Skidmore College Finance Overview

Skidmore College, a private liberal arts college located in Saratoga Springs, New York, manages its finances to support its academic mission, student experience, and long-term sustainability. Understanding the college's financial structure involves considering several key aspects: endowment, tuition and fees, fundraising, operating budget, and financial aid.

Endowment

The Skidmore College endowment is a critical source of financial support. It's a collection of invested assets, primarily comprised of donations from alumni, parents, and friends of the college. The earnings generated from these investments provide a consistent stream of revenue, reducing reliance on tuition and enhancing financial stability. The college aims to grow the endowment prudently, balancing current needs with long-term growth to ensure future generations of students benefit. The endowment's performance is carefully monitored and managed by investment professionals, guided by an investment policy that prioritizes diversification and risk management.

Tuition and Fees

Tuition and fees represent a significant portion of Skidmore's operating revenue. The cost of attendance covers instruction, student services, and campus resources. Skidmore, like many private institutions, faces the challenge of balancing tuition affordability with the rising costs of providing a high-quality education. Increases in tuition are carefully considered, taking into account factors like inflation, faculty salaries, and infrastructure maintenance.

Fundraising

Philanthropic contributions are essential to Skidmore's financial health. The college actively engages in fundraising campaigns to support various initiatives, including scholarships, faculty development, capital projects, and academic programs. Alumni giving plays a crucial role, demonstrating a commitment to the college's mission and providing valuable resources. Fundraising efforts often target specific areas of need, allowing donors to direct their contributions towards initiatives they are passionate about.

Operating Budget

Skidmore's operating budget outlines the college's planned revenues and expenditures for a given fiscal year. It reflects the institution's priorities and strategic goals. Major expenses include faculty and staff salaries, academic resources, student services, facilities maintenance, and financial aid. The budget is developed through a collaborative process involving various departments and committees, ensuring alignment with the college's overall mission and strategic plan. Careful monitoring of the budget throughout the year helps to ensure fiscal responsibility and accountability.

Financial Aid

Skidmore is committed to providing access to education for talented students, regardless of their financial circumstances. A significant portion of the college's operating budget is allocated to financial aid programs, including scholarships, grants, loans, and work-study opportunities. Skidmore strives to meet the demonstrated financial need of admitted students, making a Skidmore education attainable for a diverse student body. The college's financial aid policies are regularly reviewed and adjusted to ensure they remain competitive and effective in attracting and supporting talented students.