I am pleased to share an update with you on Loyola’s financial progress.
As it has in recent years, Loyola continues to enjoy strong financial performance. In the fiscal year that ended June 30, 2013, the University generated an operating surplus of $30.9 million and an overall increase in net assets of $87.6 million. Funds from the operating surplus were set aside for future debt repayments and to establish quasi-endowments. The University spent approximately $200 million on capital expenditures—primarily at the Lake Shore Campus. Our endowment now stands at over $460 million, its highest ever, thanks to generous contributions from our donors and returns on investment.
We continue to work to make a Loyola education more accessible and affordable. Principal among those efforts is Access to Excellence: The Campaign for Scholarships, which has now reached the halfway mark of its $80 million goal. To date, donors have created 118 new scholarships as part of the campaign. Notable among those are a scholarship that honors storied Professor of Law Richard A. Michael, a new Mallinckrodt Scholars program at the Gannon Center for Women and Leadership, and the first endowed scholarships for dance and studio art students at the College of Arts and Sciences, among others. For more information, visit LUC.edu/scholarshipcampaign.