Financials: In Brief
One of the most important changes Beloit made in its financial planning process was to base its future revenue estimates on a projected enrollment of 1,200 students, a conservative number that college leaders were confident could be achieved—and likely even exceeded—in spite of tough times. Subsequent events have demonstrated the wisdom of this conservative approach: producing tuition revenue, exceeding the budgeted figure, and giving President Bierman the flexibility to implement a new approach to better manage the college’s fiscal affairs.
Once at a high-water mark of $134 million, the market value of the investments in Beloit’s endowment dropped to a low of $72 million during the first quarter of 2009, owing to underperforming assets in all sectors. The endowment's portfolio of investments currently stands at $121 million.
In 2009-2010, the college set a bold goal to grow annual fund giving to $5 million in five years. For the college to realize this ambitious goal, dedicated and increased support from alumni, parents, and friends is necessary. The Beloit Fund met the stated goal in fiscal year 2009-2010 and, in 2010-2011, exceeded the year-end target. Gifts to the Beloit Fund provide a direct revenue stream into the college's operating budget, support Beloit's faculty and students, and provide opportunities for student engagement that otherwise would not be possible.
Renewing the Historic Core
Last year, President Bierman mounted a new initiative to restore the grandeur of the college's historic campus. Renewing the Historic Core ensures that the legacy of a vibrant, inviting, and exciting Beloit, given to us by previous generations, endures for future generations of Beloiters.
In 2010–2011, the Renewing the Historic Core project raised nearly $200,000. Much work toward this multi-phase plan has already been completed but important work remains. Projects undertaken and funded by the Renewing the Historic Core initiative include:
• Repainting and wood restoration on Morse-Ingersoll Hall, Campbell Hall, World Affairs Center, South College,
and Middle College
• Stonework restoration and window replacement on the Pettibone World Affairs Center (WAC)
• Renovation of the south façade and patio of Eaton Chapel, providing improved handicap-accessibility
• Restoration of the rest of Eaton Chapel’s stonework
• Restoration of copper accents and exterior woodwork on Morse-Ingersoll Hall
CAMPAIGN REACHES GOAL
Beloit College successfully completed its five-year, $100 million Classic. Daring. Life-Changing. campaign and celebrated the milestone during the board of trustees meeting in April 2011. The effort channeled support to the college's academic programs, student scholarships, and infrastructure. More than $16 million of the total campaign dollars raised came in the form of gifts supporting capital projects (including the Science Center). An additional $21 million went toward scholarships and student programs, while other gifts were directed at academic initiatives, including the college's Upton and Weissberg programs, physical plant renovations, the museums and the library, international programming, and faculty research and development.