Westmont Magazine A Sound Bottom Line
During the last year of the five-year capital campaign, Westmont received $9.5 million in gifts, helping the college exceed its $47 million campaign goal. Significant contributions included a $1.6 million bequest from Carolyn DeYoung ’57, the largest donation ever received from the estate of an alum.
The Westmont Fund nearly made its $1.8 million goal, raising $1.76 million. Alumni giving rose from $1.2 million in 2001 to $2.7 million in 2002, with the percentage of graduates making gifts dipping slightly from 34 percent last year to 33 percent this year.
Boosted by the bequest from Carolyn DeYoung, donations from alumni represented 28 percent of all gifts. Foundations contributed 23 percent of the total, with friends giving 18 percent and parents 16 percent. Corporations accounted for 15 percent.
Thanks to generous donations and careful management, Westmont finished in the black for the 17th straight year, continuing a tradition of sound financial policy 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 10 percent over the previous year. Expenditures on student services grew by nine percent.
Total net assets increased significantly, by $6.9 million or 9 percent, which follows the trend in recent years. Successful fund raising, solid investment performance, and effective operations have allowed total net assets to nearly triple since 1996, increasing by 280 percent.
However, Westmont continues to rely heavily on student charges for income, with tuition and fees providing 85 percent of all educational and general expenses. Building the endowment is essential in strengthening the college’s financial position. As a result, the board of trustees has designated $14 million in unrestricted campaign gifts to the endowment, increasing it by 83 percent to $31.5 million.