Fiscal year (FY) 2016 saw revenues remain strong, expenditures reflect strategic priorities and private giving reach record levels. William & Mary’s financial health reflects our ability to recruit outstanding students, our status as a public institution within the Commonwealth of Virginia and our reputation as a nationally and internationally recognized “Public Ivy.” It also impacts our ability to raise revenue through tuition and fees, grants and contracts, philanthropy, as well as an ongoing program to identify savings and reallocate funds toward higher priority items.
William & Mary recruits, admits and retains top-caliber students even as the university competes against the most selective public and private institutions in the country. For fall 2016, freshman applications totaled 14,382 plus another 887 undergraduate transfer applications. With an incoming class size of approximately 1,500 students, W&M has almost 9.5 applicants for every student enrolled. The credentials of our admitted students remain strong, reflecting the highly selective nature of the university. This strength, coupled with our institution’s academic reputation, suggests significant student demand well into the future.
State support for operations is a function of general economic conditions and the priority assigned to higher education among competing demands for commonwealth resources. In FY 2015, unstable financial conditions resulted in a midyear 5.7 percent reduction in state funding for William & Mary. The university permanently absorbed this base reduction in FY 2016. This state action confirms that we should exercise caution in making budget commitments that assume state investment. At the same time, revenue from tuition and fees; self-supporting auxiliary enterprise activities (residence halls, food service, intercollegiate athletics, etc.); grants and contracts; and private giving provide the diversity of funding critical to the university’s overall financial health. View the full financial report (pdf).