Trinity Episcopal School survived Hurricane Ike last fall. But then another storm hit — the economy.
The Galveston, Texas, school, where tuition is between $5,000 and $8,000 a year, has seen its enrollment drop 12%, says David Dearman, the head of the school. Many parents of its students were among the 3,000 workers laid off by the area’s largest employer, the University of Texas Medical Branch. At the end of 2008, the school’s endowment was $800,000, down about 20% from July.
The school has ramped up donation efforts through its Web site, and held car washes and bake sales. It stopped using substitute teachers — other staff members now step in when a teacher is out sick. “Our school will survive, but it will take years to recover,” Mr. Dearman says.
Trinity Episcopal School is one of many kindergarten-through-12th-grade private schools caught in the middle of an economic tempest: anemic endowments, dwindling donations, financially strapped parents slashing tuition from the family budget, and an exodus to suburbs with more appealing public schools where costs are lower.
“The discourse has shifting from sustainability to survivability,” says Myra McGovern, a spokeswoman for the National Association of Independent Schools.