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REPORT 2015-16 OPERATING RESULTS Budget Notes

Revenue:
REVENUES
1. Tuition and fees include all billed tuition and fee income.
ANNUAL Tuition and Fees $12,380,499 87.0% 2. Fundraising includes amounts raised through the
Annual Fund campaign, net of expenses, the annual
Pirate Ball, net of expenses, and funds raised by the
1,155,962
8.1%
Fundraising
Parents Association, net of expenses.
3. Net Auxiliary and Other Income consists of earnings
Net Auxiliary and Other Income
422,417
3.0%
for all of our external studies programs, extended/late
day, summer programs, bookstore and various other
Endowment Draw
267,006
1.9%
programs, net of expenses. This number also includes
income from interest on the checking account and
Total Revenue $14,225,884 invested cash reserves, application fees and other
miscellaneous items.
4. Endowment Draw is the annual amount drawn from the
School’s endowment fund to supplement the operating
EXPENSES budget. The percentage of the annual draw is 4.5% of
the average of the prior twelve quarters’ ending market
Instruction, Activities, and Personnel $8,569,336 60.3% values.
Expenses:
Operations-Plant and Transportation 3,663,128 25.8% 1. Instruction, Activities, and Personnel are expenses
associated with all curriculum, libraries, technology, fine
Financial Aid 1,443,525 10.2% arts, drama, athletics, and faculty/staff. The personnel
number includes the faculty scholarship benefit.
Other Administrative 538,854 3.7% 2. Financial Aid consists of aid dollars given to non-
faculty/staff families.
Total Expenses $14,214,843
3. Other Administrative are those general expenses
associated with daily operations such as supplies,
printing, legal/accounting fees, school subscriptions.
Admissions and Marketing expenses are included in
BUDGET NET $11,041 this category. Also included are fundraising expenses
for the Annual Fund and other expenses such as alumni
relations and special events.
4. Operations-Plant and Transportation are expenses
associated with our bus program as well as
facilities/maintenance, including funding of our capital
reserves. The largest expense items in this category
are property insurance, utilities and funding of our
capital reserves.
OPERATING RESULTS
Actual Revenue 2015-16 Actual Expenses 2015-16

3.0% 3.7%
8.1%
Fundraising Net Auxiliary Other Administrative
& Other Income 10.2%
1.9% Financial Aid
Endowment
Draw

25.8%
Operations-Plant &
Transportation
60.3%
Instruction, Activities
87.0% & Personnel
Tuition & Fee Income

18 | Watermark FALL 2016