Endowment Update 2023–2024
Summit School’s endowment, established in 1959, is a valuable, perpetual asset of the school. During the fiscal year ending June 30, 2024, Summit’s invested endowment generated returns in excess of 8.5%. While this was slightly below the 50% MSCI ACWI / 50% Barclay’s Agg benchmark return of 9.9% for the year, the endowment has outperformed the benchmark in the 5-year and 10-year time horizons. For the most recent year, the endowment increased in value by about $1,400,000 and ended the year valued at $17,125,000. Summit’s investment policy seeks to maintain or grow the value of the school’s investments even in difficult markets and with an embedded long-term capital preservation strategy.
5%
Summit’s Investment Committee, chaired by board member and current parent Matt Petronzio and working with Cerity Partners OCIO, will continue to monitor investments among multiple asset classes and fund managers while ensuring that we are working within the boundaries set out by the Investment Policy Statement. Our goal is to assure the financial stability of Summit School both now and into the future, with an emphasis on preservation of assets, while reaching prudently for some growth, and being mindful of the ever-changing investment landscape. The board’s policy is to draw 5% of a three-year rolling average of the value of the endowment, on an annual basis, resulting in an annual draw of nearly $870,000 which supports Summit’s programming.
14%
10%
General and Operating Support
Global Fixed Income
25%
Absolute Return
17+2.5+525.5L 15+7+12.587.5L
Financial Assistance
51%
34%
Faculty Support and Professional Development
Board Designated
TOTAL ENDOWMENT
$
17,125,000
as of 6/30/2024
Annual amount transferred to Summit School to support our students, faculty, and programs.
2019 - 2020
$733,490
2020 - 2021
$735,520
2021 - 2022
$778,368
2022 - 2023
$778,368
2023 - 2024
$871,812
Five-year total
$3,897,558
16%
Real Assets
30%
Global Equities
15%
INVESTMENT COMPOSITION
Private Capital