Ever since Joseph Burnett’s first capital gift to create St. Mark’s School in 1865, the School has benefited from the generosity of its supporters.
Capital gifts, generally to the physical plant or endowment, differ from annual support, which provides 11 percent of the operating budget and thus is expended each year. Instead, capital gifts allow the School the opportunity to look to its long-term future. In 2002, the School successfully completed a $50 million campaign, which has resulted in new buildings and major additions to the endowment. Gifts for the latter purpose primarily support student financial aid or faculty compensation.
As the Trustees look ahead, there are areas that will need to be addressed through gifts. Some of these areas include:
- Renovation projects within the Main Building;
- An increase of the endowment — potentially for student financial aid and faculty support — to allow less dependence on tuition increases.