The Endowment Project Expands Funding for Public Schools
Via Richmond Magazine
The Story
The Endowment Project brings the endowment funding model long used by colleges and private schools to public high schools, aiming to build lasting financial support for campuses that traditionally rely on annual budgets.
Founded in May 2023 by Michael Bor and Chris Bossola, the venture pairs an operating company with an independent nonprofit foundation, chaired by Bill Hoffman, that manages the money raised.
Its stated ambition is a 65 million dollar endowment for every public high school in the country.
The effort began with 12 Richmond area pilot schools and had grown to 71 member schools by the time of publication.
Douglas S. Freeman High School raised nearly 100,000 dollars, funding two scholarships, a refurbished concession stand, and furniture for a learning space, while Armstrong High School bought 20 SmartBoards.
The organization keeps 20 percent of funds raised plus annual maintenance fees and builds alumni databases and online giving tools so schools do little of the work themselves.
For scale, Boston Latin School holds a 75 million dollar endowment, the largest of any U.S. public high school, managed by an association established in 1844.
Founded in May 2023 by Michael Bor and Chris Bossola, the venture pairs an operating company with an independent nonprofit foundation, chaired by Bill Hoffman, that manages the money raised.
Its stated ambition is a 65 million dollar endowment for every public high school in the country.
The effort began with 12 Richmond area pilot schools and had grown to 71 member schools by the time of publication.
Douglas S. Freeman High School raised nearly 100,000 dollars, funding two scholarships, a refurbished concession stand, and furniture for a learning space, while Armstrong High School bought 20 SmartBoards.
The organization keeps 20 percent of funds raised plus annual maintenance fees and builds alumni databases and online giving tools so schools do little of the work themselves.
For scale, Boston Latin School holds a 75 million dollar endowment, the largest of any U.S. public high school, managed by an association established in 1844.
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Read the original reporting at Richmond Magazine.
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