2008

College 1 $389,935 29 College 2 $372,664 2007 College 3 $334,292 1310 College 4 $296,407

College 5 $162,841 29

St. Olaf College $144,225 92 0 50 100 150 200 250 300 350 1390 90 31 54/46 $61,788 $60,102 45 $57,691 $57,162 60000 11 St. Olaf College

Annual $51,465 Report $51,200 40000 13–14 20000 0 College 1 College 2 College 3 College 4 College 5 St. Olaf College A Message from the President

This report documents St. Olaf College’s key outcomes for the fiscal year June 1, 2013 to May 31, 2014: the students we enrolled, how they progressed to graduation, the resources we gathered to support our programs, and where those resources were directed. It also highlights student accomplishments and important events this past fiscal year in the life of the College.

The graph that displays our comprehensive fee demonstrates the discipline we have embraced regarding price. Our fee is the lowest in our comparison group. The graph that displays how our operating expenses are allocated shows the discipline we have embraced regarding expenses, with only 8 percent of the operating budget devoted to administration. Those two graphs, combined with the quality of the outcomes students are experiencing, succinctly and powerfully demonstrate the College’s value proposition.

I thank you for reading this report and for your support and encouragement. I earnestly solicit your continued care for St. Olaf.

David R. Anderson ’74 President, St. Olaf College

1 Gifts to the College The College received $21.5 million in gifts in 2013–14. In addition, new expectancies (will provisions, bequest intentions, and other new commitments) of $8.8 million brought the total raised for the year to $30.3 million.

2 30K 32K 35K 35K 35K 35K 30K 30K 35K Gift Revenue by Source 2013–14

Organizations 2% Corporations 5% Parents 6%

Friends of the College 10%

Foundations/ Fundraising Consortia 17% Alumni 60% $21,502,668 Total Gift Revenue

Gift Revenue by Type 2013–14

Capital Projects Deferred Giving $162,822 $374,183

Restricted Current Giving $4,244,638 Endowment Giving $13,156,798

Unrestricted Giving $3,564,227

Source: FY2014 Audited Financial Statement

3 Endowment The investment return for the fiscal year of 12.9 percent was largely consistent with returns experienced by other college endowments. The value of the College’s endowment increased from $379.5 million in May of 2013 to $435.9 million one year later.

For the ten-year period ending June 30, 2014, the fiscal year used by many colleges other than St. Olaf, the endowment’s performance placed the College in the top 5 percent among comparable institutions.

4 Endowment Market Value 2005–14

500 $435,935,124 in millions as of 5/31/14

400

300

200 05 06 07 08 09 10 11 12 13 14

Source: FY2014 Audited Financial Statement

Endowment per Student 2013–14

College 1 $389,935

College 2 $372,664

College 3 $334,292

College 4 $296,407

College 5 $162,841

St. Olaf College $144,225 0 50 100 150 200 250 300 350

The comparison group, listed alphabetically, includes Carleton College, Colorado College, Lawrence University, Macalester College, and Oberlin College. Sources: Integrated Postsecondary Education Data System (IPEDS) Fall 2014 Enrollment FTE

5 Revenues and Expenses Current year’s operating revenue exceeded current operating expenses by 8.5 percent. This net income helped fund improvements including the renovation of the lower level of Boe Chapel, expanded seating for the Cage, replacement of the gymnasium floor in Skoglund, the acquisition of additional library materials, and the purchase of new and replacement equipment for science and the fine arts. $6.4 million was invested in the endowment to help support future needs.

2011–12 2012–13 2013–14 Revenue $176,887,352 $182,614,067 $186,576,839 Expenses $165,746,861 $172,995,806 $175,668,266

Note: Revenue is shown as the gross amount before the financial aid discount. The financial aid outlay is included with Expenses.

6 Operating Revenue 2013–14

Government Other Private Grants Revenue Gifts 2% 2% 4% $186,576,839 Endowment Income Total Revenue 7%

Auxiliary Revenue 16% Tuition and Fees 69%

Operating Expenses 2013–14

Administration 8% Student Services 10%

Academic Related 38% Auxiliary Services 12%

$175,668,266 Total Expenses Scholarships and Grants 33%

Source: FY2014 Audited Financial Statement Percentages may not sum to 100 percent due to rounding.

7 Enrollment, Retention, and Graduation Fall 2013 enrollment was 3,125 students, representing 49 states plus the District of Columbia and 68 other countries. Of those enrolled, 99 percent were degree-seeking students.

The College received 4,875 applications and enrolled 765 First-Year students in Fall 2014. There are 32 National Merit Scholars in the class, and 24 students received Buntrock Scholarships, the College’s most prestigious academic merit scholarship.

8 10-year Application and Acceptance Rates First-Year Students

5000 100% 4,875

73% 4000 75% 65% 4,181 4,058 4,024 4,011 3,964 3,937 3,882 59% 60%

3,529 57% 57% 59% 54% 53% 3000 51%50% 2,991

2000 25%

1000 0% 05 06 07 08 09 10 11 12 13 14

Applications Acceptance Rate

Source: The Common Data Set (CDS)

Incoming Class Statistics

2010 2011 2012 2013 2014 Median ACT 29 29 29 29 29 Median SAT 1320 1330 1270 1310 1280 % Legacy 30 30 30 29 30 % Female / % Male 51/49 58/42 55/45 58/42 59/41 % Lutheran 34 33 32 25 28 % Domestic 15 15 15 16 18 Multicultural

Source: Fall 2014 Census Date Data

9 Geographic Distribution of Full-Time First-Year Students

% of students from: 2010 2011 2012 2013 2014 Minnesota 49 46 45 41 44 Upper Midwest (outside MN) 21 22 20 20 21 Eastern U.S. 8 8 8 8 7 Western U.S. 11 11 14 15 14 Central U.S. 7 7 6 9 7 International 4 6 7 7 8

Source: Fall 2014 Census Date Data Percentages may not sum to 100 percent due to rounding.

Comprehensive Fee 2014–15

College 1 $61,788

College 2 $60,102

College 3 $57,691

College 4 $57,162

College 5 $51,465

St. Olaf College $51,200

0 20000 40000 60000

The comparison group, listed alphabetically, includes Carleton College, Colorado College, Lawrence University, Macalester College, and Oberlin College. Source: College Board Institutional Profiles 2014–15

10 First-Year Retention Rate

College 1 96%

College 2 96%

College 3 95%

St. Olaf College 94%

College 5 93%

College 6 88%

0 25 50 75 100

Percentage of First-Year Students Returning as Sophomores Fall 2013 Source: IPEDS 2013 Enrollment Survey

Six-Year Graduation Rate

College 1 92%

College 2 89%

St. Olaf College 87%

College 4 87%

College 5 87%

College 6 82%

0 25 50 75 100

Percentage of Students Who Graduate in Six Years Source: IPEDS 2013 Graduation Rate

11 Highlights

Estonian President Toomas Hendrik Ilves was awarded an honorary degree at the College’s 125th commencement exercises. A leading advocate for greater economic integration and cooperation among countries adjoining the Baltic Sea, Ilves has been associated with St. Olaf’s Mare Balticum study-abroad program for more than a decade and a half.

Rebecca Frank ’14 received a prestigious $250,000 fellowship from the Jefferson Scholars Foundation to pursue a Ph.D. in classics at the University of Virginia. One of only 17 recipients, Frank spent a semester studying at Boğaziçi University in Istanbul and a summer excavating at the Antiochia ad Cragum archaeological field school in southern Turkey. As a St. Olaf student, she delivered scholarly papers at four international conferences in Greece and Canada.

The Andrew W. Mellon Foundation awarded Carleton College and St. Olaf College a $1.4 million grant to support increased institutional collaboration. The award, which builds on efforts that began in 2012 with a planning grant from the foundation, funds a four-year project to advance collaboration in library services, information technology, management operations, and academic programs.

Five St. Olaf College seniors were named Fulbright fellows for 2014–15. Four of the award recipients will take up English teaching assistantships in Kazakhstan, South Korea, Taiwan, and Thailand, while the other will conduct research on environmental policy in Germany.

One hundred and forty students interested in medicine gathered at the Weisman Art Museum in Minneapolis in the fall to meet with nearly 70 alumni physicians. The event, known as Ole Med, enabled St. Olaf students to hear directly from alumni on the challenges and rewards of a career in medicine. Modeled on two similar programs –– Ole Law and Ole Biz –– Ole Med has become a regular feature of the networking programs offered through the Piper Center for Vocation and Career. 12 Will Lutterman ’15 and Serina Robinson ‘15 each received a prestigious two-year research fellowship from the United States Environmental Protection Agency (EPA). Lutterman will use his grant through the EPA’s Greater Research Opportunities for Undergraduates program to research water policy for the Cannon River in southeast Minnesota and the impact of community and economic development. Robinson plans to examine methods of reusing valuable nutrients found in agricultural runoff, such as phosphorus, through a process called bioremediation.

St. Olaf College sent more students to study abroad during the 2011–2012 academic year than any other baccalaureate institution in the nation, according to the Open Doors 2013 Report on International Educational Exchange. This marked the fifth straight year the College was ranked first among its peers in the total number of students studying abroad. St. Olaf currently offers study-abroad programs in 54 countries, including nearly 80 semester or year-long programs and nearly 30 off-campus courses during Interim.

The Flaten Art Barn — a reconstruction of the 1932 building that served as the first home of St. Olaf College’s Art Department — opened its doors in a new location adjacent to the wind turbine. In its new life, the building will play host to a variety of activities — serving as classroom space, a retreat center, and an all-day meeting room. The new art barn was built using methods and materials designed to make the building as self-sustaining as possible, and as a result it requires very little energy to maintain temperature and lighting.

The Henry Luce Foundation awarded St. Olaf College a $400,000 grant to refine and expand an interdisciplinary project on environmental issues in Asia. Pursued jointly by the departments of Asian Studies and Environmental Studies, Environmental Connections creates new opportunities for faculty and students to conduct research in and about Asia and the environment. The project, which began in 2012, will further deepen collaborations between St. Olaf and partner institutions in Asia, including Lanzhou University in China and the Asian Rural Institute in Japan.

13 St. Olaf College once again earned a spot on the Peace Corps’ annual list of the top volunteer-producing colleges and universities. With 15 alumni serving overseas as Peace Corps volunteers, St. Olaf ranked No. 6 among schools enrolling fewer than 5,000 students. St. Olaf has appeared on the Peace Corps’ Top Schools list every year but one since the rankings started in 2001. For the past seven years, it has placed in the top 10 small schools — and the past five years the college has consistently been in the top 3. St. Olaf also reached a milestone this year in its all-time volunteer count, topping 500 alumni volunteers. Since the Peace Corps was established in 1961, 501 St. Olaf graduates have served as volunteers.

St. Olaf College’s aspirations to develop innovative digital resources and research methods in the humanities garnered support from the Andrew W. Mellon Foundation. A four-year, $700,000 grant from the foundation will provide St. Olaf faculty with digital tools to explore new ways of teaching and new lines of inquiry for their research. The “Digital Humanities on the Hill” project also enables students to learn digital research methodologies relevant to careers in the humanities and humanistic social sciences.

The St. Olaf Orchestra, conducted by Steven Amundson, was the 2013 winner of the American Prize in Orchestral Performance. The American Prize is a series of nonprofit competitions designed to recognize and reward the best performing artists, ensembles, and composers in the United States.

St. Olaf College became one of the newest institutions to join the Posse Foundation, a college access and youth leadership development program that partners with 48 of the most selective colleges and universities in the country. For the past 25 years, the Posse Foundation has sought out public high school students with strong leadership potential who may be overlooked by traditional college admission processes. Posse extends to these students the opportunity to pursue their academic and personal goals by placing them in supportive, multicultural teams or “posses.” After a year of mentoring, the posses are presented to some of the top colleges in the nation and awarded four-year, full-tuition leadership scholarships. St. Olaf’s collaboration with the program began in the fall of 2014, when the College admitted its first posse of 10 students from the Chicago area.

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