2024 ENDOWMENT REPORT
INVESTING IN OUR TEACHERS
This year, both Saint Gertrude and Benedictine achieved a significant academic milestone: acceptance into the prestigious Cum Laude Society.
Founded in 1906, Cum Laude is an honor society that conducts a rigorous evaluation of candidate schools’ educational programs. Some appreciation of this honor can be gauged by the distinctiveness of Cum Laude’s membership — 382 schools have earned recognition by Cum Laude, whereas other national honor societies have chapters in more than 20,000 schools.
Curriculum strength and college acceptances play a role in the evaluation. However, the most important factor in Cum Laude’s assessment of Benedictine and Saint Gertrude were inperson interviews with our top students. These students spoke passionately and with conviction about their academic preparation and, most notably, the exceptional quality of their teachers. These same teachers, whose work earned this incredible academic recognition for our schools, deserve our
A part of the BSoR endowment growth plan is to provide faculty endowments that will help the schools attract, professionally develop and retain the best and brightest teachers in Virginia — we can do it, with your help. Please consider investing in our educators through your future endowment plans.
Yours in prayer
BENEDICTINE SCHOOLS OF RICHMOND Our Vision
To be the schools-of-choice for students and teachers who are inspired to excel, develop as leaders, and grow in their faith; a community that provides access for all students to be taught by Virginia’s best educators, builds young leaders of character, and glorifies God in all things.
ENDOWMENT BALANCE
Dec. 31 2024 Dec. 31 2023 Dec. 31 2022 Dec. 31 2021 Dec. 31 2020 $13,199,912 $15,752,300 $14,033,864 $16,473,855 $18,622,921
PERCENTAGE OF STUDENTS RECEIVING SCHOLARSHIPS OR FINANCIAL AID 65% 24%
BENEDICTINE SCHOOLS OF RICHMOND LOCAL COMPETITOR AVERAGE
JESSE GRAPES
“My experience at Saint Gertrude High School has been truly transformative, both academically and personally. The scholarship I received has allowed me to pursue my education in a supportive environment where I can grow as both a student and a leader. I am deeply grateful for this opportunity.”
Kyria Martinez, SGHS ’26
Recipient of the Karen Stumpf Nuckols ’68 Scholarship
ENDOWMENT ACTIVITY
Beginning Balance January 1, 2024 $16,473,855
$1,323,139
and
$480,584 Net Realized and Unrealized Gains (Losses) $1,450,857 Investment Fees ($67,526) Disbursements for 2024-2025 ($1,037,988)
Ending Balance December 31, 2024 $18,622,921
SECURING THE FUTURE
Many young boys and girls dream of experiencing the unique education our schools provide but lack the financial means to attend. Our approach is distinctive — integrating leadership and discipline, religious values, and academic excellence to profoundly shape students’ lives and perspectives.
It’s essential that we — especially those who have achieved success — step up to help make this exceptional education accessible to as many qualified students as possible. One impactful way to do this is by establishing a named endowment fund.
We also have a pressing need to support our faculty. As you know, teachers are the backbone of our schools. They motivate, inspire and nurture students’ curiosity, laying the foundation for their continued success. Compensating our teachers well and supporting their professional development is critical to retaining and rewarding the exceptional educators who make our schools extraordinary. Your donation to one of our faculty endowments will make a meaningful difference in supporting and recognizing their efforts.
TOTAL $18,622,921
While our endowment has grown significantly in recent years, it remains far from where it needs to be. We ask everyone in our community to consider contributing to realize our vision and ensure our mission continues to thrive.
Together, we can achieve this goal and secure a brighter future for our students and teachers.
Thank you for your continued support.
Jim Carreras ’58 and his wife Margaret are trustees of a scholarship named for Jim’s father: the J. Phillip Carreras ’34 Scholarship.
A graduate of Saint Vincent College and the Wharton School at the University of Pennsylvania, Jim began his career in investment banking in New York City and Richmond. In 1973, he purchased Automatic Leasing Service, a washing machine leasing company, from his father. Today, the business has grown to more than 100,000 machines on lease and is now owned and operated by his son, Scott ’88. Four consecutive generations of the Carreras family proudly carry the
ENDOWMENT FREQUENTLY ASKED QUESTIONS
WHAT IS THE BENEDICTINE SCHOOLS EDUCATIONAL FOUNDATION (BSEF) ENDOWMENT?
The BSEF Endowment is the permanent capital of the schools. The purpose of the Endowment is to provide fiscal stability and support of our mission. Unlike annual funds, which are typically spent in full upon receipt, endowment gifts are invested, providing both current revenue and the potential for growth over time.
WHO SETS THE ENDOWMENT POLICY?
The BSEF Board of Directors sets the Endowment policy. The Board has 25 members from the Benedictine Schools of Richmond alumni, parent and donor communities.
WHAT
TYPE OF FUNDS MAKE UP THE BSEF ENDOWMENT?
The BSEF Endowment is a collection of individual endowment funds, supporting a range of initiatives including scholarship, educational programs, facilities maintenance, and faculty retention and development. Revenue from the investment of these funds must be used as stipulated by the donor, either for a restricted purpose (such as an annual scholarship) or for unrestricted use at the discretion of the BSEF Board of Directors. The BSEF Endowment also includes quasi-endowment funds that have been set aside by prior boards for specific purposes. Quasi-endowment funds may be redirected at the discretion of future boards.
WHAT IS THE MINIMUM AMOUNT REQUIRED TO ESTABLISH A NAMED ENDOWMENT AT BENEDICTINE SCHOOLS OF RICHMOND?
The minimum amount to establish a new, named endowment fund is $25,000. Revenue from a new, named endowment will remain unrestricted until its corpus reaches $100,000. Distributions from endowments below $100,000 in corpus may be pooled by the Foundation to support scholarships, financial aid awards, teacher support, facilities support or other purposes.
WHAT IS THE BSEF ENDOWMENT’S SPENDING RATE?
The Endowment annual spending rate is 4 percent of the fund corpus, as recommended by the Investment Committee and approved by the Board of Directors. This rate is based on an average value of 12 quarters evaluated at 12/31 for the next academic year. The target is 4 percent but can fluctuate based on school needs and market conditions.
WHY DOES THE VALUE OF AN ENDOWMENT FUND FLUCTUATE?
Gifts to the fund can increase the market value. Endowment distribution can decrease the market value. Investment earnings can increase or decrease the value, depending on market returns.
WHO SHOULD I CONTACT IF I HAVE A QUESTION ABOUT MY ENDOWED SCHOLARSHIP?
For information on how to make donations and gifts to the BSEF Endowment, please contact Director of Scholarship Giving Kristina Pudner at 804-708-9581, kpudner@benedictineschools.org.