Costs of Attendance History for Vassar College. Annual Increase in Vassar's Comprehensive Fee And in National CPI

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1 updated 9/30/08 Costs of Attendance History for Vassar College Tuition $25,890 $27,550 $29,095 $30,895 $33,310 Room/Board $7,160 $7,340 $7,490 $7,680 $7,900 Activity Fee $200 $210 $220 $230 $240 Health Services Fee $200 $200 $225 $225 $250 Comprehensive Fee $33,450 $35,300 $37,030 $39,030 $41,700 Percent Increase 3.98% 5.53% 4.90% 5.40% 6.84% Tuition $35,520 $37,570 $39,635 $41,335 $42,560 Room/Board $8,130 $8,570 $9,040 $9,540 $10,080 Activity Fee $250 $265 $275 $285 $285 Health Services Fee $260 $280 $300 $310 $345 Comprehensive Fee $44,160 $46,685 $49,250 $51,470 $53,270 Percent Increase 5.57% 5.72% 5.49% 4.51% 3.50% Compound Annual Growth Rates for Vassar's Costs of Attendance: Most Recent 10-Year 5-Year 1 Year Tuition 5.7% 4.6% 3.0% Room/Board 3.9% 5.5% 5.7% Activity Fee 4.0% 3.3% 0.0% Health Services Fee 6.2% 7.3% 11.3% Comprehensive Fee 5.3% 4.8% 3.5% 8% Annual Increase in Vassar's Comprehensive Fee And in National CPI 7% 6% 5% 4% 3% 2% 1% 0% -1% Percent Increase, Comprehensive Fee CPI Inflation *CPI Avg for Year at 86

2 Comprehensive Fees: vs Vassar College and Its 21 Primary Reference Colleges Above / Below One-Year Compound Comprehensive Comprehensive Average Comp. Increase: Annual Growth Institution Fee, Fee, Fee, Dollar Percent 5-Year 10-Year Wesleyan 53,676 51,132 1,247 2, % 4.1% 4.3% Barnard 53,496 50,980 1,067 2, % 5.4% 4.9% Trinity College 53,380 51, , % 5.1% 4.9% Vassar $53,270 $51,470 $841 $1, % 5.5% 4.7% Haverford 53,170 50, , % 4.8% 4.8% Connecticut College 53,110 51, , % 5.5% 5.1% Bowdoin 52,880 50, , % 5.0% 5.2% Oberlin 52,627 50, , % 5.8% 5.4% Williams 52,340 49, , % 4.8% 4.8% Union 52,329 50, , % 5.0% 4.9% Middlebury 52,120 50, , % 4.7% 4.9% Franklin & Marshall 52,110 50, , % 4.8% 4.9% Colgate 52,060 50, , % 5.4% 5.2% Mount Holyoke 52,036 50, , % 5.3% 5.2% Colby 51,990 50, , % 4.7% 4.6% Wellesley 51,950 49, , % 5.0% 5.0% Smith 51,898 50, , % 5.4% 5.2% Bryn Mawr 51,780 50, , % 5.7% 5.3% Hamilton 51,760 49, , % 5.0% 5.0% Amherst 51,522 49, , % 5.0% 4.9% Swarthmore 51,500 49, , % 5.5% 4.7% Group Average $52,429 $50,505 $0 $1, % 5.1% 4.9% Max $53,676 $51,470 $1,247 $2, % 5.8% 5.4% Min $51,500 $49,078 -$929 $1, % 4.1% 4.3% 60,000 Comprehensive Fees: ,000 40,000 30,000 20,000 10,000 0 N.B.: The total cost of college attendance, often termed the "Comprehensive Fee," is technically an undefined term. Its generally acccepted meaning is the sum of: tuition, mandatory fees, room, and board. However, fees charged at some schools vary between freshmen and upper-class students. Likewise, different meal plan options are often offered with differential costs, and "typical" room charges can occasionally vary as well. Not all data sources draw these distinctions, with the result that a given school's total published costs commonly are found to vary by data source. Further, the exact components reported by any given school may also vary from one year to the next. Every effort is made to assure comparability both between schools and across years. However, this is not always assurable in every case, nor possible in occasional cases. Primary data source: Annual Union College costs of attendance survey for all but three schools (Bryn Mawr, Connecticut College, and Middlebury). Other sources include the Cambridge Associates annual survey, IPEDS data, the Common Dataset (CDS), HEDS, and/or COFHE. These specifically exlcude all unofficial web-based information, i.e., data not taken from one (or more) official sources noted above. 87

3 Endowment Market Value, Vassar and its 21 Primary Reference Colleges ($000 dollars) Compound Annual Growth * Peer College End FY 03 End FY 04 End FY 05 End FY 06 End FY 07 End FY 08 End FY to 09 5-Year 10-Year Amherst $877,151 $993,417 $1,154,570 $1,337,158 $1,662,377 $1,705,917 $1,305, % 5.6% 7.5% Barnard 129, , , , , , , % 3.1% 0.9% Bowdoin 452, , , , , , , % 6.0% 5.4% Bryn Mawr 414, , , , , , , % 1.8% 2.0% Colby 321, , , , , , , % 4.9% 4.5% Colgate 423, , , , , , , % 3.9% 3.9% Connecticut 133, , , , , , , % 1.7% 1.5% Franklin & Marshall 255, , , , , , , % -2.6% -0.4% Hamilton 405, , , , , , , % 0.1% 3.2% Haverford 278, , , , , , , % -0.7% 2.2% Middlebury 536, , , , , , , % 1.0% 1.5% Mt. Holyoke 357, , , , , , , % 4.2% 3.2% Oberlin 537, , , , , , , % -1.5% 0.8% Smith 823, ,464 1,035,542 1,156,350 1,360,966 1,365,792 1,096, % 3.5% 2.2% Swarthmore 930,373 1,080,026 1,164,069 1,245,281 1,441,232 1,412,609 1,128, % 0.9% 2.2% Trinity 340, , , , , , , % -2.6% -0.7% Union 239, , , , , , , % 1.0% 0.6% V A S S A R 546, , , , , , , % 1.6% 1.3% Wellesley 1,043,476 1,179,988 1,275,529 1,412,410 1,656,565 1,611,319 1,266, % 1.4% 3.6% Wesleyan 472, , , , , , , % -1.6% -1.1% Williams 1,082,363 1,229,516 1,348,374 1,462,131 1,892,055 1,808,280 1,409, % 2.8% 4.3% Group Average: $504,943 $573,859 $633,711 $699,399 $838,414 $822,915 $633, % 1.6% 2.3% Vassar as Pct of Avg: 108% 106% 106% 106% 104% 103% 104% 94% 97% 56% * These growth rates represent the combined effect of annual investments returns, additions to endowment (gifts), and spending from endowment to support college operations. See p. 90 for the data on both annual investment returns and spending rates. $1,600,000 Endowment Market Values, End FY 09 $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $0 88

4 Endowment Market Value per FTE Student, Vassar and its 21 Primary Reference Colleges Peer College Compound Annual Growth * to Year 10-Year Amherst $542,121 $605,742 $716,234 $811,382 $987,746 $1,005,255 $748, % 4.3% 7.0% Barnard 57,564 64,001 66,828 74,833 89,741 92,953 72, % 2.5% 0.7% Bowdoin 275, , , , , , , % 4.8% 4.3% Bryn Mawr 318, , , , , , , % 2.1% 2.0% Colby 181, , , , , , , % 4.7% 4.1% Colgate 152, , , , , , , % 3.9% 4.0% Connecticut 75,164 82,152 89, , , ,085 93, % 2.5% 1.0% Franklin & Marshall 134, , , , , , , % -4.3% -1.8% Hamilton 227, , , , , , , % -0.7% 2.5% Haverford 239, , , , , , , % -0.9% 1.7% Middlebury 222, , , , , , , % 0.2% 0.6% Mt. Holyoke 169, , , , , , , % 3.1% 1.8% Oberlin 189, , , , , , , % -2.1% 0.9% Smith 310, , , , , , , % 4.0% 2.3% Swarthmore 623, , , , , , , % 0.4% 1.9% Trinity 172, , , , , , , % -3.6% -1.3% Union 110, , , , , , , % 1.3% 0.6% V A S S A R 226, , , , , , , % 2.0% 0.9% Wellesley 463, , , , , , , % 1.7% 4.0% Wesleyan 174, , , , , , , % -1.6% -1.1% Williams 538, , , , , , , % 2.1% 4.6% Group Average: $257,466 $293,802 $322,729 $354,779 $427,303 $419,845 $318, % 1.3% 1.9% Vassar as Pct of Avg: 88% 85% 89% 87% 85% 87% 86% 100% 157% 46% * These growth rates represent the combined effect of annual investments returns, additions to endowment (gifts), and spending from endowmen to support college operations (as well as enrollment changes). See p. 90 for the data on both annual investment returns and spending rates. $800,000 Endowment Market Value per Student, $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 89

5 Key Financial Data * FY 2001 FY 2002 FY 2003 FY 2004 FY 2005 Total Assets $920,831,595 $868,000,000 $901,731,478 $967,760,976 $1,036,178,580 Total Net Assets $789,157,765 $751,502,088 $763,107,858 $830,643,515 $896,948,102 Long Term Debt $82,580,000 $81,560,000 $80,495,000 $79,380,000 $78,200,000 Long Term Debt as % of Net Assets 10.46% 10.85% 10.55% 9.56% 8.72% Market Value of Total Investments $667,820,495 $612,834,674 $608,186,928 $665,741,728 $727,988,864 Endowment Market Value $616,174,000 $554,199,000 $546,854,000 $608,261,000 $672,110,000 Endowment Spending Rate ** 4.2% 5.3% 6.4% 6.1% 5.6% Endowment Investment Return -8.1% -6.8% 3.7% 16.8% 14.6% FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 * Total Assets $1,135,366,594 $1,315,480,004 $1,291,596,474 $1,104,573,952 $1,191,958,284 Total Net Assets $998,851,647 $1,108,949,516 $1,091,225,726 $896,057,319 $922,493,542 Long Term Debt $76,950,000 $125,455,000 $125,455,000 $123,995,000 $172,480,000 Long Term Debt as % of Net Assets 7.70% 11.31% 11.50% 13.84% 18.70% Market Value of Total Investments $798,187,473 $929,298,491 $889,814,634 $704,327,354 $737,850,359 Endowment Market Value $741,655,000 $869,122,000 $848,717,000 $658,238,993 $700,000,000 Endowment Spending Rate ** 5.7% 5.1% 5.0% 5.5% 7.5% Endowment Investment Return 15.4% 20.5% 0.8% -18.1% 12.2% * These data are provided for the Factbook during September of each year, prior to having audited year-end finals. As such, some of the statistics for FY 2010 are preliminary estimates, with values very close to year-end finals, if not in fact final values. ** Total endowment spending to support operations as a percentage of endowment market value at the beginning of the fiscal year. 90

6 Key Financial Data (Continued) 1,400,000,000 Asset History 1,200,000,000 1,000,000, ,000, ,000, ,000, ,000,000 0 Total Assets Total Net Assets 1,000,000, ,000, ,000, ,000, ,000, ,000, ,000, ,000, ,000, ,000,000 0 Investment Market Values Market Value of Total Investments Endowment Market Value 10% Endowment Spending Rate ** 8% 6% 4% 2% 0% ** Total endowment spending to support operations as a percentage of endowment market value at the beginning of the fiscal year. 91

7 Key Financial Data (Continued) Long Term Debt $200,000,000 $180,000,000 $160,000,000 $140,000,000 $120,000,000 $100,000,000 $80,000,000 $60,000,000 $40,000,000 $20,000,000 $0 Long Term Debt as % of Net Assets 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% 92

8 Revenue Vassar College Operating Budgets - Actual Results for FY through FY 09-10: Revenues and Expenditures by Type, in Nominal Dollars ($000) 5-Year Compound Annual FY FY FY FY FY FY FY FY * Change ** Tuition and Fees $ 66,878 $ 70,198 $ 75,703 $ 80,992 $ 87,117 $ 93,354 $ 96,726 $ 102, % Less Financial Aid 22,705 23,390 26,074 27,885 28,382 32,667 38,755 46, % Net Tuition and Fees $ 44,173 $ 46,808 $ 49,629 $ 53,107 $ 58,735 $ 60,687 $ 57,971 $ 56, % Room and Board $ 15,313 $ 15,617 $ 16,117 $ 16,694 $ 17,544 $ 18,774 $ 18,832 $ 19, % Endowment Income 32,224 33,359 33,199 35,006 35,664 36,850 50,640 49, % Endow. Income/Approp - Deferred Maint 3,100-1,400 3,000 1,870 6, % Annual Fund 7,369 7,739 7,772 8,268 8,827 9,119 8,334 8, % Business Services 2,404 2,097 2,207 2,386 2,245 2,478 2,478 2, % Other Gifts 4,696 3,069 2,751 4,312 5,031 3,743 4,624 5, % Government Grants 3,178 3,237 3,282 3,339 3,160 3,367 4,127 5, % Other Revenues 4,178 5,179 5,632 5,473 6,465 6,358 5,095 4, % Total Revenue $ 116,635 $ 117,105 $ 121,988 $ 131,585 $ 139,540 $ 147,784 $ 152,101 $ 152, % Expense Faculty Salaries $ 21,675 $ 22,712 $ 23,776 $ 24,994 $ 26,552 $ 28,044 $ 30,358 $ 28, % Administrative Salaries 12,676 13,217 13,734 14,409 15,115 16,422 17,221 18, % All Other Salaries & Wages 20,452 21,500 21,865 22,272 23,188 24,659 24,692 21, % Employee Benefits 18,820 19,897 21,087 21,881 23,699 25,145 26,733 28, % Subtotal Compensation Expenditures $ 73,623 $ 77,326 $ 80,462 $ 83,556 $ 88,555 $ 94,269 $ 99,004 $ 98, % General Line Items- Discretionary $ 9,213 $ 10,421 $ 11,007 $ 11,891 $ 12,672 $ 14,816 $ 13,779 $ 13, % General Line Items- Non-discretionary 5,828 6,159 6,045 6,430 8,405 5,781 6,346 5, % Expenses Supported by: Restricted Endowment Income 3,916 4,420 3,822 4,582 3,563 5,318 4,201 4, % Restricted Gifts/Grants 3,717 1,978 1,783 3,278 3,531 2,452 3,841 4, % Business Service 1, ,275 1,142 1,243 2,539 2,970 2, % Utilities & Insurance 4,449 4,475 5,276 5,834 5,895 6,273 6,772 6, % Debt Service 5,781 5,870 5,870 5,870 6,583 7,241 5,722 6, % Contribution for Capital Items Regular 5,303 5,022 5,157 5,594 4,288 5,710 9,888 8, % Appropriation for Deferred Maint. 3,100-1,400 3,000 1,870 3, % Contingency , % Subtotal Non-Compensation Expenditures $ 42,949 $ 39,738 $ 42,135 $ 48,121 $ 48,650 $ 53,137 $ 53,645 $ 54, % Total Expense $ 116,572 $ 117,064 $ 122,597 $ 131,677 $ 137,205 $ 147,406 $ 152,649 $ 152, % Operating Surplus/(Deficit) $ 63 $ 41 $ (609) $ (92) $ 2,336 $ 377 $ (548) $ (82) * These data are provided for the Factbook during September of each year, prior to having audited year-end finals. As such, ** Average annual change some of the statistics for FY 2010 are preliminary estimates, with values very close to year-end finals, if not in fact final values. from FY to FY

9 Revenue Vassar College Operating Budgets - Actual Results for FY through FY 09-10: Revenues and Expenditures by Type, Shown as Percentages of Respective Totals 5-Year Compound Annual FY FY FY FY FY FY FY FY * Change ** Tuition and Fees 57.3% 59.9% 62.1% 61.6% 62.4% 63.2% 63.6% 67.2% 1.6% Less Financial Aid 19.5% 20.0% 21.4% 21.2% 20.3% 22.1% 25.5% 30.3% 7.2% Net Tuition and Fees 37.9% 40.0% 40.7% 40.4% 42.1% 41.1% 38.1% 36.9% -1.9% Room and Board 13.1% 13.3% 13.2% 12.7% 12.6% 12.7% 12.4% 13.0% -0.3% Endowment Income 27.6% 28.5% 27.2% 26.6% 25.6% 24.9% 33.3% 32.2% 3.4% Endowment Income/Appropriation - Deferred Maintenance 2.7% 0.0% 1.1% 2.3% 1.3% 4.3% 0.0% 0.0% % Annual Fund 6.3% 6.6% 6.4% 6.3% 6.3% 6.2% 5.5% 5.8% -2.0% Business Services 2.1% 1.8% 1.8% 1.8% 1.6% 1.7% 1.6% 2.0% 1.6% Other Gifts 4.0% 2.6% 2.3% 3.3% 3.6% 2.5% 3.0% 3.5% 9.2% Government Grants 2.7% 2.8% 2.7% 2.5% 2.3% 2.3% 2.7% 3.4% 5.0% Other Revenues 3.6% 4.4% 4.6% 4.2% 4.6% 4.3% 3.3% 3.2% -7.4% Total Revenue 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Expense Faculty Salaries 18.6% 19.4% 19.4% 19.0% 19.4% 19.0% 19.9% 18.8% -0.7% Administrative Salaries 10.9% 11.3% 11.2% 10.9% 11.0% 11.1% 11.3% 12.3% 1.8% All Other Salaries & Wages 17.5% 18.4% 17.8% 16.9% 16.9% 16.7% 16.2% 14.3% -4.3% Employee Benefits 16.1% 17.0% 17.2% 16.6% 17.3% 17.1% 17.5% 19.0% 2.0% Subtotal Compensation Expenditures 63.2% 66.1% 65.6% 63.5% 64.5% 64.0% 64.9% 64.3% -0.4% General Line Items- Discretionary 7.9% 8.9% 9.0% 9.0% 9.2% 10.1% 9.0% 9.1% 0.2% General Line Items- Non-discretionary 5.0% 5.3% 4.9% 4.9% 6.1% 3.9% 4.2% 3.7% -5.6% Expenses Supported by: Restricted Endowment Income 3.4% 3.8% 3.1% 3.5% 2.6% 3.6% 2.8% 3.2% 0.6% Restricted Gifts/Grants 3.2% 1.7% 1.5% 2.5% 2.6% 1.7% 2.5% 2.7% 13.5% Business Service 1.1% 0.8% 1.0% 0.9% 0.9% 1.7% 1.9% 1.9% 13.0% Utilities & Insurance 3.8% 3.8% 4.3% 4.4% 4.3% 4.3% 4.4% 4.4% 0.4% Debt Service 5.0% 5.0% 4.8% 4.5% 4.8% 4.9% 3.7% 4.0% -3.6% Contribution for Capital Items Regular 4.5% 4.3% 4.2% 4.2% 3.1% 3.9% 6.5% 5.4% 5.1% Appropriation for Deferred Maintenance 2.7% 0.0% 1.1% 2.3% 1.4% 2.0% 0.0% 0.0% % Contingency 0.3% 0.4% 0.4% 0.4% 0.4% 0.0% 0.1% 1.3% 25.3% Subtotal Non-Compensation Expenditures 36.8% 33.9% 34.4% 36.5% 35.5% 36.0% 35.1% 35.7% 0.8% Total Expense 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% * These data are provided for the Factbook during September of each year, prior to having audited year-end finals. As such, ** Average annual change some of the statistics for FY 2010 are preliminary estimates, with values very close to year-end finals, if not in fact final values. from FY to FY

10 Vassar College Operating Budgets - Actual Results for FY through FY 09-10: Expenditures by Functional Category, In Nominal Dollars (Dollars in 000's) One-year 5-Year Change: Compound From FY 09 Annual FY FY FY FY FY FY FY FY * to FY 10 Change ** Expense - Function Instruction $ 34,697 $ 36,503 $ 36,720 $ 40,433 $ 42,935 $ 43,768 $ 47,212 $ 48, % 5.5% Research 2,319 2,874 2,077 2,017 2,584 2,561 1,443 1, % -2.3% Academic Support 11,815 12,605 15,651 16,909 17,238 18,170 19,601 18, % 3.2% Student Services 8,458 9,127 9,446 9,679 11,759 13,860 12,402 11, % 4.6% Institutional Support 19,614 19,385 16,942 19,260 20,510 21,567 25,510 23, % 6.6% Operation & Maintenance of Plant 23,342 21,450 25,414 24,593 27,556 31,083 29,436 29, % 3.4% Auxiliary Enterprises, sub-total 16,327 15,120 16,348 18,777 14,624 16,397 17,043 19, % 3.1% Student Housing 9, ,358 8,751 8,416 8, % Faculty Housing ,539 2, % Business Services 2, , , % Other 3, ,963 4,683 5,207 8, % Total Expense $ 116,572 $ 117,064 $ 122,598 $ 131,668 $ 137,205 $ 147,406 $ 152,647 $ 152, % 4.5% Operating Surplus/(Deficit) $ 63 $ 41 $ (609) $ (92) $ 2,336 $ 377 $ (548) $ (82) * These data are provided for the Factbook during September of each year, prior to having audited year-end finals. As such, some of the statistics for FY 2010 are preliminary estimates, with values very close to year-end finals, if not in fact final values. ** Average annual change from FY to FY

11 Vassar College Operating Budgets - Actual Results for FY through FY 09-10: Expenditures by Functional Category, as Percentages of Total One-year 5-Year Change: Compound From FY 09 Annual FY FY FY FY FY FY FY FY * to FY 10 Change ** Expense - Function Instruction 29.8% 31.2% 30.0% 30.7% 31.3% 29.7% 30.9% 31.5% 0.6% 1.0% Research 2.0% 2.5% 1.7% 1.5% 1.9% 1.7% 0.9% 1.2% 0.3% -6.5% Academic Support 10.1% 10.8% 12.8% 12.8% 12.6% 12.3% 12.8% 12.0% -0.8% -1.2% Student Services 7.3% 7.8% 7.7% 7.4% 8.6% 9.4% 8.1% 7.8% -0.3% 0.2% Institutional Support 16.8% 16.6% 13.8% 14.6% 14.9% 14.6% 16.7% 15.3% -1.4% 2.1% Operation & Maintenance of Plant 20.0% 18.3% 20.7% 18.7% 20.1% 21.1% 19.3% 19.7% 0.4% -1.0% Auxiliary Enterprises, sub-total 14.0% 12.9% 13.3% 14.3% 10.7% 11.1% 11.2% 12.5% 1.4% -1.3% Student Housing 8.3% 5.4% 5.9% 5.5% 5.3% -0.2% Faculty Housing 0.2% 0.1% 1.7% 1.9% 0.3% -1.7% Business Services 2.4% 2.4% 0.3% 0.3% 1.2% 0.9% Other 3.2% 2.9% 3.2% 3.4% 5.8% 2.4% Total Expense 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 0.0% * These data are provided for the Factbook during September of each year, prior to having audited year-end finals. As such, some of the statistics for FY 2010 are preliminary estimates, with values very close to year-end finals, if not in fact final values. ** Average annual change from FY to FY