Hofstra’s financial strength reflects increased fundraising activities, strong endowment growth, strengthened operating margins, and enhanced control over expenses, particularly relating to health care and postretirement benefits. Financial resources have increased by 117 percent during the last three years, and Hofstra continues to enjoy debt ratings in the A category from both Moody’s and Standard & Poors. The Capital Campaign, officially launched at the 2006 Gala, was well on its way to achieving its $100 million goal, with almost $80 million pledged by year’s end. The University continued to expand its fund-raising activities and to maintain tight control over expenses.
Hofstra University saw its endowment increase to $205 million as of the end of the fiscal year on August 31, 2006 ($215 million as of January 7, 2007), from $175 million for the same period a year earlier. That represented a step toward the university’s goal of significantly increasing its endowment to $400 to $500 million in order to better compete with peer institutions that have significantly larger endowments.
Tuition Scholarships and Fellowships
A larger endowment gives Hofstra the edge it needs to attract and retain the most highly qualified students by providing a greater number of scholarships. The University continues to make the growth of tuition scholarships a top priority. During the past five years, the University has increased scholarship funding by more than 76 percent to just over $44 million.
That increase is reflected in the changing make-up of the student body. The 2006 average SAT score for first year students was 1169, up by 107 points from fall 2000. Our first-time freshmen high school GPA stood at 3.26 in fall 2006, compared with just 2.80 in fall 2000. Selectivity – the number of students who are accepted to Hofstra as a percentage of all of those who apply – was 62 percent in 2006, compared with 80 percent in fall 2000. And those students now hail from a far broader geographic area. For the second consecutive year, 48 percent of first year students at Hofstra came from out of state.