2024 ANNUAL REPORT
New Seats Funded
The Drexel Fund believes all children should have access to great schools.
Our mission is to support entrepreneurs to launch and scale pioneering private schools focused on underserved communities.
In 2023-24, our biggest year ever, The Drexel Fund invested to create and expand 27 schools. These schools are on their way to creating seats for 5,261 students.
Meeting Community Needs
- Drexel’s newest grantees are meeting needs in their communities. Collectively, new grantees reached 94% of their first-year enrollment goal. Second-year grantees collectively boosted enrollment by 33% from their first year.
Student Demographics (Active Portfolio)
Academic Impact
- 74% of students enrolled in Drexel’s portfolio of schools met or exceeded one or both of two benchmarks in 2023-24, in math and reading.
- Met or exceeded national norm for fall-to-spring academic growth.
- Met or exceeded national norm for achievement in their grade level.
Several first-year schools saw students make big academic gains.
THE LINK SCHOOL
Baton Rouge, La.
39% of its students scored above the national achievement norm in reading in spring 2024, up from 17% in fall 2023.
ICON PREP SCHOOL
Cleveland, Ohio
42% of its students exceeded the national achievement norm in math in spring 2024, up from 24% in fall 2023.
Sustained Impact
In its first four years (2015-2019), Drexel funded 12 startups and nine expansions.
- Today, 11 of the startups remain open, with enrollment ranging from 29 to 250.
- 2 of the 11 have opened second locations.
- The expansion schools all remain open, with enrollment up 35% collectively post-grant.
Since making its first school investment in 2015, The Drexel Fund has made startup, expansion and replication grants in 100 schools in 15 states.
School Spotlight: The Oaks Academy
In 2017, Drexel made an expansion grant to The Oaks Academy, a Christian school in Indianapolis. Today, The Oaks has maintained its academic excellence, and the school is on track to reach its goal of doubling enrollment within a few more years.
- Over 1,050 students are enrolled at one of three Oaks campuses.
- The student body is evenly balanced with low-, middle- and high-income families.
- More than half of students identify as Black, Hispanic, Asian or multiracial.
- Nearly 60% of 3rd through 8th grade students score “proficient” or better on Indiana state exams in both math and reading (almost double the statewide average of 31%).
- 87% of Oaks graduates go on to attend college.
State Spotlights
In 2023, Iowa joined the growing list of states to allow Education Savings Accounts. Over 35,000 students applied for accounts this school year. We proudly made our first Iowa school investment in June to Dubuque Dream Center Academy.
Utah also created an ESA program in 2023. Pinyon Montessori School in Salt Lake City received Drexel’s first investment in the state a year ago and exceeded its first-year enrollment goal.
A Diverse Portfolio of Schools
Drexel’s grants portfolio includes brand new schools (startups) and expansions.
The latter can be enrollment expansions to existing schools or the addition of new campuses (replications).
10 of the 27 schools funded this past year are led by educators of color, and 16 are led by women.
The Drexel Fund made an expansion investment in The Lab School of Memphis in spring 2024. Currently enrolling 65 students at three sites, Lab is on its way to enrolling 188 students at six microschool sites. Founder Coi Morefield has a diverse background that includes private-sector experience—in business development and corporate training—as well as nearly a decade of experience as a public-school teacher and instructional coach in large urban school districts. Coi also founded an advocacy organization that produced a Black-centric K-12 curriculum.
School Spotlight: Shepherd’s Watch Christian Academy
While many of Drexel’s investments are in or near cities, we also invest in rural areas. Startup grantee Shepherd’s Watch Christian Academy will serve 120 pre-K through 8th grade students in Mattoon, Wis. (population: 475). SWCA was founded after the town’s only elementary school closed, leaving local residents more than an hour away from the nearest public school.
Supporting Education Entrepreneurs
The Drexel Fund Founders and Alternate Path programs offer fellowships for outstanding leaders already on the path to launching a school.
- 34 leaders have been selected as Founders or Alternate Path fellows since 2017.
- The 26 who have completed their fellowship have launched 22 schools in seven states.
Public Support and Philanthropy Work Together
- On average, Drexel’s grantee schools spent about $15,000 per pupil in 2023-24, relying on public revenue sources such as Education Savings Accounts to cover over 60% of that amount. Philanthropy, including funds provided by Drexel, covered about 25%.
School Spotlight: Cristo Rey Miami High School
In 2022, Cristo Rey Miami High received a grant from Drexel Fund to launch a new 450-seat high school. In only its second year, Cristo Rey scored near the top of schools nationally in fall-to-spring academic progress on NWEA MAP assessments. In 9th grade math, 9th grade reading and 10th grade reading, the school was in the 96th, 99th and 98th percentiles, respectively, for student growth.
2023-2027 Goals
New Seats Funded
In 2023, we set out to raise $36 million and fund the creation of 16,250 new seats over four years. We exceeded our first-year seats goal by 50%.
Growing Support & Impact
Contributions and Funded Seats
Photos courtesy of St. Marcus Lutheran School, The Oaks Academy, Icon Prep School, Dubuque Dream Center Academy, Ecclesial Schools, Cristo Rey Milwaukee HS, and Shorashim Academy.
