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Dartmouth prepares an annual operating budget for use in the next fiscal year (July 1 through June 30). This budget estimates revenues that will be available for use in operations. It also sets guidelines for expenditures in a way that allows the College to fulfill its institutional mission while remaining in balance with available revenues. The budget is a very important management tool to guide spending decisions, evaluate institutional financial health, and identify and address areas of financial risk or opportunity.
Operating revenues are generated from a wide variety of sources - tuition, gifts and donations (contributions to the Dartmouth College Fund and other gifts), an annual distribution from the College's endowment, investment income, research activity, and other ancillary revenues and fees such as ticket sales and parking fees.
The College's operating expenses funded by these revenue sources include student financial aid, faculty and staff compensation, facility operations and maintenance, equipment, student activities, research activity, and a number of miscellaneous expenses.
All revenue sources are designated either as ‘restricted' or ‘unrestricted.' Restricted revenues are generally gifts received from donors who designate their gift for a specific purpose (e.g., student financial aid, a specific professorship, a student activity, etc.). These revenues are only available for the donor-designated purpose, and cannot be used to fund other activities of the College. Approximately 70% of the College's endowment distribution and certain gifts received during the year are restricted funds. Unrestricted revenue is available for use on a variety of institutional priorities across the College. Examples of unrestricted revenues include tuition, the Dartmouth College Fund, a portion of the College's endowment distribution, certain gifts received during the year, investment income, and other ancillary revenues and fees.
The process to establish the annual operating budget involves many steps and incorporates the input of many people throughout the Dartmouth community. The budget is guided by the institutional mission, strategy, and priorities as articulated by the President. Several committees and working groups produce and communicate budget guidelines used by the schools and divisions to prepare budget proposals for their areas. These proposals are reviewed by the Provost's Budget Committee and the President. The budget is then presented to the Dartmouth College Board of Trustees for their consideration. In June, the Board votes to approve the budget for the upcoming fiscal year.
Capital expenditures related to significant building projects are budgeted separately from revenues and operating expenses in the operating budget. Generally, donors pledge a significant proportion of funds required for the construction of a building before construction begins. These donations are restricted for the construction of a specific building and are not ‘pooled' with operating funds or available for use on other priorities.
