Highlight of Budget Spending: Where do we go from here?
It has been almost half a year since our new Greer and the fitness center opened its doors. Now that we have seen how much more attractive it has become, it makes us wonder what other projects are next in line. Capital budget for 2011 was approved in January for the renovation of the basement of Arms building for additional classrooms, cosmetic work on the 1st floor of main school building, additional parking lots, etc.
The operation budget and the capital budget constitute the academy budget. The operation budget is mostly drawn from academy tuition, annual support from alumni, and from the endowment and is used to pay for compensation of the faculty and staff, financial aid and other operating expenses. Capital budget, on the other hand, is for our long-term benefits. A project gift from our donors and capital maintenance budget from the Operation budget comprises the Capital budget. Our new athletic facilities and dorm maintenance are a few examples of its use.
Usually there aren’t dramatic changes in the operation budget, but there are definitely trends we can pick up. “This year our financial aid budget increased from 6.4 million dollars to around 7 million this year,” said Joseph Manory, the school CFO.
According to Imagine Deerfield, the academy’s strategic plan over the course of the next 5 to 7 years, Deerfield plans to invest significantly more on financial aid, expand our faculty, and sponsor 3 faculty travel study programs in Kenya, China and Costa Rica. Head of School, Margarita Curtis, had an optimistic view of our directions in terms of finance. “I’m very excited about the progress we would be able to make due to the generosity of our donors,” she said.
Anticipation lies on the capital campaign we launch this coming October at New York City to fundraise our capital maintenance reserve. The extent of capital maintenance will depend on the amount money we will be able to raise, but the renovation of the memorial building and the construction of new dormitory is two of our top priorities. Teddy Romeyn’13 said, “ I like the idea of renovating the memorial building. It would balance the level of facilities on two different sides of campus.”
Regardless of what is decided to be our next major project, there will always be the one following.
“I’d like to agree with my predecessor Mr. Widmer, who once told me ‘there are no stasis at Deerfield,’” said Dr. Curtis.