible debt of gratitude.

This year also marked the completion of my term as president of the board of trustees. It has been my honor to lead the trustees and to work closely with John, Alexis, the senior team, and all of you to steward this extraordinary institution. I am deeply appreciative for the trust that the board placed in me and for the support of the entire community as we have worked to meet the challenges and opportunities of the past three years. I look forward to supporting my successor, Igor Kirman P’22 and ’24, as he begins his term as president. I also want to welcome and congratulate Alexis Mulvihill as she becomes our Head of School. I know I speak for the entire board when I say that we are immeasurably grateful to her for accepting our invitation to lead Trinity and united in our support of her vision and aspirations for Trinity.

Finally, my thanks, once again, to each of you for your incredibly generous support of Trinity. Your gifts impact every aspect of the educational experience of our students. They enable the School’s leadership and faculty to “dream big”; to work to achieve the aspirations expressed in Vision 2028 , the School’s inspiring strategic plan; and they support our incredible teachers and everyone who works every day to lead our students as they “pursue the promise and joy of Trinity School.”

Gratefully,

DEAR FRIENDS OF TRINITY SCHOOL,

My job here in this letter is to do what I love doing best—namely, to thank all of you, from the bottom of my heart, for your profound generosity toward our beloved school! As you keep reading, you will see a written record of this collective generosity, in the name of last year’s Annual Fund, and I hope the record will make you feel as deeply proud of our community as I feel. Truly, I consider us to be twice blessed: once for the real, material impact of your gifts; and again, for the spirit of generosity that defines our community and inspires those gifts in the first place.

With deepest thanks and with profound optimism for our shared future,

ADMISSIONS AND FINANCIAL AID

TRINTY SCHOOL

Trinity School remains one of the finest educational institutions in the city thanks to its superb academic program and flourishing community. The 2023-2024 admissions year was another outstanding year for Trinity, with an abundance of highly qualified applicants. The School continues to attract and select exceptionally strong candidates through its competitive admissions process.

• Admission to Trinity is remarkably competitive for pre-school age children applying to Kindergarten and eighth grade students applying to Grade Nine. During 2023-2024, 611 applications were received for sixty-three Kindergarten places and 470 applications were received for sixty-three Grade Nine places.

• While twenty percent of Trinity students throughout the three Schools receive some form of financial aid, more financial aid money is necessary to enroll a strong and increasingly diverse group of students. A greater endowment is also essential if the School is to increase access for qualified students of different economic backgrounds.

• The Office of Admissions continues to achieve great success in admitting outstanding candidates. This, along with the desirability of a Trinity education, is reflected in the phenomenal number of students who choose to enroll at Trinity. During 2023-2024, ninety percent of all Kindergarten applicants and sixty-nine percent of all Grade Nine applicants who were admitted by the School chose to enroll at Trinity.

ADMISSION YIELDS 2023-2024

MATRICULATION OF THE CLASS OF 2024

The members of the class of 2024 have enrolled at the following colleges and universities.

Amherst College

Bard College

Barnard College

Bowdoin College

Brandeis University

Brown University

Carnegie Mellon University

Colby College

Colgate University

Colorado College

Columbia University in the City of New York

Cornell University

Dartmouth College

Duke University

Emory University

Georgetown University

Harvard University

Haverford College

Hobart and William Smith Colleges

Indiana University Bloomington

Lafayette College

New York University

Northwestern University

Pomona College

Princeton University

Rice University

Rochester Institute of Technology

Stanford University

State University of New York at Binghamton

Syracuse University

The George Washington University

The University of Chicago

Tufts University

Tulane University

Università Bocconi

University of California, Berkeley

University of Oxford

University of Pennsylvania

University of Southern California

University of St Andrews

University of Vermont

University of Virginia

University of Wisconsin-Madison

Wake Forest University

Washington University in St. Louis

Wesleyan University

Williams College

Yale University

Nearly all of Trinity’s resources support the School’s primary mission of educating students. Of the School’s annual expenses of $78 million approximately eighty-four percent supports the students’ education in the form of faculty and staff salaries and benefits, instructional materials, and student financial aid. The remaining sixteen percent of Trinity’s expenditures includes maintenance of the School’s physical plant, the provision of high-caliber information technology, and debt service on the bonds that were issued in order to construct the Henry C. Moses Middle School and the new building, Annex link, and related renovations.

• The cost of a Trinity education significantly exceeds the full cost of tuition for every student. In order to supplement each student’s education, even those paying full tuition, Trinity relies on the generous donations of alumni, current parents, grandparents, trustees, and other friends of the School. Gifts that are made to the Trinity Fund and the endowment, as well as donations to the Holiday Fair and spring benefit, support a Trinity education for all who attend the School.

• In order to maintain the highest educational standards, Trinity provides opportunities such as a highly-skilled professional faculty, small class size, and an excellent ratio of teachers to students. These practices are not only highly effective, they are also fundamental to the success of the School and must be continued.

• With the cost of living in New York continually rising, it is crucial that Trinity be energetic in its efforts to retain and recruit faculty who will offer students the very best quality of education.

EXPENDITURES 2023-2024

$46,831,884

Trinity School remains far too dependent on enrollment, with tuition and fees the primary sources of its income. The Trinity Fund and the endowment, which both contribute to the annual operating budget, provide a consistent stream of income, but more must be done to safeguard Trinity’s future. Continued reliance on tuition and fees hinders growth of academic programs, as any additional programmatic expense must be passed on as an increase in tuition. Growth of Trinity’s charitable giving will have a tremendous impact on the financial stability of the School, greatly increasing its ability to offer enhanced educational opportunities for all students.

• Over time the cost of providing a Trinity education has risen faster than inflation predominantly because of the labor-intensive nature of education and the high cost of doing business in New York City. Intense competition for faculty, ever increasing maintenance expenses, and technological advances have raised costs and, as a result, increased the need for additional funds.

• Together, Trinity Fund gifts and endowment income (the percentage of endowment the board decides to spend annually) make up fourteen percent of the School’s income; while tuition and fees make up eighty-four percent.

• Tuition at Trinity is among the highest among New York City independent school, as is its dependence on tuition as an income source is one of the highest. Continual increases in philanthropic support are necessary if Trinity hopes to decrease its reliance on tuition as a primary source of income.

TRANSFER FROM ENDOWMENT 5.00%

TUITION AND FEES 84.00% GIFTS 8.84%

INTEREST AND OTHER INCOME 2.16%

INCOME 2023-2024 Tuition and Fees $66,561,746 Gifts $7,006,626 Transfer from Endowment $3,960,000 Interest and Other Income $1,715,312 TOTAL INCOME $79,243,684

ENDOWMENT FUNDS

AND PLANT FUNDS

FINANCIAL AID

Berrisford Scholarship Fund $30,706

Bluhdorn Scholarship Fund $493,595

Bode Scholarship Fund $3,182

Clarence Bruner-Smith Scholarship Fund

Caffrey Scholarship Fund $44,239

Edward Cimilluca ‘56 Financial Aid Endowment $257,462

George Herland Scholarship $44,727

Joseph and Marion Heffernan Scholarship Fund $86,914

William Randolph Hearst Scholarship Fund $191,634 The Golden Family Financial Aid Fund $67,426 John McEnroe Scholarship Fund $420,072

Class of 2000 Scholarship Fund

Rudin Financial Aid Endowment $249,492

W.A. Schiffer Scholarship Fund $37,953 M. Sosnoff Scholarship Fund $1,786,367 Rosenwald-Feldman Fund $538,264

Cecilia Sandoval Memorial Fund $6,093 The Frank Smith Scholarship Endowment $76,983 Trinity Scholarship Fund $5,270,270 The Lafer Family Scholarship Endowment $370,753 The John Barry Baldwin ’58 $1,000,000 Financial Aid Endowment

The Besty Chi Urias Financial Aid Fund $118,959

The Smith Family Scholarship Fund $250,000

FACULTY ENDOWMENT

Class of 1990 Faculty Endowment Fund

Class of 1993 Fund for Faculty Endowment

$163,837

$150,887

Class of 1994 Professional Development Fund $146,659

Class of 1996 Fund for Faculty Enrichment

$139,910

The Paul Philippe Bolduc Faculty $101,711 Fellowship Endowment

Robin and Helen Lester Faculty Endowment Fund $462,874

Joe L. and Hilppa A.K. Roby Upper School $348,899 Faculty Endowment

Suellyn Preston Scull Endowment for $1,409,441 Professional Development

SPECIAL PROGRAMS AND PROJECTS

Abrams Film Fund

$25,661

Anne Adams Memorial Endowment Fund $45,757 for the Archives

C. Bruner-Smith Fund in Literature

Class of 1997 Technology Fund

Class of 2001 Technology Fund

$37,143

$192,155

$1,338,641

The Colvin Family New Initiatives Fund $197,330

The Domestic Experiential Learning $285,823 Initiative Endowment

The James H. Fogelson Memorial $145,699 Mathematics Symposium

Ruth B. Hackney Endowment for Global Travel

$596,611 and Cultural Studies

Patricia and Kyle Hawkins Multicultural $26,951 Enrichment Fund

Helen Sentner Johnson Playground

$1,010

The Nasta Family Endowment for Public Service $26,816

Performing Arts Endowment

$54,023

The David Roberts ‘02 and Julia Roberts $112,345 Global Engagement Endowment

Barbara Robinson Collection

Science Computer Fund

Science Fund

$8,207

$27,838

$56,960

Silverman Technology Fund $356,501

Susan Stein Shiva Memorial Fund $144,062

Louis Stone and Stanley L. Kaufman $100,741 Film Fund

Trinity Parish Chaplaincy Fund $2,306,648

The Wallach Administrator Travel $183,401 Grant Endowment

Women’s Varsity Athletic Program Fund $152,225

Robert Lehman Art History Curriculum $350,855

J. Sheafe Satterthwaite Endowment Fund $100,173 Branch Elliman Science Endowment Fund $791,970

Nicholas J.P. Kau ’08 Fund for Shakespeare $276,771 and Wrestling

Nolop STEM Fund $308,399

The Marcus De Costa Fund for LGBTQ+ $186,638 Inclusion and Support

Wanita Camp Charitable Remainder Trust $11,193 The Class of 2022 Community and $233,886 Wellness Endowment The Class of 2023 Student Life and $449,485 Well-Being Endowment The Class 2024 Experiential $139,800 Learning Endowment The Ritter Aiello Family Endowment for $18,291 Domestic Travel and Science

PRIZES AND AWARDS

American Geriatric Society Prize Fund

Anne Adams Prize in Literacy

The Blumenthal Prize in European History

Bonsall-Langford Fund

Bronx Opera Prize

$2,923

$15,857

$1,403

$10,600

$1,580

Jack Calderon Prize in Photography $5,804

Elaine Elliot Prize Fund

$7,536

Annelle Fitzpatrick ’96 Award for $44,782 Gentleness of Spirit

J. Hanly Community Service Award Fund

Jerzy Kosinski Fund

McVickar Citizenship Prize Fund

Religion Prizes Fund

Trinity Parish Religion Prize Fund

Warren W. McCollum Theatrical Prize

$16,706

$46,849

$29,767

$601

$8,639

$1,782

THE ROLE OF ENDOWMENT

UNRESTRICTED

General Purpose

Hawley Trust Fund

Lower School Fund

Edwin R. Maslen Endowment Fund

Mooney Fund

$31,518,436

$539,006

$17,568

$743,889

$63,254

As expenses for providing a Trinity education continue to rise, the School’s sources of income are perpetually under strain. Endowment income must increase in order to relieve the strain placed on tuition. An increase in endowment is critical in meeting the School’s needs and maintaining its position as a leader in high-quality education in New York City. Trinity is continually making a deliberate effort to increase endowment and relieve financial pressures on expendable operating income sources like tuition and fees.

• Trinity’s per student endowment is one of the smallest in our peer group. The Brearley School, for example, has an endowment-to-student ratio that is over $100,000 more per student than Trinity’s.

• The endowment is not a single entity, but rather slightly over one-hundred individual funds established for a variety of purposes and consisting of both donor-restricted endowment funds and funds designated by the board of trustees to function as endowment.

• Trinity’s $82 million endowment provides critically needed stability. The majority of income, however, has been designated for specific purposes, which limits the endowment income that can be used to supplement annual operating costs.

• Only twenty-eight percent of Trinity’s endowment is completely unrestricted—not designated for a specific, unchanging purpose. Other schools have endowments that are close to 100 percent unrestricted, which allows for maximum flexibility in spending policy.

TOTAL ENDOWMENT 2023-2024 $82,919,022

These figures reflect fund balances as of 30 June 2024.

DONATION REPORTS

GIFTS

TRINITY FUND SUMMARY

*Please note that many donors are members of more than one constituency.

2024-2025 TRINITY SCHOOL BOARD OF TRUSTEES

Officers

Igor Kirman

President

Adrienne Barr

Secretary

Jeffrey M. Scruggs

Treasurer

James M. Deutsch ’96 Vice President

Shiva S. Farouki Vice President

Nicole S. George-Middleton ’93 Vice President

Rainu Kaushal Vice President

Iva Mills Vice President

Jennifer S. Selendy Vice President

Alexander H. Southwell Vice President

Conrado Tenaglia Vice President

Camille Hackney Thornton Vice President

Members

John P. Arnhold ’71 Emeritus

Philip E. Berney Emeritus

Margaret Hess Boyden ’97

Andrew R. Brownstein Emeritus

Geoffrey J. Colvin ’70 Emeritus

Jennifer Conway

Kelley A. Cornish

Cary J. Davis

Chandrabali Ghose-Paul

Courtney Goldsmith Ex Officio President, Parents’ Association

Kelly Granat

Damaris R. Hernandez ’97

Caroline B. Hribar ’96

Eileen P. Kavanagh

Tory Kiam ’78 Emeritus

William P. Lauder ’78 Emeritus

Lauren Davis Levine ’94

Rabbi Joy Levitt

Justin Lubell ’02

Emily F. Mandelstam Emerita

Matthew McLennan Emeritus

Ashmi Mehrotra

David Perez

Griffin Schroeder

Benjamin R. Shute Jr. ’54 Emeritus

Douglas T. Tansill ’56 Emeritus

George H. Walker

Yadwa Yawand-Wossen

Tony K. Yung ’96 Ex Officio

President, Trinity Alumni and Alumnae Association

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