St. Thomas More Collegiate is taking a leap of financial faith in hopes of raising the rest of the money needed to build the private school's new gymnasium.
The school's board made a decision in mid-March to go ahead with demolishing the current gym, even though they need another $800,000 to complete the replacement.
"It was much more difficult decision than expected, one that required some complex analysis and real soul searching," said Cam Sylvester, chair of STM's board, in an address to the school's community.
The independent Catholic school's 1960s gym isn't big enough to handle the number of kids now enrolled. The overall costs for a replacement gym were tallied at $7 million, higher than expected, although STM has already raised $6.2 million, some of which is coming from five-year pledges.
"It's a lot of dough, especially for a school that has mostly middle-class and working-class families," said STM's Jen Shelnutt-Jayme told the NOW recently. "We weren't really sure we could do it."
The biggest chunk of change came from the StanJean Foundation, which donated $2 million. STM asked the school's 500 or so families to pitch in $600 each, but many donated more than that.
According to Sylvester, STM is already carrying a $2-million debt, and the board didn't want to add to the school's financial burden by shifting the remaining costs onto the school.
"We are parents, alumni and staff who care about this school very deeply, and we are keenly aware of our duty to make responsible financial decisions that protect STMC's future," Sylvester said.
The board is hoping to cover the remaining costs through more donations.
"We will continue to seek support from those who have not yet joined us in this inspiring enterprise to cover the additional ... costs of equipment, bleachers, temporary space for PE and the like," Sylvester said.
The current gym is set for demotion in May, and the new gym should be ready by September 2013 at the latest.
The school is holding a farewell event for the old gym on Friday, April 20, from 7 to 9 p.m. St. Thomas More Collegiate is at 7450 12th Ave.
