St. Mark’s School of Texas reported a healthy surplus from the annual operations for fiscal year 2022. The Board of Trustees directed the funds to the Long-Term Reserve for Future Operations to help ensure that the school has a “safety net” for future years. The reserve is Board-directed and may be used for capital expenditures, internal financing needs, or any other purpose that the Board deems appropriate. The St. Mark’s Fund, which provides well over 10% of the overall annual operating budget, exceeded the goal set for the year 2021-2022 by a large, record-breaking margin. The School’s financial position and student enrollment are both consistently strong. We are fortunate to have a resilient community that continues to value and support a St. Mark’s education – with their contributions, their volunteerism and their investments in tuition for their sons.
As has been true for over 115 years, the leadership of the school is committed to being good stewards of all resources available for its mission. The Finance Committee, led by David McAtee ’87, provides scrupulous fiscal oversight over the operating budget and financial governance issues. The Audit Committee, chaired by Eric Kusin ’00, provides critical review of the School’s retirement plan performance and the annual audits of St. Mark’s financial statements and the retirement plan. The Investment Committee, chaired by John Rocchio, ensures that the school’s endowment performance is closely monitored and that the investment portfolio is balanced according to policy. Ryan Robinson ’86, Facilities Committee Chair, has worked with his committee and school administration to maintain the buildings and the 40-acre campus at 10600 Preston Road in a manner that reflects the excellence that is St. Mark’s.
Planning for construction of the new Athletics Complex is in the final stages and the facility will be a phenomenal building that will be a vital part of the heartbeat of the School. St. Mark’s has a Debt and Construction Policy requiring that funds sufficient to cover the cost of the project be committed prior to commencing construction or incurring debt. The policy has served the School well, as there is no debt on the balance sheet. The current timeline projects a construction start date in early summer 2023. Countless hours have been invested by Kathy Crow, Board President 2020-2022, Carl Sewell III ’02, Jeff Hillier ’76 and many others to help ensure that the project is successful. This is an exciting time in the history of St. Mark’s!
I am so honored to work with the Trustees, faculty and staff colleagues and the other members of the administration at St. Mark’s School of Texas. Great work is accomplished every day to make sure that the financial foundation of the school remains strong for many generations of Marksmen to come.