Summit’s Culture of Giving & Financial Model
Every year, Summit alums, parents, grandparents, past parents, faculty/staff, and friends contribute to The Summit Fund, our campaign to supplement the annual operations of our school.
In 1941, as a result of the board’s desire to pay competitive salaries, keep tuition reasonable, and remain debt-free while managing a growing campus, an organized annual fund drive was created. The first financial aid donations were solicited as early as 1938.
Fast forward to today, Summit’s 2024-2025 operating budget of $20.1 million is funded by tuition, a draw from the endowment, co-curricular program revenue, and donations to The Summit Fund. Summit’s current financial model to bridge the gap between revenue and expenses is in line with most independent schools and follows National Association of Independent Schools (NAIS) guidelines.
What does it cost to educate each student?
Tuition varies depending on grade and program; that said the average cost of a Summit education is approximately $34,300. The average current tuition and fees for the 2024-2025 school year is $30,500. This means that even families who pay full tuition receive a subsidy of at least $3,800 annually toward their child’s education. Your gift to The Summit Fund allows us to provide a first-rate education while keeping tuition increases modest.
How are tuition dollars and donations allocated each year?
At Summit we believe that the single biggest variable in student success is the quality of the classroom teacher. More than 60% of Summit’s annual budget goes toward paying and retaining our exceptional educators. Our ultimate goal is to achieve and maintain competitive salaries and distinctive benefits while fostering a diverse and inclusive working environment that provides professional development and growth opportunities for every employee.
Why is it important to contribute to The Summit Fund every year?
Tuition revenue provides 84% of the annual operating budget. A 5% draw from Summit’s Endowment, currently valued at $17,400,000, provides 4% of annual expenses.
Every year there is a 5% gap between Summit’s operating budget and our revenue. This gap is filled in part by The Summit Fund. Your gift to The Summit Fund contributes to the yearly operation of the school and is an integral part of our success.
How does Summit’s endowment help supplement the annual budget?
Summit’s endowment funds, established in 1959, have grown to more than $17,400,000 and generate approximately $880,000 annually for the operating budget. The Board’s policy is to spend 5% of a three year rolling average of the value of the endowment for operations. In doing so, we ensure that we spend appropriately for Summit today while also saving for the future. Our endowment is not a checking account from which we can withdraw at will.
For additional information please call the Summit School development office at (336) 724-5811 or email development@summitmail.org.