Facing $1 Billion Endowment Gap, Callen Plans Future
In recent years, Milton administrators and Head of School Alixe Callen ’88 have begun laying the groundwork for a fundraising campaign to combat a roughly $1 billion endowment gap between Milton and its peer schools Phillips Academy Andover and Phillips Exeter Academy. Andover’s and Exeter’s endowments stand at around $1.47 billion and $1.65 billion, respectively, while Milton’s is currently $450 million. Given that Exeter and Andover enroll about 1,100 students to Milton’s 750 Upper School students, Andover and Exeter hold about $900,000 more in endowment per student than Milton. Assuming an annual draw of 4.4%, Callen calculated that the two schools “have about $44,000 more per kid to spend” each year. “That’s a significant difference,” she said.