Susan Loveall, Chief Financial Officer

As the COVID pandemic continued into the FY20-21 school year, the school was well positioned to invest in our educational program and the safety of our students, faculty and staff.  Through the receipt of a PPP Grant of nearly $1.0 million, which was spent on FY19-20 and then FY20-21, we were able to provide a safe environment to enable our students to experience on-campus learning.  This included weekly PCR testing, enhanced cleaning services, additional cohort classes (3 per grade), modified classroom layouts and additional staff resources dedicated to supporting the educational program.  

This year also saw us operate a second location for our Early Childhood learning with two PreK classes.  This increased our total enrollment capacity to 282 up from the 258 we were capped at the 1 Carey School Lane location. 

The Carey School remains in a solid financial position, with enrollment growing with the new site and demand exceeding our capacity.  Our total revenue increased 6 percent even with a decrease in auxiliary programs which ceased during COVID.  While we have added debt to partially pay for the new second/first grade classroom building, we have strong working capital and a growing endowment. The school had another record year for Annual Fund contributions and record fundraising through the Carey School Parent Association raising over $500,700.  These funds supported both our strategic diversity efforts with financial aid and a one-time bonus for our faculty and staff. 

Operating expenditures increased substantially reflecting the increased costs of supporting our on-campus learning.  Much of the increase was offset by an increase in the PreK program, some major gifts and the PPP Grant.  After capital expenditures and with the PPP Grant, we generated an operating surplus of approximately $660,366. 

For more detailed information, audited financial statements for the 2020-2021 school year may be obtained from the Business Office.