MKA is an independent school, which means that it has not been
formed by a school district or government agency to serve the public of
a particular geographic area. It has been privately formed to educate
its carefully selected student body. Independent schools design their
own programs and are normally independent from state or federal
funding. In contrast to public schools, independent (or private)
schools have to rely financially on tuition income, endowment income,
and annual contributions, rather than on tax dollars.
Independent schools are expensive - especially one like MKA that
maintains small class sizes on three separate campuses. In line with
its peers, MKA charges tuition that covers approximately 89% of the
cost of educating each student. To help bridge the gap between tuition
revenue and operating expenses, MKA depends on a voluntary Annual Giving Program.
Operating expenses are primarily faculty salaries and benefits, the
expenses of maintaining and improving the physical plant, the costs of
educational materials, and MKA's financial aid program.
Parents who are new to MKA learn about the Annual Giving Program
at a New Parent Dinner held in the fall. All members of the MKA
community receive a letter from the Annual Giving Chairperson outlining
the needs and goals of the program prior to being solicited during a
three-week phonathon held in late October. MKA has been fortunate to
generate extremely successful Annual Giving Programs, both in terms of
meeting financial goals, and in encouraging significant participation.
We hope that parents will make MKA their highest philanthropic priority
while their children are students at MKA, but we welcome support of our
Annual Giving Program at any level. Parent gifts to Annual Giving range
from $10 to $35,000. The Headmaster's Society recognizes leadership
gifts of $5,000 and above with a special dinner prior to reserved
seating at the Upper School Winter Musical's Opening Night. Donors of
gifts of $500 and above are recognized as being members of an MKA Gift
Club, and are thanked at an annual reception . Alumni, past
parents, grandparents, foundations, friends, faculty and staff all
contribute to MKA's Annual Giving Program, and all gifts to Annual
Giving are tax deductible. Corporations also contribute through
employee Matching Gift programs, and we encourage our supporters to
determine whether their employers participate in a Matching Gift
program. Generally, day schools typically receive the greatest
financial support from current parents because parents understand that
their children will benefit directly from any enhancements to program
and plant.
MKA also encourages endowment funds. Endowment funds are segregated trust accounts designed usually for
specific projects or programs or for the school program as a whole, and
these funds are similar to savings accounts or other financial assets
which generate income. While the principal of the fund remains
untouched, part of the income generated can provide a source of
revenue. Ideally, income from a growing endowment can enhance the
operating budget and help defray tuition increases or provide crucial
funding for scholarship and financial aid, which MKA values in its
ongoing commitment to diversity. In addition, MKA has made faculty
endowment a priority. Teachers are the heart of a successful school,
and MKA is blessed with an exceptional faculty. In an attempt to keep
faculty salaries as competitive as possible in an area with
extraordinarily high living expenses, support of faculty endowment is
essential. Increasing the endowment, through investments and
fundraising, will always be a strategic priority.
MKA also conducts Capital Campaigns which are special fundraising efforts to fund major projects such as the new
Middle School Gymnasium, the renovated Van Brunt Field and Deetjen
Theatre, the Distance Learning Room, state- of-the-art science
labs, and the Peter R. Greer Arts Wing. Today's students benefit from the generosity of those MKA
families who went before them, and current parents are a critical
component in ensuring that the legacy of excellence will be continued.
Capital gifts are generally larger than Annual Giving gifts, and
usually take the form of a pledge that can be paid over three to five
years. As with Annual Giving, employer Matching Gifts are often
available to augment and enhance a donor's generosity, and all gifts
are fully tax deductible.
MKA is also extremely fortunate to have an active and successful Parents' Association (PAMKA)
through which families can become involved in many different aspects of
the school. PAMKA holds several fundraising activities during the year,
including an annual Book Fair, a Dinner and Auction, and a Tuition
Raffle to help raise funds for classroom "wish-lists," faculty training
and endowment, a public Lecture Series, and parent information and
education opportunities. Many parents donate extraordinary amounts of
time to ensure the success of all these ventures, for which MKA is
eternally grateful.
If you have any questions, please do not hesitate to contact the Office of External Affairs at 973-509-7932.
