The Academy’s Trustees Approve Budget for 2016-17

Academy trustees last week approved the budget for the 2017 fiscal year. The new budget reflects the Academy’s focus on the needs of students and employees and was developed with these goals in mind.

Though the Academy has incurred some unexpected expenses in certain areas over the course of the past fiscal year and likely will next year as well, Chief Financial Officer David Hanson maintained that these expenses will not impact student programs or needs. He explained that the budget for the 2016 financial year was managed “prudently” and “responsibly.” Hanson predicted that the close of the fiscal year will see a balanced budget and even a slight surplus that will be added to the budget for the 2017 fiscal year.

“The budget exemplifies the spirit of non sibi and the generosity Exonians feel toward the school and the students of today.”

According to Principal Lisa MacFarlane, Exeter’s budgets have consistently been managed with a view towards ensuring the best possible experience for current students and with an awareness of stewarding the Academy for the students of tomorrow.

Over 50 percent of the operating budget is funded by the Academy’s endowment, which Hanson called a testament to the generosity of numerous past and present Exeter alumni and families.

“The budget exemplifies the spirit of non sibi and the generosity Exonians feel toward the school and the students of today,” MacFarlane said. She drew attention to the fact that budgets are “material manifestations of an institution’s value.” Exeter dedicates 50 percent of its expenditures to salaries and benefits for its faculty and staff, which she said represents the school’s commitment to its community.

In addition to supporting its employees, Exeter allocates funds every year towards the renovation and repair of its infrastructure and buildings on campus. She said that managing deferred maintenance helps steward the school’s campus responsibly in the short-term and for the future. The new budget aims to continue work toward improving the physical plant.

The recently approved budget also includes funding for hiring new positions to better the Academy overall. The Trustees approved the allocation of funds towards creating several new positions within Institutional Advancement in order to help raise money for Academy needs and student programs, as well as to hire an Assistant Director for the Athletics Department. The budget also designates funds for establishing a position dedicated to community equity and diversity.

These new positions will serve the community in a variety of ways. Institutional Advancement will have the opportunity to expand its staff, and another new position will address equity and diversity issues in the community.

As a whole, MacFarlane said, the new budget reflects the needs of the students, faculty and staff and reflects a belief that “the most important thing to our community is the people.”