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FAQ: Frequently Asked Questions about the Annual Fund
Q: Why is the Annual
Fund so important?
A: We look at this from two perspectives
- one financial and one philanthropic.
• Financial: In order to keep tuition
at a competitive level and encourage the economic diversity
so vital to the life of the school, the Annual Fund provides
additional dollars to offset the school's yearly operating
expenses. After tuition, Annual Fund gifts are one of the
largest sources of yearly income for the school, representing
7 percent of the overall budget. These yearly gifts from parents,
alumni, faculty, staff and friends are used where they are
needed most. In recent years, Annual Fund dollars made important
contributions to these areas: faculty salaries, professional
development, athletics and the visual and performing arts.
• Philanthropic: Gifts to the Annual
Fund are an expression of commitment to Penn Charter. Financial
support from current parents above and beyond tuition expenses
makes a powerful statement about our community's belief in
our school. Three centuries ago, William Penn asked his friends
to provide financial support to make education possible for
the students who would attend, regardless of financial ability.
Graciously, they responded. Now, more than 300 years later,
philanthropy is alive and well as Penn Charter students continue
to benefit annually from the generosity of our friends.
Q: We pay a lot in
tuition - shouldn't that cover expenses?
A: Tuition funds only 86 percent of the school's
operating budget. In actuality, all families are receiving
some sort of financial aid from the school. The 14 percent
gap between tuition revenue and overall expenses is covered
by contributions from the Annual Fund and endowment income.
Tuition increases are inevitable, but can be controlled through
the budget-relieving support that the Annual Fund provides.
We could increase tuition by an additional $3,000 per student,
but it is essential that we keep tuition at a competitive
level in order to maintain the wide range of socioeconomic
diversity at Penn Charter.
Q: What are Leadership
Gifts?
A: Leadership level gifts begin at $1,000. Leadership
gifts are crucial to the success of Penn Charter's Annual
Fund program and are recognized through giving level categories.
Typically Leadership Gifts represent more than 85 percent
of the total money raised through the Annual Fund. Donors
who make gifts at these levels are recognized, according to
leadership category, in the annual Report of Gifts.
Q: I am not in a position
to make a Leadership Gift. If I can only make a small gift,
does it really make an impact?
A: YES! The variation in the level of gifts is representative
of the diversity of our community. Gifts to the Annual Fund
last year ranged from $25 to $25,000. In no way do we ask
that every family give an equal gift, but rather than each
family make a gift equal to its commitment and ability to
give. We hope families will thoughtfully consider the level
of support they can repeat on a yearly basis, i.e.: annual
giving.
Q: Why does my participation
matter?
A: Participation matters because it shows a dedication
to Penn Charter's educational mission and vision. At independent
schools nationwide, parent participation in the annual fund
ranges from 40 percent to 99 percent. For prospective faculty
and parents, and for major donors and foundation support,
your gift is a demonstration of your commitment to the school
and a sign of Penn Charter's strength of community.
Q:
What period of time does the Annual Fund program cover?
A: The Annual Fund program runs throughout the fiscal
year, July 1 through June 30. The monies raised in 2007-2008
will be put toward the operating budget for 2008-2009. Q:
How can I make a gift? A: There are many ways to give. Simply
mail a check to the Development Office marked Annual Fund,
make a gift online at www.penncharter.com, or call Ted Decker
or Stephanie Ball in the Development Office to make a gift
of securities.
Q: Is my gift tax deductible?
A: All Annual Fund gifts are tax deductible. The
Development Office will send you a gift receipt for tax purposes.
Q: If I make a pledge
now, when do I have to pay?
A: You can make a pledge or a gift now, and make
your payments over the course of the year. We ask that pledges
be fulfilled by March 31. It is helpful if you make your commitment
early in the year, even if you don't plan to pay until later.
It is important for the Board of Overseers to know the approximate
total of the projected funds raised before they meet to begin
the budget planning process for the next school year. In addition,
pledges or contributions made early will help the school save
resources by reducing the number of Annual Fund solicitations
throughout the school year.
Q: How is the Annual
Fund different from the Endowment?
A: The Annual
Fund allows for an immediate and flexible response to the
school's needs and builds up the school's 'checking account'
of expendable monies. The Annual Fund also allows the school
to preserve its endowment or 'savings account' for the sustainability
of Penn Charter for generations to come. Annual Fund resources
are used on a yearly basis and have an immediate impact on
the daily life of the school. It would take $20 million dollars
in endowment principal to raise the amount of interest income
that the Annual Fund provides every single year.
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Last Chance for 2007
IRA Gift
The Pension Protection Act of 2006 offers one more chance
during 2007 to transfer up to $100,000 from individual retirement
accounts (IRA's) to Penn Charter without realizing the distribution
into taxable income. To qualify, donors must be 70.5 years
of age or older at the time of the gift, and the gift must
be made directly to a charity. For information on making such
a gift to Penn Charter, please contact the Development Office
at 215-844-3460 ext. 110.
Penn Charter Development
Team
John T. Rogers Hon. 1689
Chief Development Officer
215-844-3460, ext. 111
jarogers@penncharter.com
Stephanie W. Ball P '19
Director of Parent Relations and
LS/MS Annual Giving
215-844-3460, ext. 112
sball@penncharter.com
Jennifer Cubbin P '17
'20
Administrative Assistant to Chief Development Officer
215-844-3460, ext. 110
jcubbin@penncharter.com
Ted F. Decker OPC '78
P '06 '08 '13
Asst. Director of Annual Giving
215-844-3460, ext. 134
tdecker@penncharter.com
Nancy Donaghy Hon.
1689 P '91
Special Projects
215-844-3460
Rachel Dyer
OPC '92 P '19
Development Officer
215-844-3460 ext. 131
rdyer@penncharter.com
Susan Goodman P '17
Development Assistant
215-844-3460, ext. 265
sgoodman@penncharter.com
William McKinney OPC
'01
Development Intern
215-844-3460, ext. 227
wmckinney@penncharter.com
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