Dear Watershed Community,
On March 28, we will host an all school meeting at which we hope that each of our students will have a family representative. Before then, we’d like to offer you an update on the financial state of the school and our fundraising efforts to date.
In a veritable whirlwind of activity, we sure have raised a lot of money. Nearly $90,000 has been brought in since the beginning of the school year. The outpouring of generosity and support has been a creative group effort that is truly moving. Essentially, enough contributions have been generated for us to feel comfortable saying, “Watershed is going to survive”. Every donation served to buoy the spirits and lift up the vision of the faculty and staff. When students made their commitment known, that strengthened the resolve to persevere.
We had a fundraising goal of $123,000 that we had aimed to reach by January 31. While our totals to date fall short of this number, we have made considerable cuts and trims to the budget to keep things in balance. We are also pursuing a loan from an agency that supports non-profits to insure our ability to pay our bills and make payroll while we weather the storm. The Board of the City of Lakes Waldorf School, from whom we rent space, have agreed to reduce the amount of rent we owe for this year by $19,000. We will be negotiating with City of Lakes, as well as considering other suitable spaces to rent for next year. The goal there is simple; to pay what we can afford based on enrollment numbers. The state uses a formula based on enrollment to calculate lease aid payments to the school. Our lease must be negotiated with this in mind.
One economic goal of every school must be to establish a positive fund balance. On March 3, our board received a day-long training on financial controls and management to help insure that we don’t end up back in the position of having an excessive negative fund balance ever again. The level of support we have received from the Department of Education has been immense. Our three-year financial plan, collaboratively written by members of the Board & Faculty, was recently reviewed and approved by Education Commissioner Alice Seagren. It sets out the financial structure for the next 3 years and projects WHS as having a positive fund balance in 2010. Until then, it’s our job to maintain a quality program and the integrity of our financial data.
Do we still need to raise money? Yes. Are we out of the woods yet? Not quite. Is the future of Watershed bright? Most definitely. Why? Because our students tell us in every way they know how that Watershed must continue, must thrive, must become what it is capable of becoming. Enrollment numbers have increased steadily throughout the year. This trend contributes to our sense that Watershed’s mission is vital and that our financial goals are attainable.
Sincerely Yours,
The Administrative, Board, and Faculty Co-Chairs
Christina Beck, Keith Dunder, Ingunn Henrikssen, Debra Pelinski, and Leslie Wilson
