For fiscal 2012, Saltus reported a surplus of $195,709,
compared to a surplus of $608,577 in 2011.
Total revenue decreased (one percent) year over year.
2012 was $17,584,229; by contrast, tuition revenue in 2011
was $17,721,574, a decrease of $137,345. Budgeted tuition
revenue was $17,078,315.
from Saltus Appeal of one percent, and interest and dividend
income as well as other donations at less than one percent.
ISM (Independent School Management), a leading resource
for private-school management strategies, recommends that
hard income (defined as income other than donations and
investment income) be a minimum of 92 percent of total
operating Fund income. Saltus meets this mark handily with
its ratio of 94 percent.
and dividend income, contributions received from the Vallis
Trust and further education award donations. Income in the
Campaign Fund was nil. Donation income recognised in the
Building Fund was $600,000, which results from revenue
recognition of campaign donations previously pledged and
received matched to the current year's expenditures (interest
and amortisation) on the assets for which the original
donations were designated.
expenses
operating Fund expenditures, excluding amortisation of
$709,819, totalled $16,809,882, which was in line with the
budgeted figure of $16,809,931. Salary and payroll benefits
continue to be the largest expenditure at $13,741,592, which
represents 78 percent of total operating Fund expenditures.
technology, insurance, curriculum, utilities and general office
expenses. The operating Fund expenditures represented 88
percent of all expenditures incurred during the year, followed
by the Bursary and Endowment Fund, with expenditures of
$1,130,227, comprised mainly of financial aid or six percent
of overall expenditures and Campaign plus Building Fund
expenditures totalling $1,346,644 or seven percent of total
expenditures. Campaign and Building Fund expenditures are
comprised of interest on long-term debt and amortisation.