Annual Report 2015-2016

From the President of the Board

GCDS’s mission is to “enable all children in our care to discover and to develop what is finest in themselves – to achieve the highest standards in their studies, in their play, and in their character.” While our academics are rigorous, GCDS still remains a gentle place where young people are encouraged to explore and feel safe to take intellectual risks. We are a family school – a community of siblings, parents, children of faculty and staff and multiple generations –a place where students are known.

Here at Greenwich Country Day, we recognize the importance of preparing students for the future. These efforts are dependent upon a knowledgeable and talented faculty who are committed to excellence and constant professional growth. It is when we combine children who want to learn with teachers who can instill in them an inquisitive spirit, as always, inspired by family school traditions – where strong character and a balance in study and play are as important for the current century as they were at our school’s funding – when those ‘aha’ moments occur.

We want to celebrate those ‘aha’ moments with you – our supporters! Our community’s extraordinary generosity allows Country Day to be responsive and innovative each day. The GCDS 2015-2016 Annual Fund provided $3.5M to support every student and teacher and every aspect of teaching and learning – from day-to-day activities to new opportunities as they arise.

Our Cirque du Country Day Auction was a night to be remembered by all of us and a terrific demonstration of the strength of our community. And, GCDS FIRST: The Campaign for Tradition and Innovation is off to a very strong start. Your generosity continues to inspire all of us to provide rigorous academics, yet encourage young people to explore, where they are safe to take intellectual risks.

With your investment we will continue to bring core values of family, community, excellence, and integrity into this special school. Thank you for believing in our mission, supporting our students with the hope that today’s graduates, like generations of alumni before them, will choose Country Day for their own children.

With much appreciation,

Daniel W. Offit
President, Board of Trustees

Summary of Financial Information

July 1, 2015–June 30, 2016

ANNUAL FUND

Unrestricted$ 2,577,862
Restricted483,098
Class of 2015 Gifts5,000
Class of 2016 Gifts432,584
Total$ 3,498,544

GIFTS TO ENDOWMENT FUNDS$ 10,190
CAPITAL CAMPAIGN GIFTS$ 10,446,313

TOTAL VOLUNTARY SUPPORT$ 13,955,047


Consolidated Balance Sheet

June 30, 2016 (Unaudited)
The consolidated balance sheet reflects the financial position of the school as of June 30, 2016, including all school funds: operating, endowment, restricted, plant, and capital campaign

ASSETS
Cash and Equivalents$ 10,534,004
Investments56,462,842
Receivables32,748,512
Inventories and Other Assets270,783
Construction in Progress2,072,308
Property and Equipment *189,776,244
Total Assets$ 191,864,693

LIABILITIES AND FUND BALANCE
Accounts Payable & Accrued Expenses $ 2,658,762
Deferred Revenues28,785,513
Post-Retirement Benefits10,033,069
Other Liabilities785,879
Fund Balance *2149,601,470
Total Liabilities and Fund Balance$ 191,864,693

1 Includes all school property and equipment recorded at cost less accumulated depreciation. The total school property and equipment were valued at $123.6 million as of June 30, 2016.
2 The consolidated fund balance includes $52.5 million in the endowment and $4.8 million restricted funds, $76 million in the plant and operating funds, and $16.3 million in the Capital Campaign. The endowment fund is managed by twenty-six managers.

Current Operating Fund

Statement of Revenue, Expense, and Transfers for the Year Ended June 30, 2016 (Unaudited)
The statement of current operating revenue, expense, and transfers is a summary of the revenues and expenses for the educational programs, support services, and physical plant of the school during the fiscal year ended June 30, 2016.


REVENUES AND TRANSFERS
Tuition and Fees$32,381,882
Annual Giving *3 and Other Gifts2,910,959
Investment Income2,225,396
Optional and Summer Programs746,930
Other Income426,825
Total Revenues and Transfers$38,691,992
Excess of Revenue over Expenses and Transfers added to Working Capital $ 1,619

TUITION AND FEES84%
ANNUAL GIVING AND OTHER GIFTS 7%
INVESTMENT INCOME6%
OPTIONAL PROGRAMS2%
OTHER INCOME1%

INSTRUCTION45%
FINANCIAL AID13%
PHYSICAL PLANT9%
DINING HALL4%
ADMINISTRATION17%
INSTITUTIONAL4%
ALL TRANSFERS

10%


3 Unrestricted Annual Giving revenue is from the 2014–15 campaign and recognized as income in 2015–16. Other gifts include restricted gifts recognized as income in 2015–16.
4 The school’s policy is to provide funds for current capital acquisition and replacement needs, and to set aside funds for future needs. The funding level is determined by calculating depreciation on a straight-line basis for various classifications of assets grouped by their expected useful life.


ENDOWMENT FUNDS

TOTALS REFLECT INVESTED PRINCIPAL AS OF JUNE 30, 2016

The Greenwich Country Day School is grateful to the many members of the community who contributed to endowment funds. Endowment Fund principal is invested by the school, and interest from these investments is used to sustain specific areas of the school as directed by the donors. Endowment funds were created to supplement scholarships for diversity students, to enhance faculty salaries and professional development, and for unrestricted use.

Unrestricted

General $16,318,167
1926 Society Endowment (Planned Giving) 97,342
Class of 2000 Endowment 1,792
Class of 2001 Endowment 4,856
Class of 2005 Endowment 788,297
Class of 2006 Endowment 431,053
Class of 2007 Endowment 774,766
Class of 2008 Endowment 673,572
Class of 2009 Endowment 500,620
Class of 2010 Endowment 444,237
Class of 2011 Endowment 487,595
Class of 2012 Endowment 454,559
Class of 2013 Endowment 498,910
Class of 2014 Endowment297,861
Class of 2015 Endowment348,519
Class of 2016 Endowment437,543
Memorial Endowment 36,141
Gene Rankin Endowment 18,400
Quasi Endowment 4,872,099
Subtotal Unrestricted$27,982,711
Transfer to Quasi(2,162,566)
NET SUBTOTAL UNRESTRICTED$25,820,145

Restricted

D.L. Fitzgerald Award Middle School Award 1,866
M.S. Oliver Fund Middle School Award 6,971
V. Peters Memorial Fund Library63,013
Frederick J. Dennis Fund Upper School English Award 15,020
Walter A Davis, Jr Fund Upper School Math Award 6,737
K. Bjornson Memorial Fund Trees101,580
R. Clark Memorial Fund Field Trips 85,579
A. Haebler Fund Developmental Learning Salary 794,894
Lawrence Kalmbach Memorial Fund Boys’ Lacrosse Award 15,875
Pyrma Vezina Lacrosse Award Upper School Award 7,973
Peter W. Briggs Faculty Child Scholarship Fund Faculty Children Scholarship 746,970
GCDS First Endowment GiftsVarious225,000
The Harteveldt Family Faculty Endowment FundFaculty Support60,000
Windfall Auction 1985 Fund Professional Development 1,099,931
Professional Development Fund Professional Development 1,292,117
Floren Basketball Award Grade 9 Upper School Award 3,617
Orient Express Arts Fund Arts and Playground 260,388
Endowment for Faculty 2000 For Teaching Excellence/Campus Faculty Housing 4,539,905
Endowment for Students 2000 Financial Assistance 1,889,579
Endowment for Technology 2000 Technology3,780,889
A Greek Odyssey Auction 2001 Co-Teachers Salaries 662,586
Edward L. Hicks Memorial Fund Upper School Math Athletics 12,790
Jack O. Snyder Memorial Middle School Award 2,833
James Arden Endowment Fund Professional Development Projects 268,023
Judy and Fred Wilpon Faculty Endowment Faculty Salaries 307,138
Broadbent Endowment Fund Science Projects and Faculty Enrichment 210,439
Judy O. Higgins Endowment for Lower School Developmental Learning Program Faculty Salaries 2,669,332
Douglas J. Lyons Endowment for Faculty Faculty Development 2,669,242
Other Endowment for Faculty Faculty Salaries 66,643
Burden Endowment for Diversity Students Financial Assistance - REACH 311,769
Stephen and Suzanne Weiss EndowmentFaculty/Staff Merit Bonuses 682,839
Endowment in Honor of Christopher H. Frantz ’79 Professional Development 129,510
Post 2000 Scholarship Fund Financial Assistance 397,135
APPLE Endowment 310,505
Kurdziel Family Instrumental Music Endowment 18,756
China Care Endowed Faculty Chair (Dalio Family) 1,761,839
Auction 2004 Endowment for Financial Aid 211,241
DCE Endowment Faculty/Diversity/Financial Assistance 94,267
Harry Hoffman Endowment Faculty Salaries 8,421
Auction 07 Mandarin Chinese 312,946
Auction 07 Scholarship156,473
Hannah Smith Memorial Financial Assistance 74,823
Class of 1986 Faculty Stipend 57,016
Steven Mann Endowment 110,839
Linda Northrup Memorial113,652
Subtotal Restricted 26,679,410
TOTAL INVESTED ENDOWMENT AND SIMILAR NET ASSETS $52,499,555
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