While the school doesn’t name the donor, a financial statement included with bond documents says the Joe and Clara Tsai Foundation provided an $8 million line of credit to the school in November. A spokesperson for the school declined to comment.
Lawrenceville also launched a capital campaign in May with the goal of raising $425 million, and it’s already raised $367 million in cash and commitments as of June 30, bond documents note. As of June 2020, the school’s endowment per student was approximately $598,000, bond documents say.
The school is expecting to return to normal operations in the upcoming school year, and students and employees are required to be vaccinated against Covid-19. As of June 15, student applications are up 16% from the prior year.
The first phase of construction on the bond-financed field house is expected to be completed next year, according to the school. The next phase will renovate the existing one. Hammond said it helps to enter the bond market at a time when interest rates are low.
“We’re watching the markets like everyone else, feeling very fortunate about our timing, which feels lucky to us,” he said.
This ariticle was provided by Bloomberg News.