<p>For anyone really interested in getting an in-depth picture of finances and FA beyond what is on a school website, the best place to start is a school’s IRS filings (990’s are searchable at guidestar.org). FA is rarely funded solely by endowment draw, but in many cases it is also not directly funded by other students’ tuition. Because of the whole fungibility thing mentioned above, in the end it really does not matter. The school (even the financial folks) can “assign” the source of any line item, and thus honestly state that tuition does not go to FA. In many cases even full tuition from all students would not keep a school running even if no FA was awarded. </p>
<p>You cannot simply look at endowment size, the annual fund, etc. Look at the line items for Westover in 2011 (the latest 990 I could find quickly online) and you will see their total operating expenses and income broken down. </p>
<p>They gave $2,874,794 in grants and aid, and investment income (close to bsavisor’s estimate of current endowment draw) was $1,984,574. Total revenue was $16,376,253, of which $8,840,902 was tuition and other program income, $5,550,777 was contributions and grants, and the rest was the above mentioned $2,874,794 endowment draw or other investment income. What this says to me is that they can easily cover all FA via endowment and contributions and “assign” the tuition income to other expense lines. No matter how it is sliced, there is enough wiggle room to match things up any way you like. Sort of like state lottery money being “dedicated” to education.</p>
<p>Keep in mind that even though it is the “public face” of fundraising, the annual fund drive is rarely the only source of contributions, and in the case of Westover I believe their annual fund goal is currently under $2 million, so there is a lot of giving that is not reflected in the more heavily publicized numbers of the annual drive (they have an engaging thermometer kind of thing showcases on their website). Even though there is a lot of giving that is restricted, often enough is unrestricted so that FA is covered without touching the tuition income.</p>
<p>I did not search for anything on Solebury, so have no numbers there.</p>