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2023-2024 Operating Expenses:
$58,255,970
Employee Salaries & Benefits
$36,296,194
Financial Aid
$7,120,813
Instructional Activities & Professional Development
$4,068,290
General Operating Expenses
$3,267,789
Plant & Operations
$2,621,412
Board Designated Funds
$2,501,567
Debt Service
$1,219,948
Rent to NY Quarterly Meeting & Shared Maintenance Fund
$1,159,957
2023-2024 Operating Income:
$58,255,970
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
2023-2024 Philanthropic Support:
$3,490,248
Current Operating Funds $2,586,734
Fund for Friends: $2,561,734
Restricted Current Operating: $25,000
Capital Funds $97,779
Auction 2023 Revenue: $97,779
Endowment Funds $1,045,146
Senior Gift 2024: $239,411
Board Designated Bequest Fund: $189,821
Artists for Artists Fund: $128,133
The Henry Lee '43 Memorial
Scholarship Fund: $42,387
Other Endowment: $344,194
Benefit 2024 Global Education Fund: $101,200
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 2023-2024 school year, more than $1.7 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 6/20/24
$44,975,081
Financial Aid
$24,540,375
Unrestricted
$7,289,379
Curriculum & Program
$7,161,883
Faculty & Staff Support
$3,292,097
Endowment for the Education of Quaker Children
$1,000,000
Endowment from Unrestricted Bequests
$965,482
Facilities
$713,354
The Power of Collective Giving
The story of the Henry Lee Fund reminds us that great legacies often begin with modest contributions. What started as a $2,700 fund in 1994 has grown into a $1.7 million endowment through the dedication and vision of many. Similarly, the Larry Carter Legacy Fund is in its infancy, but with continued support, it has the potential to provide transformative opportunities for students of color in the decades ahead. Each gift, no matter the size, helps build a stronger, more inclusive community at Friends Seminary. Endowment giving allows donors to invest in the future of Friends Seminary while honoring the values and individuals that inspire them. As we celebrate these two funds, we invite you to join us in shaping the future by contributing to the endowment. Together, we can ensure that Friends Seminary remains a place of opportunity, belonging, and excellence for generations to come.
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 grown the fund’s principal to $1,731,033 as of 2024, providing scholarships for 13 Asian American students. Today, it is the second largest named endowed fund at Friends, reflecting the impact of sustained community support.
