The Endowment Explained

This school has a huge endowment; why can’t we have nicer showers?” a teammate joked after swim practice last winter when we huddled up waiting for the water to turn warm. This is a common question among students on campus, including me.

The pursuit of this answer led me to apply for the Student Alumni Representatives (STARs) Council in the spring of lower year. As a member of STARs, I work closely with the Office of Institutional Advancement and serve as a student touchpoint for fundraising and alumni network events. I’ve helped mail thank-you cards to alumni donors; stood behind tables in the dining halls, encouraging students to contribute to The Exeter Fund; and led alumni on campus tours during their reunions.

During one of our bimonthly meetings in late September, I also had the privilege of learning the intricacies of the school’s finances from the Academy’s CFO, Marijka Beauchesne. While explaining the Academy’s annual revenue and expenses, she put into perspective that every small thing we use has a cost. From big-ticket items like building maintenance and faculty compensation to the chairs, the carpet and even the Otto’s pizza we had been served — everything must be factored into the Academy’s budget.

Importantly, she touched on the annual endowment draw — the amount the Academy is permitted to use each year. Of the approximately $1.65 billion total endowment, the annual draw is limited to $75 million, a spending rate of about 4.5%. She explained that when alumni contribute to the endowment, they often designate the money to specific departments such as science or athletics, and the funds must be contained within those sectors. This suddenly resolved the glaring question. Endowment funds are not open for use at all times and are rather intricately structured.

Having the chance to hear these numbers and breakdown directly from the CFO was a special opportunity. Much of this information was new to me, and I believe that this knowledge and transparency should be more widespread in our community. As students at the Academy, it’s empowering to be aware of how Exeter’s money is handled and know the ways it affects us. But more than just developing my financial literacy, STARs has opened me up to the endless possibilities of our Exeter network. I’ve been connected with young alumni currently pursuing careers in my fields of interest and have heard from older alumni about the way their Exeter journeys have impacted the rest of their lives. It’s given me a platform to learn and better appreciate the gift of an Exeter experience.

This story was originally published in the winter 2026 issue of The Exeter Bulletin.