What are Minnehaha’s sources of income?
Minnehaha Academy has an “operating budget” that supports the instructional and extracurricular programs of the school. Approximately 87 percent of the income to support the operating budget comes from student tuition and fees. In addition, approximately 9 percent of operating budget income is in the form of gifts from supporters, including gifts to Minnehaha Fund and Heritage & Hope. Proceeds from events like the Arena Sale also are categorized under the “contributions” section. The school receives the remaining four percent of its operating budget income from facilities, rentals and other miscellaneous sources.
What is each source of income used for?
Half of the operating budget income is spent on instructional costs, which include compensation for teachers and classroom supply and equipment expenses. The operating budget includes expenditures in several additional areas, financial aid (20 percent), general operational expenses (14 percent), administration (10 percent), capital improvements & equipment (5 percent), and other general institutional expenses (2 percent). The general operational expenses include such things as gas for heating the school, electricity, and insurance.
What are the big costs of operating? How are each of these costs paid?
Student tuition and fees, including the single largest expense area of instructional programs, pay most of the costs of Minnehaha’s operating budget. Financial aid is covered in part from income drawn from the Minnehaha Endowment Fund as well as by gifts to Heritage & Hope.
How much does Minnehaha rely on student tuition?
As the “Minnehaha Academy Income” pie chart illustrates, Minnehaha relies on student tuition and fees to cover 87 percent of the operating budget expenses.
To what extent do sources of income line up with costs?
Student tuition and fees, along with other miscellaneous income, is used for any and all expenses in our operating budget. Draws from the Minnehaha Endowment Fund are used solely for the purpose designated by the donor, which most often is student financial aid. In addition to operating budget expenses, Minnehaha Academy regularly receives gifts designated by donors for specific projects. An example of that would be the new Page Family STEM Lab at the Upper School. Donors made gifts specifically for that facility, and those gifts can only be used for that specific purpose. The Page Family STEM Lab was 100 percent funded by these designated gifts, and no student tuition or fees were used for building that space or purchasing the furniture or the equipment in that space. These generous donations made it possible for the Lab to be built, making the Lab the largest such designated gift project in recent years. Another example of a designated gift project is the new playground and equipment at the Lower Campus.