Westmont Magazine Gifts Boost Revenue
Thanks to the ongoing capital campaign, Embracing the Past, Ensuring the Future, Westmont received a record amount of gifts during the 2000-2001 fiscal year: $10.5 million. During this time, the college announced a $5 million challenge commitment from Stephen and Denise Adams for two new campus buildings and a $3 million gift from Paul Orfalea for student scholarships.
“We are thrilled with the tremendous response we have received from alumni, parents, friends, corporations and foundations,” says Steve Baker, vice president for advancement. “We knew we had set an ambitious goal, but we believed people would come forward to support our distinctive mission. It has been so encouraging to see that happen and to welcome many new donors into the Westmont family.”
Friends of the college gave an impressive 41 percent of all contributions. Corporations accounted for 18 percent, with parents and foundations donating 15 and 14 percent, respectively. Alumni contributed 12 percent. The percentage of alumni making gifts to their alma mater increased slightly, from 24 percent in the 1999-2000 fiscal year to 26 percent in 2000-2001. Thirty-four percent of graduates gave, an increase from the rate of 32 percent in the previous fiscal year.
Annual giving to The Westmont Fund has not slowed during the campaign. The college more than met the $1.65 million goal for the fiscal year, raising a total of $1.76 million.
Meanwhile, Westmont finished in the black for the 17th straight year, continuing a tradition of sound financial management and careful spending.
In keeping with the college’s commitment to enhance the education it provides students, spending on academic programs (instruction and academic support) increased 9 percent over the previous year. The outlay for student services appropriately kept pace and grew 10 percent.
Total net assets increased significantly, by $12.8 million or 19 percent, which follows the trend in recent years. Successful fund raising, solid investment performance, and effective operations have allowed total net assets to more than double over the past five years.
“We continue to make significant progress in establishing a solid financial base for the future and lessening our dependence on tuition income,” says Ronald Cronk, vice president for finance.