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.
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