<p>Mackinaw:</p>
<p>Here are selected per student financial indicators for a few LACs. All of these are from actual FY04 results, except Grinnell which was their budgeted numbers for FY04. The percentage of total endowment spent for operating expense is probably understated by a tenth or two because it is based on the year ending endowment size and probably should be based on an average endowment size during the year. For example, Swarthmore claims to have spent 4.2% of endowment, whereas this spreadsheet shows 3.9%. Several others are understated, including Williams, in a similar fashion. Also, I tried to use average enrollment for the year when it was given in the financials. I a couple of cases, I had to use the fall enrollment. Close enough for government work.</p>
<p>I see no purpose in doing these for universities. The grad schools, research revenues/expense, and the sundry other business units make it impossible to break out meaningful numbers for comparison. For example, Emory just sold a drug patent for $524 million, which begs the question, "Is it a school or a pharmeceutical company?" That blurred mission makes comparing finanicals between universities and LACs impossible. I will try to post a few more. I'd like to capture a few small endowment schools (Haverford, Davidson, etc.) </p>
<p>One thing jumps out from these numbers. I don't know what the heck Grinnell is bellyaching about. Swarthmore is conservative with a target spending from the endowment of 4.2%. Grinnell spent under 3%. The only explanation is that they talk about their unusually aggressive high risk investment strategy. They may plan for more volatility. Nevertheless, it's easy to see why they would want to increase enrollment and they have the endowment to justify it. Conversely, spending 6% of endowment, it's easy to understand Oberlin's concern.</p>
<p>BTW, compare the Total Student Revenue line with the Total Spending line just below it. This represents the "hidden merit aid" that every enrolled student gets. It is easy to see why Williams and Swarthmore (and Amherst and Pomona) have more customers than they can handle. Sell a $68,000 product for $26,500 and people generally line up around the block. This is also why you can't "make it up on volume" unless your per student endowment supports it. Oberlin is smart to downsize.</p>
<p>ALL OF THESE NUMBERS ARE PER STUDENT!</p>
<p>Swarthmore 1,462 </p>
<p>Tuition 29,406<br>
Financial aid (10,663) 36.3% discount rate
Net Tuition 18,743 </p>
<p>Room/Board 7,843 </p>
<p>Tot Student Revenue 26,585 38.9% of total spending</p>
<p>Total Spending 68,304 </p>
<p>Endowment 738,714<br>
End Spending 29,155 3.9% of endowment</p>
<p>Williams 2,052 </p>
<p>Tuition 27,970<br>
Financial aid (9,037) 32.3% discount rate
Net Tuition 18,933 </p>
<p>Room/Board 6,800 </p>
<p>Tot Student Revenue 25,734 38.4% of total spending</p>
<p>Total Spending 66,936 </p>
<p>Endowment 599,209<br>
End Spending 28,814 4.8% of endowment</p>
<p>Oberlin 2,883 </p>
<p>Tuition 28,895<br>
Financial aid (12,113) 41.9% discount rate
Net Tuition 16,781 </p>
<p>Room/Board 5,457 </p>
<p>Tot Student Revenue 22,239 55.4% of total spending</p>
<p>Total Spending 40,135 </p>
<p>Endowment 199,965<br>
End Spending 12,102 6.1% of endowment</p>
<p>Grinnell 1,375 </p>
<p>Tuition 25,573<br>
Financial aid (12,073) 47.2% discount rate
Net Tuition 13,500 </p>
<p>Room/Board 6,898 </p>
<p>Tot Student Revenue 20,399 43.8% of total spending</p>
<p>Total Spending 46,615 </p>
<p>Endowment 939,477<br>
End Spending 22,103 2.4% of endowment</p>
<p>Grinnell Notes: Budgeted FY04 figures. Room/Board also inc. bookstore</p>