2 PROPOSED BUDGET Following are the budget parameters for the proposed budget: Proposed 2011/ /2013 Budgeted Enrollment (10 students = $263,000) Target first year class Enrollment Contingency FTE $1,080, FTE $1,053,000 Tuition Increase (1% increase = $362,000) 4.5% 4% Tuition Discount (excluding Federal support) (.50% = $300,000) Target first year and transfer discount rate 39.5% 33% 37.0% 34% Private Gifts & Grants $1,150,000 $1,150,000 Endowment Payout 4.8% $16,458, % $17,500,000 Investment Income $100,000 $50,000 Life Cycle Contributions $2,729,000 $2,826,000 Salary Pool for Faculty (1% increase = $201,000) Salary Pool for Staff (1% increase = $185,000) Fringe Benefit Rate (.50% increase = $139,000) Room Increase (1% increase = $36,000) Board Increase (1% increase = $40,000).5% 3%.5% 3% 39% 39% 5% 4% 4% 4%
3 BUDGET BUILDING PROCESS The budget building process begins in the summer with a retreat of the president s council. Each budget officer provides a progress report on their areas of the College s strategic plan along with proposed changes to the strategic plan (the progress report and revised strategic plan were included in the November committee packet). Budget officers use the updated strategic plan to guide work with their departments in reallocating existing funds and to propose budget changes. Administrative and academic departments develop budget proposals in September. Budget officers ask their departments to seek opportunities for new efficiencies, to reallocate existing funds wherever possible, and to use department surpluses (if any) to fund one-time initiatives. Budget officers then review budget proposals from their respective departments and rank them in order of priority. The faculty Committee of Division Chairs reviews and ranks all budget proposals from academic programs. In October, the President s Budget Advisory Committee begins meeting. The committee includes faculty, staff, students, and a trustee. The College Treasurer chairs the committee. The first meetings are educational. Committee members learn how the budget works, review benchmark data, and review the budget model. At a subsequent meeting each budget officer presents his/her budget requests to the committee and the committee asks questions of the officers. The committee then provides feedback to the president on proposed initiatives and key parameters such as tuition increases and salary pools. The proposed budget for reflects the recommendations of the on-campus committee and is consistent with the planning assumptions approved by the trustees in November. HIGHLIGHTS OF THE BUDGET Enrollment REVENUE The proposed budget assumes a new class of 400 first-year and transfer students. This is down from a target of 405 for the current year to help manage enrollment pressures due to larger than anticipated classes the last few years ( ; : ; ). Staff estimates actual enrollment to be between , but expects enrollments to decline to the range over the next few years if the College continues to recruit new classes between 400 and 415 students. The enrollment contingency is proposed to be the equivalent of 40 FTE net tuition revenue or $1,053,000. The amount is down slightly from the current year, but represents 1.5% contingency of the total operating budget of $70M.
4 Tuition Increase and Discount Rate The proposed budget includes a tuition increase of 4%, down slightly from the 4.5% increase this year (the lowest increase in over five years). The 4% increase slightly exceeds the unadjusted Consumer Price Index on all items of 3.4% (for the 12 months ending November, 2011). The proposed discount rate stands at our best estimate of 37% for the year. This estimated rate is substantially lower than the current budgeted amount of 39.5% and down a little from our forecasted rate for the current year of 37.5% to 38%. The substantial progress in reducing the discount rate is due to the successful implementation of need-aware admissions and adhering to policy for returning students. A second class with a lower discount rate helps to lower the overall rate next year. The College will continue to track financial aid separately between first year and returning students and review the status of the financial aid budget with the Trustee Executive Committee in June before releasing financial aid offers to returning students. However, some factors beyond control of the College affect the final amount of financial aid Whitman awards even with this more rigorous approach to managing aid to meet net tuition revenue goals. The number of admitted students who pay deposits in May, but actually show up in September, fluctuates each year (summer melt). The number of students going on and returning from leaves of absence and Off-Campus Studies also fluctuates. These changes not only affect enrollment, but may have a significant impact on financial aid and discount rate. Thus, the College must maintain an appropriate contingency in the budget each year. Endowment Payout Rate The proposed budget calls for an increase in endowment payout rate from 4.8% to 5.1%. The flexible payout rate model approved by the trustees in 2008 called for the payout rate to increase in to 5.4%. However, actual investment returns and gifts to the endowment have been greater than the flexible payout rate model assumed, enabling the College to decrease the modeled payout rate substantially. The increase in endowment support to operations is approximately $1M, of which $425,000 is from new endowments coming online next year. The College plans to return to a 5% payout rate in fiscal year , which is well ahead of the original schedule of Other Revenue Sources Private gifts and grant support remains unchanged in the proposed budget. While it is likely there will be surplus unrestricted gifts, staff recommends surpluses be directed to the endowment rather than current operations to best support campaign goals. Investment income is reduced from $100,000 to $50,000 to reflect low short-term interest rates.
5 Salary Pool EXPENSES Faculty and staff salary pools will increase 3% in the budget. Increasing compensation after several years of low increases represents a top priority for the College. The increase in the salary pools, exclusive of proposed new positions, totals $782,000. This amount augments the 2% mid-year increase of $519,000. Fringe Benefits We forecast that the fringe benefits rate will remain the same at 39% of salaries. The increase in the benefits budget due to the increased salary pool (2% + 3%) is $507,000. The rate would have increased if the College had not made changes to the medical benefits. The contribution to the retiree medical program declines as the College approaches the point where Whitman has fully funded the projected liability of this benefit. The changes to the tuition exchange program will also help to reduce the rate in the future. Life Cycle Contributions The proposed life cycle contribution increases from $2,729,000 to $2,826,000. The contribution rate remains.95% of the replacement value of the physical plant. Debt Service Debt service in the proposed budget will increase by $160,000. This represents the last increase to phase-in the debt service associated with bonds issued in 2008 which support the Sherwood Center, Fouts Center for Visual Arts, Olin Hall, Maxey Hall and Harper Joy Theatre projects. Total debt service constitutes $3,171,000 or 4.5% of the total operating budget. Budget Enhancements In addition to the increases in salary pools and corresponding fringe benefits, life cycle program, and debt service, the College increased other operating budgets by approximately $1,100,000. In addition the budget includes $520,000 toward a one-time capital project to create two new science research labs and offices for the new tenuretrack line faculty in biology and chemistry. Close to $700,000 of other requests were not approved either by the budget officers or the president. Many requests were denied either because they were not considered a high enough priority or the College could fund them with existing departmental surpluses. Following are the highlights of budget enhancements:
6 Academic Program Creation of two new tenure-track lines in the Sciences Salaries 130,000 Fringe benefits 51,000 Support costs 17,000 One-time renovations to create labs and offices 520,000 Subtotal $718,000 Continuation of Global Studies Initiative (funded for three years by Mellon Foundation Salaries for director and stipends for faculty participating in summer workshops 86,000 Fringe benefits 34,000 Support costs for symposium, publication and workshops 34,000 Subtotal $154,000 Increased part-time staff support in several areas to assist faculty in geology labs and field trips, biology labs, science outreach programs, and administrative support in arts, theatre, post graduate fellowships and grants, and the language learning lab. Salaries 69,000 Fringe benefits 27,000 Subtotal $96,000 Increases to academic support budgets Student wages, service contracts, supplies, and start-up costs for new faculty $67,000 Library digital subscription costs $26,000 New position in Off Campus Studies to support home fee model and expanding programs to be better linked to academic departments Salary 35,000 Fringe benefits 14,000 Subtotal $49,000 Total subtotal Academic Program enhancements: $1,110,000
7 Student Services New administrative assistant position to support Academic Resource Center and Dean of Students office Salary 25,000 Fringe benefits 10,000 Subtotal $35,000 Increase to full-time the Assistant Dean of Students for Student Engagement and the Stuart Religious Counselor position Salary 28,000 Fringe benefits 11,000 Subtotal $39,000 Continue two assistant coach positions which have been funded for several years by alumni gifts through the W Club Salary 50,000 Fringe benefits 20,000 Subtotal $70,000 Total Student Services enhancements: $144,000 Other Support Increased support for admissions program New Admissions Officer salary 32,000 Fringe benefits 17,000 Part-time application readers 9,000 Expand student intern program 7,000 Subtotal $65,000 Increased support for technology services reorganization of staffing to create a new position of Director of Learning Technologies Salary 15,000 Fringe benefits 6,000 Increased funding for technology replacement life cycle funds and licenses and service contracts 61,000 Subtotal $82,000
8 New position of online content specialist for maintaining currency of web sites Salary 40,000 Fringe benefits 16,000 Subtotal $56,000 New position of Director of Environmental Health and Safety Salary 50,000 Fringe benefits 20,000 Subtotal $70,000 Miscellaneous operating budget increases to increase student wages, supplies and maintenance expenses for plant facilities, continue administrative external reviews, and enhance supervisor training and leadership development $93,000 Total other support enhancement: $366,000 One-time requests funded with department surpluses or gifts Continuation of financial aid consultant for one more year (surpluses) 40,000 New server and operating system for campus and system deferred from last year (surpluses) 160,000 New address printer for mail services (surpluses) 23,000 Alumni annual giving survey (surpluses) 12,000 Purchase high speed digital copy machine (surpluses) 20,000 Special equipment for single cluster reunions (surpluses) 20,000 Web content management implementation (surpluses) 65,000 Web content management software (gift) 89,000 Nielen-Anderson visiting professors in Rhetoric (gift) 50,000 Ferrari Environmental Studies internship fund (gift) 60,000 WISE Program (gift) 22,000
9 Highlights of new endowments received last fiscal year that support next year s budget Global Studies 50,000 Varsity Athletics 3,100,000 Scholarship endowments 3,600,000 In addition, two endowed chairs (Deshler and Ball) were created in recent years and current faculty members now hold the chairs (Keef and Walters). In November, 2011 the trustees approved two new tenure-track line positions (biology and chemistry) funded from the reallocation of the instructional salary budget made available by the two new endowed chairs. Future Initiatives In February of 2011, the trustees approved converting to a home tuition fee model for Off Campus Studies students effective with the class arriving on campus in the fall of 2011 and studying off campus in the academic year. Currently, the College spends approximately $1M a year in financial aid to support students studying off campus in specific approved programs. In the new model, Whitman will charge its tuition to students studying off campus. Students will be eligible to receive financial aid such that the tuition costs for their time abroad will be approximately the same as while on campus. Students will be paying room and board costs directly to the off campus programs. The College will pay the program tuition fees from the tuition collected from these students. The College will be significantly expanding the number of approved programs and better aligning them with Whitman academic majors. In preparing to implement this program, the proposed budget includes one additional staff member to support the increased number of off campus programs. Based on recent participation in Off-Campus Studies, the College forecasts an increase in tuition revenue of approximately $4M and a decrease in the discount rate of about 1.5%. After funding the program fees, financial aid, and other operating expenses, the College forecasts total savings to the College of $500,000 to $700,000 per year. It is difficult to predict how student behavior will change under the new model, so the College will not build the anticipated savings into the budget until a better understanding of student participation is attained.
10 Conclusion The proposed budget makes significant progress on three top priorities for the College next year: Increased faculty and staff compensation Addition of two new tenure-track lines in the sciences and corresponding renovations to accommodate the positions Continuing the Global Studies Initiative originally funded by gifts from the Mellon Foundation The budget also makes significant progress in enhancing support for several existing programs at the College, increasing budgets to support student employment, and providing additional support for academic programs. The College s success in reducing the discount rate, growth in the endowment due to new gifts, improved investment returns and slowing the increase of fringe benefits costs makes this budget possible. New endowments will fund the two new tenure-track positions and unrestricted endowment income will fund the continuation of the Global Studies Initiative. If the College wishes to continue to make major investments in new initiatives and to strengthen existing programs, we will need to continue to find ways to gain efficiencies, effectively manage expense increases, and grow revenue from gifts and endowments.
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