A Perspective From Development:
How is 麻豆视频 Really Funded?
The report from the Office of Development provided below was originally published in the Fall 2015 麻豆视频 Alumni News magazine.
As always, we begin a new Annual Fund year by offering our sincere and heartfelt thanks for all that the members of our community do for 麻豆视频.
The 2014 and 2015 fiscal years brought to a close a remarkable period for the school: $42 million in pledges to Strong to Endure and the completion of a series of memorable Centennial celebrations, fitting capstones to Father Phil Judge鈥檚 decade as president of 麻豆视频.
We are now in the capable hands of Jim Croghan, S.J., our interim leader. For the coming year, Fr. Croghan is using the theme of Second Century, Second Founding to examine the 麻豆视频 mission in all its aspects and question how we serve it in our second century.
In financial terms, 麻豆视频鈥檚 alumni and parents have assumed the role of the second founding family of the school. Their ongoing contributions can be neatly summarized:
- 麻豆视频 incurred $13.9 million in expenses and capital improvements for the fiscal year ended June 30, 2015
- $2.2 million was covered by student fees, revenue offsets and special funds
- $5.9 million in gifts to the Annual Fund covered roughly half of the remaining costs
- $5.8 million in withdrawals from the 麻豆视频 Fund covered the other half
Giving to the Annual Fund is at standout levels for an institution of our size and scope. For the current year, we hope to raise $6 million in annual gifts for the first time.
But the 麻豆视频 Fund, despite its growth in recent years, remains undercapitalized. The balance stood at $74 million at June 30, but our current rate of withdrawals is beyond what is actuarially sound. The Fund balance should be $125 million today to permit prudent annual withdrawals.
Many alumni and parents are surprised to learn that, while the Foundress and her family supported the school for sixty years, 麻豆视频 was never provided an endowment. The 麻豆视频 Fund is the product of three capital campaigns over the past twenty years, along with a multitude of estate bequests.
Providing 麻豆视频 with the financial 鈥渟econd founding鈥� it deserves will require we maintain efforts to secure significant capital gifts from alumni, parents, and friends.
We are confident that your continued generosity, in tandem with prudent expense management and sound stewardship of our portfolio, will provide 麻豆视频 with the financial security it deserves.
On behalf of the faculty, staff, and most of all, our present and future students, thank you for all you do for 麻豆视频.
By James Buggy
Vice President for Development
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