The university’s fiscal year 2012 operating budget ended with a $6.8 million deficit, largely the result of reduced endowment spending over the past three years. But the shortfall was expected and has been covered with reserve money from prior year budget surpluses.
A new $15 million gift — among the largest donation to the university since the closure of the Campaign for Collaborative Science last June — will help fund research into digestive disorders, including metabolic diseases, cancers and infections.
Strong fundraising, access to federal stimulus funds and better-than-expected royalty income led the university to close the 2011 fiscal year with a $1.1 million surplus, but the approved 2012 budget is in a deficit position, according to Jim Lapple, vice president for finance.
Cost reductions first announced last spring have successfully stabilized the university’s finances, according to a recent analysis of the operating budget. The university expects to close out the 2011 fiscal year, which ends June 30, with a modest surplus.
by TALLEY HENNING BROWN
Investigators at The Rockefeller University have so far been awarded 41 federal grants and supplemental awards through the American Recovery and Reinvestment Act of 2009 (ARRA) — the so-called “stimulus” legislation passed by Congress last winter. The awards — 40 from the National Institutes of Health and one from the United States Department of Energy — range in size from about $5,000 to nearly $4.6 million and total approximately $27 million. The funds, most of which will be spent over a two-year period, are for new and ongoing projects in biomedical and clinical research and training. More
by ZACH VEILLEUX
Five new private gifts, totaling over $29 million, will allow the university to launch several new programs and will help provide flexible financial support during the current economic downturn. The gifts, ranging in size from $3 million to $10 million, are positive news for the university and come at a time when the markets continue to be volatile. More
Turmoil in the world’s financial markets and a contraction of the national and local economies have begun to affect the university’s finances. In response, Rockefeller University’s administrators and trustees have initiated a review of the economic assumptions and models that drive the budget-planning process. More
As distress in the markets that buy and sell credit reached its crescendo in late September, the university’s finance office received some sudden news: On September 26, a short-term investment fund in which the university held some $45 million in operating capital would be frozen. More
by ZACH VEILLEUX
With $490 million raised toward its original $500 million campaign goal, the university’s Board of Trustees has decided to be 50 percent more ambitious. On June 4, they voted to add $250 million and two years to the Campaign for Collaborative Science, the fundraising initiative that will pay for the programs originally outlined in the university’s 2005 strategic plan. More
Nearly one-third of the university’s bond portfolio — $114.75 million that the university borrowed from investors to pay for lab renovations and infrastructure improvements — has been refinanced after disruptions in the credit market beginning in mid-February caused interest rates on the bonds to increase unexpectedly. More