Throughout Prep's history, major projects involving significant expense have been made possible through special fundraising efforts that were separate from the school’s two primary income streams: tuition and the Annual Fund. In recent decades, these initiatives have included the Keys to the Future campaign and the Carpe Diem campaign.
As a natural offshoot of these special campaigns, in October 2006 Prep inaugurated Imagine: The Fund for Saint Peter’s Prep, with an eye toward creating an income stream, based primarily on major gifts, that will fund extraordinary projects, such as endowment growth and construction projects that are part of the campus master plan.
“The Imagine Fund is a new model for us, based more on the collegiate model," explained Jim Horan, '70, vice president for planning & principal giving. "It provides an ongoing, and long-range, major-gift program that will enable us to plan for, and execute, ambitious renovations and new construction across the campus...while also increasing our scholarship and financial aid resources."
In addition to the acquisition of significant gifts, often pledged over a five-year payment schedule, the Imagine Fund is supported by bequests and unrestricted major gifts that Prep receives each year, as well as by gifts of any size that are donor-restricted in support of any of the Imagine Fund’s components, including campus construction projects and scholarships.
With a goal of supporting the objectives of the school’s overall Strategic Plan, as well as the Master Plan (for major upgrades of Prep’s facilities), the Imagine Fund is supporting projects on a multi-year, phase-by-phase basis. Phase One, which began in fall of 2006 and was completed in the spring of 2012, was highlighted by the creation of the Donald P. Moriarty, ’48 Science Center in 2011. Other Phase One projects, completed the previous year, included the conversion of the former Saint Peter’s Church building into O’Keefe Commons (student cafeteria and multi-purpose space); the creation of three new classrooms in the former Hogan Hall locker room; and the creation of three rooms for the music program in the former parish building (between O’Keefe Commons and Shalloe Hall).
Gifts to Phase One (fall 2006 through summer 2012) totaled $19.5 million, including $5 million in support of the school’s resources for scholarships and financial aid.
Phase Two, which began May 1, 2012, will be highlighted by extensive renovations in Mulry and Hogan halls, followed by significant renovations to Shalloe Hall. The Phase Two goal for construction and general expenses stands at $20 million. In addition, Phase Two includes a goal of providing an additional $10 million in support of Prep’s scholarship and financial aid programs. NOTE: Prep’s special 10-week fundraising initiative in support of the school’s Hurricane Sandy Relief Fund—to provide funds for the recovery/repair of the flood-damaged buildings on campus following the October 29-30, 2012, storm—is a mini-component of Phase Two, with gifts totaling almost $540,000.
Mulry Hall will be the initial focus of the Phase Two renovation projects, with a target of beginning work on the lower level in late summer of 2013.
Financial Update (as of 3/1/13)
TOTAL GIFTS: $5,137,532
GOAL: $20 million
Range of Gifts Received to Date: