Westmont Magazine A Fiscal Report Card
Sound management and careful spending continue to keep Westmont on a firm financial footing as the college finished in the black for the 15th straight year.
Ronald Cronk, vice president for administration and finance, reports that unrestricted net assets increased $7.4 million over the year. Of this amount, $4 million represents unrestricted campaign gifts and pledges and $3.4 million can be attributed to operations and other activities, of which $1.9 million was invested in campus facilities.
Ron also notes that the value of Westmont's endowment increased $1.1 million to $13.7 million as of June 30, 1999. This increase came from gifts ($511,000) and from appreciation ($590,000). The total return for the year was 10.2 percent.
Once again, giving increased significantly, rising 55 percent from last year to $8.3 million. In the last two years alone, contributions have jumped an impressive 118 percent.
"We are very excited about the continued growth in giving to Westmont," says Steve Baker, vice president for development. "Completing the campus and significantly increasing our endowment represent challenging goals, but we are very encouraged by the generous response of alumni, parents, and friends. They are helping us fulfill our mission as a Christian liberal arts college."