inclusive
THE

SCHOOL
NAVIGATING SEXUALITY AND GENDER DIVERSITY ISSUES ON CAMPUS
BY ERIKA KROUSE
AS JACOB WALKS TO CLASS, he passes posters for the prom,

Risks to Students

Approximately one out of 10 kids in the United States is LGBTQI. This population of kids faces risks of a higher severity
than those of their heterosexual classmates, especially during

28

NET ASSETS • MARCH / APRIL 2012

PHOTO CREDIT COPY HERE

knowing he can’t take a date without getting beaten up—
even at his nurturing and inclusive independent school. He
hears a student laughing at something on a poster, saying to
her friend, “That’s so gay”—and meaning “stupid.” He finally
makes it to English Lit, where he studies yet another heterosexual novel. At lunch off campus, a football player calls him
a faggot and throws a can of soda at the back of his head.
And Jacob hasn’t even come out yet.
Homophobia is part of most school cultures. Kids call each
other “fag,” “gay,” or “dyke” in what seems like casual conversation, but the effects are far from harmless. According
to the 2009 Gay, Lesbian, and Straight Education Network
(GLSEN) National School Climate Survey:
* 84.6 percent of LGBTQI (Lesbian, Gay, Bisexual, Transgender, Queer, and Intersex) students have been verbally
harassed about their sexual orientation, and 63.7 percent
about their gender expression.
* 40.1 percent have been physically harassed due to their sexual
orientation, and 27.2 percent due to their gender expression.
* 18.8 percent reported being physically assaulted at school
in the past year due to their sexual orientation, and 12.5
percent due to their gender expression.

the teen years. Columbia University research shows that approximately 56 percent of adolescent lesbians and 44 percent
of gay males use drugs. 83 percent of adolescent lesbians and
68 percent of gay males drink alcohol.
The Journal of Gay and Lesbian Psychotherapy reported that
LGBTQI depression rates are four to five times higher for
homosexual youth. According to the Hetrick-Martin Institute,
80 percent of LGBTQI kids report problems with cognitive,
social, or emotional isolation. The Archives of Pediatric and
Adolescent Medicine estimated that a third of LGBTQI youth
in grades 9-12 have attempted suicide, which is a rate two to
three times greater than that for heterosexual teens. Many
kids feel invisible, or overly visible.
Physical and sexual assault are of primary concern. Almost
a third of all LGBTQI kids miss school for safety reasons. Harassment can span the range from verbal bullying to rape and
armed violence. At one school, a student was held down while
the word “fag” was carved into his back.
Consequences can be long-term. Harassed kids have lower
grade point averages. According to GLSEN, homophobic
harassment makes kids twice as likely to reject college as a
future option. LGBTQI kids comprise about 20-40 percent of
the homeless youth population. Many kids are thrown out of
their homes once they come out.
The heteronormative environment in most schools can also
damage kids’ self-esteem. “This is not just about kids who are
gay,” says Bryan. “If you do not meet the stereotypical expectations of masculinity in boys and femininity in girls, it is hard
to fit into a school environment which is typically organized

WWW.NBOA.NET

000
around ‘traditional’ ideas of who boys and girls should be in
Inclusivity Checklist
the world. Poet Adrienne Rich wrote, ‘When someone with
Schools striving to be inclusive to all students should look at
the authority of a teacher, say, describes the world and you are their policies and practices in several areas.
not in it, there is a moment of psychic disequilibrium, as if
you looked into a mirror and saw nothing.’”
RISK MANAGEMENT. Is your school safe for all students? Do
you have a GSA? Has your board been educated on LGBTQI issues? Do you have an anti-bullying policy? Does it specifically
Student Engagement
Chloe, 14, has two moms and identifies as bisexual. With help mention LGBTQI kids? Is it actively or passively enforced?
from her librarian, she created an Ally Group in her middle
school. “Student involvement is the answer, like Ally Groups
and Gay-Straight Alliances,” she says. “With Allies, if you
WHAT DOES GLBTQI STAND FOR?
hear someone being bullied, you stop and teach them about
G GAY - a male homosexual
L LESBIAN - a female homosexual
why it’s not okay to use those words in a derogatory way. Our
B BISEXUAL - a person sexually responsive to both sexes
group also puts together school functions with speakers and
T TRANSGENDER - a person who identifies as a gender
singers. After an assembly we threw, I noticed a huge decrease
not assigned to them at birth. The term also includes
in the use of the word ‘gay’ as an insult.” Chloe’s Ally Group
transexuals, who have medically changed their external
grew from 12 to 70 members in one year.
sexual characteristics.
According to GLSEN, a Gay-Straight Alliance (GSA) is one
Q QUEER - a sexual minority, living outside traditional,
of the top three most effective ways to create a safe school for
binary social norms about sexuality and gender. Q can
also stand for for Questioning—those who have not yet
LGBTQI kids (along with anti-bullying policies and a supportdecided on a sexual orientation and/or gender identity.
ive staff). “Every school is different,” says Chloe. “You have to
I INTERSEX - a person with sexual and reproductive
find a way to appeal to the interests of the student body and
anatomy that is ambiguous, or combined male and female.
make the kids care. For example, we’re a school for the arts, so
we brought in singers.”

Premier Provider to
Independent Schools of:

PHOTO CREDIT COPY HERE

For more information about
AUSTIN & CO., INC., please
contact us: 518.465.3591 or toll free
800.836.0736

PHOTO CREDIT COPY HERE

since 1853.

WWW.NBOA.NET

000
In Minnesota, the Anoka-Hennepin school
district is currently facing two LGBTQI
lawsuits —one for gay student harassment,
and one for refusing to discuss homosexuality
in the classroom. In 2010 in Boulder, Colorado, Sacred Heart of Jesus Catholic School
revoked a preschooler’s re-enrollment because
his parents are lesbians, and a similar event
occurred at St. Paul Elementary in Hingham,
Massachusetts. While Title IX lawsuits do not apply to schools
who don’t accept federal money, consequences from bad PR
can match or exceed those from a lawsuit.
Jennifer Bryan says, “When schools get sued, it’s usually
because the school is totally unprepared, or they’re in reactionary mode. It’s important to have policies in place.” Crucial
policies include: a nondiscrimination clause that specifically
mentions LGBTQI equity, an anti-harassment policy, a curricular policy, an athletic policy, and if applicable, an inclusive
dress code policy. An inclusive philosophy statement is also a
helpful tool.

TUITION
MANAGEMENT
FINANCIAL AID
ASSESSMENT
ADMISSIONS &
ENROLLMENT

FACULTY AND STAFF. Does your school have LGBTQI faculty
and/or staff? Do same-sex partners of faculty and staff qualify
for insurance and family leave? Are faculty and staff regularly

trained on LGBTQI issues? Are teachers committed to educating about LGBTQI topics as part
of the curriculum? Do any teachers engage in
biased behavior?
“These are issues that most teachers are not
prepared to address effectively and comfortably,”
says Bryan. “That’s why professional development for faculty and staff is critical. The questions they ask most frequently are ‘What does
my administration want me to say or do? Will they support
me if I do it?’”
It’s difficult to believe that staff might contribute to harassment, but according to the Philadelphia Lesbian and Gay
Task Force, 53 percent of LGBTQI students report hearing
homophobic comments made by school staff. In the 2009
GLSEN climate study, almost 83 percent of LGBTQI students
reported that faculty and staff rarely (or never) intervene
when homophobic verbal harassment occurs. “It’s more
what teachers don’t do rather than what they do,” says Chloe.
“Classrooms are relatively safe, but the hallways aren’t—there
are a lot of kids, and it can be passed off as a total accident
that you get pushed down the stairs. The teachers hear the
comments and they’re supposed to regulate them, but they
don’t help or say anything.”

Integrated systems and
great support ensure TADS
schools are happy schools
Online Admissions and Enrollment — online
admissions and enrollment customized to your school.
We collect all fees and required documentation from
your families and give you powerful, extensive reporting.

ADMISSION, RETENTION, ENVIRONMENT. Will a more inclusive
environment attract families? Will it help you keep the students you have? Is the environment a safe space for parents,
as well as for kids?
Independent schools can sometimes be the only option
for bullied LGBTQI kids. “In the end, inclusive independent schools will see more and more transgendered and gay
kids. It’s a safer environment,” says Bryan. “The same goes for
same-sex parents. Schools with a cluster of same-sex families
tend to draw additional families. You’re not such an anomaly.
Not every family is cut out to be the pioneer gay family. For
same-sex parents, when their kids enter school, it’s a huge
coming out. Kids are asked to bring in a family picture, and
there they are, suddenly up on the bulletin board.”
TECHNOLOGY. Do your internet filters allow kids to access
information about sexuality and LGBTQI issues? Can they
Google words like “transgender” and “queer?” How about
social justice movements and queer literature?
As schools combat internet pornography with stringent
filters, they may be depriving kids of information that helps
them cope with being different. Sites that focus on sexuality can give students tools to understand who they are and
reduce feelings of isolation.

RESOURCES FOR THE
INCLUSIVE SCHOOL

* Jennifer Bryan, educational consultant

(www.jenniferbryanphd.com).
* The Gay, Lesbian and Straight Education Network

(GLSEN, www.glsen.org).
* “The GLSEN Jump-Start Guide for Building and

Activating a Gay-Straight Alliance” (downloadable).
Gay-Straight Alliances are student clubs to promote
safety and inclusivity (www.glsen.org/cgi-bin/iowa/all/
news/record/2226.html).
* Ally Week. This five-day event in October campaigns
“to identify, support and celebrate allies against
anti-LGBT language, bullying and harassment in America’s
schools” (www.allyweek.org).
* LGBT History Month. Every October, the event “celebrates the achievements of 31 lesbian, gay, bisexual or
transgender Icons” (http://lgbthistorymonth.com/).
* The Sexuality Information and Education Council of the
United States (SIECUS). SIECUS offers lesson plans for
comprehensive and inclusive sexuality education (http://
www.sexedlibrary.org/index.cfm?pageId=722).

6,278(9/(:7,-;(6<7(=,>>?7(@ABC
!"#$%&#'()(#'(#*%+,-../+%"0(%/('%*.%1(/&(2(%*-"*%"%34%5&//&.#%(#'.65(#*%.0%
0(*&0(5(#*%)/"#%78+*%,"#9*%:(*%*-(%"**(#*&.#%&*%'(+(02(+;%<-(%=&#'%.>%"**(#*&.#%
8+8"//$%0(+(02('%>.0%58,-%/"0:(0%).0*>./&.+;%?8*%6&*-%5.0(%*-"#%@A%$("0+%.>%
,.51&#('%(B)(0&(#,(C%*-(%,.#+8/*"#*+%"*%DEFDG%F#2(+*5(#*%H'2&+.0+%,"#%+-.6%
*-"*%34%5&//&.#%&+%#.*-&#:%*.%,0$%.2(0;%
I.6%'.%6(%'.%&*J

True Financial Aid Auditing — we take time to
understand the financial situation of your families,
ensuring that your aid is delivered to those truly in need.
Some financial aid processes simply check one or two
numbers; we have over 140 criteria to ensure real need.

!%K&*-%&#'()(#'(#*C%.17(,*&2(%"'2&,(%*.%-(/)%$.8%&5)/(5(#*%"#%&#2(+*5(#*%

Flexible School-Wide Billing System — bill and
manage any fee at any point throughout the year. Our
system lets you manage tuition deposits, re-enrollment
or new admissions application fees, sports, field trips and
even lunch program charges with ease; one invoice for
all charges, school-wide.

!%?$%)0.2&'&#:%$.80%+,-../%6&*-%",,(++%*.%*-(%0(+("0,-%"#'%0(+.80,(+%.>%

In-House Service and Support — our
highly trained staff works with your families
to ensure our high standards are met.

)/"#%'(+&:#('%*.%5((*%*-(%-&:-(+*%>&'8,&"0$%+*"#'"0'+

!%?$%:&2&#:%$.8%",,(++%*.%"++(*%5"#":(0+%"*%+&:#&>&,"#*/$%0('8,('%5&#&585+%

"#'%>((+

L"//"#%H++.,&"*(+C%.#(%.>%*-(%6.0/'9+%/"0:(+*%&#2(+*5(#*%,.#+8/*&#:%>&05+

!%?$%)0.'8,&#:%0(:8/"0C%,8+*.5&M"1/(%&#2(+*5(#*%)(0>.05"#,(%0().0*+%>.0%+*">>%

"#'%2./8#*((0%/("'(0+-&)%*.%5"=(%+80(%$.80%>8#'+%"0(%5((*&#:%$.80%
.17(,*&2(+

A PROUD

F>%$.890(%*&0('%.>%1(&#:%*-(%/&**/(%:8$C%,.#*",*%8+;%K(90(%-(0(%*.%6&)(%"6"$%*-(%*("0+;

!"#$!%"$&''"()*+,-.
,-/0102,0-2,+340*
555302,0-2,+340*

tads.com | info@tads.com | 1.877.477.TADS
DEFDG%F#2(+*5(#*%H'2&+.0+%&+%"%6-.//$%.6#('%+81+&'&"0$%
.>%*-(%D/,.**%L.#+8/*&#:%N0.8);%%

32

NET ASSETS • MARCH / APRIL 2012

WWW.NBOA.NET

33

The Inclusive School: Navigating Sexuality and Gender Diversity Issues on Campus

  • 1.
    inclusive THE SCHOOL NAVIGATING SEXUALITY ANDGENDER DIVERSITY ISSUES ON CAMPUS BY ERIKA KROUSE AS JACOB WALKS TO CLASS, he passes posters for the prom, Risks to Students Approximately one out of 10 kids in the United States is LGBTQI. This population of kids faces risks of a higher severity than those of their heterosexual classmates, especially during 28 NET ASSETS • MARCH / APRIL 2012 PHOTO CREDIT COPY HERE knowing he can’t take a date without getting beaten up— even at his nurturing and inclusive independent school. He hears a student laughing at something on a poster, saying to her friend, “That’s so gay”—and meaning “stupid.” He finally makes it to English Lit, where he studies yet another heterosexual novel. At lunch off campus, a football player calls him a faggot and throws a can of soda at the back of his head. And Jacob hasn’t even come out yet. Homophobia is part of most school cultures. Kids call each other “fag,” “gay,” or “dyke” in what seems like casual conversation, but the effects are far from harmless. According to the 2009 Gay, Lesbian, and Straight Education Network (GLSEN) National School Climate Survey: * 84.6 percent of LGBTQI (Lesbian, Gay, Bisexual, Transgender, Queer, and Intersex) students have been verbally harassed about their sexual orientation, and 63.7 percent about their gender expression. * 40.1 percent have been physically harassed due to their sexual orientation, and 27.2 percent due to their gender expression. * 18.8 percent reported being physically assaulted at school in the past year due to their sexual orientation, and 12.5 percent due to their gender expression. the teen years. Columbia University research shows that approximately 56 percent of adolescent lesbians and 44 percent of gay males use drugs. 83 percent of adolescent lesbians and 68 percent of gay males drink alcohol. The Journal of Gay and Lesbian Psychotherapy reported that LGBTQI depression rates are four to five times higher for homosexual youth. According to the Hetrick-Martin Institute, 80 percent of LGBTQI kids report problems with cognitive, social, or emotional isolation. The Archives of Pediatric and Adolescent Medicine estimated that a third of LGBTQI youth in grades 9-12 have attempted suicide, which is a rate two to three times greater than that for heterosexual teens. Many kids feel invisible, or overly visible. Physical and sexual assault are of primary concern. Almost a third of all LGBTQI kids miss school for safety reasons. Harassment can span the range from verbal bullying to rape and armed violence. At one school, a student was held down while the word “fag” was carved into his back. Consequences can be long-term. Harassed kids have lower grade point averages. According to GLSEN, homophobic harassment makes kids twice as likely to reject college as a future option. LGBTQI kids comprise about 20-40 percent of the homeless youth population. Many kids are thrown out of their homes once they come out. The heteronormative environment in most schools can also damage kids’ self-esteem. “This is not just about kids who are gay,” says Bryan. “If you do not meet the stereotypical expectations of masculinity in boys and femininity in girls, it is hard to fit into a school environment which is typically organized WWW.NBOA.NET 000
  • 2.
    around ‘traditional’ ideasof who boys and girls should be in Inclusivity Checklist the world. Poet Adrienne Rich wrote, ‘When someone with Schools striving to be inclusive to all students should look at the authority of a teacher, say, describes the world and you are their policies and practices in several areas. not in it, there is a moment of psychic disequilibrium, as if you looked into a mirror and saw nothing.’” RISK MANAGEMENT. Is your school safe for all students? Do you have a GSA? Has your board been educated on LGBTQI issues? Do you have an anti-bullying policy? Does it specifically Student Engagement Chloe, 14, has two moms and identifies as bisexual. With help mention LGBTQI kids? Is it actively or passively enforced? from her librarian, she created an Ally Group in her middle school. “Student involvement is the answer, like Ally Groups and Gay-Straight Alliances,” she says. “With Allies, if you WHAT DOES GLBTQI STAND FOR? hear someone being bullied, you stop and teach them about G GAY - a male homosexual L LESBIAN - a female homosexual why it’s not okay to use those words in a derogatory way. Our B BISEXUAL - a person sexually responsive to both sexes group also puts together school functions with speakers and T TRANSGENDER - a person who identifies as a gender singers. After an assembly we threw, I noticed a huge decrease not assigned to them at birth. The term also includes in the use of the word ‘gay’ as an insult.” Chloe’s Ally Group transexuals, who have medically changed their external grew from 12 to 70 members in one year. sexual characteristics. According to GLSEN, a Gay-Straight Alliance (GSA) is one Q QUEER - a sexual minority, living outside traditional, of the top three most effective ways to create a safe school for binary social norms about sexuality and gender. Q can also stand for for Questioning—those who have not yet LGBTQI kids (along with anti-bullying policies and a supportdecided on a sexual orientation and/or gender identity. ive staff). “Every school is different,” says Chloe. “You have to I INTERSEX - a person with sexual and reproductive find a way to appeal to the interests of the student body and anatomy that is ambiguous, or combined male and female. make the kids care. For example, we’re a school for the arts, so we brought in singers.” Premier Provider to Independent Schools of: PHOTO CREDIT COPY HERE For more information about AUSTIN & CO., INC., please contact us: 518.465.3591 or toll free 800.836.0736 PHOTO CREDIT COPY HERE since 1853. WWW.NBOA.NET 000
  • 3.
    In Minnesota, theAnoka-Hennepin school district is currently facing two LGBTQI lawsuits —one for gay student harassment, and one for refusing to discuss homosexuality in the classroom. In 2010 in Boulder, Colorado, Sacred Heart of Jesus Catholic School revoked a preschooler’s re-enrollment because his parents are lesbians, and a similar event occurred at St. Paul Elementary in Hingham, Massachusetts. While Title IX lawsuits do not apply to schools who don’t accept federal money, consequences from bad PR can match or exceed those from a lawsuit. Jennifer Bryan says, “When schools get sued, it’s usually because the school is totally unprepared, or they’re in reactionary mode. It’s important to have policies in place.” Crucial policies include: a nondiscrimination clause that specifically mentions LGBTQI equity, an anti-harassment policy, a curricular policy, an athletic policy, and if applicable, an inclusive dress code policy. An inclusive philosophy statement is also a helpful tool. TUITION MANAGEMENT FINANCIAL AID ASSESSMENT ADMISSIONS & ENROLLMENT FACULTY AND STAFF. Does your school have LGBTQI faculty and/or staff? Do same-sex partners of faculty and staff qualify for insurance and family leave? Are faculty and staff regularly trained on LGBTQI issues? Are teachers committed to educating about LGBTQI topics as part of the curriculum? Do any teachers engage in biased behavior? “These are issues that most teachers are not prepared to address effectively and comfortably,” says Bryan. “That’s why professional development for faculty and staff is critical. The questions they ask most frequently are ‘What does my administration want me to say or do? Will they support me if I do it?’” It’s difficult to believe that staff might contribute to harassment, but according to the Philadelphia Lesbian and Gay Task Force, 53 percent of LGBTQI students report hearing homophobic comments made by school staff. In the 2009 GLSEN climate study, almost 83 percent of LGBTQI students reported that faculty and staff rarely (or never) intervene when homophobic verbal harassment occurs. “It’s more what teachers don’t do rather than what they do,” says Chloe. “Classrooms are relatively safe, but the hallways aren’t—there are a lot of kids, and it can be passed off as a total accident that you get pushed down the stairs. The teachers hear the comments and they’re supposed to regulate them, but they don’t help or say anything.” Integrated systems and great support ensure TADS schools are happy schools Online Admissions and Enrollment — online admissions and enrollment customized to your school. We collect all fees and required documentation from your families and give you powerful, extensive reporting. ADMISSION, RETENTION, ENVIRONMENT. Will a more inclusive environment attract families? Will it help you keep the students you have? Is the environment a safe space for parents, as well as for kids? Independent schools can sometimes be the only option for bullied LGBTQI kids. “In the end, inclusive independent schools will see more and more transgendered and gay kids. It’s a safer environment,” says Bryan. “The same goes for same-sex parents. Schools with a cluster of same-sex families tend to draw additional families. You’re not such an anomaly. Not every family is cut out to be the pioneer gay family. For same-sex parents, when their kids enter school, it’s a huge coming out. Kids are asked to bring in a family picture, and there they are, suddenly up on the bulletin board.” TECHNOLOGY. Do your internet filters allow kids to access information about sexuality and LGBTQI issues? Can they Google words like “transgender” and “queer?” How about social justice movements and queer literature? As schools combat internet pornography with stringent filters, they may be depriving kids of information that helps them cope with being different. Sites that focus on sexuality can give students tools to understand who they are and reduce feelings of isolation. RESOURCES FOR THE INCLUSIVE SCHOOL * Jennifer Bryan, educational consultant (www.jenniferbryanphd.com). * The Gay, Lesbian and Straight Education Network (GLSEN, www.glsen.org). * “The GLSEN Jump-Start Guide for Building and Activating a Gay-Straight Alliance” (downloadable). Gay-Straight Alliances are student clubs to promote safety and inclusivity (www.glsen.org/cgi-bin/iowa/all/ news/record/2226.html). * Ally Week. This five-day event in October campaigns “to identify, support and celebrate allies against anti-LGBT language, bullying and harassment in America’s schools” (www.allyweek.org). * LGBT History Month. Every October, the event “celebrates the achievements of 31 lesbian, gay, bisexual or transgender Icons” (http://lgbthistorymonth.com/). * The Sexuality Information and Education Council of the United States (SIECUS). SIECUS offers lesson plans for comprehensive and inclusive sexuality education (http:// www.sexedlibrary.org/index.cfm?pageId=722). 6,278(9/(:7,-;(6<7(=,>>?7(@ABC !"#$%&#'()(#'(#*%+,-../+%"0(%/('%*.%1(/&(2(%*-"*%"%34%5&//&.#%(#'.65(#*%.0% 0(*&0(5(#*%)/"#%78+*%,"#9*%:(*%*-(%"**(#*&.#%&*%'(+(02(+;%<-(%=&#'%.>%"**(#*&.#% 8+8"//$%0(+(02('%>.0%58,-%/"0:(0%).0*>./&.+;%?8*%6&*-%5.0(%*-"#%@A%$("0+%.>% ,.51&#('%(B)(0&(#,(C%*-(%,.#+8/*"#*+%"*%DEFDG%F#2(+*5(#*%H'2&+.0+%,"#%+-.6% *-"*%34%5&//&.#%&+%#.*-&#:%*.%,0$%.2(0;% I.6%'.%6(%'.%&*J True Financial Aid Auditing — we take time to understand the financial situation of your families, ensuring that your aid is delivered to those truly in need. Some financial aid processes simply check one or two numbers; we have over 140 criteria to ensure real need. !%K&*-%&#'()(#'(#*C%.17(,*&2(%"'2&,(%*.%-(/)%$.8%&5)/(5(#*%"#%&#2(+*5(#*% Flexible School-Wide Billing System — bill and manage any fee at any point throughout the year. Our system lets you manage tuition deposits, re-enrollment or new admissions application fees, sports, field trips and even lunch program charges with ease; one invoice for all charges, school-wide. !%?$%)0.2&'&#:%$.80%+,-../%6&*-%",,(++%*.%*-(%0(+("0,-%"#'%0(+.80,(+%.>% In-House Service and Support — our highly trained staff works with your families to ensure our high standards are met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tads.com | info@tads.com | 1.877.477.TADS DEFDG%F#2(+*5(#*%H'2&+.0+%&+%"%6-.//$%.6#('%+81+&'&"0$% .>%*-(%D/,.**%L.#+8/*&#:%N0.8);%% 32 NET ASSETS • MARCH / APRIL 2012 WWW.NBOA.NET 33