Financial Overview
Fiscal Year 2024 Overview
At $621.3 million, operating revenues for the university and its affiliated foundations increased by $34.0 million — or 5.8% — over the prior year. The largest dollar increase was in private funds, 22.6% ($107 million raised in FY24), as William & Mary continues to benefit from the generosity of donors, which strengthens the university’s financial foundation. State funds increased 5.9% for the Commonwealth of Virginia’s share of salary and benefit increases, continued investment in affordable access funding along with base support for financial aid. Grants and contracts in research, 15.1%, reflected our commitment to the goal in Vision 2026 of expanding William & Mary’s reach.
FY24 expenditures totaled $601.3 million — an increase of $39.3 million or 7.0%. Increases were largely related to state mandated salary, wage and benefit actions, planned increases in instructional spending to align with growth in undergraduate enrollment and targeted growth in graduate and professional programs. The market value of W&M’s total endowment grew over the prior year to a total of $1.45 billion.
Investments in academic facilities and infrastructure remain strong. With support from the Commonwealth for construction and renovation of academic facilities, construction is well underway on the last phase of the Integrated Science Center (ISC), which will serve as William & Mary’s new School of Computing, Data Sciences & Physics.
The new school will address student and employer demand, respond to the employment needs of high demand and growing data industries in Virginia as well as position W&M as a leader in the evolution of liberal arts education. It will further cement W&M’s ability to attract and retain world-class faculty in a competitive market.
William & Mary’s Batten School of Coastal & Marine Sciences & VIMS are also investing in infrastructure with a new research facility nearing completion.
The university is also completing the Martha Wren Briggs Center for the Visual Arts by the end of 2024, which houses the Muscarelle Museum of Art, tripling the museum’s size. Progress on the construction of the new Mackesy Sports Performance Center continues, and it is scheduled to open in January 2026. In addition, W&M is moving toward completing the first phase of its comprehensive housing and dining facilities master plan, which includes renovations to existing facilities and construction of new buildings to replace failing and outdated ones. W&M will deliver 1,200 beds and a new 800-seat dining facility in fall 2025.
In FY24, William & Mary implemented new tuition rates as approved by the Board of Visitors. These offset the effects of inflation, which have now risen to over 22.9% since FY20, according to the Consumer Price Index. During this time, William & Mary was able to keep in-state undergraduate tuition flat in four out of five years and at a total increase of 4.7% for in-state students and 4.9% for out-of-state students respectively.
Sustainable Success
The ability of William & Mary to hold tuition increases well below the underlying rate of inflation was possible in part by the execution of an intentional plan to grow the undergraduate student population by 600 over several years. This plan has been successful in generating additional resources while ensuring William & Mary’s distinctive excellence. In concert with seeking out new ideas to expand resources, it is imperative that W&M continuously assess its operations for opportunities to automate and provide cost savings.
One recent example of looking for innovative ideas to improve the student living and learning experience is the implementation and installation of new geothermal well systems to serve our new dormitories under construction. William & Mary has installed 531 wells to date, with the systems becoming fully operational in fall 2025. Energy models for these buildings show a 60% energy savings from comparable residential facilities.
Decreasing operating costs and reducing reliance on fossil fuels are two of many strategies that William & Mary is utilizing to move toward carbon neutrality.
A key part of the sustainability of the university’s financial picture is the generosity of alumni, parents, family, students, faculty, staff, friends, foundations and corporations.
The resources generated from private giving provide a margin of excellence to sustain the institution’s mission to afford exceptional students the opportunity to attend W&M through scholarships; enhance the ability for schools and departments university-wide to provide quality educational experiences for students; renovate and construct academic and auxiliary facilities like those in the new Arts Quarter and Kaplan Arena; and invest in key strategic priorities like Vision 2026.
As we plan for the future, we focus on maintaining the relationships and successes that have made William & Mary, the Alma Mater of the Nation, a leading institution, while constantly assessing and evolving our overall resource picture to ensure that we continue to thrive for years to come.
Michael J. Todd
Executive Vice President for Finance & Administration
