All school districts, and many individual schools are powered by real estate. Denver Jewish Day School has been no different.
In 2005, JEWISHcolorado loaned DJDS $1 million to aid in the expansion of its campus on S. Wabash St.
Three years later, the recession of 2008 stalled other expansion plans and potential repayment.
Fast forward to today, and the $1 million obligation has ballooned to nearly $1.5 million. The sum has been an albatross, and has kept DJDS from receiving grant dollars that the school seeks for support.
“This was an unfortunate situation in a whole project and program that really dissolved with the 2008 market crash,” says Jco CEO Renée Rockford.
“DJDS was left holding this enormous debt that was going to be difficult for them to do anything about.”
Suddenly, the albatross is no longer. Jco has forgiven the entire debt, and DJDS is now free and clear to be eligible for possible grant money to keep the school thriving.
“This milestone represents more than just a financial transaction,” DJDS head of school Avi Halzel said in a release sent to the school community. “It’s a powerful affirmation of the work that JEWISHcolorado does for our community.”
Halzel also says:
“As part of the forgiveness agreement, DJDS will provide for the children of emissaries to attend DJDS tuition-free while they are stationed in Colorado.”
Says Rockford:
“We got very creative and worked on it through our lay leaders and our professional staff, and came up with the way that we really thought we had something that was equitable.
“In this moment when Jewish day schools really need support and we want the community behind them, we felt like this was speaking our values.
“It feels like that was budget relieving for us, but also an incredible thing for DJDS. It was just the right thing to do.
“It allows them to move forward in so many ways.”