To Our Sandy Spring Friends School Community,

We hope this message finds you and your families safe and well.

The Covid-19 pandemic has created exceptional uncertainties for us all, not least the economic uncertainty that impacts members of our community and Sandy Spring Friends School itself. As part of our financial stewardship and fiduciary responsibility to the School, the SSFS Board of Trustees is working closely with the administration to safeguard the School's financial stability to the best of our abilities, given the unusual challenges we must now face together. 

On behalf of the Board of Trustees, we are writing with some very reassuring news in that context. Sandy Spring Friends School will receive support pursuant to the Federal CARES Act. SSFS qualified for a loan through the Paycheck Protection Program, administered by Atlantic Union Bank. We appreciate the support of the Bank and the fine, timely work of CFO Carylton Ganong, the Business Office team, and Head of School Tom Gibian in securing approval for a $2.6 million loan that will be applied to payroll, health insurance, benefits, and other eligible expenses incurred during the current fiscal year.

In light of actual and anticipated financial shortfalls as a result of the mounting economic uncertainty caused by the pandemic, the Board determined that accepting the loan would allow us to continue to provide the strongest possible program to our students, secure in the knowledge that we will avoid layoffs and furloughs for our dedicated faculty and staff. Protecting the safety and economic security of our employees during this public health and humanitarian crisis is of the utmost importance. Without the PPP loan, SSFS would be in a position of having to draw down a significant amount of its board reserves, which ultimately limits the School's fiscal options. Moreover, the opportunity was determined fully consistent with the Board's fiduciary responsibilities, as well as Sandy Spring Friends School's beloved Quaker tenets at the heart of our mission. We recognize that we are indeed among the fortunate to receive public support—and that this good fortune obligates us to pay it forward, if not pay it back. Now more than ever, Let Your Lives Speak has particular resonance. 

SSFS entered into the PPP loan agreement following extensive discussion by the Board and in consultation with many experts, including legal counsel, the Friends Council on Education, the National Association of Independent Schools, and our accrediting agency, the Association of Independent Maryland and DC Schools. The Board concluded that the program was intended to, and will, constitute an important component of financial recovery from the economic effects of the coronavirus pandemic. 

We are deeply grateful for the availability of the PPP loan to soften the blow from the pandemic. We know, however, that our work is far from done and that, in the weeks and months to come, we will all need to pull together. In that spirit, we respectfully request that you consider supporting financial aid with a gift to the Annual Fund in May, if you are in a position to do so. Your generosity is more important than ever as we respond to an urgent need for increased support for financial aid. You can make an immediate difference for our students and their families with an Annual Fund gift. 

We are honored to be working with the faculty, staff, and administration to steward the School during this remarkable time. And we are grateful for your trust, continued support, and understanding.

For the Board of Trustees:

Kip Imlay '71, Clerk
Hamid Faruqee, Assistant Clerk
Katherine Barry, Co-Clerk, Finance Committee
Cynthia Raposo, Co-Clerk, Finance Committee