Aside from the endowment, what are other factors that will have an impact on the operating budget for 2009-10?
In addition to endowment income, the University’s primary revenue sources are student tuition and fees, gifts to the Annual Fund, interest on short-term investments, distributions from externally held trusts and income from auxiliary enterprises. At this point, we are seeing less income from short-term interest rates and the Annual Fund is running about 8 percent behind its goal after averaging increases of 10 percent in each of the past four years. We have set tuition and fees for 2009-10 at 4 percent higher than this year for undergraduates and 5 percent higher for law students. These figures are both lower than we had projected in our long-range plans. At the same time that we are setting these tuition figures, we are also increasing the financial aid budget by 18 percent to maintain our goal of providing access to qualified students who want to attend.
