College revenue increases, largely from gifts and donations
The College’s revenue for fiscal year 2014 totaled $1,310,504,806, an increase of $116,638,828 over fiscal year’s 2013 revenue of $1,193,865,978.
Chief financial officer Michael Wagner said that the increase in revenue was largely due to gifts and contributions from donors.
In 2014, the College received the largest donation on record, totaling $100 million, from a single anonymous donor, leaving only $16.6 million in other increases. By comparison, there was an increase of $226 million between 2012 and 2013, largely due to the more successful returns on investments than to increases in contributions.
This year, investment income decreased from $381.7 million in 2013 to $373.2 in 2014, a decrease of over $8 million.
Meanwhile, contributions and grants received by the College grew by over $94 million, increasing from $333.9 million in 2013 to $428.4 million in 2014.
College spokesperson Diana Lawrence said that gifts and contributions are managed according to the gift type, which can be either restricted or unrestricted. A restricted gift is managed by a particular department or donor-specified group, while unrestricted gifts are managed by the Dartmouth College Fund. Endowment gifts, for example, are restricted to management under the College endowment.
Chairman of the Dartmouth College Fund Bruce Miller said that the College Fund received over $48 million in donations for the 2014 calendar year, breaking its record for dollars received for the fifth consecutive year, and is working toward breaking its record for the sixth consecutive year in fiscal year 2015.
The Dartmouth College Fund receives donations from alumni that support residential programs on campus and contribute to faculty and staff compensation and financial assistance for students.
Millier highlighted the fact that Dartmouth is one of a small number of colleges in the nation that offers need-blind admission, 100 percent demonstrated need assistance and a promise to increase financial assistance if a student’s financial situation worsens, Miller said.
“The College Fund makes that possible, thanks to the generous alumni, which is why it’s so important,” Miller saidw.
Miller said that the College Fund received many generous donations for 2014 from various groups of alumni, including the Centennial Circle and the Class of 1989.
The Centennial Circle was formed with the goal of collecting College Fund donations of $100,000 each from 100 women. Over 120 women have donated to the fund thus far.
This year, the Class of 1989 also broke the record for the most donations received at a 25th reunion. Members of the Class of 1989 donated over $8 million, breaking the former record by $2 million.
Despite the growth in contributions and grants, Wagner said that fiscal year 2014 did not show many dramatic differences from fiscal year 2013.
“This is one of the years where we see that it’s relatively uniform, nothing much has changed from last year,” Wagner said.
Though the 990 tax return shows information from the 2014 fiscal year, its salary data covers the 2013 calendar year.
Total compensation expenses increased from $478,924,633 in calendar year 2012 to $495,498,726 in calendar year 2013.
During the 2013 calendar year, Hanlon received $695,568 in total compensation, which includes bonuses and other reportable incentives including a signing bonus.
Lawrence said that the College’s total compensation records are difficult to compare on a yearly basis due to several varying factors.
“You aren’t comparing apples to apples,” Lawrence said. “Some compensation is only partial, people leave throughout the year, positions can go unfilled.”
Chief investment officer Pamela Peedin received the highest compensation, totaling $1,110,486, which included an incentive of $600,000.
Wagner said that the College awards salaries at a level that is able to compete with national standards.
“We are competing to have some the best in the country,” Wagner said.