What is an endowment fund?
An endowment fund is a permanent, self-sustaining source of funding. Endowment assets are invested. Each year, a portion of the value of the fund is paid out to support the fund’s purpose, and any earnings in excess of this distribution are used to build the fund’s market value. In this way, an endowment fund can grow and provide support for its designated purpose in perpetuity. When you establish an endowment fund, you create a permanent legacy of support for WPS.
As Worcester Prep looks to its next chapter of growth, the school continues taking steps toward a solid and financially sound future. These steps have logically led the school to the creation of endowed funds, which will exist in perpetuity. In addition to reserve funds, which provide security and strong financial footing, Worcester now has the following endowed funds:
The Worcester Preparatory School Endowment at the Community Foundation of the Eastern Shore
In cooperation with the Community Foundation, WPS is accepting gifts into an endowment fund. This fund allows donors to give monetary and deferred gifts, with the peace of mind that their gift will benefit the school for years to come.
The Sara Chase Carlson Endowed Scholarship
Sara Carlson has always loved and support the arts. After her daughter graduated from WPS, went on to Vanderbilt University, and moved to New York to pursue an opera career, the Carlson family decided to establish this scholarship. Sara wanted students with limited financial resources to have similar experiences as her daughter, in terms of academics and the fine arts. In 2004, Sara's father established a full scholarship in her name which affords an eighth grade student the opportunity to attend Worcester Prep’s Upper School for grades 9-12.
The Erin Mullen Memorial Fund
Erin Mullen was a beautiful second grade student who loved music and drama. Following her tragic death, her father, Dr. Thomas Mullen, established a fund in her honor to keep her spirit and love of the arts alive.