Available March 31, 2026
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In a time of constant uncertainty, planning for the future of a school community can feel like a never-ending game of whack-a-mole. Big-picture strategy and mission dominate our aspirations, but it’s the day-to-day tactical decisions that carry immediate weight. George Suttles of the Commonfund Institute joins New View EDU guest host and NAIS Vice President of Strategy Ann Snyder to share his insights on how financial planning can seamlessly blend the aspirational and the practical, securing the future legacies of schools through careful stewardship of resources.
While much of the conversation focuses on the nuts and bolts of endowments as a financial strategy, George and Ann acknowledge that endowments are a topic relevant to only a small proportion of independent schools. The bigger idea is that financial stewardship should always be an interdisciplinary challenge, bringing in multiple staff and stakeholders across the school community to truly engage a future-thinking perspective.
George describes the concept of endowment as a “strategic lever” schools can use to advance their mission and priorities, not as a rainy-day emergency fund. He encourages leaders to think about where funds, and the decisions about their use, fit into the broader governance ecosystem of a school. There are always external pressures that come into play as well, he says. He characterizes the “persistent challenges” independent schools have faced for many years, as well as the “emergent challenges” of a turbulent public policy environment, as pervasive tensions that affect the way we make decisions about governance.
Whether setting a spending policy for existing funding or preparing to set up an endowment for the first time, George counsels leaders to start with a robust policy and procedure before looking too closely at figures. He cautions against siloing financial policy decisions within certain departments and instead recommends involving people from all areas of the school to ensure that everyone has a stake and a voice in the way the funds are appropriated and managed. Equipping key teams such as advancement with the narrative storytelling tools they need to help acquire and grow your funds, or to message appropriately about spending decisions, is as essential to a financial management strategy as understanding interest rates and how to draw upon funding pools as needed.
Ultimately, George says, schools need to create a culture of philanthropy. That’s the kind of participatory, engaged giving that secures the legacy of a school community. And thinking about giving and fiscal stewardship from the long-term perspective of the legacies we hope to achieve can lead us back to cultivation of inspired, excited donors. Endowments and financial strategy aren’t just dry, numerical facts and figures that exist to keep school doors open. They’re about aspiration, hope, and the future of a real community of people and promise.
Key Questions
Some of the key questions Ann and George explore in this episode include:
- What are the gaps in understanding around endowment, and how are schools sometimes inadvertently handling the concept of endowments wrong?
- What is the landscape like right now for financial considerations? How are external conditions impacting the decisions we need to make?
- How can schools formulate thoughtful and cohesive spending policies?
- What are some organizational and leadership practices that help set the financial pieces up for success? How can—and why—should we make financial management an interdepartmental concern?
Episode Highlights
- “I'd also be remiss if I didn't, if we didn't have this conversation in the context of the times we're in, right? And so I think a lot of institutions and independent schools aren't shielded from this, are navigating uncertainty and turbulence, both persistent and emergent. And so when I say that, I mean, you know, independent schools have been trying to wrap their arms around persistent challenges that we've been having conversations about for years.” (8:11)
- “Don't make the mistake of siloing the endowment management work with the finance committee or the investment committee without including other school leadership, right? So you mentioned the advancement office, you know, the fundraising development team, they should have a strategic seat at the table, right? Because think about it, they're going to be one of, if not the most important, lever or partner that you need to engage with to grow the endowment, right? Because we're going to invest this pool of capital for long-term growth and the markets are going to do what they do, but you're also going to need to equip the advancement team with information and narrative storytelling capability around what possibilities the endowment is going to create for the institution.” (20:05)
- “So when I think about endowment-building sparking a culture of philanthropy, I immediately begin to think about, right, it's about legacy. It's about securing the future of an institution we all care about. And that can be connected to legacy planning as it pertains to bequests and other vehicles. If you're not having those legacy gift conversations already, that actually might be a nice entree into beginning to have them.” (36:04)
Resource List
- Read George’s insights on purpose-driven governance for nonprofits.
- Check out Commonfund’s insights on aligning endowments with values.
- Listen to this Commonfund podcast episode on sustainability investing in the current changeable policy environment.
Full Transcript
- Read the full transcript here.
Related Episodes
- Episode 74: Improving Access Through Inclusion
- Episode 57: Jobs to be Done in Schools
- Episode 38: Strategic Accountability in Education
- Episode 20: The Future of Schools as Desirable Workplaces
- Episode 9: Schools for the Long Term
About Our Guest
George Suttles is the executive director of the Commonfund Institute, an organization dedicated to the advancement of investment knowledge and the promotion of best practices in financial management. Previously, he was the director of research at the Commonfund, supporting its educational, market research, and professional development activities. He also serves as a member of the Commonfund Diversity and Inclusion Office. Prior to joining Commonfund, he was a program officer at the John A. Hartford Foundation, an independent, national private foundation focused on improving care for older adults. Before joining the foundation, he was a vice president, senior philanthropic relationship manager at U.S. Trust/Bank of America. In this role, he worked with private and institutional clients on issues related to best practices in strategic grantmaking. Throughout his career, he has supported the philanthropic activities of leading nonprofits with a focus on healthcare and related missions. He is also a member of numerous nonprofit boards, including Odyssey House, Drive Change, and the Support Center for Nonprofit Management. Currently, he is on the adjunct faculty at the New York University School of Professional Studies. He earned a bachelor of arts from Wesleyan University, a master of arts in Philanthropic Studies from Indiana University Lilly Family School of Philanthropy, and an MPA from Baruch CUNY School of Public Affairs.