Endowment Report

END OWMENT R EP OR T 2 019–2 0 2 0

DEAR MEMBERS OF THE NASHOBA BROOKS SCHOOL COMMUNITY, 2019-2020 has been a year like no other for Nashoba Brooks School. Though most will remember the winter and spring of 2020 as one in which we navigated numerous complex challenges of the swift-moving global pandemic, the related economic volatility, and the reckoning with systemic racial injustice that has been building for generations, we have also had countless opportunities to see the strength and spirit of our community shine.

In September of 2019, we opened three new flex classrooms and the Shilling STEAM Lab, highlighting our innovative and integrated curriculum. In the winter, our community’s commitment to continuous learning and resilience were put to the test as we were forced to shift quickly to remote instruction. In the spring, we adapted to new ways of building connections through virtual year-end events and the launch of our remote summer programs. Throughout the summer, we explored multiple scenarios for the structure of the new school year, fine-tuned layers of risk mitigation, and ultimately launched a hybrid model, designed to accommodate 5-day, in-person learning, the option for students to learn from home, and the ability to flex to remote learning as needed. We were also joined by more than 90 members of the Nashoba Brooks community who made the commitment to join together in learning, exploration, reflection, and action in our 28-Day Anti-Racism Challenge. Every step of the way we were guided by our mission, strategic directions, and our commitment to our core values.

The start of the new academic year has included new protocols to meet the everevolving guidelines provided by our partners in health and public safety. While managing these new practices and procedures, Nashoba Brooks has also prepared to open a significant new construction project, the recently completed discovery barn, that will enhance and transform the ways in which we engage with our beautiful 30-acre campus. The arrival of a new academic year has also served as a catalyst to reconnect friends, expand the boundaries of teaching, and remind each of us about the importance of collaboration and resilience.

Our dedication to fulfilling our mission to educate and prepare students “for lives of continuous learning, accomplishment, and leadership in a diverse and changing world” is evident in everything we do. It shapes our curriculum, program, community, values, and norms in ways that both advance our strategic directions and equip our students to be successful, responsible contributors to their school and broader communities. In this very unique year, our foundations have been tested and affirmed. In this incredibly complex moment in time, it is clear that now more than ever, these foundational principles are critically important. Now more than ever, the focus of our strategic directions to create inspired education through innovation, inclusivity, and impact provide the clear compass to navigate our way through these challenging times.

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It is these strategic directions that have helped us to weather the tumultuous early months of the global pandemic, with a commitment to building and sustaining financial strength for this institution to not just endure, but to thrive. Phase 1 and 2 of The Campaign for our Future, have allowed Nashoba Brooks School to secure commitments of more than $6M in pledges, enabling us to complete the construction of the flex classrooms, Shilling STEAM Lab, and the discovery barn. In FY20, the Nashoba Brooks Fund raised $633,000 to support the operating budget, including essential service needed to support the successful transition to remote learning. Without the extraordinary financial support of our generous community, we simply would not be able to maintain the flexibility and creativity it takes to operate in these uniquely challenging times. In addition to direct support for our academic programs, strong annual giving enables us to provide financial assistance to ensure that students who are the best fit for the School are able to attend, allows us to offer our employees competitive compensation, and expands professional development opportunities to 100% of our dedicated employees. Strong performance for our $14M general and restricted endowments generated 5.38% overall return, providing an additional $711,508 of support for the operating budget. These resources, combined with careful management of the School’s expenses, placed us on firm footing as we entered the new school year.

Of course, we know that we are not out of the storm yet. To support the safety guidelines and manage the layers of risk mitigation necessary for our hybrid learning model, we have had to make considerable investments in our program. These costs have included advanced technology hardware, software, and systems upgrades; investments in professional development for every employee; resources to support risk mitigation protocols such as distancing, air quality, facility maintenance, and food service; and additional investments in personnel to maintain strong ratios for instruction.

Nashoba Brooks School owes our strength to supporters and partners like you who have made this possible. As we report on the accomplishments of the past year and look toward the future, we must also pause and express our heartfelt gratitude for this remarkable community. Thanks to you, Nashoba Brooks School can provide a space where students can engage in learning that empowers them to connect with each other, find their voice, discover a lifelong love of learning, and become leaders who will shape our world in countless, powerful, and productive ways.

Sincerely,

Danielle Heard Head of School

Vince Lorusso President, Board of Trustees

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R E SULT S OF OPER ATIONS 2 01 9 –2 0 2 0

Revenues

PPP GRANT INCOME*

8.6% AUXILIARY & OTHER

2.8%

ENDOWMENT DRAW 6.5%

TUITION 76.7%

Tuition NASHOBA BROOKS FUND

5.4%

Nashoba Brooks F

REVENUES:

$11,809,768

Endowment Draw

Auxiliary & Other

PPP Grant Income

INSTRUCTIONAL MATERIALS DEBT SERVICE 1.8% ADMIN OPS/ ADVANCEMENT 3.7%

1.1%

AUXILIARY & OTHER Expenses and Allocation

2.3%

EMPLOYEE COMPENSATION

71.2% FACILITIES

5.3%

Employee Compens

Financial Assistance FINANCIAL ASSISTANCE

14.6%

EXPENSES:

$10,922,366

Facilities

Admin Ops / Advanc Debt Service

Instructional Materi Auxiliary & Other

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*THIS PAYCHECK PROTECTION PROGRAM GRANT IS A ONE-TIME PAYMENT.

END OWMENT C OMP O SITION EMPLOYEE SALARIES & PROFESSIONAL DEVELOPMENT 40.2%

FIXED INCOME Asset Allocation 29.9%

DOMESTIC EQUITIES 56%

Fund Allocation UNRESTRICTED 30.3%

Fixed Income

ASSET ALLOCATION

Money Market Fund International/Global

FUND DESIGNATION

Domestic Equities

MONEY MARKET FUND 3.5% FINANCIAL ASSISTANCE 11.6%

CURRICULUM & PROGRAMS 17.9%

INTERNATIONAL/ GLOBAL 10.6%

AVER A GE C O S T OF ED UC AT I NG A S T UD ENT: W HAT ’ S C OVER ED BY TUI TI ON, W HAT ’S C OVER ED BY PH I L ANT H R OP Y ?

ANNUAL GIVING 6% ENDOWMENT DRAW 7%

TUITION "GAP" FOR FY20

AUXILIARY PROGRAMS 2%

TUITION REVENUE 84%

OTHER INCOME 1%

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END O W ED F UN D S Through the years, alumni, families, and friends have established restricted funds that help provide financial stability for the School while ensuring enduring support for an aspect of school life for which they feel particular passion.

A list of these endowments appears below. If you are interested in establishing a new endowment or making a contribution to an existing fund, please contact Nicole Chan, director of annual giving at 978.369.4591 x141 or nchan@nashobabrooks.org.

AN N E DEB OALT FU ND

This fund was established in 1998 by the Bankart family in honor of faculty member Anne DeBoalt. The fund supports Anne’s commitment to professional development and student services.

B AR B AR A C LIF T ON FUND

This fund honors Barbara Clifton, long-time Brooks and Nashoba Brooks teacher, who died in 1981. The fund supports financial assistance.

BEN J AMI N J. MENDE S III S CHOL AR S HIP F UND This fund was established in Benjamin’s memory.

Donations to this fund go to an endowed scholarship fund used for financial assistance.

BENVEN U T I FA C ULT Y DE VELOPMENT FUND

This fund was established in 2006 by the Benvenuti family in recognition of the dedication, talent, and skills of the Nashoba Brooks faculty. The fund supports professional development for teaching employees, including conferences and tuition reimbursement.

Ongoing donations are welcome with post-founding contributions having been made by individuals in honor of favorite teachers and through the Eighth Grade Legacy program.

C O N N IE M EN D E S E X TENDED DAY FUND

This fund was established to honor Connie Mendes on her retirement as creator and Head of Extended Day at Nashoba Brooks. Donations to this fund are used exclusively to benefit the Extended Day program.

D O R OTHY AN D ELIOT DENAU LT LIBR AR Y F UND This fund was established in 1999 by Dorothy and Eliot Denault to expand the collection of printed and electronic media, purchase library equipment and furniture, and maintain the overall appearance of the library.

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E . K AY C OWAN FA CULT Y F UND

This permanently restricted and endowed fund has two goals. The first is to aid in compensating our faculty at competitive levels, to both attract promising new applicants and retain the outstanding teachers who are at the heart of the School. The second goal is to ensure that Nashoba Brooks teachers will continue to develop new practices based on recent research and innovative professional development offerings.

EL IZ ABE TH F OW L ER C OWAN AR T S ENR I CH M ENT F UND

This fund was established in 2006 in memory of Head of School E. Kay Cowan’s mother. The fund is used to supplement the visual arts’ department’s operating budget.

EL L I S L E C TUR E AND S CH OL AR SH I P F U N D

This fund was established in 1998 to honor Patricia A. Ellis (Director, 1972-1992). Donations to this fund go to an endowed scholarship fund and are used for financial assistance.

E M P L OY EE F I NANCI AL CR I SI S F UND

This fund, established in 1998, is used for emergency loans to employees.

F I DELMAN L I BR AR Y F UND

This fund was established by the Fidelman family in 1997 to support annual acquisitions of library media and books for the lower grades.

H ER BER T J. C O OP ER AND H ER BER T M. K AR O L S CH OL AR SH I P F UND This fund was established in 2011 as an endowed scholarship for a Middle School student of color who demonstrates good character and shows strong promise in academics, athletics, or the arts.

EMPLOYEE SALARIES AND PROFESSIONAL DEVELOPMENT

$5,508,427

Restricted for support of employee salaries and professional development

100%

Of employees participate in ongoing professional development every year through workshops, conferences, classes, sabbaticals, and research.

FINANCIAL ASSISTANCE

$1,595,180

Amount restricted for financial assistance

26%

Of students receive financial assistance

$22,303

Average grant for Lower School students

$27,194

Average grant for Middle School students

H U Y EN T RUON G ME MOR IAL FUND

This fund was established in honor of Huyen Truong, former director of admission, who died in 2008.

Money from this endowed scholarship fund is used to support Huyen’s commitment to diversity and financial assistance.

J O H NS O N GR EENHOU S E FU ND

The money from this fund is used to maintain the science greenhouse.

J O N E S FA C ULT Y END OWMENT AND J ONE S FAM I LY FA C ULT Y FU ND

These endowments were established by the Jones family in 2002 and 2005, respectively, to provide professional development opportunities for teaching employees in order to support both recruitment and retention of excellent faculty.

K AT HER I N E B AI R B’80 ME MOR IAL S C H O L AR SHIP FU ND

This fund was established in Katherine’s memory.

Donations to this fund go to an endowed scholarship fund and are used for financial assistance.

MAR G AR E T ( M E G ) J ONE S ‘8 9 M E M O R IAL S CH OL AR SH I P F UND

This fund was established in Meg’s memory. Donations to this fund go to an endowed scholarship fund and are used for financial assistance.

M I K AL R . C OH EN M E M OR I AL S CH OL AR SH I P F UND

This fund was established in memory of Mikal R. Cohen, mother of Rebecca ‘03, who believed deeply in the breadth and richness of human diversity. She shared the School’s goal of increasing diversity within the Nashoba Brooks student body. In honor of Mikal, her family and friends created an endowment fund for the purpose of providing scholarship funds to a newly-enrolled student. Students qualifying for this scholarship will demonstrate financial need and represent diversity.

NA SH F LY NN FAM I LY F UND F OR DI VER S IT Y, S CH OL AR SH I P, AND FA CULT Y ENR I C HMEN T

The Nash Flynn family established this fund in 1998 to support faculty enrichment, diversity, and financial assistance that would not otherwise be possible through the regular operating budget.

PA CKW O OD M ODAH L S CH OL AR SH I P F U N D

The Packwood Modahl family established this fund in 2004 to provide financial assistance to students in the Middle School.

PAR ENT S’ A S S O CI ATI ON P R OF E S SI O N AL DE VEL OP M ENT F UND

This fund was established in 2004 by a donation from the PA Auction of that year. The endowed fund has been added to since then with proceeds of subsequent auctions. Money from the fund supports a variety of professional development opportunities for employees.

PAUL I NE BER K E S F UND

The Brooks Trustees established this restricted fund to be used for financial assistance. The fund honors Mrs. Berkes, Brooks School’s second headmistress.

OPERATING BUDGET

6.5%

Funded by endowment 6

R O S SE FAMI LY S CHOL AR S HIP

The Rosse family established this fund in 1998 to support a scholarship that is awarded annually to a student who demonstrates financial need, academic stability, soundness of character, and adds diversity to the student body.

SER VI C E LE AR N ING FUND

The endowed Service Learning Fund, established by the Benvenuti familyin 2011, supports Service Learning initiatives throughout the School.

SK O K FAMI LY MATH ENR ICHMENT FU ND

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Skok family established this fund in 2006 and the income is used to support Middle School students with math remediation beyond the scope of the daily program.

T H E J E AN TR AVER S B O OK FUND

This fund was established in 2004 in honor of Jean Travers, headmistress, Brooks School of Concord (19661980). Money from this endowed fund is used for Lower School book acquisitions for the library.

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TH E NANC Y A SH K AR S CI ENCE F UND

This fund was established in honor of Nancy Ashkar, Lower School science teacher, who died in 2004.

Money from this endowed fund is used to support the science program.

TUI TI ON A S SI S TANCE F UND

This fund is available to the child of anyone who has been a full-time employee of Nashoba Brooks for ten or more years at the time of their disability or death or to a current student whose parent becomes disabled or dies.

W I L S ON F UND

Established in 1987 to support salaries for our teaching employees, this fund has made a significant difference in our ability to attract and retain excellent teachers.

$14,500,311

$15,413,780

$15,729,332

$13,712,983

2016-2017

2017-2018

2018-2019

2019-2020

$13,461,769

2013-2014

$13,622,101

$11,557,080

2012-2013

2015-2016

$9,712,705

2011-2012

$13,629,144

$8,942,167

2010-2011

$2M MOVED TO CAPITAL RESERVES AT BOSTON PRIVATE

2014-2015

$6,748,713

2009-2010

END OWMENT: 10 YE AR G R OW TH

9.26%

53.35%

$13,712,983

10-year average return on endowment

Increase in total endowment over the last 10 years

Endowment assets 2019-2020 (as of June 30)

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YOUR GIF T S HAVE AN IMPA C T “Welcome to the discovery barn! This is a space with strong roots in our history and in our vision for the future. From the beginning, the Nashoba Brooks School has been a place that has embraced exploration, connection with the natural environment, extension of learning beyond the classroom, and simple elegance.

This building is a perfect reflection of our values, our vision, and our commitment to creating inspired education through innovation, inclusivity, and impact. The discovery barn is designed to celebrate the natural environment through natural light, outdoor learning spaces, and a sustainable, green design. It is flexible, it is dynamic, and it is inspiring. I want to extend my deepest gratitude to everyone who made this project possible.�

-Danielle Heard

W H Y SU P P OR T N A SH OB A BR O OK S? “We support Nashoba Brooks because we believe the School provides not only an excellent education, but also foundational character development. The School has a strong mission that they live out every day. We consider the School an extension of our own family and want to help support it for future generations!”

-Adam and Melanie Sureau PTG’20, P’28

SU PP OR T I N S PI R ED EDU C AT I O N. MAK E Y O U R G I F T TOD AY. nashobabrooks.org/giving