The College's fiscal year 2012 revenue totaled $967,704,645, an increase of $8,497,437 since last year, according to the College's May 15th tax filing. The College's 990 tax forms were submitted to the Internal Revenue Service last week.
The growth in total revenue can largely be attributed to increases in tuition and investments, said Michael Wagner, vice president of finance.
The forms show the College's finances from July 1, 2011 to June 30, 2012. Salary figures are calculated according to the calendar year.
"This is the way to show we've met the tax-exempt requirements," Wagner said. "It's very comparable to what you'd see in any other higher education institution."
The revenue increase of just over eight million dollars pales in comparison to the $94,651,369 revenue jump between 2010 and 2011.
Wagner pointed to endowment return, tuition increases and fundraising as possible factors that led to increased revenue.
Fiscal year 2012 saw a 5.8 percent increase in the College's endowment, which doubled the portfolio's 2.8 percent benchmark. Tuition has also been increasing for the past five years, with a 4.8 percent rise during the current academic year. According to the filing, the College gained $294,530,418 from tuition and fees alone.
The College also saw a $43,634,287 hike in expenses, which corresponds with an increase of $5,417,194 in salaries and employee compensation. Of the College's $938,595,280 expenses, employee compensation totaled $444,510,823.
The filing includes summaries of the compensation for key employees, including trustees, officers and directors, along with deans of the graduate schools.
Former College President Jim Yong Kim received $768,162 as "base compensation" and $41,420 for other "reportable income." In addition, he received a retirement stipend of $40,450 and non-taxable benefits of $67,593, totaling a year's worth of $917,625 in compensation. This filing is the second to be released that reports on finances under Kim's tenure.
As provost, current Interim President Carol Folt received a base pay of $518,300 and non-taxable benefits of $52,171. With other benefits, her total compensation was $600,081.
Non-taxable benefits include the use of College-owned homes, director of media relations Justin Anderson said.
The payment for the College's top officials, including the president, provost and the chief financial officer, is comparable to other Ivy League institutions, Anderson added.
"We strive to be, and we are very much at the median," he said. "There may be special circumstances for each person."
Retired high-ranking staff members also retained many benefits. President emeritus James Wright received $645,280 in total benefits, while former Provost Barry Scherr earned $387,600.
In 2012, the College had a net budget gain of $29,109,365, compared to the previous fiscal year's gain of $64,246,215, marking the second year in a row that the College has not suffered a net loss.
The filing detailed the College's total assets and liabilities. By the end of the fiscal year, the College held $5,956,433,367 in total assets, an increase of $127,587,75l. Liabilities rose slightly as well, totaling $1,954,848,215 by the end of the year compared with the year's initial liability balance of $1,765,644,068.
The Internal Revenue Service requires that all nonprofit organizations with annual receipts that total over $25,000 file a 990 form each year. The College also filed a 990-T Form, which details unrelated taxable income for transactions that are not tax-exempt, Wagner said.
The $14,029,145 in income came from "unrelated" transactions that the College undertook including investments in hotels, recreation and real estate. This income was offset by larger expenses, which led to $63,459 in total losses.
Wagner stressed that the information provided in the forms was not audited.
"It's all the same data, it's just configured and reported in a different way," he said.
The documents were approved and signed by College controller Gail Goodness and are available for public inspection.
