SSFS Closing

[Anonymous]

As SSFS is Quaker, did it ever discuss separating from its overseeing meeting as others have done to gain more independence? To others’ points, you can have a thriving faith-based school without the meeting/parish tether. You can also be a good independent school without costly and trendy bells and whistles.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Catholic independent schools can’t be compared to parish schools. They’re not all thriving, either. Some have huge endowments left from the days when their religious orders were still there, but others are hanging on by a thread.

For every Visi or Gonzaga, there’s a Woods Academy that could easily be the next SSFS.

Or a Good Counsel or SJCHS which are thriving. No religious orders left them huge endowments.

To be clear, the endowments typically weren’t from the orders but reflect the relationship students and families had with them. They’re from wealthy people annd even small donors at a time when donating whatever money you had to your parish or school was very much expected. A lot of these big endowments grew from 1-2 rich families who felt a connection to the sisters, or situations like a single woman graduate never marrying and giving her entire net worth to her alma mater after her death. $10k here or there in 1920 or 1940 is a robust endowed fund today.

Ok nice history lessen but irrelevant to these schools. Are you even in the DMV?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Catholic independent schools can’t be compared to parish schools. They’re not all thriving, either. Some have huge endowments left from the days when their religious orders were still there, but others are hanging on by a thread.

For every Visi or Gonzaga, there’s a Woods Academy that could easily be the next SSFS.

Or a Good Counsel or SJCHS which are thriving. No religious orders left them huge endowments.

To be clear, the endowments typically weren’t from the orders but reflect the relationship students and families had with them. They’re from wealthy people annd even small donors at a time when donating whatever money you had to your parish or school was very much expected. A lot of these big endowments grew from 1-2 rich families who felt a connection to the sisters, or situations like a single woman graduate never marrying and giving her entire net worth to her alma mater after her death. $10k here or there in 1920 or 1940 is a robust endowed fund today.

Ok nice history lessen but irrelevant to these schools. Are you even in the DMV?

Well it’s relevant in that in comparison, SSFS is relatively new to most schools in DC and its endowment and financial picture certainly reflected that. Most postwar independent schools are vulnerable in the same way. They just don’t have sufficient generations of family money or alumni money to keep up with the expectations of families.

[Anonymous]

[twitter]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Catholic independent schools can’t be compared to parish schools. They’re not all thriving, either. Some have huge endowments left from the days when their religious orders were still there, but others are hanging on by a thread.

For every Visi or Gonzaga, there’s a Woods Academy that could easily be the next SSFS.

Or a Good Counsel or SJCHS which are thriving. No religious orders left them huge endowments.

To be clear, the endowments typically weren’t from the orders but reflect the relationship students and families had with them. They’re from wealthy people annd even small donors at a time when donating whatever money you had to your parish or school was very much expected. A lot of these big endowments grew from 1-2 rich families who felt a connection to the sisters, or situations like a single woman graduate never marrying and giving her entire net worth to her alma mater after her death. $10k here or there in 1920 or 1940 is a robust endowed fund today.

Or institutions so old that they earned funds from the sale of slaves:
https://www.visi.org/our-mission/history-of-georgetown-visitation#Late_19th

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Catholic independent schools can’t be compared to parish schools. They’re not all thriving, either. Some have huge endowments left from the days when their religious orders were still there, but others are hanging on by a thread.

For every Visi or Gonzaga, there’s a Woods Academy that could easily be the next SSFS.

Or a Good Counsel or SJCHS which are thriving. No religious orders left them huge endowments.

To be clear, the endowments typically weren’t from the orders but reflect the relationship students and families had with them. They’re from wealthy people annd even small donors at a time when donating whatever money you had to your parish or school was very much expected. A lot of these big endowments grew from 1-2 rich families who felt a connection to the sisters, or situations like a single woman graduate never marrying and giving her entire net worth to her alma mater after her death. $10k here or there in 1920 or 1940 is a robust endowed fund today.

Ok nice history lessen but irrelevant to these schools. Are you even in the DMV?

It sounds like their spending was out of control and huge mismanagement. They owned the land, as it was donated to them.
Well it’s relevant in that in comparison, SSFS is relatively new to most schools in DC and its endowment and financial picture certainly reflected that. Most postwar independent schools are vulnerable in the same way. They just don’t have sufficient generations of family money or alumni money to keep up with the expectations of families.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Catholic independent schools can’t be compared to parish schools. They’re not all thriving, either. Some have huge endowments left from the days when their religious orders were still there, but others are hanging on by a thread.

For every Visi or Gonzaga, there’s a Woods Academy that could easily be the next SSFS.

Or a Good Counsel or SJCHS which are thriving. No religious orders left them huge endowments.

To be clear, the endowments typically weren’t from the orders but reflect the relationship students and families had with them. They’re from wealthy people annd even small donors at a time when donating whatever money you had to your parish or school was very much expected. A lot of these big endowments grew from 1-2 rich families who felt a connection to the sisters, or situations like a single woman graduate never marrying and giving her entire net worth to her alma mater after her death. $10k here or there in 1920 or 1940 is a robust endowed fund today.

Ok nice history lessen but irrelevant to these schools. Are you even in the DMV?

It sounds like their spending was out of control and huge mismanagement. They owned the land, as it was donated to them.
Well it’s relevant in that in comparison, SSFS is relatively new to most schools in DC and its endowment and financial picture certainly reflected that. Most postwar independent schools are vulnerable in the same way. They just don’t have sufficient generations of family money or alumni money to keep up with the expectations of families.

You can’t make money off of land you can’t sell.

You can’t mortgage land.

Land is nice to have but financially useless.

[Anonymous]

Really unfortunate for the students. They did a $14 million upper school new building a few years ago. Their shortfall the next 3 years is projected to be about the same. Was the building mostly debt-financed, instead of from donations and pledges?

[Anonymous]

The building is named after the HOS family home so assume he was a major contributor. They also had a campaign to fund the building but the pledges didn’t all pan out. And then they lost their international student market but that was mitigated for a bit by the student bump from Covid.

[Anonymous]

Biggering

[Anonymous]

How common is it for people to make pledges and not follow through? It seems crazy to finance something based on money that is just promised. Is this normal? Aren’t people embarrassed to not complete their pledges?

[Anonymous]

Anonymous wrote:How common is it for people to make pledges and not follow through? It seems crazy to finance something based on money that is just promised. Is this normal? Aren’t people embarrassed to not complete their pledges?

I would be, but I suppose not. And if they've left the school there is little ability to pressure them.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Two things can be true at the same time. (1) It is a tough time for all independent schools in terms of upward cost pressures, more families affected by Fed (and Fed adjacent) turmoil. (2) Couple that with poor management (financial and/or alienating a significant enough number of families at the school) and that’s the end.

But the schools that keep an eye on the numbers and continue to deliver value to their community should be ok. Parents should also do their due diligence and review form 990s, etc.

I would have loved to review ssfs form 990, but they don’t have to disclose it. Convenient.

It is an IRS requirement that an exempt organization make available the Form 990 for three years following the date it is filed: https://www.irs.gov/charities-non-profits/public-disclosure-and-availability-of-exempt-organization-returns-and-applications-public-disclosure-overview

I know what a 990 is. The problem is Ssfs doesn’t have to disclose theirs to us

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Is a Cash Flow/Debt Service Ratio of 1.60 considered good for an independent school? (that was listed in a SSFS financial forecast document from the 2023/2024 school year, with previous years at 2.13 to 1.0) I'm trying to understand what could have happened.

Is this public information? A big complaint I have is that SSFS is classified as a religious exempt 501(C)(3) so is not required to file a Form 990 with the IRS. How much debt did SSFS actually have? How much of this debt is from the new high school? Secular independent private schools have to file the 990 form every year with the IRS. This is helpful to families wanting know the financial health of their school.

For example, you can find Bullis' 990 here. https://projects.propublica.org/nonprofits/organizations/520635080

Also, I find is amazing how much a HoS actually makes in salary. The HoS of Bullis was paid $694,841 in 2023. I have no idea what SSFS paid RG but it must have been in the same ball park.

There were heads of school there before and after RG. Do you wonder how much they paid them even when the school clearly had financial issues under them? Do you wonder how much the school spent on a head search this year knowing it was possible they might close? Do you wonder why they would bring a new head of lower school on campus two weeks ago and pay that salary for the rest of the year knowing they were going to close?

Yes I wonder all those things. As I said that an HoS makes that kind of money (ANY HOS) seems preposterous to me. No private school hos should be making that kind of money.

[Anonymous]

[list]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Catholic independent schools can’t be compared to parish schools. They’re not all thriving, either. Some have huge endowments left from the days when their religious orders were still there, but others are hanging on by a thread.

For every Visi or Gonzaga, there’s a Woods Academy that could easily be the next SSFS.

Or a Good Counsel or SJCHS which are thriving. No religious orders left them huge endowments.

To be clear, the endowments typically weren’t from the orders but reflect the relationship students and families had with them. They’re from wealthy people annd even small donors at a time when donating whatever money you had to your parish or school was very much expected. A lot of these big endowments grew from 1-2 rich families who felt a connection to the sisters, or situations like a single woman graduate never marrying and giving her entire net worth to her alma mater after her death. $10k here or there in 1920 or 1940 is a robust endowed fund today.

Ok nice history lessen but irrelevant to these schools. Are you even in the DMV?

It sounds like their spending was out of control and huge mismanagement. They owned the land, as it was donated to them.
Well it’s relevant in that in comparison, SSFS is relatively new to most schools in DC and its endowment and financial picture certainly reflected that. Most postwar independent schools are vulnerable in the same way. They just don’t have sufficient generations of family money or alumni money to keep up with the expectations of families.

You can’t make money off of land you can’t sell.

You can’t mortgage land.

Land is nice to have but financially useless.

I think the letter said they DID mortgage the land. And can’t divide it. So I guess a past board thought the school would be able to refinance and it turns out they can’t.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Is a Cash Flow/Debt Service Ratio of 1.60 considered good for an independent school? (that was listed in a SSFS financial forecast document from the 2023/2024 school year, with previous years at 2.13 to 1.0) I'm trying to understand what could have happened.

Will community members ever know if this was a combination of a financial perfect storm hitting a cash-strapped school OR if someone deliberately hid the school's true financial state?

Also, why, if the school was that close to insolvency, in addition to hiring all of the new heads, why did they undertake the expensive repairs to the Performing Arts Center?

Good question. Guess they needed to keep the charade up. And when you’re in the hole anyway what’s another couple million?