December Head's Letter

Invictus
William Ernest Henley
1849–1903

OUT of the night that covers me,
Black as the Pit from pole to pole,
I thank whatever gods may be
For my unconquerable soul.
In the fell clutch of circumstance	5
I have not winced nor cried aloud.
Under the bludgeonings of chance
My head is bloody, but unbowed.
Beyond this place of wrath and tears
Looms but the Horror of the shade,	10
And yet the menace of the years
Finds, and shall find, me unafraid.
It matters not how strait the gate,
How charged with punishments the scroll,
I am the master of my fate:	15
I am the captain of my soul.

In this climate, it is natural to wonder about the institutions upon which we rely, and I feel it is important to address some of the specific concerns that I imagine you might have.

In October I wrote about The Park School’s fundamentals in light of the gathering financial downturn and posited a value proposition that has served Park families for nearly one hundred years: our ability to deliver a high quality, individualized, and experientially based education that transforms students into the person that they are meant to be. Since then, the economy has continued to decline and the country’s collective attention is now focused daily on financial matters as they lead the news. In this climate, it is natural to wonder about the institutions upon which we rely, and I feel it is important to address some of the specific concerns that I imagine you might have.

Is the school financially viable? Yes. Like all independent schools, the downturn has affected our endowment and raises concerns regarding enrollment and charitable giving. With this in mind, we are making very conservative assumptions when developing next year’s budget. However, we are committed to living within our means and are blessed with strong financial stewardship at the board level. Park has a history of delivering a high-quality education within relatively lean fiscal constraints. While we are working hard to lift some of these constraints in the future, they have also provided us with a sense of financial discipline that will prove valuable as we negotiate this downturn.

Will the school’s fundamental mission or program change? No. As we build next year’s budget, we have made preserving the strength of our educational program a priority. We are committed to maintaining the high quality education that we provide your children and will make all possible efforts to avoid budget cuts that affect our fundamentals.

Will aid continue to be available for those in need? Yes. We remain committed to providing well-qualified students access to the school, and 2009-2010 will most likely yield a slight increase in our financial aid budget in anticipation of increased need. While specific financial aid amounts are determined on a case-by-case basis, the odds are good that if a family’s financial situation has stayed at a steady state or declined, Park will be able to match or marginally increase its current level of support. As always, we will be following principles of best practice for financial aid as defined by the National Association of Independent Schools (NAIS) to ensure that we are scrupulously fair when making decisions regarding aid.

Will tuition increase? Yes. We have historically factored a tuition increase into our budget models, and this year a modest tuition increase will most likely be necessary to develop a balanced budget. Further, tuition alone does not capture the entire value of a Park School education, which is annually supplemented by charitable giving, endowment income, and other sources of revenue. Unfortunately, these revenue sources are particularly unpredictable in the current economy, and we hope to offset their volatility with a predictable increase in tuition revenue.

Are students applying? Yes. Enrollment is one of the keys to our financial health, and inquiries, shadows, and applications continue to come into our admissions office at a rate comparable to years past. Our new admissions team has a realistic goal of holding enrollment steady for next year and is continually adjusting their efforts to match market conditions in order to hopefully meet or exceed this goal. It is also important to note that we will not allow the financial crisis to compromise our admissions standards. In those instances where Park is not a fit for a student or family that seek us out, we will maintain our integrity regarding our beliefs about whom we can and cannot serve.

Are people giving? Yes. Charitable giving to Park remains strong this year and on par with our historic norms. We are tremendously grateful for the financial loyalty and support that we have received from current and past parents, alumni, trustees and other friends. Since the Annual Fund provides important support to the school's annual budget, including our financial aid program which supports our richly diverse student body, we urge all Park community members to show once again the outstanding participation rates that you did last year and make your gift.

What can I do to support the school in these difficult times? We know that our families understand that a Park education is an investment in their child’s future, and hope that you will continue to prioritize the school as you develop your own family budgets. I also encourage you to be as transparent and proactive as possible regarding any concerns or needs that your family may have. Finally, a fully enrolled school is the best inoculation that we have from the immediate effects of this financial downturn, as well as the most direct path to strengthening the long-term health of the school. Word-of-mouth is a powerful thing, and now more than ever we need our families to recommend Park to others.

What will the school do to support me in these difficult times? Above all, we will continue to deliver on our mission while providing a sense of normalcy for the students in our care, insulating them from any heightened sense of chaos that this crisis might bring to the world outside our campus. We will do these things not as a reaction to current financial concerns, but because our calm competence is part of the fundamentals that you have come to rely on. As always, we will remain a committed ally that is, and will always remain, dedicated to the transformative education of your children.

We are the masters of our fate. Together we shall prevail.