Private Schools Facing Real Challenges from Economic Downturn, Too
Times are tough out there. I don’t have a lot of perspective yet, but there’s no doubt the economy is hurting. And that means not only are real people hurting, but – as the Wall Street Journal reports – so are private schools: Trinity Episcopal School survived Hurricane Ike last fall. But then another storm hit — the economy. The Galveston, Texas, school, where tuition is between $5,000 and $8,000 a year, has seen its enrollment drop 12%, says David Dearman, the head of the school. Many parents of its students were among the 3,000 workers laid off by the area’s largest employer, the University of Texas Medical Branch. At the end of 2008, the school’s endowment was $800,000, down about 20% from July. The school has ramped up donation efforts through its Web site, and held car washes and bake sales. It stopped using substitute teachers — other staff members now step in when a teacher is out sick. “Our school will survive, but it will take years to recover,” Mr. Dearman says. Trinity Episcopal School is one of many kindergarten-through-12th-grade private schools caught in the middle of an economic tempest: anemic endowments, dwindling donations, financially strapped parents slashing […]
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