Let’s talk budget: IC’s 2017-18 fiscal year

By The Ithaca College Chronicle

Editor’s note: All budgets since the 1992 fiscal year are available through the Ithaca College library archives. Budgets are only projections for the upcoming fiscal year and subject to change.

How much will students pay?

Student Expenses Amount % increase from '17
Tuition, fees, room and board 58,158 dollars 2.45 percent increase
Tuition and fees 42,884 dollars 2.65 percent increase
Room (standard double) 8,372 dollars 2.35 percent increase
Board (14+ meal plan) 6,902 dollars 1.35 percent increase

The total cost of attendance (tuition room and board) is set at $58,158, a 2.45 percent increase from the 2016-17 academic year. This is the lowest increase in the Ithaca College’s recorded history. The discount rate is set at 45 percent, which means the average amount students will pay in tuition is $23,5862.

Room and board will cost an additional $15, 274, based on the cost of a standard double room and a 14 meal plan. If a student receives the average discount rate, pays for a standard double room and a 14-meal plan, the student will pay $38,860.

What is the total budget?

Student Expenses Amount % change from '16 budget actual amount
Total income 234,505,629 dollars 2.1 percent decrease
Total expense 234,272,194 dollars 8.7 percent increase
Net Revenue 233,435 dollars 108 percent increase

Where does the money come from?

The college’s largest revenue sources are student expenses, auxiliary services, endowment, other income and private donations. The total revenue amounts to $234,505,629.

Auxiliary services provide sources of income that are self-supporting, such as on-campus stores and rental spaces, according to the budget narrative. The endowment is comprised of over 400 investments in stocks and bonds that provide long-term payoff to support academic programs, according to Janet Williams, the interim vice president of business and finance at Ithaca College. More information about the college’s finances is available through audited financial statements on the Ithaca College website.

The costs of tuition, room and board make up 91 percent5 of the college’s operating budget, which is why the college reserves 2 percent of the operating budget, the contingency fund, to respond to unexpected decreases in enrollment.

Where does the money go?

The budget’s largest expenses are salaries, wages and benefits for the faculty, staff and administration. At $136,188,036, they occupy 58 percent6 of the Ithaca College’s total expenditures.

The other $98,084,158 go toward various institutional expenses, such as meals and entertainment, depreciation of the college’s assets, utility expenses and more. The total budget can be found in the appendix below.

Appendix: Calculations

1. $120,520,689 (financial aid from college) ➗ $269,782,109 (tuition revenue before financial aid) = .45

2. $42,884 (cost of tuition and fees) – $19,298 (average discount) = $23,586 (average amount paid after discount)

3. $213,938,319 (revenue from tuition, fees, room and board) ➗ $234,505,629 (total revenue) = .91

4. ($104,839,291 (salaries and wages) + $31,348,745 (benefits)) ➗ $234,272,194 (total expenses) = .58

 

 

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