J E F F E R S O N S C H O L A R S F O U N D A T I O N

finance
Operational Budget
The approved fiscal year 2013 operating budget of $12.0 million allocates
77% or approximately $9.2 million to program support including awards,
recognition and enrichment as well as a portion of the Graduate Fellows Center
operating and finance costs. Costs allocated to administration and fundraising
made up approximately 10 and 13 percent of the budget, respectively.
Of significance to the Foundation is the decline in the increase of the
University’s fiscal year 2013 cost of attendance. Not only does this affect the
current operating budget, but also impacts the stipend increase in projections
used to forecast our ability to fund scholarships and fellowships in
the future.
Capital Finance
The capital financing costs on the $22.5 million in debt used to finance
the Graduate Fellows Center remained stable as the Foundation benefited
from the benign interest rate environment experienced this year. The overall
interest rate paid including the interest rate on the debt and all related
financing costs was 3.74% as of June 30 th.
New Developments
The Foundation Finance Team continued to refine and improve its service
delivery since last year’s accounting and finance separation from the University
of Virginia Alumni Association.
Improvements in this area include: 1) improving communications with
the University’s Student Financial Services area resulting in Foundation expense
savings on direct payments to the University of fellowship tuition
and fee amounts; 2) bringing the accounting for our building operational
expenses in-house resulting in their expeditious recording, payment and
reporting; 3) assisting with the Foundation’s payroll system conversion resulting
in better reporting and customer assistance for our needs; and, 4)
strengthening our working relationships with the University’s Office of the
Chief Financial Officer and the finance staffs of other related foundations.
20 jefferson scholars foundation