Now that January is upon us, the Buckley board of trustees and administrative senior leadership team are in the early stages of planning for 2021-2022.
One of our joint tasks is ensuring that the school has a balanced budget and the financial resources, including tuition income, needed to provide an exceptional education for our students.
Though usually we notify the community about tuition increases in late January when re-enrollment contracts are mailed, we recognize the challenges of the pandemic and thought it would be helpful to share an update earlier. Typically, independent schools increase tuition 3-5% annually to account for increases in faculty and staff salaries and benefits, to further invest in educational program offerings, and to increase financial aid. We rely on this increase when developing the budget.
For the 2021-22 school year, however, there will be no increase in tuition. This decision is made as many families continue to feel the financial impact and challenges of remote education associated with the pandemic. While our tuition revenue will remain constant as our expenses continue to increase, we will be able to use any potential savings from this year to partially offset the increase as we support teaching and learning. Consequently, for the 2022-23 school year, absent an increase in philanthropy and non-tuition revenue, we may need to increase tuition more than usual to “catch up” and fund competitive salaries to retain our talented faculty and staff as well as support our families in need.
We hope that this gesture will provide some relief to those families who are already stretching to make a Buckley education possible for their child. If you are in the position of being able to afford it, please consider an increase in your gift to The Buckley Fund. The need for The Buckley Fund will be even greater than in prior years, but we believe that this is the right choice for our community at this time.
Keeping our community united through this tough time is critically important to us. If your family continues to be impacted financially by Covid-19, we encourage you to have a confidential conversation with Lisa Turchan, our chief financial officer, (email@example.com) to apply for a Covid-19 Relief Grant for the 21-22 school year.
The board of trustees and senior leadership team are proud of the work our faculty, staff, and administrative team has done to provide meaningful learning as well as social and emotional support for our students during the pandemic. We are excited about the work completed and our plans to share a vision for our future that will firmly establish Buckley as a forward-thinking, tightly-knit, inclusive school. We are each so lucky to be part of this stellar community.
In an effort to continue building upon Dr. King’s legacy of service to the community, the Office of DEI partnered with The Valley of Change to develop a daily calendar filled with action opportunities.