A robust endowment is an essential component of every successful nonprofit institution, and this is even more relevant in the independent school landscape where the fiscal challenges are mounting. In a time of rising tuitions and increasing need for financial aid among many families, the case for a strong endowment to ensure long-term budget relief and financial sustainability is evident.
As we move forward, increased endowment contributions will be critical to achieving the financial flexibility required to make vital investments in our School, including:
  • Recruitment and retention a world-class faculty through competitive compensation and supportive work environments;
  • Continuation of our need-blind admissions policy, thereby ensuring our ability to attract the highest quality students;
  • Enrichment of our curriculum and programs to prepare our students to thrive in a changing, interconnected world;
  • Maintaining affordable tuitions as we seek to enroll a socio-economically diverse student body;
  • Providing operating resources to maintain new and existing facilities.
The perpetual earnings generated by endowment funds play a critical role in shaping the future of the School by supporting the faculty, programs and facilities that define and enhance the Greenhill experience. We are thankful for all of the support we have received in the past and look forward to working with families and friends to continue to build this valuable resource.
Chief Development Officer

Management & Investment

All gifts to endowment, generally in the form of endowed funds, are considered principal and remain unspent. Income is earned on the invested assets, and a portion of the fund is spent each year for each fund’s designated purpose, in accordance with the School’s spending policy and establishing donor’s intentions. The goal of positive investment returns and continued contributions allows for growth in each individual fund.

Investment Policy

The endowment assets are invested in a diversified portfolio designed to maximize returns without exposure to undue risk. To satisfy its long-term rate-of-return objectives, the School relies on a total return strategy in which investment returns are achieved through both capital appreciation (realized and unrealized) and current yield (interest and dividends.)
A target asset allocation is established for the endowment by the Investment Committee of the Board of Trustees and is reviewed on a quarterly basis. The current asset allocation for our diversified endowment includes cash, fixed income, equities, and alternative investments. The School utilizes investment consultants and finance managers to suggest specific investments, subject to the list of permissible investments established with the Investment Committee.
For investment purposes, the School may merge or commingle all endowment funds with the general assets of the School. Each fund within the endowment is unitized, whereby each fund receives a pro-rata share of the market appreciation and annual draw. In addition, establishing donors are notified annually regarding the appreciation of pooled endowment funds, with an illustration of their contribution as a portion of the whole. Because it is Greenhill’s policy to respect the privacy and confidentiality of financial aid recipients, names of students receiving financial aid cannot be released.

Spending Policy

Annually, the School appropriates for distribution a percentage of its endowment based on current Board policy. Currently, this distribution is calculated using the endowment’s average fair value over the prior twelve (12) quarters through the fiscal year-end preceding the fiscal year in which the distribution is planned using an established spend rate. A newly established, fully funded endowment will be included in the appropriation calculation on June 30 if the fund is greater than six (6) months old.

Endowment Summary

Designated Purpose 6/30/2018 6/30/2019 6/30/2020 6/30/2021 6/30/2022
General Endowment $21,372,759 $25,512,171 $30,140,834 $39,038,000 $34,316,00
Financial Aid $4,295,924 $4,440,711 $4,704,423 $5,713,000 $5,197,000
Faculty Enrichment $3,554,282 $3,634,493 $3,939,027 $4,775,000 $4,282,000
Curriculum/Programs $1,593,593 $1,632,997 $1,895,556 $2,366,000 $2,081,000
Facilities $8,090,637 $9,049,272 $9,470,492 $11,445,000 $11,446,000
Total Endowment $39,706,398 $44,269,644 $50,150,332 $63,337,000 $57,322,000

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Greenhill School

A coed, nonsectarian, independent day school for prekindergarten – Grade 12
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