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2024-2025 Operating Expenses:
$60,249,628
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Employee Salaries & Benefits
$36,151,529
Financial Aid
$7,853,510
Instructional Activities & Professional Development
$6,823,595
General Operating Expenses
$3,946,417
Plant & Operations
$2,566,712
Rent to NY Quarterly Meeting & Shared Maintenance Fund
$1,202,407
Debt Service
$1,077,735
Board Designated Funds
$627,723
Board Designated Funds
$627,723
2024-2025 Operating Income:
$60,249,628
Tuition & Fees
$48,488,350
Other Income
$5,405,877
Current Gift Income
$2,625,993
Interest from Endowment & Temporarily Restricted Funds
$1,735,750
2024-2025 Philanthropic Support
$4,731,570
Current Operating Funds $2,758,539
Fund for Friends: $2,758,539
Special Events $82,706
Auction 2025 Revenue: $82,706
Endowment Funds $1,890,325
Senior Gift 2025: $229,510
Board Designated Bequest Fund: $1,037,624
Auction Cash Call 2025: $152,500
Artists for Artists Fund: $54,725
Other Endowment: $415,966
Why the Endowment Matters
A robust endowment, well-invested, is the key financial foundation for any school and is our greatest resource for safeguarding the School’s mission through fluctuating economic conditions. Those who contribute to Friends Seminary’s endowment can take great satisfaction in knowing that their gifts benefit the School now and in the future. The endowment allows us to maintain our commitment to prepare our students for the world that is and help them bring about a world that ought to be.
Endowed gifts provide both immediate and long-term benefits. Each year, funds released from the endowment total are used to fund our annual operating budget. In 2005, The endowment totaled $6.1 million and contributed $206,000 into the budget. Each year since, that contribution has grown.
In the 2024-2025 school year, more than $7.8 million was released into the operating budget, relieving pressure on the Fund for Friends and financial aid.
2 Legacies, 1 Mission
The stories of two endowed funds, the Henry Lee ’43 Memorial Fund and the Larry Carter Legacy Fund, highlight the transformative power of endowment giving—whether a fund is just beginning its journey or has been nurtured for decades.
Endowment as of 6/30/25
$49,754,077
Financial Aid
$27,218,934
Unrestricted
$7,785,126
Curriculum & Program
$7,387,384
Faculty & Staff Support
$3,515,671
Endowment for the Education of Quaker Children
$1,000,000
Endowment from Unrestricted Bequests
$2,104,247
Facilities
$742,716
The Legacy of Henry Lee '43
Established in 1994, the Henry Lee ’43 Memorial Fund honors Henry Lee ’43, the first Asian American student at Friends Seminary, who sought to create scholarship opportunities for students like him. Inspired by a visit to Friends, Henry launched the fund, raising $2,700 in its first year with support from his family and friends. After his passing in 1995, the community raised over $100,000 to continue his vision. Over 30 years, contributions from more than 1,000 donors have provided scholarships for 13 Asian American students. Today, it is the second largest named endowed fund at Friends, reflecting the impact of sustained community support.
