Written By: Mia Herz and Sophia Shen

This year’s Rye Country Day School Annual Giving Challenge reached a new record amassing $4.27 million from 1,172 donors. Each year, the Annual Giving Challenge encourages current families,  grandparents, alumni, parents of alumni, faculty, and friends to support RCDS by donating money. The Giving Challenge, which supports Annual Giving efforts, contributes to funding the academic support and development of teachers and students. The 2025-2026 Giving Challenge goal of $3 million was surpassed thanks to outstanding participation: 82% of parents and 98% of faculty and staff participated.

The annual giving funds, along with student tuition, and other smaller revenue sources fund RCDS expenses. After approximately 15% of gross tuition is dedicated towards need-based financial aid, the remaining net tuition is responsible for 85% of budget revenue. Additionally, the Board of Trustees is dedicated to ensuring students receive a robust education from talented teachers well versed in their subject matter. Around 73% of the budget compensates competitive faculty salaries and core benefits such as healthcare, pension, and life insurance. Additionally, RCDS keeps space in the school budget for teachers who have an educational initiative, such as new programs or projects in the curriculum. Ms. MacAffer, Assistant Head of School for Finance and Operations, emphasizes the importance of allowing employees to have opportunities to develop their craft and to innovate, and the budget provides financial resources for teachers to explore professional development that can lead to new approaches to teaching methods. Around 1.5% of the budget goes towards employee education and development. Teachers participate in professional development such as conferences, speakers, and workshops. The school also finances education for current teachers seeking a second degree, along with funding salaries and education for teaching associates who have graduated college and are pursuing a teaching degree. Finally, RCDS funds teaching fellows, a competitive program allowing aspiring educators to teach in Middle or Upper School departments for two-year periods. Budget expenses also include running administrative offices, providing class materials, dining, technology, and campus upkeep. Together, these expenditures keep RCDS operating efficiently.

A main financial goal for RCDS is to grow its endowment. Ms. Gioffre, Director of Advancement, explains that if she “could do anything for the legacy of the school, the endowment is it.” For RCDS and many other academic institutions, the endowment is unrestricted funds that can be reinvested over time, serving as both a safety net for emergencies and a foundation for the school’s long-term health. Each year, about 4% of the endowment’s value (which is calculated by taking the endowment average over the last 20 quarters) is transferred to support the operating budget, while the remainder continues to grow. A portion of these funds comes from community initiatives such as the senior gift fund, which is raised throughout the year. This money is restricted to a board designated fund, meaning the Board of Trustees has to vote to liquidate or use endowment funds. Endowment funds are permanently restricted dollars, which is money that is either directly spent and or invested for the future based on the donor’s intent. Ms. Gioffre believes the RCDS endowment fund is small compared to other peer institutions, so she feels growing the endowment is essential. The Rye Country Day School endowment currently stands at $89 million. In comparison, peer institutions vary widely in their financial resources. Fieldston School has an endowment of $125 million, according to an April article in The Fieldston News about its budget. Meanwhile, The Frederick Gunn School reports an endowment of nearly $40 million on its official website. Ms. Gioffre’s goal is to grow RCDS philanthropy with the students in mind. The future of RCDS is funding growth within the facilities and updating them to match the level of teaching that’s happening: ultimately, she hopes to use the money to stay relevant. 

The Giving Challenge proves the strength of the RCDS community, but understanding how that generosity shapes our education should not be limited to adults. If students are the ones benefiting from these investments, they should also be part of the conversation. A more transparent financial dialogue could help the next generation of students appreciate and sustain the school’s legacy of giving.

Over 65 RCDS students responded to a google form, with 93.9% of students wanting clearer communication on school finances. It is no surprise that students want more access because finding information on RCDS finances can be challenging. One must click on three separate links to access the information. Students would have to navigate to the RCDS website, click “About” → “Related Links” → “State of the School” and scroll to the bottom of the page to find a breakdown of the school income and budget. RCDS could add an assembly or dedicate a community meeting to further explain the budget, but for now, students need to seek out the information. 

Students are not typically aware of the current information on the school budget and the use of the money raised by the Giving Challenge. Faculty and parents are informed of the school’s finances through the State of the School Address in January. Although students are not invited to the address, Ms. MacAffer is willing to speak with students in a broad sense, either by grade or in the form of a presentation, breaking down the categories of the school’s revenue and expenses. Without a presentation for the students dedicated to the budget, it is up to the students to reach out to learn more.