$249,292 $142,476 $120,591 $59,474 $58,149 $55,456 $54,534 $49,960 $49,722. Annual Report. St. Olaf College

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1 $295,421 $249,292 $142,476 $120, $59,474 $58,149 $55, $49,960 $49, $54,534 St. Olaf College Annual Report

2 A Message from the President St. Olaf continues to be committed to measurement, accountability, and transparency. We measure the results of our operations, we compare them against those of other fine liberal arts colleges, and we share our findings. That is the purpose of this annual report. This report documents key outcomes for the fiscal year June 1, 2012 to May 31, 2013: the students we enrolled, how they progressed to graduation, and the quality of their experience at the College; the resources we gathered to support our programs; and where those resources were directed. I draw your attention in particular to two graphs: the one that displays St. Olaf s comprehensive fee relative to the fees of other fine colleges and the one that shows how our graduating seniors rate the contribution St. Olaf made to their knowledge, skills, and personal development relative to the reports of students who attended other institutions. Those two graphs succinctly and powerfully demonstrate the College s value proposition. I thank you for reading this report and for your support and encouragement. I earnestly solicit your continued care for St. Olaf. David R. Anderson 74 President, St. Olaf College 1

3 Gifts to the College The College received $14.8 million in gifts in In addition, new expectancies (will provisions, bequest intentions, and other new commitments) of $9.7 million brought the total raised for the year to $24.5 million. 2

4 Gift Revenue by Source Friends of the College 10% Organizations 1% Corporations 4% Parents 8% Foundations/ Fundraising Consortia 12% Alumni 65% $14,783,500 Total Gift Revenue Gift Revenue by Type Capital Projects $411,509 Deferred Giving $113,845 Restricted Current Giving $2,355,876 Endowment Giving $8,401,597 Unrestricted Giving $3,500,637 Source: FY2013 Audited Financial Statement 3

5 Endowment The investment return for the fiscal year of 14.5 percent was largely consistent with returns experienced by other college endowments. The value of the College s endowment increased from $329 million in May of 2012 to $379.5 million one year later. For the ten-year period ending June 30, 2013, the fiscal year used by many colleges other than St. Olaf, the endowment s performance placed the College in the top 14 percent among comparable institutions. 4

6 Endowment Market Value $400 $350 in millions $379,501,188 as of 5/31/13 $300 $250 $200 $ Source: FY2013 Audited Financial Statement Endowment per Student * College 1 $342,730 College 2 College 3 College 4 $249,292 $295,421 $336,308 College 5 $142,476 St. Olaf College *as of June 30, 2013 $120,591 The comparison group, listed alphabetically, includes Carleton College, Colorado College, Lawrence University, Macalester College, and Oberlin College. Sources: National Association of College and University Business Officers (NACUBO) 2013 Endowment Study and Integrated Postsecondary Education Data System (IPEDS) Fall 2013 Enrollment Survey. 5

7 Revenues and Expenses Current year s operating revenue exceeded current operating expenses by 7.7 percent. This net income helped fund improvements such as the renovation of Ellingson Hall, construction of a new Art Barn, purchase of new and replacement equipment for science and the fine arts, and the acquisition of additional library materials. $5.9 million was invested in the endowment to help support future needs Revenue $170,484,816 $176,887,352 $182,614,067 Expenses $158,263,444 $165,746,861 $172,995,806 Note: Revenue is shown as the gross amount before the financial aid discount. The financial aid outlay is included with Expenses. 6

8 Operating Revenue Endowment Income 7% Other Revenue 3% Private Gifts 3% Government Grants 2% $182,614,067 Total Revenue Auxiliary Revenue 16% Tuition and Fees 70% Operating Expenses Student Services 10% Administration 8% Auxiliary Services 12% Academic Related 37% Scholarships and Grants 33% $172,995,806 Total Expenses Source: FY2013 Audited Financial Statement Percentages may not sum to 100 percent due to rounding. 7

9 Enrollment, Retention, and Graduation Fall 2012 enrollment was 3,176 students, representing 49 states plus the District of Columbia and 63 other countries. Of those enrolled, 98 percent were degree-seeking students. The College received 4,011 applications and enrolled 752 first-year students in Fall There are 29 National Merit Scholars in the class, and 43 students received Buntrock Scholarships, the College s most prestigious academic merit scholarship. 8

10 10-year Application and Acceptance Rates First-Year Students % 73% % 64% ,144 2,991 3,529 4,058 3,964 3,882 4,024 4,181 3,937 4,011 75% 59% 60% 59% 57% 57% 54% 53% 50% % % Applications Acceptance Rate Source: The Common Data Set (CDS) Incoming Class Statistics Median ACT Median SAT % Legacy % Female/ % Male 57/43 51/49 58/42 55/45 58/42 % Lutheran* % Multicultural* *of those reporting Source: Fall 2013 Census Date Data 9

11 Geographic Distribution of Full-Time First-Year Students % of students from: Minnesota Upper Midwest (outside MN) Eastern U.S Western U.S Central U.S International Source: Fall 2013 Census Date Data Percentages may not sum to 100 percent due to rounding. Comprehensive Fee College 1 College 2 College 3 College 4 St. Olaf College College 6 $59,474 $58,149 $55,456 $54,534 $49,960 $49, The comparison group, listed alphabetically, includes Carleton College, Colorado College, Lawrence University, Macalester College, and Oberlin College. Source: IPEDS Institutional Characteristics

12 First-Year Retention Rate College 1 98% College 2 College 3 College 4 St. Olaf College College 6 95% 94% 94% 93% 90% Percentage of First-Year Students Returning as Sophomores Fall 2012 Source: IPEDS 2012 Enrollment Survey Six-Year Graduation Rate College 1 94% College 2 College 3 St. Olaf College College 5 90% 90% 86% 85% College 6 73% Percentage of Students Who Graduate in Six Years Source: IPEDS 2012 Enrollment Survey 11

13 Learning Experiences and Outcomes In spring 2013, St. Olaf administered the National Survey of Student Engagement (NSSE) to graduating seniors, an instrument designed to measure participation in high-impact educational activities that result in positive learning outcomes. On most NSSE engagement indicators, St. Olaf seniors reported learning experiences that were similar to, or stronger than, those reported by students at other baccalaureate/liberal arts colleges. St. Olaf students reported higher participation in internships, study-abroad programs, and collaborative research with faculty than their liberal arts counterparts and significantly more so than respondents from other types of colleges and universities. St. Olaf seniors believe more strongly that their college experience contributed substantially to their critical thinking, writing, and speaking abilities. St. Olaf seniors also were more likely to say that their college experience promoted their ethical development, enhanced their ability to work with others, and contributed to being an informed and active citizen. 12

14 2013 National Survey of Student Engagement Student Participation in High-Impact Educational Experiences St. Olaf Carnegie Class NSSE 2013 Engaged in a practicum, internship, or other field experience 73% 66% 48% Participated in a learning community 36% 30% 24% Studied abroad 76% 38% 13% Conducted collaborative research with faculty 51% 44% 23% Completed a senior capstone course, project, or portfolio 57% 74% 45% Participated in service-learning or community-based project 67% 68% 61% Institutional comparisons: 80 institutions from the same Carnegie Classification Baccalaureate/Arts & Sciences and all 567 four-year/graduate colleges and universities participating in the NSSE in How Students Evaluate the Results of their Educational Experience How Much has your Experience Contributed to Knowledge, Skills, and Personal Development in the Following Areas? Statistical Mean Comparison 4 = Very much 3 = Quite a bit 2 = Some 1 = Very little St. Olaf Carnegie Class NSSE 2013 Writing clearly and effectively Speaking clearly and effectively Thinking critically and analytically Analyzing numerical and statistical information Acquiring work-related knowledge and skills Working effectively with others Developing or clarifying a personal code of values and ethics Understanding people of other backgrounds Solving complex real-world problems Being an informed and active citizen

15 Highlights St. Olaf College was one of only 10 institutions across the nation awarded a Beckman Foundation grant to support undergraduate research in biology and chemistry. The threeyear grant provides additional funding for faculty-mentored student research projects, with the goal of engaging students traditionally underrepresented in the sciences. Five St. Olaf College seniors were named Fulbright fellows for Three of the students used their Fulbright awards to conduct research on topics ranging from social activism to cochlear implant use, and the other two are pursuing English teaching assistantships. This year s recipients bring the college s Fulbright total to 93 since The St. Olaf Choir received standing ovations across Norway during its 100th anniversary tour, May 30 June 20, Commemorating the centennial founding of the ensemble and its inaugural Norwegian tour in 1913, the choir performed in churches, concert halls, and cathedrals in Oslo, Bergen, Molde, Trondheim, and seven other Norwegian cities. The final concert at the Nidaros Cathedral was recorded for broadcast on PBS as Christmas in Norway with the St. Olaf Choir. Regents Hall was featured in The World s Greenest Buildings, a new book by Routledge Publishing. Authors Jerry Yudelson and Ulf Meyer examined hundreds of the highestrated green buildings around the world and profiled what they believed to be the top 49 examples of sustainable architecture, design, and performance. Regents Hall, which the book notes is perhaps the most prominent expression of the college s 23-year-old sustainability agenda, was one of just five U.S. academic buildings highlighted. 14

16 The Corporation for National and Community Service honored St. Olaf College with a place on the President s Higher Education Community Service Honor Roll for exemplary service efforts. This was the college s fifth year on the list, and was a testament to the 59,000 hours of service that St. Olaf student contributed to community development during the academic year. Two St. Olaf Professors engaged in Antarctic research that made history and headlines. In what the National Science Foundation called a first-of-its-kind feat of science and engineering, a research team in western Antarctica that included St. Olaf physics faculty members Robert Jacobel and Knut Christianson 05 successfully drilled through 800 meters of ice to reach a subglacial lake. The water and sediment samples that were retrieved will help scientists better understand how life can survive in extreme ecosystems. St. Olaf and Carleton College received a major planning grant from The Andrew W. Mellon Foundation to explore how increased institutional collaboration could enhance the quality and cost-effectiveness of services provided to students, faculty, and staff. Building upon previous efforts to merge library catalogs and create a collaborative collection, the two colleges will focus on the potential for cooperation in business operations, informational and instructional technology, and other administrative functions as well as opportunities for enhancing academic offerings. Stefan Mellem 14 was awarded a Barry M. Goldwater Scholarship for the academic year. Mellem, who is majoring in physics, mathematics, and computer science, was chosen from a field of 1,107 applicants to receive one of the 271 scholarships. The Goldwater Scholarships are awarded each year to students who have shown significant achievement and potential in the fields of mathematics, science, and engineering. Since 1995, 32 St. Olaf students have received the prestigious award. St. Olaf College sent more students to study abroad during the academic year than any other baccalaureate institution in the nation, according to the Open Doors 2012 Report on International Educational Exchange. This marked the fourth straight year the college was ranked first among its peers in the total number of students studying abroad. 15

17 St. Olaf earned the No. 2 spot on the annual Peace Corps list of top volunteerproducing colleges and universities enrolling fewer than 5,000 students, with 22 alumni serving overseas in St. Olaf has been a consistent player on the list since the ranking system began in 2001 and remains a solid source of individuals committed to making a difference at home and abroad. Since the Peace Corps was established in 1961, 496 St. Olaf graduates have served in the organization. The St. Olaf Debate Team achieved national success, placing in the top three at both the 2013 Pi Kappa Delta Nationals (PKD) tournament and the national Intercollegiate Ethics Bowl (IEB). Kevin George 13 and Alex Everhart 15, representing St. Olaf s parliamentary debate team, placed second out of 41 teams at the PKD Nationals tournament. The team s success followed their first-place win in parliamentary debate at the state championships. Three St. Olaf students were named Rossing Physics Scholars for Kevin Dalla Santa 14, Rebecca Gobel 14, and Leah Roth 14 each received a $10,000 scholarship from the Rossing Fund for Physics Education Endowment. The award is given to outstanding physics students selected from across the nation. St. Olaf was one of 11 schools nationally and the only liberal arts college to earn a grant from the National Institute of Justice to support summer research stipends for students investigating new ways to analyze fibers found in crime scene investigations. Under the guidance of Associate Professor of Chemistry Doug Beussman 92, at least six students over the next three years will engage in analyses of trace forensic evidence using isotope ratio mass spectrometry. Two St. Olaf College students received a grant from the Davis Projects for Peace initiative to establish grassroots projects abroad: Love Odetola 14 planned on using the $10,000 grant to develop a public health initiative in Senegal, while Duy Ha 14 sought to create an interactive educational experience about environmental issues in Vietnam. Over the past five years, seven St. Olaf students have received the prestigious award. 16