When the 2012-13 fiscal year ended on June 30, Monmouth College officially closed the books on a record year for its Annual Fund. The $1,529,506 raised was nearly $200,000 more than the previous best.
“The Annual Fund provides dollars that can be used now to give Monmouth College the discretionary ability to meet institutional needs, act on new initiatives throughout the year, and ensure the excellence of every aspect of the college,” said director of alumni engagement Hannah Maher. “We have been overjoyed by the record-breaking support we received this year and are even more excited for what this means for our students.”
The Annual Fund bridges the gap between tuition and fees paid by students and the actual, total cost of a Monmouth education. By providing financial support for such items as academic programs, the library, equipment acquisition, scholarships, faculty development, student organizations, athletics and the fine arts, the Annual Fund touches nearly every aspect of the college experience.
The fund has also allowed students to travel on Alternative Spring Break trips and be exposed to guest lectures on a variety of subjects. In addition, it provides many of the “nuts and bolts” staples of the college’s existence, such as covering the cost of utilities and being used to help with the maintenance and renovation of the campus.
Tuition continues to be the driving force behind the college’s operating budget, but the Annual Fund plays a major role. Besides covering roughly four percent of the budget, it also allows the college to minimize its use of endowment funds.