giving Overview Become Part of a Powerful Tradition Chances are if you are holding this booklet, your life or the life of someone close to you has been significantly impacted by Worcester Academy, a place that bids all who pass through its hilltop gates to “Achieve the Honorable.” Many have chosen to act on this inspiring charge by giving back to this fine institution that helped lay the groundwork for success in life. Those who give become part of a powerful tradition which recognizes that every Worcester Academy student – past, present and future – has benefited and will benefit from the generosity of those who have come before them. As a non-profit institution, Worcester Academy’s financial model depends on the philanthropy of its alumni, parents and friends. Delivering a superior education in today’s world is a complex equation that depends on many factors. A key component – one that Worcester Academy cannot survive without – is your financial support. A robust Annual Fund and a solid endowment allow the Academy to: • Keep tuition costs competitive • Hire the best faculty • Attract the brightest students • Preserve our beautiful campus • Extend financial aid to more students in need • Offer a wide array of opportunities in athletics, arts, community service and more • Keep our technologies state-of-the-art • Maintain the diverse student body that WA is known for With your help, this legacy of rigorous preparation and success will continue for tomorrow’s students.
Annual Giving Keeping the Day-to-Day Running Smoothly Each year thousands of alumni, parents, and friends come together to support Worcester Academy’s Annual Fund. Why? Because they feel a loyalty to this place and want to support it to be the best it can be. They understand that it is the Annual Fund that provides the day-to-day support so crucial to our smooth operation. As you read further, you’ll see that capital giving benefits Worcester Academy’s long-term growth. Annual giving, on the other hand, begins working immediately to support the here and now: those expenses essential to delivering a quality educational experience for today’s students. Annual Fund gifts are usually “unrestricted,” which means that donors allow Worcester Academy to use the funds according to where the need is greatest. Gifts may also be “restricted” – you, as the donor, designate the area in which you would like your gift to be used.
Every year, thousands of members of the Worcester Academy community are Annual Fund donors. Whether donating $50 or $50,000 to the Annual Fund, our loyal supporters demonstrate their commitment to the Academy in this very tangible way.
Capital Giving Investing In The Future Capital gifts are those donations that support Worcester Academy’s long-term mission and goals. Capital gifts are often made as part of a Capital Campaign – a timelimited effort to raise significant dollars for specific projects. For Worcester Academy, a capital campaign always begins with a strategic plan. Knowing our vision and mission determines the goals and projects needed to get there. Capital Campaign projects usually fall into three very important categories: Facilities Enhancements, Program Enhancements, and Endowment Growth.
Investment In Our Campus This beautiful, historic campus plays a vital role in the Worcester Academy experience and monies needed to expand and renovate buildings and playing fields are often part of a capital campaign. Bricks and mortar projects keep our facilities state-of-the-art and enable us to continually attract great students and enhance their academic and extracurricular experience.
Investment In Programming Delivering the very best in 21st century learning within a diverse and globally enriched environment means expanding the depth and breadth of our student programming. Innovative programs in areas such as the arts, athletics, faculty professional development and community service rely on your capital gifts.
Security For The Future Worcester Academy’s endowment is the cornerstone of our long-term financial health and stability. An endowment is essentially a permanent, invested fund that uses a portion of its earnings to provide income for the school. Adding to Worcester Academy’s endowment ensures our financial vitality and institutional longevity.
Capital Giving Scholarships & Programs A large part of the endowment consists of donated funds earmarked for scholarships or programming, such as the arts or athletics. Over many decades, generous donors established these scholarship and program funds with a principal gift. A portion of the funds’ investment proceeds supports the scholarship or program each year. Additional earnings, as well as subsequent gifts to the fund by the donor or his or her family, enable the fund to grow and therefore the fund’s impact to increase. Those who establish programs and scholarships today will impact Worcester Academy students for generations to come.
Creating an endowed fund offers a wonderful naming opportunity to honor or memorialize a loved one or a beloved teacher or coach. Endowed funds can bear a family name and create the beginning of a legacy of philanthropy for future generations.
Capital Giving Options When contemplating a capital gift to Worcester Academy, please consider the following options: Unrestricted and Restricted Gifts Unrestricted Giving - Unrestricted giving allows Worcester Academy to use your gift for its most urgent capital priorities. Restricted Giving - Restricted giving allows the donor to designate how his/her gift is to be used. For example, a gift might be restricted to building projects, for a scholarship or to the endowment. If restricted to the endowment, the donor can further restrict the use of the endowed fund’s earnings, or choose to leave the earnings unrestricted and their use determined by school leadership.
Pledges Campaign gifts can be pledged and paid – in the form of cash or securities – over the course of several years, usually not exceeding five.
Planned Giving Planned Giving vehicles enable you to make a gift to Worcester Academy while at the same time meeting some of your financial, tax or estate goals. Examples include a life insurance policy, an IRA, trust or bequest. Some planned giving vehicles allow the donor to reduce income or estate taxes, increase income, or satisfy some other personal financial need during his/her lifetime.
Frequently asked questions Why do schools need any of this? Shouldn’t tuition cover all of a school’s expenses? Worcester Academy, like most educational institutions, operates under a different business model than for-profit businesses. As a 501(c)(3) non-profit organization, a philanthropic component is an essential part of our financial model. The tuition we charge covers only about 85% of what it costs to educate each student. The remaining 15% is derived mostly from donations.
Is my donation to Worcester Academy tax deductible? Yes. Worcester Academy is a 501(c)(3) non-profit organization and, as such, your donation is tax deductible.
Why does WA ask for an annual gift even while I’m making a gift to its Capital Campaign? Worcester Academy must continue to meet its annual operating costs even as it is building toward the future, much like an individual must continue to pay their current expenses while saving for retirement.
Can I give to a specific program or area of Worcester Academy that I care about? Yes! When a donor instructs the Academy about how to use his or her gift – whether to the Annual Fund or for capital projects – the gift is referred to as “restricted.” Of course, in order to ensure the gift’s maximum impact, restrictions are based on the Academy’s programs and needs.
As a parent of a current student, why would I give to capital campaign projects that my child will not benefit from? Capital projects move a school forward in big ways. When Worcester Academy grows and prospers, word gets out and WA graduates reap benefits. Further, parents who participate in a capital campaign often understand that their child is benefitting from the generosity of donors in the past.
Let’s have a conversation about just how we can match your passion for Worcester Academy with the perfect giving vehicle.
“What is the use of living, if it not be to strive for noble causes and to make this muddled world a better place for those who will live in it after we are gone?” - Winston Churchill (speech in Dundee, 1908)
“I attribute 99% of my professional success to Worcester Academy. Actively supporting WA is the least I can do considering the opportunities that Worcester Academy opened up for me.”
- Daniel Gezari, Ph. D., ‘61, P ‘02 Astrophysicist , NASA/Goddard Space Flight Center and American Museum of Natural History
“Worcester Academy was like a partner with us in getting our kids through adolescence. We give because we are grateful.”
- Dr. Mary Maloney and Dr. John Ferriss P ’02, ’04, ‘06
“I give because we have a fundamental obligation to give our children the best education that we can so that they can have the best opportunities in life to succeed.”
- Alan Duncan ‘72, Attorney, Chairperson, Guilford County (NC) School Board
“Giving to Worcester Academy makes the school prosper. When the school prospers, students and alumni succeed. Giving is a win-win.”
- Thomas Meyer, Lt Col (ret.), USAF, ‘85