2007-2008 Annual Fund FAQ's
Q: Why does Fay have an Annual Fund?A: An Annual Fund, a part of the landscape at independent schools around the globe, raises funds which help to bridge the difference between the tuition and the cost of educating each student. This support affords students of today the same opportunities that alumni have experienced for decades. Participation in the Annual Fund makes you part of a 140+ year continuum. The average difference between what it costs for one child to attend Fay School and tuition is approximately $3,000. Annual Fund contributions are applied directly to meeting the everyday expenses of running the School during the fiscal year July 1, 2007- June 30, 2008. Q: Where can I see my dollars at work?A: Everywhere there are 387 children and their teachers at work! Some of the specific areas that are supported by the Annual Fund include: faculty and staff salaries, technology upgrades and enhancements, professional development opportunities, arts, library and athletic materials and equipment, building maintenance and financial aid. Q: Why is a gift of ANY size important to the Annual Fund?A: Support for the Annual Fund represents your belief in the Fay School mission and vision, and is a vote of confidence in the faculty and the students of Fay. Your gift of any amount combines with others to provide a compelling case to other constituencies, including alumni, current parents, foundations and corporations, that our community is committed to what the School is doing. Additionally, when school surveys are compiled, high participation percentages are an important indication of Fay's strengths in the marketplace. Q: I know what I want to give, but I can’t do it until next spring.A: Make a pledge! Pledging a gift and making payments according to a schedule that you determine enables the School to plan for your gift and to take your planned participation into account. The Development Office will send you reminders according to the schedule that you request. Simply fill out the Annual Fund reply envelope accordingly and make your final payment by June 30, 2008. Q: Why is “unrestricted” giving important?A: Fay School is grateful for your support of all types! Unrestricted giving enables the School to apply your gift to general operating expenses, or where the School’s leaders believe the need to be greatest. It allows them to take advantage of unanticipated opportunities and address unforeseen challenges. The School designs its operating budget to encompass what it needs to do in a current year to fulfill its mission and unrestricted contributions make it possible for the administration to achieve its goals. Q: Is my Annual Fund gift fully tax deductible?A: 100%! Q: What’s the difference between the Annual Fund and a capital campaign or endowment giving?A: The Annual Fund happens every year and is spent for and during the current school year. Campaigns for facilities or the endowment, or other major initiatives are cyclical, and you will probably see only one or two of these during the period that you are a Fay parent. The current capital campaign is called the Power of Partnership and is the largest fundraising initiative in the School’s history: $20 million, largely to increase Fay’s endowment fund. These are funds which secure the future of the School for perpetuity by generating income to be used annually while holding the principal and investing it with other funds of its type. Q: Who is asked to contribute to the Annual Fund?A: Current parents are invited to insure the day-to-day excellence of the school they know, that is educating their children today. Alumni are encouraged to support the Annual Fund with their gifts to ensure a strong financial base for the school that contributed to who they are today, just as other alumni did when they were students here. Others including grandparents, parents of alumni and other friends take advantage of the opportunity given to them annually to keep Fay fiscally strong and healthy. Q: My company has a matching gifts program. Will my gift to Fay School qualify for a match?A: More than likely it will. Check with your company’s benefits’ office; many corporate matching gift programs apply to independent education as well as post-secondary (college and university) education. You will be given credit in the Annual Report for your gift PLUS the match, so consider that when you plan your giving level. Q: What is the best reason to support the Annual Fund?A: Faculty salaries and benefits comprise nearly 60% of the Fay School annual expenses. A strong Annual Fund plays a significant role in recruiting and retaining the highest caliber of faculty members. Attracting the most talented and committed faculty, to whom we can offer continued opportunities for professional advancement, ensures the best education for your children. Questions, commentsElizabeth Smith, Associate Director of Development 508.490.8410, email |