|
Q: Why does Latin have an Annual Fund?
A: As an independent school, Latin designs its own academic programs and operates without financial support from local, state, or federal taxes. Independent schools rely on three primary sources of income for their operations: tuition income, endowment income, and fundraising activities such as the Annual Fund. Latin charges a tuition that covers approximately 77 percent of the cost of educating each student. The Annual Fund and other fundraising activities make up the difference. Latin's Annual Fund specifically supports two of the operating budget's most critical areas: faculty salaries and student financial aid.
Q: How will I be asked and how much should I give?
A: The Annual Fund year approximates the school year, starting in July and ending in June. Annual Fund volunteers solicit parents, grandparents, alumni, and parents of alumni each fiscal year, starting in the fall. Typically, families receive a letter from a volunteer on behalf of the Annual Fund, and a follow-up phone call three to four weeks later. Approximately three additional mailings follow throughout the year, but once a family makes its gift or pledge, they receive no further Annual Fund solicitations that year. All gifts and pledge payments are due by the end of the fiscal year, June 30.
We hope parents and alumni will make Latin their highest philanthropic priority, and therefore we set no minimums or maximums. Annual Fund gifts range from $10 to $10,000 or more, and are fully tax-deductible. Leadership donors are recognized by membership in The Fidelitas Society and provide almost 75 percent of our yearly totals. Each year the Annual Fund goal increases to reflect the increasing costs of financial aid and faculty salaries, and so families are asked to consider gifts that reflect this reality.
Q: May I restrict my Annual Fund gift to a particular department or area?
A: Gifts to the Annual Fund directly support faculty salaries and student financial aid, two of the school's greatest needs. Donors may ask that their gift be directed to a different area of the school budget (arts or athletics, for example). However, appropriate salaries for our teachers and ample resources for financial aid are so important to the overall quality of the educational program that we hope parents will choose to support one of these areas.
Q: What are the Scholarship Dinner and the Auction?
A: In February or March of each year, Latin sponsors a large special event to which all families are invited. In the even years (2008), it is the Scholarship Dinner and in odd years (2007) it is the Auction. Like the Annual Fund, each event provides critical support to the operating budget.
The Scholarship Dinner consists of a program on campus highlighting current students and the importance of financial aid at the school as well as a small live auction. At the conclusion of the program, all guests are invited into the homes of 20 to 30 families for smaller, more intimate dinner parties.
For the last several years, The Latin School Auction has been held at a large banquet venue in downtown Chicago. In addition to cocktails and dinner, guests can enjoy a large silent auction and the exciting live auction.
All funds raised by the Auction go first to cover the costs of the event, and then return to the operating budget. The Scholarship Dinner raises funds exclusively for financial aid programs.
Q: If I purchase event or raffle tickets or buy something at the Auction, does that count as my Annual Fund gift?
A: While each dollar raised through our special events benefits the school, tickets and purchases associated with our special events are not counted in the Annual Fund or included in the parent participation statistics we publicize. Gifts to Event Underwriting are not part of the Annual Fund either (and their value as a tax deduction will be reduced by the cost of the dinner provided) but they are recognized by the Fidelitas Society of leadership donors.
Q: Is Latin eligible for matching gifts from my employer?
A: Matching gifts are often available through employers' matching gift programs. The school's Development Office or your company's Human Resources Department can help you determine if your employer matches gifts to Latin. Typically, donors must initiate the matching gift by submitting an organization's matching gift form with their donation.
Q: How is a capitoal campaign different from the Annual Fund?
A: As its name implies, the Annual Fund is part of the school's fundraising program every year. Parents, alumni, and friends contribute to the Annual Fund each year. Capital Campaigns are held concurrently when special needs arise that are above and beyond the standard operating budget. The recently completed $51.5 million Campaign for Latin was a comprehensive, multi-year capital campaign, the goals and initiatives of which were identified by Latin's administration and Board of Trustees in 2001. These included the following initiatives: constructing a separate Middle School building and renovating the existing buildings; strengthening our endowment; and funding academic programs, including faculty compensation.
Q: What is an endowment?
A: A school's endowment is similar to a savings account or other income-generating financial assets. Income from the endowment, combined with tuition revenue and the Annual Fund, provides the resources necessary to meet the school's operating budget. Compared to many other schools, Latin has a relatively small endowment. Building a larger endowment is an ongoing goal at Latin and was an important initiative of The Campaign for Latin because endowment income provides stability to an institution and ensures continued excellence in the future.
Q: What is Planned Giving?
A: By definition, planned
gifts necessitate careful and thoughtful consideration so that the financial objectives of both the donor and the school are fulfilled. A planned gift might be as simple as remembering The Latin School of Chicago in your will, or establishing an annuity or trust that provides particular financial benefits to the donor as well as to The Latin School. A member of the school's Development Office staff would be happy to speak with you about particular planned giving vehicles.
|
