Each year, Woodberry’s alumni, parents, grandparents, faculty, and friends sustain the school’s efforts to prepare boys for their future by supplementing our operating budget through their support of the Amici Fund, our annual fund. Woodberry’s 2014-2015 operating budget of $33.3 million was funded by tuition, endowment, and the Amici Fund.
What it costs to educate each student
The true cost to send a boy through Woodberry for a year is calculated at approximately $71,000. Our current tuition and room and board is $51,700. This means that even families who pay full tuition receive a subsidy of almost $19,300 annually toward their son’s education. Your gift to the Amici Fund allows the school to continue to provide a first-rate education for boys while keeping tuition increases under control.
Understanding the costs of a Woodberry education
Our highly dedicated faculty members play an integral role in contributing to each student’s Woodberry experience. They dedicate their lives to educating our boys and also serve as coaches, advisers, and mentors. A large portion of Woodberry’s budget goes toward paying and retaining these exceptional educators. However, there are other people who also contribute to Woodberry each and every day. The staff in our dining hall work hard to serve three meals a day, seven days a week; our custodial staff ensures that the dormitories are clean and running. Our grounds crew keeps Woodberry in pristine condition. Our librarians make sure that our students have access to all the resources available in the William H. White Jr. Library. And Woodberry’s many sports teams — from varsity to Bengal — require deeply committed coaches. Our IT specialists make sure that Woodberry students stay connected. Many people on campus contribute to the Woodberry experience. We devote 51 percent of our annual budget to their salaries and benefits.
How does Woodberry fund its operating budget? And why support the Amici Fund?
Currently, tuition accounts for about 59% of the operating budget. Woodberry’s Endowment covers another 29% of operating costs, as well as 2% coming from other sources. This leaves a 10% gap between Woodberry’s operating budget and our finances to cover it. This gap is filled by the Amici Fund. Your gift to the Amici Fund contributes to the yearly operation of the school, and is an integral part of our success.
Why does Woodberry not make a larger draw from their endowment? Why do they need my dollars every year? Woodberry draws from its endowment at the rate of 5 percent each year on its average balance over the previous twelve quarters. In doing so, we ensure that we spend appropriately on Woodberry today while also saving for the future. Our endowment is not a checking account from which we can withdraw at will.
By supporting the Amici Fund, you also help to ensure that Woodberry is able to bring the best boys to strengthen our community regardless of their financial situation. Fifty-nine percent of Woodberry’s need-based financial aid program is currently funded by our endowment. In order to fully fund our current financial aid budget through the endowment, we would need $50 million more endowed to financial aid. Until our financial aid needs can be met through our endowment, they are funded by unrestricted gifts to the Amici Fund. This is also why the Amici Fund is so important, because it bridges the gap annually between our financial aid program needs and our ability to fund them.