Following is a summary of our operating results from Treasurer Patrick Higgins’ presentation at the annual meeting in October. The house is in a good financial position, with rent covering our annual operating expenses, a recently re-financed commercial loan for the mortgage from the renovation (our secondary loan was paid off in 2015), and cash to fund capital projects through the Annual Fund.
We increased undergraduate rent 1% in 2018 – 2019 to keep pace with expenses. Undergraduate rent is competitive with other on-grounds housing and we will continue to evaluate rent vs. housing benchmarks and our operating expenses each year. Our operating maintenance budget covers ordinary wear-and-tear items, but the undergraduates are responsible for damage they cause and must fully fund a security deposit that the Alumni Corporation draws on in the event of student-caused damage.
Average Annual Operating Results 2013-2018
Income/Expenses and Annual Average Results
Undergraduate Rent: $62,000
Debt Service: ($27,000)
Insurance: ($10,500)
Taxes: ($8,000)
Maintenance: ($12,500)
Alumni Association: ($2,000)
Other: ($3,000)
Annual Average Net: ($1,000)