Finances
Strong and Growing Stronger
The College administration has made a concerted effort to streamline processes, make smart investments, grow enrollment, and achieve a balanced budget. Sound business practices brought the operating budget back into the black in FY96-97, where it has been for the last ten years.
Rising enrollments from academically strong undergraduate and graduate applicants have contributed significantly to Simmons's financial success. Enrollment has grown steadily over the past six years from 2001 to 2006, increasing a total of 40%.
Finance Facts
- 2007 operating budget: $112 million.
- Total net assets: Since 2002, total net assets have increased from $163 million to $220 million.
- Endowment: $180 million, an increase of $57 million since 2003.
- Total debt and bond rating: $143 million; ratings of A3/A-.
- For the last five years, Simmons’s five-year, compounded tuition increase of 4% has been the lowest of its 14 major competitors—including BC, BU, and Northeastern.
- Investment in facilities since 1996: $165 million.
- Future investments in Phase III of Master Plan for facilities: $103 million approved and funded for 2006-2009.
- Major library renovation is currently underway. In 2006 Phase I was completed and brought online 91 computers in the Information Commons, 3 group study rooms and 230 seats. Phase II is underway and will be completed in Spring 2007. Phase II will bring online an additional 20 computers, 12 more group study rooms, an additional 200 library seats, a new College archives, multimedia lab, and instructional computing classroom. When complete, the entire project will have increased the library space by 35%. The Library houses a book and journal collection of more than 260,000 volumes with over 2,000 periodical subscriptions, and provides fulltext online access to over 25,000 periodicals and 35,000 books.
- Construction of a new School of Management (SOM) building, campus quad and underground parking facility project is underway. Construction of the 715 space parking facility, 70,000 square foot building, and green quad will be ready for occupancy in January 2009. The new building will serve academic and administrative needs for the College, including a new location for the SOM, event spaces, classrooms and administrative and faculty offices.
- Expansion of the Fens Dining facility in the Main Campus Building will begin in spring 2008. The project will include an addition of approximately 3000 square feet of dining space plus renovation of the existing kitchen, servery and dining area. Also included are renovations to the College's loading dock and shipping and receiving areas, and completion of the underground link between the new parking garage and the Main College Building.
- Number of buildings: 20; 980,000 square feet (plus 84,000 square feet of underground parking).
Campaign For Simmons
The extraordinary success of the capital Campaign for Simmons raised $69.3 million—40% more than its original goal—to support academic programs, facilities, and student scholarships. Our success in strengthening the College’s finances allows us to deliver on our promise to provide excellent education, career preparation, and services to all of our constituents—students, alumni, faculty, and staff.