BOV hears financial updates about budget, portfolio, William and Mary Promise
Written by Áine Cain|
February 14, 2016
The BOV Committee on Financial Affairs convened to hear a report from Vice President for Finance Sam Jones ’75 on Governor Terry McAuliffe’s budget and the continuation of the William and Mary Promise, as well as a portfolio report from the Optimal Services Group of Wells Fargo.
“We do not get a large share of [state financial aid] for two reasons. One is that the state provides no need-based financial aid for out-of-state students, so that takes out a third of our students,” Jones said.
Jones said that the College will likely not receive a large share of state financial aid.
“We do not get a large share of [state financial aid] for two reasons. One is that the state provides no need-based financial aid for out-of-state students, so that takes out a third of our students,” Jones said. “We also generally have a fairly affluent student body, so while we have need for financial aid … from the state’s perspective, they have a much narrower focus on what they will provide. We’ll take every dollar we can get.”
The College has submitted several amendments and requests to the 2016 Virginia General Assembly regarding its operating and capital budget. These submissions include an amendment establishing an engineering and design initiative, which proposes to give students opportunities to work with tools and programs integral to engineering, which would require $300,000 for the FY 2017 and $500,000 of the FY 2018. Another request would provide funding to support buildings coming on-line from 2016-18, including the Integrated Science Center 3 and Tyler Hall, which would cost $549,987 for FY 2017 and $552,472 for FY 2018.
Joseph Montgomery of the Optimal Service Group of Wells Fargo Advisors subsequently reported on the College’s endowment portfolio’s performance, which was worth $77.9 million as of October 31, 2015.