As I write this brief update, the financial markets are suffering through another dismal day. The airwaves are full of commentators who are saying a lot about what is going on and the potential impacts of recent events, but no one has a clear sense of when the market will turn. Most of our national leaders, both political and economic, are attempting to fashion reasonable responses to what is going on, but none of them has a crystal ball or can truly know what the future will bring.

I am writing not to add my voice to the chorus of concern that has become so familiar in recent weeks but to let you know how the current situation is affecting Latin. First off, let me say that the year is off to an excellent start. The school remains absolutely committed to providing our students with a first-rate education. The students are happily pursuing their various activities under the guidance of caring, dedicated teachers. Spirit Week in the upper and middle schools has boosted morale heading into the full slate of athletic contests this weekend, and Pajama Day was a huge hit throughout the school.

Next, let me add that Latin is in a very strong financial position. We run balanced budgets and manage the school’s finances conservatively. The administration has already met to consider the current situation and to plan our next steps should the economic turmoil continue, and the leadership of the finance and investment committees of the board of trustees are also monitoring things very carefully. By no means are we immune from what is going on around us in the national and global economy, but we are in good shape and are acting prudently to protect the school.

Financial aid becomes ever-more critical

One area of concern is the potential impact of recent events on the demand for financial aid. Past experience tells us that if the recession continues, we may see an increased need for financial aid among our current families as well as among our applicants. The school is committed to working with families to meet their demonstrated financial needs to the best of our ability, and this is an obligation that lies at the heart of what makes us a community. Schools are fundamentally about relationships and people, and we are committed to taking care of the members of our community.

If we are to emerge from this extraordinary time as a strong, healthy, excellent school, then we need to care for one another in extraordinary ways. Recent events lead me to believe, even more strongly than usual, that the work of the school–educating our students to lead lives of purpose and excellence–is a critically important investment in a responsible future. Developing in our students the ability to think critically, communicate persuasively, sustain strong ethical and moral standards, and demonstrate compassionate leadership is the work and the calling to which our faculty and staff devote themselves.

In the days and weeks to come, we will contact each of you–as we do every year–to ask for your financial support of everything that we do with and for our students. I urge you to consider our request very seriously, as the need for the work that we do is more urgent now than ever before.

This article originally went out in an email newsletter to the school community on the 10th, following successive waves of historic drops in the Dow. It remains timely in face of the persistent unpredictability of the markets. Don would like to thank Michael Roberts of the Catherine Cook School for his suggestions and advice.