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 a 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," 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. Some families donated large amounts: $10,000 or up to $200,000.
Parents, alumni, past parents and friends of the school pitched in. The archdiocese gave $50,000, but the independent Catholic school did not receive any government funding for the gym project.
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 school will take out a short-term loan with the hopes of repaying it in the next five years, and 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.
STM has been planning for the new gym for the past seven years.
The current gym is set for demotion in May, and the new gym should be ready by September 2013 at the latest.
The new two-level gym will be 27,000 square feet, large enough to accommodate community gatherings as well as sports events.
There will be a dividing wall and fold-away bleachers to configure two full-sized gyms. The new changing rooms will be double the size of the current ones. The plan also includes a weight room, ample space for wrestling practice and fitness and cardio machines.
STM also wants to install a new turf field, refinish its track and add lighting.
STM is well known for its arts and sports programs and is also ranked in the top 25 schools in the province.
The independent school has a $4.9 million annual operation cost; 49 per cent of that is covered by government grants and tuition and registration fees cover 46 per cent.
The school is holding a farewell event for the old gym on Friday, April 20, from 7 to 9 p.m. The school is at 7450 12th Ave.
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