Breaking down the budget: categories of William Jewell’s revenue and expenses

According to William Jewell College, the annual cost of a Jewell education is $40,030. This total includes $200 in fees for activity and health services, $4,680 for a double occupancy dorm room, $3,730 for a meal plan and $31,420 for tuition. This tuition price is before scholarship. After scholarships are applied, the average cost of tuition is $21,400. This is due to 12 types of academic scholarships, grants and awards ranging from $500 to full tuition; athletic scholarships; performing arts scholarships for vocal and instrumental music; choral scholars ($5,000); theatre; debate; and journalism. Ninety-nine percent of Jewell students receive financial aid.

The three main categories of the College’s program services are instruction and academic support, room and board and student services and programming. Beyond these categories are separate ones for the Harriman-Jewell Series and the Pryor Leadership Studies Program.  The first category, instruction and academic support, includes all classroom instruction and library services. The most notable source of revenue for this category is student tuition supplemented by scholarship and financial aid.

The room and board category makes possible student utilization of on-campus housing and dining services. In 2012, there were approximately 850 students being served by William Jewell’s room and board services. This category includes compensation to William Jewell’s dining services contractor, Fresh Ideas, as well as cleaning services, utilities and maintenance for the residence halls.

Student services and programming include athletic and intramural sports, student support services such as counseling and health services, financial aid services, academic record services, student activities such as student organizations and student government. Each student’s $200 activity and health services fee pays into this category, but activity fees are not the only input into this category. In addition, in 2012 the College spent 11 times more on student activities than student activities yielded in revenue.

In order to determine revenue and expense streams for William Jewell College, the Hilltop Monitor accessed Jewell’s 2012 Form 990 through the Center for Nonprofit Statistics and Jewell’s Nonprofit Search Profile from the Greater Kansas City Community Foundation. Since 2012, Jewell has undergone changes that are not reflected in the Form 990, such as switching from Sodexo to Fresh Ideas as Jewell’s dining services provider, completing construction of the Pryor Learning Commons and launching the Jewellverse initiative.

William Jewell College is classified as a 501(c)(3) under the Internal Revenue code. This means that Jewell is a tax-exempt, educational non-profit organization. Under this classification the College is required to file a Form 990 annually to maintain the school’s non-profit classification. The form is a public source of information on the organizations mission, programs and finances.

Revenue comes from both student payments for program services, contributions and other sources. Contribution sources included government grants, fundraising events, gifts to the College and non-cash contributions. Program service revenue includes payments of tuition, residence fees, meal plans, revenue from fine arts and student activity and health fees. Other sources besides programming and contribution sources include income from investments, rentals, royalties and the sales of securities.

Expenses for the College include grants and scholarships provided to students, all compensation for employees including benefits and pension contributions, payment for accounting and legal services, advertising and information technology services. Expense for program services include dining, student programming, performing arts, and library materials.

Overall, for both 2012 and 2013 William Jewell has maintained balance in the relationship between revenue and expense.

Share

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.