Academy Journal Volume 58 - Page 47

  CHARTS • Operating results (Chart 1). This chart shows that while we have made considerable progress in reducing the operating deficit from the all-time low of $12.7 million in fiscal 2011, it also illustrates the difficulty in maintaining that progress as the deficit for fiscal 2017 drops to $2.5 million. The chart also shows our forecasts to a balanced budget. • Revenue history (Chart 2). Total revenue had reached a peak in fiscal 2008 at $19.4 million before it began to slide after fiscal 2008 when the stock market plunged, total revenue dropping to $13.5 million by fiscal 2011. Endowment income had dropped to $7.2 million from its peak of $12.3 mil- lion during this period. While fiscal 2017’s revenue dropped by almost $0.5 million, it still reflects an increase of more than $2.3 million from fiscal 2008. Endowment income has not increased dra- matically and represents just 38% of total revenue, significantly below the 65% level for years prior to 2011. Gifts to the annual fund, once a steady 3 or 4% of income have risen; in fiscal 2016 to 20% and in fiscal 2017 to 12%. Student revenues as a percentage of total revenue has been climbing and reached 35% in fiscal 2017. 47