Private Schools Say They're Thriving in Downturn

Winnie Hu & Alison Leigh Cowan:

Private schools across New York City say they are thriving this fall, with record numbers of applicants and no significant decline in donations. Yet almost daily, even brand-name schools are finding that they have to reassure jittery parents about shrinking endowments and dispel rumors that requests for financial aid are pouring in, and that economically squeezed families are pulling their children out and enrolling them in public schools.

Trinity's interim head of school, Suellyn P. Scull, issued a letter taking issue with recent news reports that 45 families had given notice that they were leaving. Trinity, among the most competitive schools in the city, received 698 applications for the 60 kindergarten spots in this year's class.

The school is not yet releasing admission numbers for next year's class, but Ms. Scull wrote, "This year's admissions season has been perhaps busier than usual, and to date we have had no reports of families planning to leave us."

But the shrinking economy is taking a toll on investment returns at Trinity, whose endowment has fallen to $40 million from $50 million in July, and at other private schools, affecting what they can spend on programs and activities. "There's no way of escaping it," said Lawrence Buttenwieser, a former trustee at Dalton. "If it happens at Harvard, it will happen to everybody."

Posted by Jim Zellmer at November 29, 2008 2:33 PM
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