the academy journal
• Endowment values since 2007 (Chart 7). Operating endowments are shown in red, other endow-
ments in blue and cumulative withdrawals from endowment for capital spending and deficits are
shown in black.
• Charts 8A – 8D show the make-up of Acad-
emy operating receipts and expenses.
x x Endowment payout increased modestly
from 33% to 34% of total revenue.
x x In comparing last year vs. this year on
the revenue side (Charts 8A and 8C), we
saw a modest increase in the percentage
of our income that comes from student
revenues, net of any financial aid that is
provided. This has grown from 30% to
32% of the total. In 2010, student rev-
enues were just 16% of total revenues.
x x The other income and transfers category
dropped from 19% to 17% of total rev-
enue.
x x Deficit funding as a percentage of the
whole jumped from 5% to 10%.
x x On the expense side (comparing Charts
8B and 8D), the expense components of
the budget as a percentage of the whole
saw virtually no change and has now
stayed relatively stable in relation to the
total expenditures for five years.
x x Giving to the annual fund, targeted for
student scholarships or deficit reduc-
tion, dropped from 10% to 7% of total
revenue.
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