by Peter Bloch
Many OES students may remember a certain X-Period many Fridays ago in which Steven Cockey, Gretchen Reed, and Liz MacDonell addressed a portion of the student body on the finances of OES.
For those interested in what they had to say and are still generally curious about the spending in the general, this article is for you.
Recently I was welcomed into the office of Gretchen Reed, Chief Financial Officer of OES. There, I started to fire off questions starting with the question on the mind of every OES parent.
“Why is the tuition more this year?” I asked. Gretchen explained that there are many reasons to why the tuition is more. “The biggest reason is that the teachers need a raise. Not only are the salaries growing, but the insurance benefits (particularly medically) are also needed, which have become more expensive, too,” she said.
OES spends just over $18,500,000 per year on teacher salaries, the biggest expense per year. The next four and a half million dollars are spent on OES’ campus and school programs.
The programs include course supplies, technological equipment, or other necessities for learning. The last three and a half million dollars are spent on professional growth and development, capital investment, paying off debt, and other expenses.
The last two million spent on the “other expenses,” close to 7% of the OES spending, may seem suspicious to anyone, but with the level of quality held here, I’m sure they’re just paying for the utilities and fantastic wifi.
The revenue gained by the tuition costs is approximately $22,799,000, which covers 85% of the expenses here. The rest comes from donations, the OES auction, and $1,000,000 from the endowment, which comes out to just over $4,000,000.
Lastly, I asked her: “Considering the rising cost in tuition, can we predict next year’s tuition?” She replied that tuition has an average increase of between three and seven percent per year, and that we can expect somewhere in that range.
In concordance with OES’ motto, the doors to the business offices are “always open,” and if you have any questions for them, please don’t hesitate to stop by.