Celebrating Celebrating130 130Years Years1882 1882 – 2012 – 2012
2011–2012 Financial Summary
Revenues
Expenses
net Tuition and Fees / 59%
Instruction Programs / 35%
endowment, Government,
Academic Support / 16%
Current Year Restricted Gifts, / 27% Auxiliary Enterprises / 8% Annual Fund Contributions / 5%
Student Services / 14% Institutional Support / 25% Auxiliary Enterprises / 10%
Other / 1%
CIA made progress on several strategic goals during fiscal 2011–2012 even though the year was one of overall economic uncertainty in the marketplace. Enrollment growth has shown a steady upward trend, from 534 students in fall 2010, to 546 students in fall 2011, and 556 students this fall 2012. The college has continued to respond to financial pressures experienced by our students and their families, limiting the 2011–2012 tuition increase to less than 3% and providing increased levels of financial aid to eligible students. Support from government grants, current year restricted gifts and endowment investments totaled 27% of 2011–2012 operating revenues. The June 30, 2012 market value of the CIA endowment assets was $24 million. The asset allocation of the endowment portfolio was 65% equity, 27% fixed
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income, 6% alternative investments and 2% money market. The 2011–2012 one year total return on the endowment portfolio was approximately breakeven, outperforming market benchmark returns for the portfolio asset classifications.
Operating expenses were roughly $16 million, with 35% going to support instructional programs, 16% for academic support, 14% for student services, 25% for institutional support and 10% for auxiliary enterprises.
Auxiliary enterprises revenue of 8% is from the continuing education program, Cinematheque and student housing.
2011–2012 operations included a modest merit increase for eligible faculty and staff, but the administration continued for a third year a 3% reduction (from 7% to 4%) in the employer match to the retirement plan. Going forward the Institute seeks to maximize revenue while reducing expenses in a responsible way that manages expense growth yet continues to support the high quality of our educational programs.
Annual Fund giving, at 5% of total revenues, also reflects a steady increase over the past few years, a favorable trend that is particularly gratifying given the concurrent success of our major capital campaign — all in a very challenging economy.