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65-404: Roxbury Latin enrolls about 300 boys from the seventh through twelfth grades. The school has an endowment of $ 212 million (as of June 2024). 38% of students are on financial aid and 100% of admitted students' demonstrated financial need was met in 2022. In addition, the school has a policy of charging frontline tuition that is "about 65% of that of other Boston-area independent schools." Tuition for

130-516: A 30% annualized loss that was more than predicted in December 2008. At Stanford University , the endowment was reduced from $ 17 billion to $ 12 billion as of September 2009. Brown University 's endowment fell 27 percent to $ 2.04 billion in the fiscal year that ended June 30, 2009. George Washington University lost 18% in that same fiscal year, down to $ 1.08 billion. In Canada, after the financial crisis in 2008, University of Toronto reported

195-453: A building, plot of land or other assets for Muslim religious or charitable purposes with no intention of reclaiming the assets. The donated assets may be held by a charitable trust . Ibn Umar reported, Umar Ibn Al-Khattab got land in Khaybar , so he came to the prophet Muhammad and asked him to advise him about it. The Prophet said, 'If you like, make the property inalienable and give

260-592: A financial return." Impact investments provide capital to address social and environmental issues. Generally, endowment taxes are the taxation of financial endowments that are otherwise not taxed due to their charitable, educational, or religious mission. Endowment taxes are sometimes enacted in response to criticisms that endowments are not operating as nonprofit organizations or that they have served as tax shelters , or that they are depriving local governments of essential property and other taxes . Country Day School movement The Country Day School movement

325-419: A loss of 31% ($ 545 million) of its previous year-end value in 2009. The loss is attributed to over-investment in hedge funds. Critics like Justice Funders' Dana Kawaoka-Chen call for "redistributing all aspects of well-being, democratizing power, and shifting economic control to communities.". Endowment repatriation refers to campaigns that acknowledge the history of human and natural resource exploitation that

390-633: A man dies, only three deeds will survive him: continuing alms, profitable knowledge and a child praying for him. The two oldest known waqfiya (deed) documents are from the 9th century, while a third one dates from the early 10th century, all three within the Abbasid Period. The oldest dated waqfiya goes back to 876 CE, concerns a multi-volume Qur'an edition and is held by the Turkish and Islamic Arts Museum in Istanbul . A possibly older waqfiya

455-583: A mandatory part of a fellowship. A foundation (also a charitable foundation) is a category of nonprofit organization or charitable trust that will typically provide funding and support for other charitable organizations through grants, but may engage directly in charitable activities. Foundations include public charitable foundations, such as community foundations , and private foundations which are typically endowed by an individual or family. The term foundation though may also be used by organizations not involved in public grant-making. A financial endowment

520-539: A middle school choir, a high school glee club, and a fourteen-boy a cappella group. Additionally, the school operates a jazz band, a guitar ensemble, and certain chamber ensembles. Roxbury Latin participates in Vex Robotics, an annual interscholastic robotics competition. The school team placed 5th in the New England Division in 2009. In 2010, it placed 2nd out of 19 teams, a school record. In 2023

585-473: A number of restricted endowments that are intended to fund specific areas within the institution. The most common examples are endowed professorships (also known as named chairs), and endowed scholarships or fellowships. The practice of endowing professorships began in the modern European university system in England on September 8, 1502, when Lady Margaret Beaufort , Countess of Richmond and grandmother to

650-451: A portion of the initial endowment after self-initiated research into the foundation's financial support of Native and Indigenous artists and communities. This results of this research indicated "the inadequacy of philanthropic support for Native arts and artists", related feedback from an unnamed Native leader that "[o]nce [big foundations] put the stuff in place for an Indian program, then it is not usually funded very well. It lasts as long as

715-452: A prince or monarch and their role in training government officials made early Mediterranean universities similar to Islamic madrasas , although madrasas were generally smaller, and individual teachers, rather than the madrasa itself, granted the license or degree. Waqf ( Arabic : وَقْف ; [ˈwɑqf] ), also known as 'hubous' (حُبوس) or mortmain property, is a similar concept from Islamic law , which typically involves donating

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780-478: A private prison that was directly contrary to the foundation's mission, they developed and then began to advocate for a four-part ethical framework to endowment investments conceptualized as Human Capital, Natural Capital, Civic Capital, and Financial Capital. Another example is the Ford Foundation 's co-founding of the independent Native Arts and Culture Foundation in 2007. The Ford Foundation provided

845-538: A prospective student seeking financial aid may have a better chance of obtaining admission to RL. Alternatively, a student otherwise eligible for financial aid may nonetheless apply as a full-pay student at Nobles and Belmont Hill to boost their chances of admission. In that case, RL's large discount in frontline tuition (in addition to the continuing possibility of financial aid at RL) becomes directly relevant. In June 2024, Roxbury Latin's financial endowment stood at $ 212 million. In its Internal Revenue Service filings for

910-427: A school newspaper, a yearbook, an art magazine called Forum, several language clubs, a debate team, a Model United Nations group, and various community service clubs. The theater program shows one junior play and one senior play per year, and one musical every year. The theater program offers RL students the opportunity to meet girls from neighboring schools. Roxbury Latin offers a variety of singing groups, including

975-434: A trust exclusively for the support of a pet. Ignoring the restriction is called " invading " the endowment. But change of circumstance or financial duress like bankruptcy can preclude carrying out the donor's intent. A court can alter the use of restricted endowment under a doctrine called cy-près meaning to find an alternative "as near as possible" to the donor's intent. The earliest endowed chairs were established by

1040-430: Is "about 65% of that of other Boston-area independent schools." However, after financial aid is taken into consideration, other day schools may still offer competitive tuition packages once a student is admitted. Roxbury Latin and athletic rivals Belmont Hill and Nobles all claim to meet 100% of admitted students' demonstrated financial need. However, since Roxbury Latin is the only need-blind school out of these three,

1105-464: Is a movement in progressive education that originated in the United States during the late 19th century. Country Day Schools sought to recreate the educational rigor, atmosphere, camaraderie and character-building aspects of the best college-prep boarding schools , while allowing students to return to their families at the end of the day. To avoid the crime, pollution and health problems of

1170-671: Is a papyrus held by the Louvre Museum in Paris , with no written date but considered to be from the mid-9th century. The earliest known waqf in Egypt, founded by financial official Abū Bakr Muḥammad bin Ali al-Madhara'i in 919 (during the Abbasid period ), is a pond called Birkat Ḥabash together with its surrounding orchards, whose revenue was to be used to operate a hydraulic complex and feed

1235-569: Is common for endowed funds to be established as a trust independent of the organizations and the causes the endowment is meant to serve. Institutions that commonly manage endowments include academic institutions (e.g., colleges , universities , and private schools ); cultural institutions (e.g., museums, libraries, and theaters); service organizations (e.g., hospitals, retirement homes; the Red Cross ); and religious organizations (e.g., churches, synagogues, mosques). Private endowments are some of

1300-465: Is inherent to many large private funds. Repatriation campaigns ask for private endowments to be returned to the control of the people and communities that have been most affected by labor and environmental exploitation and often offer ethical frameworks for discussing endowment governance and repatriation. Many might say that, by definition, philanthropy is about redistributing resources. Yet to truly embody this principle, philanthropy must move far beyond

1365-548: Is no better preparatory school in the country." Many of Collar's students went on to found or lead their own schools, including Middlesex (Frederick Winsor '88), St. Paul's (Samuel Drury '97), and Cate (Curtis Cate '03). Collar financed this expansion by imposing tuition fees for the first time in Roxbury Latin's history, starting in 1882. Although these fees were high by contemporary standards—Roxbury Latin's $ 100/year tuition handily outpaced Andover and Exeter , and

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1430-588: Is now known as medicine and basic sciences. Today, the University of Glasgow has fifteen Regius Professorships. Private individuals also adopted the practice of endowing professorships. Isaac Newton held the Lucasian Chair of Mathematics at Cambridge beginning in 1669, more recently held by the celebrated physicist Stephen Hawking . In the United States, the endowment is often integral to

1495-403: Is typically overseen by a board of trustees and managed by a trustee or team of professional managers. Typically, the financial operation of the endowment is designed to achieve the stated objectives of the endowment. In the United States, typically 4–6% of the endowment's assets are spent every year to fund operations or capital spending. Any excess earnings are typically reinvested to augment

1560-630: The American Revolution earned it the title of the oldest school in continuous existence in North America, as Boston Latin School and New York City's Collegiate School both temporarily shut down during the war. Roxbury Latin's commitment to a college-preparatory education waxed and waned in its first two centuries of existence. In the 1660s it was listed as one of Harvard College 's leading feeder schools, but between 1836 and 1844

1625-683: The PSAT/NMSQT . Seven boys were recognized in either the African American or Hispanic Recognition Programs. Tuition for the 2023–24 academic year is $ 39,250. Roxbury Latin admits boys on a need-blind basis and commits to provide financial aid that meets 100% of admitted students' demonstrated financial need. 38% of the student body is on financial aid. In the 2023–24 academic year, 87 of the 116 families (75%) receiving financial aid grants had family incomes above $ 150,000/year. The school has an unusual policy of charging frontline tuition that

1690-663: The Roman emperor and Stoic philosopher Marcus Aurelius in Athens in AD 176. Aurelius created one endowed chair for each of the major schools of philosophy : Platonism , Aristotelianism , Stoicism , and Epicureanism . Later, similar endowments were set up in some other major cities of the Empire. The earliest universities were founded in Europe, Asia and Africa. Their endowment by

1755-441: The country day school movement , which argued that students should be educated outside the distractions and pollution of the city, Roxbury Latin's affluent alumni had demanded that the school move from Roxbury (which was now a working-class neighborhood) to a more suburban location. Charles Eliot of Harvard (a harsh critic of the old board) also backed the move, writing in Roxbury Latin's promotional materials that in order to maintain

1820-556: The "live hand" of the public as opposed to the "dead hand" of the founders of private foundations. Research published in the American Economic Review indicates that major academic endowments often act in times of economic downturn in a way opposite of the intention of the endowment. This behavior is referred to as endowment hoarding, reflecting the way that economic downturns often lead to endowments decreasing their payouts rather than increasing them to compensate for

1885-523: The 1944–45 school year, Roxbury Latin educated a roughly equal number of Protestants and Catholics. In addition, Jews were 14% of the student body. The school admitted its first black student in 1960 and its first black graduates (from its old neighborhood of Roxbury) in 1964. In lieu of the Roxbury tuition subsidy, which for school purposes included West Roxbury, the school began offering a conventional financial aid program in 1951; by 1963 roughly one-third of

1950-873: The 2021–22 school year, Roxbury Latin reported total assets of $ 279.9 million, net assets of $ 248.5 million, investment holdings of $ 183.4 million, and cash holdings of $ 5.2 million. Roxbury Latin also reported $ 18.6 million in program service expenses and $ 2.8 million in grants (primarily student financial aid ). Roxbury Latin's athletic teams play in the Independent School League , a group of private day and boarding schools in Greater Boston. The school offers varsity, junior varsity and lower-level teams in football , cross country , soccer (fall), basketball , ice hockey , wrestling (winter), baseball , tennis , lacrosse , and track and field (spring). Teams of note include: Roxbury Latin offers

2015-534: The 2023–24 academic year is $ 39,250. Roxbury Latin was founded by residents of Roxbury, Massachusetts to teach Latin grammar to local students. John Eliot , the local minister, believed that a religious society needed to be religiously literate—i.e., well-educated. Like many of New England's oldest schools, the school started out as a one-room schoolhouse in Dudley Square with a single teacher, John Eliot's brother Philip. The school's refusal to close during

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2080-578: The 5% payout requirements for grants and distribute ALL of its power and resources. This includes spending down one's endowment, investing in local and regional economic initiatives that build community wealth rather than investing in Wall Street, giving up decision-making power for grants, and, ultimately, turning over assets to community control. After the Heron Foundation's internal audit of its investments in 2011 uncovered an investment in

2145-559: The United States are governed by the Uniform Prudent Management of Institutional Funds Act which is based in part on the concept of donor intent that helps define what restrictions are imposed on the principal and earnings of the fund. Endowments in the United States are commonly categorized in one of three ways: All endowments ensure that the original principal, inflation-adjusted, is held in perpetuity and prudent spending methods should be applied in order to avoid

2210-431: The United States. An endowed professorship (or endowed chair ) is a position permanently paid for with the revenue from an endowment fund specifically set up for that purpose. To set up an endowed chair generally costs between US$ 1 and $ 5 million at major research universities. Typically, the position is designated to be in a certain department. The donor might be allowed to name the position. Endowed professorships aid

2275-468: The academic world, and the university can use them to reward its best faculty or to recruit top professors from other institutions. An endowed faculty fellow is a position permanently paid for to recruit and retain new and/or junior (and above) professors who have already demonstrated superior teaching and research. The donor might be allowed to name the faculty fellowship. A faculty fellow appointment cultivates confidence and institutional loyalty, keeping

2340-583: The downturn. Large U.S.-based college and university endowments, which had posted large, highly publicized gains in the 1990s and 2000s, faced significant losses of principal in the 2008 economic downturn . The Harvard University endowment , which held $ 37 billion in June 2008, was reduced to $ 26 billion by mid-2009. Yale University , the pioneer of an approach that involved investing heavily in alternative investments such as real estate and private equity , reported an endowment of $ 16 billion as of September 2009,

2405-443: The end of apartheid, more than 150 universities divested of South African investments, although it is not clear to what extent this campaign was responsible for ending the policy. A proactive version of divestment campaigns is impact investing, or mission investing which refers to investments "made into companies, organizations, and funds with the intention to generate a measurable, beneficial social or environmental impact alongside

2470-527: The end of their junior year, and 74% of the papers received a 4 or a 5. For the Class of 2024, the middle 50% SAT scores were 690-760 in English and 680-760 in math. The school states that "the median standardized testing of each class consistently hovers around 1500." For the Class of 2025, 7 out of 56 students (12.5%) were recognized as National Merit Scholarship Semifinalists based on their performances on

2535-468: The endowment and to compensate for inflation and recessions in future years. This spending figure represents the proportion that historically could be spent without diminishing the principal amount of the endowment fund. The case of Leona Helmsley is often used to illustrate the downsides of the legal concept of donor intent as applied to endowments. In the 2000s, Helmsley bequested a multi-billion dollar trust to "the care and welfare of dogs". This trust

2600-400: The erosion of corpus over reasonable time frames. Restricted endowments may also facilitate additional donor requirements. An expendable endowment fund is one which can be spent in certain circumstances. Endowment revenue can be restricted by donors to serve many purposes. Endowed professorships or scholarships restricted to a particular subject are common; in some places, a donor could fund

2665-403: The fifth-best prep school in the United States. Roxbury Latin has a 6:1 student-teacher ratio, and the average class size is 12. The school stopped offering Advanced Placement courses in the 2024–25 school year, asserting that it offers honors and accelerated classes which "provide more range and depth than AP courses." Previously, the 54 students in the Class of 2022 took 137 AP examinations by

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2730-426: The financial health of educational institutions. Alumni or friends of institutions sometimes contribute capital to the endowment. The use of endowment funding is strong in the United States and Canada but less commonly found outside of North America, with the exceptions of Cambridge and Oxford universities. Endowment funds have also been created to support secondary and elementary school districts in several states in

2795-486: The future king Henry VIII , created the first endowed chairs in divinity at the universities of Oxford ( Lady Margaret Professor of Divinity ) and Cambridge ( Lady Margaret's Professor of Divinity ). Nearly 50 years later, Henry VIII established the Regius Professorships at both universities, this time in five subjects: divinity, civil law, Hebrew, Greek, and physic—the last of those corresponding to what

2860-505: The industrial cities of the early 20th century, the schools were sited in the 'country', where wealthy families owned large homes in areas that would later be known as suburbs . The Country Day School movement shared many values with the Arts and Crafts movement . School buildings and campus landscaping were designed with the goal of creating an inspirational atmosphere that would foster learning and culture. In keeping with this holistic view of

2925-418: The inflation-adjusted principal or "corpus" value is kept intact, while a portion of the fund can be (and in some cases must be) spent each year, utilizing a prudent spending policy. Endowments are often governed and managed either as a nonprofit corporation , a charitable foundation , or a private foundation that, while serving a good cause, might not qualify as a public charity. In some jurisdictions, it

2990-545: The institution competitive over hiring and retention of talents. An endowed scholarship is tuition (and possibly other costs) assistance that is permanently paid for by an organisation or individual with the revenue of an endowment fund specifically set up for that purpose. It can be either merit-based or need-based (the latter is only awarded to those students for whom the college expense would cause their family financial hardship) depending on university policy or donor preferences. Some universities will facilitate donors' meeting

3055-406: The most part, the pay was so uncompetitive relative to the tax-funded schools (in some years Boston Latin paid its teachers twice as much) that most schoolmasters departed after a year or two. Roxbury Latin did not hire a second schoolmaster until 1819. The school briefly converted to a semi-public institution from 1839 to 1860 in exchange for subsidies from the town of Roxbury, but was expelled from

3120-494: The new boarding department was unpopular and quickly abandoned. The board of trustees (a majority of which, by law, lived or worked in Roxbury) repeatedly rejected any attempt to move the school from Roxbury or to impose tuition fees on Roxbury boys. These difficulties were still unresolved when Collar retired in 1907. In the decades following Collar's retirement, several constraints on Roxbury Latin's growth were removed. In 1913,

3185-516: The poor. In India, wakfs are relatively common among Muslim communities and are regulated by the Central Wakf Council and governed by Wakf Act 1995 (which superseded Wakf Act 1954). Academic institutions, such as colleges and universities, will frequently control an endowment fund that finances a portion of the operating or capital requirements of the institution. In addition to a general endowment fund, each university may also control

3250-426: The profit from it to charity.'" It goes on to say that Umar gave it away as alms, that the land itself would not be sold, inherited or donated. He gave it away for the poor, the relatives, the slaves, the jihad , the travelers and the guests. And it will not be held against him who administers it if he consumes some of its yield in an appropriate manner or feeds a friend who does not enrich himself by means of it. When

3315-438: The program officer who had an interest and then goes away" and recommended that an independent endowment be established and that "[n]ative leadership is crucial". Another approach to reforming endowments is the use of divestment campaigns to encourage endowments to not hold unethical investments. One of the earliest modern divestment campaigns was Disinvestment from South Africa which was used to protest apartheid policies. By

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3380-625: The public school system after it rejected too many students from the town's public elementary schools. Under headmaster William Coe Collar (1867–1907), the school quadrupled in size and became the now-familiar college-preparatory institution. Although Collar was a classicist—he wrote popular Latin and Greek textbooks—he expanded Roxbury Latin's classical curriculum beyond Latin, Greek, and mathematics, adding courses in English, modern languages, and science. He also hired specialist teachers to cover these new subjects. When Collar retired in 1907, Harvard president Charles Eliot (no relation) said that "[t]here

3445-571: The school qualified three teams for nationals. The chess club has won or shared the South Shore Interscholastic Chess League title in 2 of the last 5 years. Financial endowment A financial endowment is a legal structure for managing, and in many cases indefinitely perpetuating, a pool of financial , real estate , or other investments for a specific purpose according to the will of its founders and donors . Endowments are often structured so that

3510-566: The school sent only three students to any college. The instability was largely due to the school's financial model. Roxbury Latin was funded by neither taxes nor tuition fees, but by local families who agreed to pay an annual subscription in perpetuity (in reality, until 1789) for the school's maintenance in exchange for free tuition. Its budget was large enough that several distinguished gentlemen taught at Roxbury Latin early in their careers, including future Supreme Court justice William Cushing and Massachusetts governor Increase Sumner . However, for

3575-416: The school's ability to feed students to Harvard, it was "necessary to convert the School into a country day school" by leaving urban Roxbury. The new location had a noticeable effect on Roxbury Latin's demographics. Although West Roxbury was more affluent than Roxbury, it was heavily Irish Catholic, so mid-century Roxbury Latin was notably diverse (on religious grounds) by New England prep school standards. In

3640-584: The school's charter was revised to allow alumni, and not Roxbury residents, to control the board of trustees. In 1927, the Massachusetts legislature passed an act confirming that Roxbury Latin would no longer have to educate Roxbury residents for free; however, the school did not charge residents tuition until 1935, and residents did not pay full tuition until 1961. In 1927, Roxbury Latin moved to its present location in West Roxbury. In accordance with

3705-601: The structure and campus location format which would guide many more Country Day Schools that would be built around the country over the next 100 years. A leader in the movement, Tower Hill School , was founded by the du Pont family in Wilmington, Delaware , and headed by Burton Fowler, a devout follower of John Dewey and president of the Progressive Education Association . Along with those listed above, prominent Country Day Schools include

3770-417: The student body was on scholarship. However, a proposal to admit girls was rejected in the 1970s, and Roxbury Latin remains a boys' school to this day. On May 16th, 1995, former president George H. W. Bush visited the school and addressed the student body. In 2003, Roxbury Latin hired Kerry Brennan as its headmaster; he had previously served as headmaster of Manhattan's Collegiate School . In 2024, Brennan

3835-541: The student learning environment, various "after-school" programs promoted student development, including athletic programs, choir and religious studies, and monitored study time. Students were given opportunities to develop leadership skills through clubs and student organizations. The first Country Day Schools were Poly Prep Country Day School , University School (near Cleveland), Detroit Country Day School , Gilman School , McDonogh School and The Summit Country Day School . These six college-preparatory schools provided

3900-399: The students they are helping. The amount that must be donated to start an endowed scholarship can vary greatly. Fellowships are similar, although they are most commonly associated with graduate students. In addition to helping with tuition, they may also include a stipend. Fellowships with a stipend may encourage students to work on a doctorate . Frequently, teaching or working on research is

3965-430: The university by providing a faculty member who does not have to be paid entirely out of the operating budget, allowing the university to either reduce its student-to-faculty ratio, a statistic used for college rankings and other institutional evaluations, or direct money that would otherwise have been spent on salaries toward other university needs. In addition, holding such a professorship is considered to be an honour in

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4030-456: The wealthiest entities in the world, notably private higher education endowments . Harvard University's endowment (valued at $ 53.2 billion as of June 2021 ) is the largest academic endowment in the world. As of 31 December 2022 , the Bill and Melinda Gates Foundation is the second wealthiest private foundation , with an endowment of $ 67.3 billion. Most private endowments in

4095-539: Was estimated at the time to total 10 times more than the combined 2005 assets of all registered animal-related charities in the United States. In 1914, Frederick Goff sought to eliminate the "dead hand" of organized philanthropy and so created the Cleveland Foundation : the first community foundation . He created a corporately structured foundation that could utilize community gifts in a responsive and need-appropriate manner. Scrutiny and control resided in

4160-401: Was raised to $ 150 in 1892—they did not raise enough money, as tuition was waived for students living in Roxbury, who at the time comprised 86% of the student body. Although Collar turned Roxbury Latin into an elite prep school, the school consistently lost money under his leadership. In the 1890s, Collar attempted to convert Roxbury Latin into a boarding school, which could charge higher fees, but

4225-732: Was succeeded by Sam Schaffer, the head of the Upper School at St. Albans School in Washington, D.C. The school states that its admission rate is normally around 17% and that 90% of admitted students typically choose to enroll at RL. Roxbury Latin has been recognized in several lists of schools that send their students to selective universities. In the five-year period from 2019 to 2023, Roxbury Latin placed 84 students at Ivy League schools, nearly half of whom (38) attended Harvard College . Approximately 55 boys graduate from Roxbury Latin every year. In 2010, Forbes ranked Roxbury Latin

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