Financial Plan - Cornell University Division of Budget & Planning

U.S. Senate Response (continued)Table 16. Endowment Principle Categorized by Use( June 30, 2007 market value)% ofCategory Unrestricted Restricted Total TotalAcademic Programs $568,540,000 $1,143,509,000 $1,712,049,000 31.6%Student Aid * 200,929,000 1,070,694,000 1,271,623,000 23.4%Position Support † 351,793,000 551,812,000 903,605,000 16.7%General Purpose 593,466,000 593,466,000 10.9%Facilities 38,108,000 87,981,000 126,089,000 2.3%Student Services 16,155,000 98,304,000 114,459,000 2.1%Libraries 9,897,000 54,949,000 64,846,000 1.2%Public Service 15,209,000 23,702,000 38,911,000 0.7%Institutional Support 31,226,000 5,113,000 36,339,000 0.7%Miscellaneous Categories 136,793,000 113,104,000 249,897,000 4.6%Subtotal Categorized 1,962,116,000 3,149,168,000 5,111,284,000 94.2%Outside Trusts, etc. § 313,449,000 313,449,000 5.8%Total 1,962,116,000 3,462,617,000 5,424,733,000 100.0%% of Total 36.2% 63.8%* “Student Aid” includes undergraduate, graduate, and professional student populations and encompasses support for grant aid, loans, andwork/study opportunities as well as graduate fellowships and tuition remission programs.† “Position Support” is composed primarily of endowed professorships designed to support faculty positions.§ “Outside Trusts, etc.” includes restricted outside trusts, pledges, and bequests where the specific purpose of restriction is not available.10b) Of the portion subject to permanent limitations, whatpercentage is restricted for need-based scholarships?Response:Of the $3,462,617,000 of endowment assets subject topermanent spending restrictions or limitations (as reportedabove in Table 16), $1,070,694,000 is categorized as “studentaid.” Student aid includes undergraduate, graduate, andprofessional student populations and encompasses supportfor grant aid, loans, and work/study opportunities as well asgraduate fellowships and tuition remission programs. A totalof $981,680,000, or 28.4% of the $3,462,617,000 is furtherlimited to grant aid as opposed to student loans and studentprizes. (Student prizes are small, non-need-based awards thatare given primarily at graduation to recognize exemplaryacademic achievement.)All undergraduate financial aid at Cornell is need-based.Graduate and professional student financial aid is awardedbased on financial need and merit (although the bulk of itis need-based). The “grant aid” category represented by the$981,680,000 figure is not pure, however, as some endowmentsso characterized can be used for both grants and loans(and in some cases, variably from year to year). Also, in accordancewith the terms of individual gift agreements, someendowments can be used to support both undergraduate andgraduate/professional students, and the proportion of suchaid can vary among these populations annually.10c) What portion is restricted for undergraduate financialaid?Response:Of the $3,462,617,000 of endowment assets subject to permanentspending restrictions or limitations (as reported abovein Table 16), endowments totaling $750,332,000, or 21.7%,provided payout to support undergraduate financial aid (grantaid, loans, and work/study opportunities). As noted abovein the answer to question 10b, the payout from some of thisendowment principal may have provided support for graduateand professional students as well in 2006-07.10d) Please provide the top five types of restrictions on theendowment by category.Response:Table 17 (at the top of page 87) provides a list of the five majortypes of endowment restrictions by market value of category.10e) What percentage of the endowment is subject tosignificant limitations placed on it due to a decisionby the board (or a subcommittee of the board) or acollege or university official—such as a set-aside for aspecific program?Response:As can be seen in Table 16 (above), 36.2% of Cornell’s totalendowment is unrestricted. Of the total unrestricted amount,86