For students placed on academic
suspension to appeal the decision made. Note suspensions for conduct or
honor violations have separate appeals processes. Appeals are made to the Committee
on Academic Status. The various schools offer brief processes for students
to appeal academic decisions and ask for exceptions and waivers. Many of these are
described in the course catalogs.
For students to appeal reduction, cancellation or non-renewal of athletic-related
financial aid, in accordance with NCAA requirements. The process is governed by the
Athletics Financial
Aid Hearing Policy and Procedure (pdf).
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FY 2019 Overview
The university remains in a solid financial position. William & Mary’s economic health
continues to reflect its ability to recruit exceptional students, to raise revenue through
tuition, fees, grants, contracts and philanthropy, to recognize and respond to the needs of the
Commonwealth of Virginia and its citizens, and to reallocate funds to support the university’s
highest priorities.
William & Mary continues to attract, admit and retain top-caliber students even as we
compete against the most selective public and private institutions in the country.
Freshman applications to the university continue to be strong, with 14,681 students seeking
admission for fall 2019. With an incoming class size of 1,545 students, William & Mary has
almost 9.5 applicants for every student enrolled. Given its robust applicant pool, the
credentials of admitted students remain strong. These statistics, coupled with the university’s
academic reputation, suggest a strong continuing student demand into the future.
University programs are supported from a variety of sources, including state funds, tuition and
fees, auxiliary enterprise revenues (generated by activities that receive no state support such
as residence life, food service, athletics, etc…), federal grants and contracts and private
funds. This diversity of funding is critical to William & Mary’s overall financial health.
The commonwealth provides partial operating support for the university’s academic programs as
well as need-based aid for Virginia undergraduates. The level of state support for operations is
a function of general economic conditions and the priority assigned to higher education by the
governor and General Assembly. After fully absorbing a 5 percent reduction in state funding in
FY18, FY19 was a year of level state support for operations and need-based financial aid. While
state support was level, other revenue sources remained strong, largely mitigating the lack of
incremental state funds. In addition, the 2018-20 Appropriation Act provides significant new
state investment in William & Mary for FY20.
Over the last year, the university remained committed to tuition predictability for its in-state
undergraduate students. Guaranteed four-year tuition for in-state undergraduate students,
combined with significant investment in financial aid for qualifying low- and middle-income
Virginia families, resulted in William & Mary being one of the most affordable universities
in the commonwealth for these students. Tuition predictability will continue to be a
William & Mary trademark for students entering in fall 2020.
FY19 budgets were developed within the context of the university’s upcoming strategic planning
process and existing Board of Visitors-approved Six-Year Plan. As a result, expenditures in
support of the university’s academic program included:
Significant investment in student financial aid for in-state undergraduates resulting from
an increasingly diverse student body;
Full implementation of the undergraduate general education curriculum;
Investments in software acquisitions, library materials and campus safety; and
Infrastructure support for advancement, student accounting and financial aid.
Broadly, FY19 expenditures support the university's strategic priorities as well as those
of the commonwealth, including expanded aid for low- and middle-income Virginia families
while balancing revenue need with student affordability and continuing the university's
efforts to raise private funds and seek other revenue sources.
In support of these investments, William & Mary continued to identify opportunities for
academic and business process improvements, allowing the university to reallocate $1.7 million
to higher priority activities.
Investments
Within this environment, on June 30, 2019, the consolidated value of endowments held by
all of the various entities supporting William & Mary and its programs for the first
time exceeded $1 billion, totaling $1.023 billion, including $27.2 million in
revocable endowments held by third parties. This is a year-over-year increase of $60.9 million,
or 6.3 percent. Of this amount, $715.4 million (70 percent) was invested through the William
& Mary Investment Trust (WAMIT), which had an overall investment return of 5.4 percent,
exceeding the blended Policy Benchmark return of 3.7 percent.
Growth in FY19 reflects investment returns net of fees, new gifts and receivables, market changes
in externally managed accounts, changes in property holdings and spending withdrawals.
WAMIT’s legal structure is a grantor group trust that allows eligible tax-exempt 501(c)(3)
organizations affiliated with the university to pool assets under a collective investment
platform. WAMIT remains the largest of the various investment portfolios and is highly
diversified across asset classes with a goal of maximizing long-term real return consistent with
appropriate risk tolerances and the recognized need to preserve intergenerational equity.
William & Mary Investment Trust (WAMIT) Performance Report
As of June 30, 2019
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Average Annualized Rates of Return
Year 10
Year 5
Year 3
Year 1
WAMIT (1)
8.0%
5.6%
8.8%
5.4%
Policy Benchmark (2)
8.1%
4.3%
8.2%
3.7%
Value Add
(0.1%)
1.3%
0.6%
1.7%
(1) Investment performance is net of all fees and expenses (2) Policy Benchmark: 56% MSCI
All Country World Index, 24% Bloomberg Barclays Aggregate Index, 2% Bloomberg Barclays U.S.
Credit Index, 8% Bloomberg Barclays U.S. High Yield Index, 10% Bloomberg Commodity Index,
Beginning January 1, 2017: 50% MSCI All Country World Index, 15% Russell 2000 Index, 10%
Bloomberg Barclays Aggregate Index, 15% HFR Fund of Funds Index, 5% MSCI U.S. REIT Index, 5%
S&P North American Natural Resources Index
WAMIT Asset Allocation
This represents the collective investments of the W&M Foundation, Business School Foundation,
Law School Foundation, VIMS Foundation and the 1693 Murray Foundation as of June 30, 2019.
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Four column table with column header cells as first row and sub-headings and a
final "Total" row defined by Heading text.
Range
Target
Actual
TOTAL EQUITY
40.0 - 80.0%
65.0%
63.6%
Global Public Equity
30.0% - 70.0%
50.0%
47.0%
Domestic Equity
21.5%
Core
17.2%
Small Cap
4.3%
Foreign Equity
25.5%
Developed Markets
18.7%
Emerging Markets
6.8%
Private Equity
10.0 - 20.0%
15.0%
16.6%
Venture capital
8.4%
Private Equity
5.2%
Blended Hybrid
3.0%
Diversifying Strategies
10.0 - 20.0%
15.0%
14.5%
Absolute Return
7.5%
Special Situations
7.0%
Real Assets
5.0 - 15.0%
10.0%
11.4%
Real Estate
6.2%
Natural Resources
5.2%
Fixed Income
5.0 - 15.0%
10.0%
3.9%
High Grade Core Bonds
3.9%
Cash
0.0%
6.6%
TOTAL
100.0%
100.0%*
*The 100 percent figure is derived from total equities, diversifying strategies, cash, real
assets and fixed income.
The trade war between the U.S. and China accelerated in FY19. Both sides
implemented and then increased tariffs on a combined $360 billion worth of goods. The
conflict raised concerns of an acceleration towards a “tech war,” as the U.S. hardened its
negotiation position on a key Chinese multinational technology company.
Major central banks pivoted to a more dovish stance, inflation expectations
plummeted and the aforementioned U.S. China trade war diminished the market’s global growth
outlook and the outlook for corporate profitability.
During FY19, U.S. equities (as measured by the S&P 500) returned 10.4
percent besting the developed international (MSCI EAFE) and emerging markets (MSCI Emerging
Markets), which returned 1.08 and 1.21, respectively.
Facilities
In addition to operating dollars, investment in our facilities and infrastructure remains strong.
Through a combination of state, university and private funds, projects under construction in
FY19 included state of-the-art educational and performance facilities for our music, theater and
dance programs, an expanded Alumni House, the Tribe Field Hockey Center, and renovations to one
of our most popular residence halls, One Tribe Place.
Planning continued for an addition to the Sadler Center as well as a fourth phase of the
Integrated Science Center, which when complete, will house kinesiology and health sciences,
mathematics and computer science as well as provide space for the new engineering and design
initiative.
For the Bold by the Numbers
Highlights
Since the beginning of the campaign on July 1, 2011, private support has helped make the
following possible:
Nearly 28,000 people participated in 495 events in 45 cities
across the globe in FY19
#1 public university for annual alumni giving
More than $925 million raised to date
23 athletics coaching positions supported
509 scholarships created, benefiting more than 800 students
12-to-1 student/faculty ratio is lowest among all U.S. public
universities
40 funds for professorships established
#1 public university for undergraduate participation in study abroad
10-Year Growth in Consolidated Endowment
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This represents W&M-owned endowment, excluding revocable amounts.
Future Outlook
Our future reflects the positive results and direction of FY19 as well as ongoing challenges.
With competition for admission to William & Mary remaining intense, the university will meet
its enrollment targets while admitting the highest quality students.
As we look to future revenue streams, in the near term, state support will increase, with
targeted allocations for high-demand degrees, including education, data science and computer
science. For the longer term, the level of state support will remain uncertain as higher
education competes for limited state funds in a challenging economic environment. Virginia’s
economy, and its tax revenue, remains dependent to a large extent on federal government and
military spending. So long as Washington, D.C., remains unsettled, consistent and stable funding
from the commonwealth may be challenged. As Virginia moves to more diverse and less federally
dependent funding, revenue may stabilize. Pending this transition, the university will continue
to exercise caution in making commitments that assume state support.
Tuition and fees revenue will continue to increase but at a decreasing rate as tuition levels
approach market rates. These revenues, when combined with increased philanthropy, targeted state
funds, reallocations from within the university, and funds generated from new or expanded
programs and activities, will allow the university to move forward in implementing initiatives
identified through strategic planning.
Ongoing investment in University Advancement is producing a great return on investment as
the campaign is allowing William & Mary to reach historic levels in fundraising — which
is vital as philanthropy now exceeds state funding as part of our total operating
budget.
Funding generated through annual giving, including giving to the Fund for William & Mary, and
endowment growth will provide long-term support for students, faculty and programs and ensure
the margin of excellence that distinguishes William & Mary. Unrestricted annual giving is
particularly critical, allowing immediate progress in strategic areas.
Finally, investment in academic, auxiliary and athletics facilities will provide the physical
foundation for academic and athletics success, as well as student growth and development.
Completion of the Integrated Science Center will enhance STEM and engineering/design
opportunities. An expanded Arts Quarter will mark important progress for our campus
revitalization efforts. Just as the Shenkman Jewish Center, McLeod Tyler Wellness Center and the
Entrepreneurship Hub at Tribe Square address the needs and interests of our student body, future
facility investments will support initiatives coming out of the university’s strategic plan, the
athletics strategic plan and other planning efforts.
Private Gifts
In FY19, William & Mary raised nearly $92 million in support of the For the Bold campaign.
Pledges and commitments, including bequests and deferred gifts, are not indicated in the numbers
below.
Gifts by Area
The following chart shows the allocation of gifts made to all areas of William & Mary and its
related foundations between July 1, 2018 and June 30, 2019.
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A six column table with header cells in first row and within table to denote
sub-sections.
Area
Type of Gift
All Gift Types
Expendable Gifts
Endowment Gifts
Facilities Support
Gifts-In-Kind Other
Schools
Faculty of Arts & Sciences
$2,721,990
$2,493,158
$352,361
$48,713
$5,616,222
Raymond A. Mason School of Business
8,072,431
1,688,020
287,791
0
10,048,242
School of Education
1,105,689
792,052
0
97,011
1,994,752
William & Mary Law School
3,130,505
1,166,636
344,765
107,388
4,749,294
Virginia Institute of Marine Science
871,587
486,979
0
19,718
1,378,284
Programs and University Wide
Support
Fund for William & Mary
$6,401,185
$0
$0
$0
$6,401,185
Other university-wide funding
(including faculty support, student aid and other areas)
10,235,503
7,519,111
16,155
814,237
18,585,006
Alumni Association and Order of the
White Jacket
359,679
1,246,590
6,170,458
20,416
7,797,143
William & Mary Athletics
4,117,099
1,522,060
758,954
174,726
6,572,839
William & Mary Libraries
375,261
1,370,118
0
395,754
2,141,133
Muscarelle Museum of Art
241,953
10,201,554
13,812,648
1,527,984
25,784,139
Omohundro Institute of Early American
History and Culture
496,799
31,135
0
0
527,934
Gifts to All Areas
$38,129,681
$28,517,413
$21,743,132
$3,205,947
$91,596,173
Gifts by Source, Purpose and for FY19
These graphs show the sources of the nearly $92 million raised in gifts for William & Mary
and its related foundations between July 1, 2018 and June 30, 2019.
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Operating Revenue & Expenses
How is W&M's operating revenue spent?
Operating expenses, shown below, are divided among the following categories:
Instruction: Instructional faculty, departmental operating
costs Research & Public Service: Targeted, state supported research,
community service activities Academic Support: Library materials, access and
services, information technology, academic administration Student Services:
Registrar, admissions, financial aid administration, career services, student organizations,
etc. Institutional Support: Executive management, fiscal services, human
resources, purchasing, fundraising, etc. Operation & Maintenance:
Buildings/grounds maintenance and repair, police, plant personnel, utilities Student
Aid: Grants awarded to students to offset their cost of
attendance Auxiliary Enterprises: Dormitories, food services, parking and
transportation, recreation centers, student health services
