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Our new home. Why did we move?. To protect educational programming, we needed to get our real estate costs under control – rent was rising annually as state education funds fell To control our space in the long term – to have our own home where we could prioritize how to meet our own needs - PowerPoint PPT Presentation
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Our new home.
Why did we move?• To protect educational programming, we needed
to get our real estate costs under control – rent was rising annually as state education funds fell
• To control our space in the long term – to have our own home where we could prioritize how to meet our own needs
• To get more classrooms and more usable space with less teacher roaming and better classroom layouts
Charter School Economics• Like other public schools, charter schools
receive a per-pupil allotment for instructional expenses from the state and from the counties where our students reside.
• Per-pupil allotments have not returned to their 2008-2009 level.
• Charter schools do not receive capital funding.
• Land and buildings are not provided by the county or the state.
Source: Thomas B. Fordham Institute, FY 2002-03
Note: The Wake County manager’s office estimates the shortfall is $1,224.
$7,465 $7,051
$9,237
$6,510
$0$1,000$2,000$3,000$4,000$5,000$6,000$7,000$8,000$9,000
$10,000
Cost Per Student
North Carolina Wake County
NC Charter Schools Receive Less Money than NC Public Schools: in Wake County the
shortfall is $2,727 per student
Public SchoolCharter School
$7,689
$18,750 $18,300
$21,306
$0
$5,000
$10,000
$15,000
$20,000
$25,000
RCHS Ravenscroft St. Mary's Cary Academy
RCHS succeeds on much lower revenue per student than local private schools
Three major streams of work
• Real Estate—$10.335 million dollar project– Purchase price was $6.375 million.– Balance includes building renovation, road, soft costs
and contingency.• Financing—both long- and short-term
– 10-year charter renewal gave basis for long-term loan.– BB&T underwrote $7.4 million of tax-advantaged bond.– Seller financed $2.175 million, due October 2016.
• Fundraising – We launched $3 million, 3-year campaign, in 2010.– Designed to pay off seller financing and provide equity
to secure the long-term financial stability of RCHS
On September 24, 2010, we jumped in (nervously) to raise $3 million over 3 years
and to complete the renovation in 9 months.
We sought better economics and theseimprovements:
• 7 additional “better” classrooms• Another computer lab• Teachers who will not roam• Larger classrooms and labs• Superior layout and less “wasted” space
Teachers who will not roam
Larger classrooms and labs
Superior Layout
The project finished early and under budget . . .
• No surprises, few change orders. • Pilot Mill lease savings. • Low-interest rates.• Rebates for improvements that save
energy. . . . partly because our community
provided roughly $350,000 in savings through “sweat equity.”
Re-use of existing materials
In-kind donations of materials, skills and time
Volunteers tackled big tasks
RCHS has a “golden” opportunity to save $271,875 by paying the seller financing
early—by December 2011.
Principal due on seller financing $2,175,000 (principal payments due
October 2013 to October 2016)
Principal due if paid early $1,903,125(12.5% prepayment savings,due by January 6, 2012)
Savings through early payment $ 271,875
If the RCHS community can raise $300,000 more, we can capture the $271,875 in savings
through early payment.
DEADLINE FOR DISCOUNT SAVINGS December 31, 2011
Cash required to capture savings $1,903,125 (must be paid by 1/6/12)
Cash available to pay off debt $1,603,125 (sources include capital campaign, project savings, low-interest rates)
Additional Cash/Pledges Required $ 300,000
What has been pledged and raised?
• $1 million anonymous gift, no strings attached, to be used in any way that will encourage others to give.
• $1,394,147 Additional pledges/gifts• $ 100,973 Staff, their parents, students• $ 12,366 Grandparents and friends• $ 63,335 Alumni and alumni parents• $ 233,162 Corporations, Foundations • $ 634,311 Current parents• $ 350,000 In-kind gifts, time, talent
Building Our Future PledgesGift Level Needed Budgeted Current Current
(3 years) Number of Contributions Commitments Dollars Gifts - - Committed
$1,000,000 1 $ 1,000,000 1 $ 1,000,000
$100,000-999,999 4 $ 950,000 0
$---------------
$50,000-99,999 3 $ 150,000 1 $ 90,000
$25,000-49,999 5 $ 125,000 4 $ 109,992
$10,000-24,999 25 $ 250,000 25 $ 311,925
$5,000-9,999 40 $ 200,000 30 $ 168,766
$3,000-4,999 45 $ 135,000 37 $ 127,235
$2,000-2,999 60 $ 120,000 31 $ 69,247
up to 1,999 many $ 70,000 353 $ 166,982
In Kind gifts $ 350,000
TOTALS 183 plus many $ 3,000,000 482 $ 2,394,147
Think big in small steps. Stretch.
Be creative.
• $25K gifts ($674/month for three years)• $10K gifts ($278/month for three years)• $ 5K gifts ($139/month for three years)• $ 3K gifts ($85/month for three years)
OR• Quarterly payments• Semi-annual payments• Annual payments
Next Steps• If you have already pledged or contributed your
support, thank you! • Consider accelerating your pledge payments.• Encourage others to help take us the rest of the
way.• If you have not done so already, pledge your
support by November 30, 2011.• Find out if your employer has a matching gift
program.• Contact us to talk about ideas and possibilities.
What does better economics mean?• Smaller classes and more electives for our
students• A full-time teacher to work with struggling
students• Restoring previously cut funds for
• Textbooks• Department budgets• Cultural Arts programs• Conference attendance for faculty • Flex and Community Work Day programs
• ropes course, opera flex, bus rental, outside presenters
Building Our FutureOur Second Founding
Successful completion of this campaign willsecure and enhance the RCHS experiencefor current and future students and families.
Your support will make a difference.