Academy Journal Volume 54 | Page 34

the academy journal Fiscal Year Campaign Initiatives Other Initiatives Expenses 2008 $550,871 $800,388 $29,053 2009 $1,848,119 $1,333,155 $174,873 2010 $605,292 $4,853,649 $82,616 2011 $3,713,207 $3,506,487 $130,570 2012 $2,968,635 $0 $17,553 $345.986 $102,000 $0 $10,032,110 $10,595,679 $434,665 Totals Table1: Cash that has been collected through the end of Fiscal 2012 for the Capital Campaign has grown from 16% to 24%. CHARTS (Exhibit B) xx Giving to the annual fund, targeted for student scholarships or deficit reduction, has increased from 3% to 14%! A significant increase in the percentage of our total annual revenue. The increase is attributed to some significant gifts from alumni and friends. However, the percentage of alumni who gave dropped from 33% in fiscal 2012 to 19% in fiscal 2013, a disappointing result. • Enrollment trends (Chart 1) for the past ten years with an early estimate of Fiscal 2014 enrollments, based on this fall’s classes. College enrollments (blue line) are continuing to increase. The Secondary School enrollments seemed to have bottomed out and with initial fall enrollments at a 10% increase over fiscal 2013. • Payout rates (Chart 2). This shows the NCIF payout rate which applies to our non-operating endowments and the effective payout rate on our operating endowments. It shows that we have continued to reduce the effective payout rate on operating endowments as a result of the reductions in operating deficits for fiscal 2012 and 2013. xx The largest change is in deficit funding which has decreased as a percentage of the whole from 40% to 25% due to our deficit reduction efforts. xx On the expense side (comparing Charts 4B and 4D), the expense components of the budget show that as we have experienced expense cuts across the board, the share of salaries and benefits to total expenses has increased from 48% to 50%. • Endowment values since 2007 (Chart 3). Operating endowments are shown in red, other endowments in blue and cumulative withdrawals from endowment for capital spending and deficits are shown in black. BENEFIT CHANGES In the fall of 2011, a comprehensive study of our employee benefit plans was conducted jointly with our health insurance advisors and compensation consultants. This study ultimately led to the decision to implement some significant benefit plan changes to our healthcare, retiree medical and pension benefits. These changes have helped to reduce our costs while still providing a substantial benefits package. In 2012 we moved our employee healthcare • Charts 4A – 4D show the make-up of Academy operating receipts and expenses, excluding Glencairn and Cairnwood. xx In comparing last year with this on the revenue side (Charts 4A and 4C), we continue to see the growth in the percentage of our income that comes from student revenues, net of any financial aid that is provided. This has grown from 20% to 24% of the total. Since 2010, this 34