The Westmont tradition of sound financial management and careful spending continued during the 1999-2000 fiscal year. For the 16th year in a row, the college finished in the black.
According to Ronald Cronk, vice president for administration and finance, the college’s total net assets increased $9.6 million, or nearly 17 percent, to $67.3 million. “Most of this increase, $7.4 million, was unrestricted,” he explains. “Of this amount, $3.8 million represents unrestricted campaign gifts and pledges and $5.8 million can be attributed to operations and other activities, of which $2.3 million was invested in campus facilities.”
“Total net assets have increased an average of 21 percent per year over the last five years due to successful fund raising, solid investment performance, and effective operations,“ Cronk adds. “Net assets have more than doubled since 1996.”
The endowment grew nearly 10 percent to $15.1 million as a result of $1 million in gifts and $300,000 from investment gains. “Over the last five years, the value of the endowment has more than doubled,” Cronk notes. The total investment return for the year was 8 percent versus 10.2 percent for the prior year. “Over the last three years, the investment performance of our endowment ranks in the top quartile of a comparable universe of funds.” Continued growth is essential to build a strong financial base for the college.
Spending on instruction, academic support, research and student services increased more than 8 percent over the prior year. This reflects our commitment to enhancing our educational program.
Giving remained strong as the college received $7.6 million in donations. Once again, parents gave the largest percentage, with friends and foundations close behind. Both the total amount of alumni gifts and the percentage of alums participating increased, with 25 percent supporting their alma mater. Among alumni who graduated from Westmont, 32 percent made gifts. This is an important statistic and continued improvement will help Westmont attract more major donors.