St. Mark’s School of Texas reported a healthy surplus from the annual operations for fiscal year 2023. 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, once again exceeded the goal set for the year 2022-2023 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 Beau Harbour ’01, provides scrupulous fiscal oversight over the operating budget and financial governance issues. The Audit Committee, chaired by Michael Wisenbaker ’93, 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. Lawrence Gardner, 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.
Construction of the new Marksman Athletic Complex is in full-swing 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. Due to the incredible generosity and support from the St. Mark’s community, gifts were committed for the total cost of the project and celebratory groundbreaking ceremony for the new building took place in early May. The timeline projects occupying the new building in early 2025. Countless hours have been invested by Kathy Crow, 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 ensure that the financial foundation of the school remains strong for many generations of Marksmen to come.