Controversial aid for US Quaker school
‘I will always be disappointed that they did this.’ (1967 graduate)
A US Quaker school was among a group of private institutions that have been recently criticised for accepting federal aid for businesses struggling during the Covid-19 pandemic.
Sidwell Friends in Washington, an exclusive private school attended by children of presidents, including Barack Obama’s, was criticised for accepting a $5 million loan in May 2020 from the federal government’s Paycheck Protection Program.
Parents and alumni were up in arms about the decision in May, angrily writing on social media that the decision deprived other struggling businesses. ‘I will always be disappointed that they did this,’ one 1967 graduate and wealth manager said.
The school defended its decision in a statement issued by the board: ‘We recognize that our decision to accept this loan may draw criticism from some quarters of the community, but are fully united in our decision.’
Like other private schools in the US, the board members at Sidwell, which has a $52 million endowment, insisted that issues such as its high tuition fees, covering just 83 per cent of the overall cost, and an expected fall in student enrolment next year, meant that it was in need of the money. ‘The Board determined that accepting the loan was appropriate and fully consistent with its fiduciary responsibilities, as well as our Quaker values,’ Sidwell board members wrote in a letter to the school community.
Sidwell officials said they had also budgeted for an extra $200,000 needed for financial aid next year, on top of its current cost of $8 million, when more students could be in need of assistance.
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