Endowment

Throughout Carolina Day School's history, trustees, parents, alumnae/i and friends have established named endowment funds to provide lasting support for financial aid, faculty professional development, academics, and capital projects. It is the Carolina Day School Board of Trustees' policy that named endowment funds may be established with a gift of $25,000 or more.

The Carolina Day School endowment portfolio is managed by The Commonfund under the direction of the Investment Committee of the Board of Trustees. Five percent of the previous three-year average of the total value of the endowment fund is spent each year, and the excess earnings are added to the principal. This conservative spending formula allows the corpus of each endowment fund to grow.

Carolina Day School's endowment, like endowments at most independent schools, is a collection of various restricted and unrestricted endowment and scholarship funds. As an aggregate, this fund generates annual income for Carolina Day that is devoted to designated purposes that primarily support faculty development, financial aid, and facility maintenance.

Description of Funds

Financial Aid

Edward E. Ford Foundation Scholarship Fund : This fund was established by a generous challenge grant from the Edward E. Ford Foundation and matched by an anonymous donor to provide financial aid for minority students grades 9-12 who have a demonstrated need.

St. Genevieve-Gibbons Hall Schools Endowment Fund: This fund was transferred at the creation of Carolina Day School by its predecessor St. Genevieve/Gibbons Hall to provide financial aid for students with demonstrated need and for capital additions.

St. Genevieve Closing Endowment: This fund was transferred at the creation of Carolina Day School by its predecessor St. Genevieve/Gibbons Hall to provide financial aid for students with demonstrated need, teacher enrichment, and capital additions.

William C. Owen Memorial Fund: This fund was established by the Owen family in memory of William C. Owen to provide a scholarship to an 8-12 grade student who demonstrates athletic ability and high moral character. The fund also supports substance abuse prevention education for Carolina Day School students.

The Laurie Barr Memorial Endowment Fund, established in memory of Laurie Barr—parent, friend, volunteer—provides scholarship funds to eligible students in grades 6-12  who demonstrate an interest in science and/or athletics and who demonstrate leadership and high moral character.

The Sister Kathleen Winters Memorial Endowment Fund for Most Improved Student Award was established by Gail Godwin, a St. Genevieve alumna, to provide financial assistance to an upper school student who demonstrates the greatest academic improvement at Carolina Day school.

General Operations

Cornelia W. Stephens Memorial Fund : This fund was established in memory of Cornelia W. Stephens, beloved teacher, by friends and family members to provide funds for general operations. These unrestricted funds are to be used at the discretion of the Board of Trustees.

Faculty Professional Development

Betty Lou Davis Memorial Fund: This fund in memory of Betty Lou Davis, an active parent volunteer, was established by friends and family members to honor a teacher who has demonstrated unselfish devotion in promoting academic achievement with compassion, the development of high moral character, and unselfish loyalty to the School and its students. The fund supports faculty professional development.

Lynn Waple Endowment Fund for Teaching Excellence This fund was established in honor of Lynn Waple, a beloved teacher, by grateful parents to support professional development for faculty and staff who have been with the School for five years or more and who have demonstrated teaching excellence and/or high achievement.

W. Leon Elliston Faculty Professional Development Fund Established by Dr. and Mrs. W. Leon Elliston, this fund recognizes and provides professional development funds for Upper School faculty.

Edward E. Ford Foundation Professional Development Fund This fund was established by a generous grant from the Edward E. Ford Foundation to support Upper School faculty professional development.

Professional Development Endowment This fund was established with auction proceeds from the 1997 auction and has been added to by the subsequent 1999 and 2001 auctions to support professional development for the faculty.

Fine and Performing Arts

Martha Nell Lovette Music Endowment Fund This fund was established in memory of Martha Nell Lovette, a beloved Lower School music teacher, by her family and friends to support the Lower School music program.

Nancy Hendricks Cheesborough Memorial Fund : This fund was established in memory of Nancy Hendricks Cheesborough, an Asheville Country Day School alumna, to recognize a Middle School or Upper School student for outstanding music or drama performance.

Fine Arts Endowment Fund This fund was established by the Parent Council from the proceeds of the 1991 Auction to augment the art, music, and drama programs at all grade levels.

Miscellaneous

Carolina Day School General Endowment This fund, the old Asheville Country Day School Endowment Fund, was transferred and renamed at the merger. It also includes The Foundation for the Future, The Beecher Memorial Fund, and The Doris Houston Memorial Fund. Income from this fund provides for financial aid, general operating, additional instruction costs and programs, community service, and extracurricular programs not covered by tuition.

The Golf and Tennis Instruction Endowment Fund provides monies for contracting third party instruction for one-on-one training primarily in golf and tennis and to enhance overnight trips and meals for golf and tennis players.

The Jane Swicegood Endowment was established by Jane Swicegood Elins, a St. Genevieve alumna, to provide funds for a Sister Kathleen Winters Creative Writing Award and fund the Jane Swicegood Speakers Forum.