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| 1999-2000
Millsaps College Financial Overview The College completed the 1999-2000 fiscal year in a stable financial position. Our net assets increased to almost $130 million. Most of the increase came in physical form: we completed the Campus Life Complex, which opened to rave reviews in January 2000. This wonderful addition to our campus is already enriching student life, and it has also played an important role in attracting prospective students to the College this year. We were able to build the Campus Life Complex because of the robust growth in our endowment during the 1990s. For the fiscal year ending 6/30/00, our endowment investments earned a respectable 8.8% return – good by historical standards, but considerably below the increase of previous years. Income from the endowment is typically used for two purposes: (1) scholarships for deserving students, and (2) enrichment of the educational program. Simply stated, our endowment undergirds our excellence. While we enjoy a national reputation for academic excellence, we find ourselves well behind our competitors regarding endowments. As shown in the accompanying chart, colleges of similar quality, character, and size have endowments that are considerably larger than ours. Our competitors’ larger endowments allow them to provide greater scholarship assistance for deserving students and to enrich the educational programs – faculty, course offerings, library and computing resources, campus life programs, etc. – that ultimately determine the quality of a college degree. Our students are among the brightest and most qualified in the region and, indeed, the nation. Virtually every college and university – private or public, small or large, local or national – wants them. Public universities have created honors colleges and provide full scholarships to attract these top students. And our competitors among private colleges and universities offer generous financial aid packages to attract talented students from all economic backgrounds. Because of our reputation for excellence, we have been able to meet our enrollment goals in spite of this highly competitive market. And with the continued growth in our endowment, particularly in scholarship gifts, we will be able to ensure that Millsaps remains home to the best and brightest students and faculty. The challenge before us is to build on our strengths – our financial and physical resources, and even more importantly, our human resources – to meet the needs, expectations, and aspirations of today's top students. We need the continued involvement and support of our alumni and other friends to accomplish this goal. We need your ideas and your wisdom as we craft a vision for the future and translate it into a strategic plan. We need your engagement in identifying and recruiting the very best students who can benefit from the Millsaps experience. And we need your financial support to provide the physical facilities, scholarship endowment, and educational program that our students need. Millsaps is a great institution today because of the dedication of its faculty, staff, students, alumni, trustees, donors, parents, and friends. And with your continued support, the College will become an even greater institution in the years ahead. Frances Lucas-Tauchar John D. Pilgrim PREVIOUS PAGE | PAGE 8 OF 8 Stories | NEXT DEPARTMENT |