Mr. Jeffrey P. Vernamonti & Ms. Laura Baladin Ms. Tina M. Vest Mr. & Mrs. Ronald J. Vida, Jr. Ms. Velchie M. B. Villahermasa Dr. Edwin J. Villamator, M.D. Mr. & Mrs. Sergio Vito Mr. James A. Vitrano ‘83 Mr. & Mrs. Joseph A. Vitrano ‘76 Mr. & Mrs. Thomas A. Vitrano ‘78 Dr. & Mrs. William M. Vollmer, PhD ‘72 Mr. Joseph E. Vonakis ‘10 Mr. & Mrs. James M. Voshell ‘74 Mr. & Mrs. William B. Wachter ‘64 Mr. & Mrs. Frank S. Waesche, III ‘68 Mr. Brandon N. Wagner ‘11 Mr. & Mrs. Philip F. Wagner ‘76 Mr. Michael J. Walkley, PA CDR & Mrs. Thomas A. Wall, USN (Ret.) ‘65 Mr. Thomas Wallace ‘95 Mr. Kenneth J. Walsh ‘83 Mr. John J. Walters ‘05 Mr. John T. Walters Mr. Neil J. Walters, CPA Dr. & Mrs. David J. Wancowicz, PhD ‘65 Mr. Joseph A. & Mrs. Sue Ward ‘68 Mr. David A. Warner & Ms. Kathi Hill Mr. & Mrs. James L. Warner Rev. J. Paul & Mrs. Phyllis Warren Mr. Todd Warren Mr. & Mrs. Raymond E. Waterfield, Jr. Dr. & Mrs. Paul A. Watkins, MD, PhD ‘67 Mr. & Mrs. Eugene F. Weber,Jr. Mr. & Mrs. Joseph A. Weber ‘56 Mr. & Mrs. Gregory L. Weiand ‘66 Mr. Robert K. Weidle III ‘16 Mr. & Mrs. Robert K. Weidle, Jr. ‘76 Mr. & Mrs. R. Gary Weininger ‘87 Ms. Diana L. Wellein Mr. & Mrs. William B. Wellein ‘76 Mr. William H. Wellein, II ‘05 Mr. & Mrs. David M. Welsh, II ‘89 Mr. & Mrs. Leo I. Welsh ‘60 Mr. & Mrs. Charles A. Wenger ‘79 Mr. & Mrs. Douglas G. Wernecke ‘76 Mr. & Mrs. W. Lawrence Wescott, II ‘78 Ms. Anne West Mr. & Mrs. Christopher S. White Ms. Elizabeth A. White Mr. LeVon N. White ‘08 Mr. & Mrs. Louis M. White Mr. & Mrs. Patrick M. Wiglesworth ‘62 Mr. & Mrs. Bryan G. Wilhelm ‘87 Ms. Kimberly Wilhelmi Mr. & Mrs. Robert Wilkens Mr. Bradley J. Williams ‘99 Mr. Troy V. Williams ‘88 Mr. & Mrs. Bruce L. Wills ‘71 Mr. Alexander R. Wilson ‘12 Mr. Austin P. Wilson ‘17 Mr. & Mrs. J. Lawrence Winkelman ‘67 Mr. Calvin C. Wise, III ‘05 Ms. Erin M. Witherspoon Mr. Kyle A. Wittman ‘07 Mr. David G. Wohlfort ‘80 Ms. Thelma E. Wojciechowski Mr. & Mrs. Alex Wolf Mr. & Mrs. David J. Wolfe ‘89 Mr. James G. Wood ‘93 Mr. & Mrs. Stephen G. Wright ‘64 Mr. & Mrs. Timothy J. Wunner ‘63 Mr. & Mrs. Maurice R. Wyatt, Sr. ‘60 Mr. & Mrs. Thomas L. Wynn ‘87 Mr. J.H. Yates, Jr. Ms. Nancy Yee Mr. & Mrs. Justin S. Yesilonis ‘89 Mr. Thomas Yingling Mr. Theodore A. Young ‘04 Mr. Troy L. Young ‘84 Dr. & Mrs. Christopher J. Zajac Mr. Joseph C. Zajac ‘09 Ms. Christa Zalewski Mr. & Mrs. Gregory S. Zavoyna ‘86 Mr. Albert J. Zawicki & Ms. Lisa A. Stone ‘74 Mr. Edward W. Zelinski, Jr. ‘43 Mr. & Mrs. Gregory A. Zellinger ‘99 Mr. & Mrs. Brian E. Zile Mr. Evan M. Zimmer ‘13 Mr. & Mrs. John M. Zimmer Mr. & Mrs. Jay B. Zimmerman Mr. & Mrs. Thomas Zimmerman Mr. & Mrs. Richard W. Zinkand ‘87 Zippers Performance Mr. Gerard M. Zmijewski ‘65 Mr. & Mrs. Kenneth F. Zorbach ‘71
Calvert Hall Fiscal Year 2017
Financial Review
Calvert Hall concluded its 2017 fiscal year in a strong position. The school’s net assets increased $1.7 million during the year to $39.0 million at June 30, 2017, when net assets (in millions) included:
Property and equipment, at cost net of accumulated depreciation Long-term debt Net property and equipment Investments, including $11.1 in Endowment Fund Unconditional promises to give, including $.3 in Endowment Fund Other assets, net Net assets (including donor restricted net assets of $12.8)
$33.7 (14.1) 19.6 17.8 0.8 0.8 $39.0
The school awarded $4.7 million of financial aid and scholarships, or 25% of gross tuition revenue in fiscal 2017. Operating expenses were $16.5 million for the school year. The school’s operating expenses in fiscal 2017 exceeded operating income by $.3 million. Investment income and contributions, net of interest and development expenses, added $2.0 million of net assets during the year. Mrs. Jean Gould is the school’s chief financial officer. Calvert Hall’s board of trustees, its finance committee, and the finance committee’s investment subcommittee oversee the budget and investment processes. Mr. Joseph P. Croteau, retired Treasurer & Principal Accounting Officer of T. Rowe Price Group, chairs the finance committee and is a trustee of the school. Ellin & Tucker, a Mid-Atlantic accounting firm and member of DFK International/USA, audits the school’s annual financial statements.
2016-2017 Annual Report on Giving
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