Endowment

Throughout Durham Academy’s history, alumni, parents and friends have established named endowment funds to provide lasting support for scholarships, faculty development and academics. It is the Durham Academy Board of Trustees’ policy that unrestricted, named endowment funds may be established with a gift of $10,000 or more and restricted, named endowment funds may be established with a gift of $100,000 or more.

The Durham Academy endowment portfolio is invested with Eton Partners under the direction of the finance committee of the Board of Trustees. Between 2–4.5% of the previous 12-quarter rolling average of the endowment fund is spent each year in support of the operating fund. The spending rate is determined by calculating the real dollar return of the portfolio less inflation.

DA’s endowment, like endowments at most independent schools, is a collection of various restricted and unrestricted endowment and scholarship funds. As an aggregate, this fund generates annual income for DA that flows into the operation of the school and primarily supports faculty development, financial aid and facility maintenance.
 

Endowment Funds

General Endowment

George Watts Hill Foundation

George Watts Hill established this foundation for the ongoing benefit of three organizations, including Durham Academy and The Hill Center. At his death in 1993, approximately $2 million was added to the foundation. The annual income from the foundation to Durham Academy is used for unrestricted operating expenses. The foundation is an irrevocable charitable trust managed by SunTrust.

T. Douglass Jones, Jr. Endowment Fund

This unrestricted endowment fund was established in 2010 with a $50,000 bequest from Mr. T. Douglass Jones, Jr. He and his wife made these provisions in their will in the mid-1980s when Mrs. Jones' grandson, Pascal Boyd '96, was attending Durham Academy.

Sarah Graham Kenan Endowment Fund

This fund was established in the early 1970s by the Kenan family and comprises the largest portion of the Durham Academy endowment.

Frank Hawkins Kenan Medal

This award was established in 1998 by Betty Kenan in memory of her husband, Frank Hawkins Kenan, a lifetime trustee of Durham Academy. The medal is presented annually to a member of the senior class who demonstrates leadership and outstanding achievement in academics, athletics and the fine arts. Interest income from this fund supports the operating needs of the school.

Elizabeth Adams Old Senior Award

In 1980, the Old family established this award in honor of Elizabeth Adams Old ’80, to be given annually to a member of the senior class who demonstrates the highest degree of character, leadership, academic and athletic accomplishment and extracurricular participation. Interest income from this fund is used for the operating needs of the school.

Parents Association Endowment Fund

This unrestricted endowment fund was established in 1997 with a gift of $25,000 from the Parents Association.

Putman Family Endowment Fund

This fund was established in 2016 by Will and Patsy Willimon, grandparents of Will Putman '25 and Wesley Putman '27, together with Harriet Willimon Putman and Garrett Putman '94 to benefit the school's long-term mission.

Restricted

Angela Elaine Appel Visual Art Memorial Fund and Award

Evan Appel ’76 and Jon Appel ’80 established this award in 2009 to recognize an outstanding student, who through their talent, dedication and joy in sharing the visual arts carries on the memory of their mother, Angela Elaine Appel, in the DA community. Interest income from the fund supports the visual art program.

The Flagler Endowment Fund

This fund was established by the Kenan family for capital and maintenance needs of Upper School facilities.

Anne McCulloch Hill Middle School Library Fund

This fund was established in 1975 with a bequest of $50,000 from Ann McCulloch Hill’s estate and gifts from friends. The interest income from this fund is used to support the Middle School library.

Kurt F. Meyer '77 Senior Athlete Memorial Fund and Award

This award was established in 1998 with gifts from family and friends of Kurt F. Meyer, Class of 1977. The award recognizes the male and female athletes in the senior class who have demonstrated the highest degree of excellence, dedication and accomplishment in athletics at Durham Academy. The recipients have competed in at least two sports during their careers and have contributed significantly to the athletic program and to the school through their commitment and athletic accomplishments. In addition, the recipients have represented Durham Academy with the highest standards in leadership and sportsmanship.

Ginny Buckner Memorial Fund and Award

This fund and award were established in 2011 with gifts from friends and family of Ginny Buckner '04. The award is given annually to a senior who exemplifies Ginny's passion for the performing arts and her many fine attributes, and the fund benefits the performing arts program in the Upper School.

Parents Association Endowment Fund for Faculty Salaries

Parents Association established the school's first endowment fund for faculty salaries in 2016 with the proceeds raised in the annual benefit auction. Income from this fund is directed to the operating budget for faculty salaries.

Financial Aid

Academy Nights Financial Aid Endowment Fund

This fund was established in 2003 with a gift of $35,000 by the Parents Association. Proceeds from Academy Nights, an adult enrichment series of courses open to the general public, were donated to the fund.

George W. Brumley IV Memorial Scholarship Fund and Jordan McNeill Brumley Memorial Scholarship Fund

These funds were established in 2004 with a gift of $200,000 from The Zeist Foundation in memory of George Brumley ’07 and Jordan Brumley ’10.

James Anderson Cole III Memorial Fund and Award

This fund was established in 1978 in memory of James Anderson Cole, III '80, with gifts from family and friends. An award is presented each year to a rising junior who demonstrates excellence in the physical sciences and mathematics and good citizenship. The rest of the interest income is used for financial aid.

Edward R. Costello Financial Aid Endowment Fund

This fund was established in 2013 to recognize Headmaster Ed Costello's leadership of the school from 1999 to 2013. More than 50 trustees, administrators, faculty and staff contributed $105,000 to create the fund, which benefits the school's need-based financial aid program.

Beth Crawford Lower School Scholarship Fund

This fund was established in 2016 by family and friends in memory of Beth Crawford, mother of Andy Crawford ’97 and Matt Crawford ’99, who served for 20 years as the Lower School administrative assistant. Annual income from the fund is used specifically for financial aid for Lower School students.

DeWitt Wallace-Reader's Digest Scholarship Endowment

An award of $100,000 from the DeWitt Wallace-Reader’s Digest Foundation established this endowment fund in 1987-88. The interest income is distributed to financial aid recipients from middle income families.

Joseph C. Farmer III Memorial Fund and Award

This fund was established in 1980 in memory of Joseph C. Farmer, III a 1977 graduate of Durham Academy, by students, faculty and friends. An award is given at graduation to a rising senior for enthusiasm, warmth, sensitivity, citizenship, as well as academic and physical achievement. The recipient receives a Revere bowl and a $100 check to be applied toward his or her college tuition. The rest of the interest income benefits the school’s financial aid program.

Scott Jameson Filston Memorial Fund and Award

This fund was established in 1985 in memory of Scott Filston, a 1984 graduate of Durham Academy. One-third of the annual distribution goes for the purchase of athletic awards throughout the school. Two-thirds of the annual distribution is for financial aid for an Upper School student who exhibits a potential for scholastic excellence coupled with a strong involvement in the life of the school, with particular emphasis on athletic participation. In addition, the Scott Jameson Filston Memorial Award is presented at commencement to a senior whose athletic and academic accomplishments best reflect the qualities characteristic of Scott Filston: the love of learning, the joy of participating with friends and representing his school in interscholastic athletics, perseverance and an unselfish commitment to the school and the school community.

Susan Craig Fitzpatrick Memorial Scholarship Fund

This fund was created in 2011 in memory of Susan Craig Fitzpatrick, mother of DA faculty member Gib Fitzpatrick. Gifts from the Fitzpatrick family and friends established this fund to provide financial aid specifically for the children of DA faculty and staff.

Edward E. Ford Foundation Minority Scholarship Fund

In 1989, the Edward E. Ford Foundation awarded Durham Academy $50,000 for Upper School minority scholarships. In 1993, the Foundation awarded the school a $50,000 one-for-one challenge grant for this same purpose.

Edward E. Ford Foundation Upper School Scholarship Fund

A grant of $25,000 in 1982 from the Edward E. Ford Foundation established this fund. In 1985, an additional award from the Edward E. Ford Foundation added $35,000 to be used for Upper School financial aid.

Thomas Land Fowler Memorial Fund

This fund was established in 2004 in memory of Thomas Land Fowler ’73, father of Grant Fowler ’08 and David Fowler ’10. The fund was established with a $20,000 gift from his parents, Dr. and Mrs. Earle Fowler, and additional gifts from friends and family to benefit the school’s need-based financial aid program.

GlaxoSmithKline Scholars Program

In 2001, GlaxoSmithKline awarded Durham Academy $250,000 for its financial aid endowment. This gift established a GlaxoSmithKline Scholars program to provide scholarships for minority students.

Elizabeth Gotham Scholarship Fund

This fund was established in 1982 by Dr. and Mrs. James Semans in memory of Elizabeth Gotham, their children’s nurse and companion.

Heritage Scholarship

This fund was established in 1994 by Dr. and Mrs. Gerry Musante. The annual income from this fund is divided between need-based financial aid and the Heritage Scholarship. The Heritage Scholarship is presented at the Upper School Honors Assembly to a member of the junior class who demonstrates creativity, energy and dedication to the work ethic, and includes a $1,200 premium to be applied to the recipient’s senior year tuition.

Vasanthi Immanuel Memorial Scholarship Fund

This fund was established in 1994 in memory of Vasanthi Immanuel, mother of Camille Immanuel ’98 and Heather Immanuel ’98.

Jeffs Family Scholarship Fund

This fund was established in 2005 by Lisa and Roger Jeffs ’79 to benefit the school’s need-based financial aid program.

Ruth Fox Johnston and Robert D. Johnston Scholarship Fund

This fund was established in recognition of Robert D. Johnston’s leadership of the school as headmaster from 1969 to 1977. The fund was renamed in 2006 to honor the memory of Bob’s wife, Ruth Fox Johnston. The Ruth Fox Johnston and Robert D. Johnston Scholarship Fund supports the school’s need-based scholarship program.

Class of 1998 Jimmy W. Leonardi Memorial Scholarship Fund

This fund was established in 1998 in memory of Jimmy Leonardi ’98 by the Class of 1998 and other students, faculty and friends. Jimmy Leonardi passed away in ninth grade after a valiant fight with cystic fibrosis. The fund benefits the school’s need-based financial aid program and supports an Upper School student (preferably a rising sophomore) who is active in the community, accepts challenges, takes advantage of opportunities and who demonstrates an interest in creative writing.

Amelia Matthews Endowment Fund

This fund was established in 2000 in honor of Amelia Matthews’ service to Durham Academy from 1975 to 2000. The fund was established with gifts from Amelia and John Matthews and from friends and colleagues. The Amelia Matthews Endowment Fund supports the school’s need-based financial aid program through an annual scholarship award to a Middle School student who demonstrates outstanding character, academic effort and concern for others.

McWilliams Scholarship Fund

This award was established in 1999 by Mr. and Mrs. Peter A. McWilliams in honor of their children, Robin McWilliams ’89 and Allison McWilliams ’91. The award benefits the school’s need-based financial aid program by supporting a minority student in the Middle School who has demonstrated excellence, or the potential for excellence, in character, scholarship, leadership and service.

Mary and Don North Endowment Fund

This fund was established in 1996 to recognize Don North’s service to Durham Academy as headmaster 1988-96, and Mary North’s contributions as Lower School science teacher and as a teacher at The Hill Center. The fund was established with an anonymous gift of $25,000 and additional gifts from Don and Mary Norths’ friends and colleagues. The Mary and Don North Endowment Fund benefits the school’s need-based financial aid program.

Dr. James Palmer Memorial Scholarship Fund

This fund was established by family and friends in 2004 in memory of Dr. James Palmer, a Durham Academy trustee and father of Ralph Davidson-Palmer ’01, Sarah Davidson-Palmer ’03 and Alexandra Davidson-Palmer ’08.

Phay Fund

This fund was established in 1983 by the Robert E. Phay family to benefit the school’s financial aid program.

Lori Sartain Memorial Scholarship Fund

This fund was established by family and friends in 1986 in memory of Lori Sartain ’99, a kindergarten student and daughter of long-time faculty member Jean Sartain.

Nancy Alyea Schiebel and Elizabeth D. Schiebel Scholarship Fund

This fund was established to honor Nan Schiebel’s service on the Durham Academy Board of Trustees from 1979 to 1985, and Elizabeth Schiebel Albright’s attendance at the school from 1974 to 1985.

Sheppy Vann Preschool Scholarship Fund

This fund was established in 2014 to honor Sheppy Vann upon her retirement from Durham Academy for her service as Preschool director from 1990 to 2014. Annual income from the fund is used specifically for financial aid for Preschool students.

Faculty Development

Hershey Distinguished Faculty Award

An anonymous donor established a fund to provide an annual cash prize to the recipient of the F. Robertson Hershey Distinguished Faculty Award. This award promotes excellence in teaching and in assisting students to achieve worthwhile goals, both in terms of academics and lifelong values.

Brenda B. Brodie Endowment Fund

Brenda and Keith Brodie established this faculty sabbatical fund in 1986. The program was expanded in 1996 to broaden its scope and to allow for even greater impact on Durham Academy. Annual income from the fund supports a faculty member while he or she pursues an advanced degree or takes graduate level enrichment course work; pursues the development of a curricular or co-curricular program; takes a paid leave of absence from teaching for a semester to complete independent research, writing, painting, etc; or teaches in a unique environment that would not offer a salary. The grant covers either all or a portion of the faculty member’s salary and expenses associated with the course of study.

Judith Vivien Joklik Endowment Fund

Vivien Joklik ’77 established this fund in 2002 in memory of her mother, Judith Vivien Joklik. Annual income from this fund will support Durham Academy faculty professional development and enrichment opportunities.