The Endowment Project Expands Funding for Public Schools

The Endowment Project brings the endowment funding model long used by colleges and private schools to public high schools, aiming to build lasting financial support for campuses that traditionally rely on annual budgets.

Founded in May 2023 by Michael Bor and Chris Bossola, the venture pairs an operating company with an independent nonprofit foundation, chaired by Bill Hoffman, that manages the money raised.

Its stated ambition is a 65 million dollar endowment for every public high school in the country.

The effort began with 12 Richmond area pilot schools and had grown to 71 member schools by the time of publication.

Douglas S. Freeman High School raised nearly 100,000 dollars, funding two scholarships, a refurbished concession stand, and furniture for a learning space, while Armstrong High School bought 20 SmartBoards.

The organization keeps 20 percent of funds raised plus annual maintenance fees and builds alumni databases and online giving tools so schools do little of the work themselves.

For scale, Boston Latin School holds a 75 million dollar endowment, the largest of any U.S. public high school, managed by an association established in 1844.

Two Richmond entrepreneurs want public high schools funded by endowments, targeting $65 million for every school in the country Richmond Magazine. Launched in May 2023 with 12 local pilots, the operation pairs a fee charging LLC with an independent foundation chaired by Bill Hoffman. Its first school had raised nearly $100,000 by early 2024; filings show about $750,000 secured across more than 100 Virginia schools in 2024, and 8 permanent endowments managed by December 2025, the newest opened with a $50,000 alumnus gift the foundation. Boston Latin's veteran fundraiser calls the model an uphill climb. The founders pledged 1,000 schools served by 2026; eight endowments is the distance left.