Revenue and Expenditures
Today, only about one-third of college revenue comes from state appropriations, including tuition. The remainder comes from sources such as grants, services, and philanthropic giving. As state funding continues to decline, the college will increasingly rely on charitable giving from corporations, foundations, and alumni and friends to maintain a margin of excellence in teaching, research, and patient care
81 percent of gifts in 2013-14 were immediately available to be used by the college to support programs, teaching, and research. Many gifts also come in the form of pledges or revocable commitments—funds the college cannot use until some time in the future. For instance, 19 percent of giving last year came as revocable commitments such as a Revocable Living Trust. Trusts such as these can be managed and changed by the donor with the remaining estate funds eventually going to the college.
The 2013-14 fundraising goal was just over $6 million. Through generous gifts and private grants, the college received more than $13.4 million—exceeding our total goal by over 120 percent. More than $3.7 million of those gifts were in immediately usable funds that could be put to work right away to support our students, patients, and faculty. The college also received close to $98,000 in new pledges and nearly $2.6 million in revocable commitments.
Tuition for residents and non-residents has nearly tripled since 1996. In fiscal year 2013-14, resident students paid $22,352 each year while non-residents paid $53,406. Student scholarships can help defray some of the costs of education, putting our students in a more competitive position as they start their careers.