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Annual Report to Donors 2008 - Interlochen Center for the Arts

Annual Report to Donors 2008 - Interlochen Center for the Arts

Annual

Annual Report Understanding our operations, June 2007 - May 2008 Revenue Net tuition accounted for two thirds of Interlochen’s operating income, which totaled $29,978,367 in fiscal year 2008. Gifts from donors accounted for nearly 13% of that total. Annual giving helps maintain our generous financial aid program and supports other critical operations, from performances to public radio. Investments and Endowment Investments for fiscal year 2008 were down 1.4%, but are up 11.8% on average over the last five years, with the endowment/funds under management increasing from $33.3 million to $64.2 million in the last four years. During this fiscal year, our investment portfolio offered a loss of $858,933. Along with capital and restricted donations of $4,105,645, we were able to invest in capital improvement projects, preservation of our aging facilities and new construction. By policy of the Board of Trustees, 4.8% of the three year trailing average of the endowment balance was returned to Interlochen Center for the Arts in fiscal year 2008 to support the needs of the institution. The amount allocated for operations and scholarships totaled $1,204,678. Expenses In fiscal year 2008, our operational expenses totaled $29,545,511. This figure represents an increase of 4.5% compared to the previous year. Our investment in people, the heart of the Interlochen experience, continues to be our biggest expense. The Interlochen fiscal year runs June 1 through May 31. For a copy of our complete audited financial statements, prepared by Plante & Moran, P.L.L.C., visit www.interlochen.org/support, or call our advancement office at 231.276.7623. 13 Revenue $29,978,367 Expenses $29,545,511

Annual Report Understanding our operations, June 2007 - May 2008 How Interlochen donors designate their gifts Nearly $12.6 million was given to Interlochen Center for the Arts in fiscal year 2008 by more than 9,000 individuals, corporations, foundations and small businesses. 20.8% of that total was directed to our annual fund program, the Interlochen Fund, which provides scholarship assistance to deserving students from across the globe. Gifts to our endowment add to the long-term stability of Interlochen, while gifts to capital and restricted projects, including Interlochen Public Radio, help to strengthen our many programs and the facilities they rely upon. Scholarships More than $6.5 million was awarded in the form of scholarship and financial assistance for deserving students to attend Interlochen programs in fiscal year 2008. Our high school Academy students – 69% of whom receive financial assistance in some form – come from families with an average household income of $88,000. With Academy tuition at around $35,850, our commitment to a diverse, talented and highly motivated student body depends upon the generosity of individuals who support our scholarship program. Where Interlochen Fund gifts come from 5,588 donors contributed a total of $2,613,508 to The Interlochen Fund in fiscal year 2008. Over the past seven years, government support has decreased almost 65%, underscoring the increasing importance of donor giving. 14 Donor Gift Designations Total Giving: $12,581,014 Interlochen Fund Sources Interlochen Fund Total: $2,613,508

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