Guide to Giving & Getting Involved, 2014

A Guide to

Giving and Getting Involved 2013-2014

A Generous Community Supports Summit’s Mission Educating a child requires an exceptional faculty; a curriculum that develops fluency, creativity, and competency: and the generous involvement of parents. Summit School encourages parents, grandparents and alums to actively participate in the daily life at Summit and provide financial support beyond tuition.

History of Giving at Summit School Since its founding in 1933, parents have donated funds to help the school build its campus and its invested reserves. Today, as in the past, each Summit School family plays an active role in the school community. Summit parents share the responsibilities of meeting the school’s educational goals and ensuring a soundly governed and financially healthy institution. Summit relies on the support and involvement of our entire community – including current and former parents, grandparents, trustees, alumni, faculty and staff. Through volunteer opportunities, special events and fundraising efforts, the school provides a variety of ways to become involved.

Financial Support We ask all parents and other constituents to contribute to the Annual Fund at the beginning of every school year and to participate in campaigns that support new buildings, endowment and other capital needs. Parents are also invited to support fundraising events and activities sponsored by our Parents’ Association. We understand that within a school year you will be given many opportunities to give.

Active Participation Parents are encouraged to take an active part in their children’s education. There are many ways to be involved. Parents volunteer in classrooms; attend Parent-Teacher conferences, athletic events, plays and musicals; join the Annual Fund team; take part in Parents’ Association activities and serve as part of Parents’ Association.

You won’t want to miss attending the following events, and your help to organize them is greatly appreciated: JrK/K Fall Sing.................................................Oct. 29 1st Grade Famous American Day.....................Mar. 27 2nd Grade Native American Day.....................Apr. 25 3rd Grade Pioneer Day.....................................Oct. 18 4th Grade Living Biographies..........................Feb. 26 5th Grade Immigration Presentation................Dec. 11 6th Grade Mystery Club Series........................Quarterly 8th and 9th Grade Musical...............................Nov. 7 & 8 9th Grade Speeches..........................................Beginning Feb. 7

Financial Overview Summit is committed to prudent financial planning. As an independent school, Summit receives no financial support from federal, state or local governments. The sole sources of revenue are tuition, charitable gifts, income from invested reserves and proceeds from special activities. Like all independent schools, Summit must raise additional funds beyond tuition revenue to balance the budget and provide for the future.

Summit’s fiscal year is July 1, 2013 to June 30, 2014.

Revenue 2%

4% 5% 4%

85%

Tuition and Fees

Annual Giving Auxiliary Programs

Tuition and Fees

Annual Giving Auxiliary E Programs xpenses

Endowment Income Other

Endowment Income Other

5% 9%

10%

66%

10% Salaries and Benefits

Plant and Operations

Financial Aid

Salaries and Benefits

Admin/Other

Plant and Operations

Financial Aid

Instructional

Admin/Other

Instructional

Volunteer Opportunities Fundraising Volunteer The Annual Fund is the most important and largest fundraising activity on campus each year. We are proud that in most years 95-100% of our parents participate in the Annual Fund. Summit relies on parent volunteers to reach out to fellow parents to encourage participation in the Annual Fund. We also appreciate assistance with two phonathon nights each year, when volunteers come to Summit for a two-hour window to call on other parents for participation.

Parents also partner with trustees and development staff to raise additional funds for major capital projects like new construction and endowment. Every year, the New Parents’ Capital Campaign is directed by volunteers who themselves are new parents at Summit.

No fundraising experience necessary. The only requirement is that you are willing and enthusiastic about helping Summit achieve its goals. We provide full volunteer training and orientation. To help with Summit’s fundraising efforts, please contact the Development Office at (336) 724-5811.

Parents’ Association The Parents’ Association, an organization of parent volunteers, coordinates activities to benefit all students. The Association, led by officers and committee chairs, enlist other parents’ help. The Association also conducts fundraising activities to underwrite special projects for the school.

Committees Auction Back to School Bash Book Fair Costume Room Ea$y Money Gardening Gradeparents Graduation Hospitality Library

Matterhorn May Frolics New Families Office Support Parents' Forum School Pictures School Store US Athletic Liaisons Wrapping Paper

Detailed information about each committee can be found at www.summitschool.com Committee chairs can be found in the Summit School Directory.

Parents’ Association 2013-2014 sspa@summitmail.org Officers President President-Elect Secretary Treasurer Asst. Treasurer Nominating

Sarah McAuley Clare Quadland Carolyn Fuller April Holder Elizabeth Hollan Denise Hickman

692-8781 837-9884 722-2790 768-6678 201-2566 768-8108

Giving Opportunities The Annual Fund To bridge the gap between the actual cost of a Summit education and tuition, the Annual Fund is an essential part of the School’s revenue. Tuition provides approximately 84% of the cost of each child’s education. The Annual Fund provides about 4%.

We ask every family to make Summit a philanthropic priority. In the fall, parent volunteers contact Summit families by telephone, email or in person to request an Annual Fund gift. Pledges are payable

by June 30; however, many contribute before December 31 to take advantage of a tax deduction for the current year.

Gift Recognition Annual Fund gifts vary in size, and all gifts are important. Every gift will be recognized in our annual report, Summit Support, and in a giving club. Of course, we respect all wishes for anonymity.

Many parents and friends step forward with gifts at the leadership level of $1,000 or more. These leadership gifts are essential to help the School meet the educational needs of the entire community.

Summit has several gift clubs to recognize our donors’ generosity.

The Bridge the Gap Team is for donors who give at least $2,300, the cost per student beyond tuition.

Gift Clubs 1933 Council Founders’ Society Head’s Circle Scholar Society Honor Society Pioneer Circle

$10,000+ $5,000-$9,999 $3,000-$4,999 $2,000-$2,999 $1,500-$1,999 $1,000-$1,499

Futrell Friends Lewis Legends Adams Architects Summit Supporters

$500-$999 $250-$499 $100-$249 Other gifts

Bridge the Gap Team $2,300

Capital Campaigns Periodic capital campaigns raise additional non-operating funds for major efforts like new construction and endowment. These funds help enhance and improve facilities, maintain faculty salaries and generate financial aid. Capital contributions are usually pledged and paid over 3 to 5 years.

In addition to the yearly support of Summit’s programs through the Annual Fund, parents have always helped build the capital strength of the school. In an effort to involve all parents in improving the school which others built, everyone is asked to make a commitment to add to the school’s capital resources.

We will ask new parents for a pledge to the New Parents’ Capital Campaign in early 2014. As with the Annual Fund, pledge amounts vary by family. Most parents recognize that the Annual Fund and Capital Campaigns serve different purposes and most parents support both. This campaign will also be conducted by parent volunteers; contact the Development Office if you are interested in helping!

Invested Reserves (Endowment) Invested Reserves, also called endowment, help fund the costs of school programs. These funds enable Summit to respond quickly to needs and keep the school innovative. Started in 1959, the endowment hasbeen built by gifts from parents, grandparents, teachers and alums. Summit has the largest per student endowment of NCAIS (North Carolina Association of Independent Schools) schools. The Board’s policy is to spend 5% of a three year rolling average of the value of the endowment for operations. This year endowment income provides $1,230 per child that does not have to be paid by tuition.

Gifts to the general endowment fund are always welcome. If you are interested in establishing a permanent, named endowment, please contact the Development Office.

Matching Gifts

Matching gifts from your employer are a great way to leverage additional dollars to support Summit.

Please check with your company to see if they offer matching gifts – you send us the form and we take care of the rest.

Development Office Frequently Asked Questions and Answers Q: Why does the school ask for a contribution in addition to tuition?

A: Summit strives to make tuition competitive but also affordable. The Board sets tuition fees to cover approximately 84% of the educational costs. The remaining gap is closed through gifts, income from invested reserves (endowment) and other sources. This year the gap figure is $2,300. An independent school education requires families to invest in both tuition and philanthropy.

Q: Are Summit’s tuitions high?

A: Comparatively speaking, they are not. Comparison of Summit to other major North Carolina independent schools (Charlotte Country Day, Charlotte Latin, Durham Academy, Forsyth Country Day, Providence in Charlotte, and Ravenscroft in Raleigh) shows our tuitions are among the lowest in our peer group.

Q: Why doesn’t the Board set tuition to cover all costs?

A: If Summit charged enough in tuitions to operate without an Annual Fund, we’d lose many of our current families and have a less diverse student body. Like all good independent schools, Summit must get extra support from its families. The Annual Fund is the best method to attract donations for annual operations.

Also, only in the U.S. are the tax laws designed to encourage voluntary support of independent institutions like Summit. No independent school or college tries to survive on tuition revenue alone. Summit is an incorporated not-for-profit so it can seek tax-exempt gifts. Annual Fund gifts are tax deductible; tuitions, of course, are not.

Q: May I direct my gift to Financial Aid or other specific need?

A: Annual Fund gifts are unrestricted to allow the school to meet the budget. Many generous donors have established endowment funds to provide financial assistance and to increase diversity (racial, ethnic, socio-economic) at Summit. Please contact the Development Office if you are interested in funding financial aid or a special project.

Q: How much income comes from Invested Reserve (endowment) Funds?

A: This year, we’ll be helped by about $693,000 in income from our Invested Reserves (endowment) accrued since 1959 from special gifts and bequests. Income from these reserves represents $1,230 per student that does not need to be paid by tuition.

Q: Why is participation so important?

A: High levels of participation clearly demonstrate that parents are investing in their children’s future and supporting the school’s mission. Strong participation indicates to philanthropic foundations and corporations that the Summit community is strong, united and worthy of outside support.

Additional Questions?

To make a gift, volunteer or get more information, please call the Development Office at (336) 724-5811. Trustees and Parents’ Association members are listed in the Directory. They are always happy to provide information and answer questions. Information can also be found at www.summitschool.com.

Thank you for being an important member of the Summit School community and for giving and getting involved.