The 2016-17 school year was noteworthy in many ways. Charley and Sallie Stillwell completed their first year. Bailey Patrick ’79, Chair of our Board of Trustees, completed his term of service after overseeing significant changes to the campus over the past six years. However, in many ways, it was a normal school year. There is a regular column in The Chronicle, our student-run newspaper, which charts what is in and what is out. It can be driven by the seasons, athletics, fashion, music, or something unique to Episcopal. The last column of the year declared that the Episcopal Bubble was out and the Real World was in. Studying in the library was out and lounging in the sun was in. And finally, the Class of 2017 was out and the Class of 2018 was in.
Some things change. Some things stay the same. But we are never standing still. Having completed the adaptive reuse of Stewart Gym into the Student Center in Stewart Gym, which has been everything we had hoped for, we are about to start construction on two new faculty houses. We expect them to be ready for occupancy by late spring 2018. We are also planning for six additional faculty houses that will be built over the next several years. These new houses will allow us to provide housing for almost 100 percent of our faculty.
Once again, our Advancement Office has knocked the ball out of the park. Our annual giving set another record, exceeding their goal by $90,091 or 2.8 percent for a total of $3.28 million. Our annual fund, the Roll Call, is responsible for over 10 percent of our annual budget revenue. The generosity of our community, families, parents, alumni, and friends provides the extra resources that allow us to distinguish ourselves.
We continue to be in sound financial shape. We ended the 2016-17 school year with a $7,000 surplus. Our liquidity is very strong. We hired Monticello Associates to manage our endowment, and it continues to be a priority for the Board. Their first task was to assist us in restructuring and reallocating a significant portion of our endowment. This task has been completed, and we are positioned well to provide the resources we need for the future.
Again, I would like to extend my sincere thanks to everyone in the EHS community who has contributed their valuable time and resources to make Episcopal the special place it is.
William Hunter deButts III ’76
Chief Financial Officer