Definitions

Revenues: 

• Net tuition revenue – Tuition charged, less financial aid 
• Endowment take-out – Investment earnings from the endowment used to support College operations; amount approved by the Board of Trustees based on a spending policy 
• Auxiliary operations – Primarily room and board charges 
• Annual gifts – Fundraising from the Skidmore Fund 
• Grants and other programs – Primarily funding from external grants for specific purposes 
• Investment earnings – Interest and investment income from operating cash 
• Other income – Miscellaneous income from various sources 

Expenses: 

• Salaries and wages – Amounts paid to faculty, staff, and temporary employees 
• Benefits – Costs for benefit programs that include Social Security tax, health care, and retirement contributions 
• Transfers to capital – Funding for capital items such as building maintenance and renovation, technology, and equipment 
• Services and supplies – Costs for consumable items and various services 
• Debt service – Interest and principal repayments on borrowings from bonds 
• Other expenses – Primarily utilities, student wages, and contingency 

Above the line, net 

Operating revenues, less operating expenses. Operating revenues include sources that are forecasted to continue annually. For student enrollment, operating revenues include a 2,350 net student enrollment that represents the fall and spring average of on-campus students. Investment earnings are based on an interest rate of 1%. 

Below the line, net 

Operating revenues that are forecasted for a single fiscal year but not forecasted to continue annually. Net tuition, room and board revenues from student enrollment above 2,350 are included in this category. Investment earnings above the interest rate of 1% also are included.

Surplus 

The amount of money left over after all expenses are covered by revenue.

Deficit

The amount of money by which expenses exceed all revenue.