Buckley and the Recession; Sailing the Winds of an Economic Storm
Jean-Marc Juhel, Ph.D., Headmaster
From the Great Depression to the tragedy of September 11, 2001, the history of Buckley Country Day School has mirrored the events that have shaped the world. The current global economic recession is no exception. While this situation undoubtedly presents itself with new challenges, the Board of Trustees has always exercised its fiduciary duties with prudence and vision. Sailing the winds of an economic storm is not an unprecedented maneuver for the Buckley Board and Administration, and I have full confidence in our ability to effectively continue to do so.
Enrollment and Re-Enrollment
Buckley has benefited from a steady enrollment growth in recent years. Our objective is to maintain enrollment levels without compromising admissions standards. As of the end of February 2009 we had received a number of applications surpassing that of any year since we started tracking admissions activities on a monthly basis (2002-2003). Buckley is also making every effort to find ways to ensure that all children currently attending the school will continue to be able to do so, regardless of their families’ present financial situation. In light of the new challenges that many families are facing, the Board of Trustees has approved an increase in tuition of just under +3%, which is less than half the historic average increase. This will allow the school to fund a modest salary increase for faculty and staff, maintain our facilities, and continue to enhance the quality of our academic program. Senior administrative salaries have been frozen for next year.
Endowment and Capital Assets
Buckley has never relied in notable ways on endowment income in its operating budget. While the steady growth of the endowment over the years (see chart) has 
been necessary to build a cash reserve in case of difficult times, its value has not been substantial enough to contribute significantly to the operating fund. As of the end of February 2009, the value of Buckley’s endowment was $2,309,912, a drop from its June value of $2,480,002. The endowment is invested conservatively, with 80% in money market funds, 13% in fixed income CD’s and bonds, and 7% in mutual funds. Finally, as additional assets, Buckley owns property (approximately 7 acres) adjacent to the campus, to the west of the driveway. The school is not carrying debt regarding this land acquisition.
Fund-Raising and Capital Campaign
Just like any other independent school, Buckley relies on charitable contributions from parents, grandparents, and alumni to balance its operating budget. Proceeds for these contributions are mainly derived from the Annual Fund and the Fall Fair. (The Spring Gala funds special earmarked projects.) The Buckley community has always been extremely generous, and to date, the Annual Fund has raised close to $300,000 with a 53% parent participation. Gifts range from $15,000 to $10, and our goal is to encourage 100% parent participation in the Annual Fund. The 2008 Fall Fair was very successful and contributed close to $100,000 to our operating fund. Our Summer Program, attended by numerous Buckley families, further bridges the gap between the cost of our operation and revenue from tuition. Over the past 25 years, the Summer Program has made a significant contribution. This year, however, this contribution is expected to be on a smaller scale.
In order to fund much larger long-term capital improvement undertakings, Buckley depends on the success of capital campaigns, such as the current Campaign for Leadership. With its goal to grow our endowment and enhance our facilities, the Campaign for Leadership has raised over $3,000,000 since it was authorized by the Board of Trustees in October 2006. Some of the gifts have already been paid in order to fund initial projects, while others have been pledged over the next three to five years. Many vital projects have been completed or are close to completion. They include: air conditioning the auditorium and dining room, building a new baseball field, securing the east campus property line with fencing, providing new early childhood gym play structures and safety paddings, redesigning and renovating the athletic locker rooms, increasing the school’s endowment, and paying expense costs for design, engineering, and permitting related to the lower school, playground, and new parking area. I am pleased to report that the site plans were recently approved by the Planning Board of the Village of North Hills. Maintaining 21st century facilities that are consistent with our vision, as well as ensuring Buckley’s future, is critical, now more than ever. Therefore, in spite of the current recession, the campaign will continue. While its implementation will slow down, our commitment to execute the campaign’s plans, when the economic climate and funds allow, will not diminish.
Buckley has a long history and, since 1923, has weathered several economic downturns. A culture of prudent stewardship of resources and a practice of sensible spending have kept the school in a strong, sustainable financial position, ensuring its ability to fulfill its mission and uphold the quality of the faculty and of the programs that our children need. Measures taken to address the challenges of these new trying times and the continued support of our extended family will only help Buckley come out a stronger school.
