The College ended the fiscal year in the black, closing its books with a margin of $139,000. While financial markets had a poorer return than the previous year, resulting in modest losses in net asset growth and endowment market value, FY15-16 was a highly successful philanthropic year for the College. Last year, we introduced the Seed Projects; these projects are designed to further the College’s Strategic Plan and reduce Saint Joseph’s dependence upon tuition as its major source of income. All new Seed Projects are designed to grow enrollment, keep tuition affordable for students, and use the College’s incredible native assets—its shoreline on Sebago Lake, 474 scenic acres, organic farm, and established academic enterprise—to advance the College in ways that will sustain it indefinitely.
| Total Operating Revenue: Sources
| Sebago Lake Program Tuition & Fees, net of Financial Aid
|| $15,441,000 |
| Online Program Tuition & Fees
|| $10,292,000 |
| Room & Board
|| $8,741,000 |
| Other Sources
| Spending from Investments
|| $739,000 |
| Gifts & Grants
|| $772,000 |
| Operating Expenses, by Function
|| $37,540,000 |
|| $8,053,000 |
| Online Program
|| $6,383,000 |
| Academic Support
|| $1,627,000 |
| Student Services
|| $8,926,000 |
| General Institution
|| $9,576,000 |
| Food Services, Other Auxiliaries
|| $2,975,000 |
We are pleased to report that the Seed Projects outlined below are now complete and the final Seed Project—the College’s first lighted turf field and track—is on schedule to open August of 2017.
Science Wing: Construction is now complete on the first new labs. Assisted by a $150,000 grant from the Alden Trust, STEM students and faculty now have a new Advanced Science Lab, Organic Chemistry Prep Room, Microbiology Lab, Science Prep Room, and multiple new fume hoods. The new labs provide rich opportunities for hands-on science not possible before, including making possible long-term, advanced student-faculty research projects.
Waterfront: Students returned in late August to find a new dock, swimming float, beach furniture, and changing pavilion. A new, lighted and widened beach path brings electricity, wi-fi, and gas to the waterfront, which also has a new tent pad to offer an additional event venue for both the campus and outside functions. The waterfront development is another phase in the College’s plan for mission-aligned business related to hospitality and wellness.
Stone Barn: The first phase of the renovation of our century-old Stone Barn was completed in June and is now a premier gathering destination serving the region. The new facility is supported by a business plan that calls for the building to serve as a center for agritourism operations, including rental for weddings and corporate events. The Stone Barn will also host College events and regional gatherings of groups focused on addressing food security and the development of the local agricultural economy. The renovation of the Stone Barn is an important step in the College’s plan to launch mission-aligned businesses and is emblematic of our deep commitment to sustainability, wellness, and local food systems.
Heffernan Center: With the completion of the library move and improvements in 2015, the College constructed Baggot Street Café, a new student space that provides an attractive and comfortable environment for informal dining, study, and recreation. The new Café, named after the site in Dublin where Mercy founder Catherine McAuley began her mission of service, replaces the Chalet, which will be decommissioned in 2017 after providing 40+ years of service.
We exceeded our Annual Giving goal of $1.2 million resulting in a 20% increase in gifts year-over-year. Total gifts were up for the college by 40% to $1.5 million with special recognition for efforts by our athletics department and fans, faculty and staff working on federal grant opportunities, and in-kind contributions from vendors.
Total gifts were up among key constituent groups and participation was up among Past Board, Alumni, and Faculty/Staff.
For the first time in the history of the College five gifts of $100,000 or more were made in a single year, FY15-16.