2010 - Jefferson Scholars Foundation

jefferson scholars foundation 2010
0perational budget
The Foundation has proposed an $11.3
million operating budget for fiscal year
2011. This budget reflects an 8% increase of
$813,000 over the prior year, an increase required
for a full year of the Jefferson Fellows
Center financing and operating expenses.
Last year, we reduced the number of incoming
scholarships to adjust for the endowment
decline. Now that our endowment is
once again on the rise, we plan to increase
the incoming scholarships at a pace we
believe the endowment can sustain, with the
objective of exceeding 35 incoming scholars
annually. This year we took the first steps
toward that goal by adding an additional
three incoming scholars.
The fiscal year 2011 spending plan is allocated
approximately 76.9% for direct and
indirect programmatic support, 11.6% for
administrative expenses, and the remaining
11.5% for fundraising costs. Programmatic
support is comprised primarily of the scholarship
and fellowship stipends that cover tuition
and fees, room and board, books, and
living expenses. It also includes the costs of
our scholar enrichment and recognition programs
as well as the portion of the Jefferson
Fellows Center financing and operational
expenses dedicated for the programmatic
use by the Jefferson Fellows and Scholars.
Actual spending during fiscal year 2010 is
expected to be approximately $485,000, or 4.7%,
below the approved budget of $10.5 million.
This spending decrease was due to several factors
including a delay in occupying the Jefferson
Fellows Center as well as ongoing attention to
monitoring expenditures, avoiding waste, and
streamlining operational processes.
capital expenditures
The Foundation’s beautiful Jefferson Fellows
Center was completed in March 2010. We
executed a phased occupancy by moving into
the administration building in late November
2009 while Foundation Hall and the Jefferson
Fellows Center construction was still underway.
The full cost of the project was financed through
a combination of hedged long-term municipal
bond financing and medium-term bank loan
financing.
conclusion
Our outlook is much brighter today compared
to this time last year. The actions taken by
Foundation leadership in response to the
endowment losses have borne fruit, and we find
ourselves standing in a better financial position.
We continue to remain optimistic about the
future and our ability to fulfill the mission of
the Jefferson Scholars Foundation. Thanks to all
who have contributed to our success.
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