- In June 2014, the College offered a retirement incentive program to more than 230 administrative and staff employees. Sixty-eight individuals accepted the offer, and those positions were to be vacated December 30, 2014. The large number of vacancies created by this program allowed the College to re-engineer a number of operations and reduce staffing by more than 30 full-time-equivalent positions. In 2015/16 the College realized it's first full year of savings from the program.
- Construction of the new science building was completed, opening for spring 2016 classes.
- The College’s long-term investment pool, in which endowed funds are invested, earned a total return of -1.5% in the 2015/16 fiscal year, compared to a return of 3.1% in 2014/15. The College’s reliance upon these capital assets to support operations requires a steady draw from the funds. The net result of the total return on investments, the addition of $12.8 million in gifts and other additions to endowment, and the withdrawal of $50.1 million in support of operations resulted in a decrease of 6.6% in the year-end value of long-term investments on the balance sheet.
Table 1 presents some of the key measures of Vassar’s operations, assets, and liabilities over the last decade, providing context for the 2015/16 year in review from a financial perspective.
Vassar’s financial statements for the fiscal year ended June 30, 2016, have been audited by KPMG, and appear on the College’s website. A digital copy of the statements is available from the Finance and Administration web page.