T h e
C ampa i g n
Fall 2015
GOAL
$65 million RAISED TO DATE
$50 million
The Kenan Trust Offers Millbrook
A $1million Challenge Grant Several months ago we were informed of the very exciting news by Mr. Douglas Zinn, the executive director of The William R. Kenan, Jr. Charitable Trust, that the Trust was offering Millbrook School a $1 million dollar 1:3 challenge grant to establish an endowed scholarship for qualified and financially deserving students of color. Specifically, the Kenan Trust will contribute $1 million if the school raises $3 million. This is a wonderful opportunity to address one of our highest priorities: building an endowment fund to support the financial aid needs of our minority students.
Over the past thirty years the trust has made a number of grants to Millbrook to help with bricks and mortar and endowment projects. They have included matching and outright grants for the following purposes: •$ 300,000 to help establish the Harris-Kenan Foreign Language Center and to match the gift from our late board member, Henry Flagler Harris. •$ 250,000 to build an endowed fund to help maintain the Flagler Memorial Chapel. •$ 500,000 to help endow faculty salaries.
•A $750,000 1:2 challenge grant to help construct the Holbrook Arts Center and a $50,000 gift to name the Kenan Lobby. •T he establishment of the Kenan Chair for Excellence in Teaching. •A nd a one-time grant of $500,000 to be used as a 1:4 challenge to increase the school’s endowment.
The relationship between Millbrook School and the Flagler and Kenan families has been a close one ever since the school was founded in 1931. Mr. Harry Harkness Flagler helped Ed and Lucy Pulling launch Millbrook, and he served as president of the board of trustees from 1932 until 1952. Mr. Flagler’s father, Henry M. Flagler, and William R. Kenan, Jr. were business partners who were engaged in developing the east coast of Florida. Later on, Mr. Flagler married Mr. Kenan’s sister, Mary. continued on the next page
CHALLENGE GRANTS BOOST CAMPAIGN! Millbrook’s capital campaign, now in its fifth year, passed the $50 million mark this fall— we are well on our way to our $65 million goal. Three challenges—two to increase endowment and one to continue our forward momentum—are now stimulating more donors to give to this important effort. A $1 million dollar challenge (with a 3:1 match) has come from the Kenan Trust, a long time supporter of Millbrook. When matched, this challenge will add $4 million to the endowment, all designated towards financial aid for deserving students. The second, a $500,000 challenge (also with a 3:1 match), comes from an alumnus and past parent to raise $2 million specifically designated for endowment. A current family has initiated a third and important challenge of $500,000 to inspire others to continue their support. This is a 2:1 match that, when completed, will provide $1.5 million towards the campaign.
The capital campaign has three balanced objectives: make long-needed investments in the physical plant, grow the endowment, and support the operating budget via annual giving. Campus renovations and new construction projects have been hugely successful, as has the significant and record-breaking growth of the Annual Fund, which totaled $2,150,000 in the last fiscal year. The continuing growth of the endowment is also critical in order to strengthen faculty support and salaries and broaden the scholarship program. Just five years ago, the endowment stood at $18.5 million—it has grown tremendously thanks to a combination of generous gifts and prudent management. Currently at a market value of just over $33 million, our goal is to reach the $50 million mark by 2017. We will meet this goal by matching these three new challenges and securing other major commitments! Produced by Millbrook’s Development Office
845-677-8261 • www.millbrook.org