<p>Nina:</p>
<p>The per student spending figures I’ve given you for Swarthmore ($68,304 not inc. finanicial aid; $78,967 inc. financial aid) come directly from the audited Fiscal Year 2004 financial reports. These figures are annual operating budgets only and do not include large capital spending on capital building projects (although there may be an annual depreciation expense in the operating budgets). These operating budgets include salaries, educational expense, student services expense, campus operating costs (including maintenance), other activities (such as operating the dining hall), and research/public service expense.</p>
<p>The spending on capital projects is a separate financial reporting item.</p>
<p>Since 2001, Swarthmore has completed three major projects:</p>
<p>Science Center ($72.7 million)
New Dorm ($15.2 million)
Renovation of Parrish Hall ($14.1 million)</p>
<p>These projects are being paid for as part of a $230,000 million capital fundraising project with the remainder of the funds going to endowment programs such as faculty chairs, endowed financial aid funding, and general endowment acounts.</p>
<p>You can find links to complete financial reports and budgets for the last five years along with other reports detailing the financial operation of the college here:</p>
<p><a href=“http://www.swarthmore.edu/Admin/investment_office/[/url]”>http://www.swarthmore.edu/Admin/investment_office/</a></p>