Financial Review

Harvey Mudd College, like other institutions, have faced and continue to grapple with challenges arising out of the COVID-19 pandemic, including managing increases in costs due to inflation. Despite these challenges, the College ended the fiscal year well with a strong financial position and positive operating results due to the continued support of trustees, alumni, parents and friends as well as favorable investment returns. The collaboration between leadership and the community fosters diversity and advances the College’s mission. With the arrival of HMC’s sixth President Harriet B. Nembhard, we look forward to continuing to provide the resources needed to support HMC’s outstanding educational experience.

Endowment Market Value

(In thousands)

Statement of Activities

Revenue

Category	2023	2022
Tuition, fees, room and board	$73,762	$71,011
Less financial aid	($21,577)	($20,375)
Net student revenues	$52,185	$50,636
Federal grants	$5,142	$2,855
Private gifts and grants	$19,091	$14,762
Private contracts	$1,729	$2,096
Endowment payout	$16,561	$15,958
Other revenue	$2,262	$530
Total Revenue	$96,970	$86,837

Expenses

Category	2023	2022
Instruction	$34,142	$30,478
Research	$4,366	$4,156
Public service	$785	$756
Academic support	$7,703	$6,958
Students services	$9,591	$8,523
Institutional support	$14,566	$12,503
Auxiliary enterprises	$12,993	$12,428
Total Expenses	$84,146	75,802

Total Expenses	$84,146	75,802
Excess revenue over expenses	$12,824	$11,035
Polled investment gains (losses), net of endowment payout	$1,835	($45,243)
Other changes in net assets	$471	$9
Change in net assets	$15,130	($34,199)