Our goal was to raise $5 million in two large categories. The first was $2 million for capital projects and capital reserves. I like to refer to these funds as the "stuff" money. With these dollars, we have already completed the purchase of four new buses, a computer software system, repairs to the restrooms in the William S. Henry Family Academic Center, and the replacement of ceiling tiles and new paint throughout the school This summer we should complete new science labs and a maker space in the William S. Henry Family Academic Center, a new lower school playground named in honor of Mrs. Dot Kimbrell, and new windows for the entire William S. Henry Family Academic Center. By the start of school next year, the improvements to campus should be completed and will become such an exciting improvement to the school facility. To date, we have raised $1.9 million toward our $2 million goal.
The second focus of our fundraising is the endowment. An endowment is a fund (or funds) established to help underwrite the cost of supporting a particular aspect of the mission of a school or organization forever. With an endowed fund, the moneys are invested, and only a portion of the annual earning are spent. This enables the endowment to provide a perpetual revenue stream and to grow at a rate greater than inflation. The endowment provides long-term financial strength and support for Gaston Day School.
The 50th Anniversary Campaign hoped to raise at least $3 million for endowment to help us mainly with capital costs--that is the money we need to maintain our campus, all its buildings, and all our equipment. I am thrilled to tell you that we have already raised $3.8 million for the GDS endowment. The David Belk Cannon Foundation pledged that it would give one dollar to our endowment for every one dollar that was contributed for capital projects up to the amount of $2 million. This is called a matching gift, and we need to only raise another $100,000 for capital needs to qualify for the entire $2 million. This money will go into a fund at the Community Foundation of Gaston County to be invested for use for capital maintenance and repairs. In addition, Bill Henry has given $1 million in endowment to underwrite the cost of maintaining the William S. Henry Family Academic Center and the Frances Henry Baseball Complex. George F. Henry, III, has also pledged $1 million for an endowment to pay for the maintenance of the Jim Henry Student Activity Center. So altogether, we have raised $3.8 million in new endowment dollars for Gaston Day School. This will bring our total endowment to just over $11 million. We can never thank the David Belk Cannon Foundation, Bill Henry, and George Henry enough for their incredible support!! Thank you!! Thank you!! Thank you!!
So, altogether, we have raised $5.8 million dollars in our fundraising effort so far. I hope everyone celebrates these generous accomplishments. Thanks to everyone who has given so generously!! We hope those who have not will consider giving too. Whatever we give makes Gaston Day School a better place for our children. Thank you donors and campaign volunteers!!
