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
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