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 School

Charter 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 these

improvements:

• 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 will

secure and enhance the RCHS experience

for current and future students and families.

Your support will make a difference.