Frequently Asked Questions
What does Iona Prep expect of parents?
In addition to tuition we would hope that you would choose to participate in the Fund for Iona Prep, volunteer for or take part in the special events sponsored by the Mothers’ Auxiliary and Fathers’ Council and support the periodic capital campaigns, which are necessary to provide state-of-the art facilities and endowment.
Why does Iona Prep ask current parents for contributions in addition to what they already send to the school in tuition and fees?
The cost of a Catholic, private school education is such that tuition and fees do not cover the total cost of educating each student. As is the case with many other schools, our development efforts are designed to solicit charitable gifts in order to bridge the gap between tuition and the actual cost of operating the school.
Why doesn’t Iona Prep charge enough to cover operating costs?
If tuition was increased to cover the actual cost of all programs, many families could not afford to send their sons to Iona Prep. This could mean a drop in enrollment, resulting in a cutback of our programs and steeper tuition increases in order to fund all operations, which would affect each student’s education.
What is the Fund for Iona Prep?
Since it is necessary to subsidize tuition income, we must look to charitable contributions from board members, parents, alumni, past parents, grandparents and friends of Iona Prep. The Fund for Iona Prep bridges the gap between tuition and the actual cost of educating our students. Because the Board of Directors is committed to keeping tuition at a reasonable level, increasing income through gifts to the Fund for Iona Prep is one way to accomplish this task. Gifts Fund for Iona Prep are tax deductible.
Is giving to the annual fund unique to Iona Prep?
No. Catholic and private schools have long relied upon the generosity and loyalty of their constituencies to advance their school’s mission. Very few, if any, Catholic or private schools, colleges or universities meet full operational costs with tuition alone.
What is the difference between annual giving and a capital campaign?
Capital Campaigns are conducted periodically to provide significant funds for additions to endowment, construction/renovation or extensive equipment purchases. Contributions are generally pledged over three to five years. Annual Giving is designed to offset annual operating expenses; if the gift is pledged, it is generally payable by the end of the academic year.
Would we be expected to give both?
We hope that all alumni, parents and friends of Iona Prep would consider supporting both efforts to the best of their ability.
Can we make a gift to a specific purpose?
Certainly - although the Fund for Iona Prep seeks unrestricted gifts, if there is a project or program that Iona Prep offers and you would like to fund or endow it, please let us know.
May we make a contribution of something other than cash?
Yes, there are many ways to make a contribution to Iona Prep. The advancement office can assist you in determining what type of gift is most appropriate for your circumstances and Iona Prep’s needs. There are many mutually beneficial options for donating including stock transfers and estate planning vehicles.
Can gifts be made anonymously?
Yes, gifts can be made anonymously. When you send your contribution, be sure to let us know that you would like it to be anonymous and we will be happy to honor your request.
Can we make a gift in memory of someone or to honor a special individual, for instance a former teacher?
Certainly, we will be happy to discuss either of these options with you. The family will be notified of the gift, if appropriate.
Does Iona Prep participate in matching gift programs?
Absolutely, matching gifts are an easy way to double or, in some cases, triple your gift to Iona Prep. Please let us know when you contribute that your company offers matching gifts.
Are gifts tax-deductible?
All contributions are fully tax-deductible according to IRS regulations.
How can I get more information?
Please feel free to contact the advancement office at Iona Preparatory School if you any questions about the Fund for Iona Prep or other ways of giving to Iona Prep.