Our financial aid endowment was established in 1993 by wise donors who understood that economic diversity was integral to our mission. Over time we've raised funds for this, and now have $9M to support our Variable Tuition efforts. The endowment generates approximately 20% of the aid we allocate each year to more than a third of our students.
Facts about the New City School Endowment
- The endowment spending policy allows New City to annually transfer 5% of our endowment (based on a 12-quarter rolling average) to our operating budget to be used for variable tuition.
- Our Endowment is invested in low-fee index funds with Vanguard. We have a Board Committee which meets with Vanguard representatives along with guidance from Mesirow to discuss performance and strategy.
- New City undergoes an annual financial audit through Clifton Larson Allen, which also files the school's tax-exempt tax return (IRS Form 990). New City School consistently receives an unqualified opinion on their annual audit and maintains very strong internal control procedures.