Where the money comes from
– SAIC’s revenue for the financial year 2006-07 totaled $81.9 million.
– Of the School’s income, 77 percent — $62.8 million — comes from “net tuition, fees and other.”
– Residential fees and rent account for $7.3 million of revenue, or 9 percent.
– The School makes a relatively small sum of money, $700,000, from renting out space within academic buildings. The most visible tenants are Utrecht, Plum Café and Sonny’s, as well as the Fabric store in 37 S. Wabash. The one tenant you probably haven’t seen is the Verizon tower, placed atop the 112 S. Michigan building.
– Like most academic institutions, there are members of the public who will make donations and bequests. Government Financial Aid, Endowment Interest and Bequests, alongside Endowed Income, account for $8.5 million of SAIC income. Endowed income is restricted in the ways in which it can be used, though it provides for scholarships, amongst other forms of student aid.
– While the school receives $1.3 million from the Gene Siskel Film Center, covering the costs of the cinema space, the Film Center is not charged actual rent. SAIC spends $1.1 million per year maintaining the space, making the net profit $200,000.
Where the money goes
– $33.9 million — 41 percent of the school’s income — goes towards instructional services, you know, paying for teachers to show up to class, computers to be in the labs.
– Contrary to rumors, SAIC didn’t purchase the 12th floor of 36 S. Wabash. They currently hold a 12-year lease on the space, with two five-year renewal options.
– $2.4 million is spent on Campus Security, provided through Securitas.
– The School of the Art Institute of Chicago is one of the few art schools left in the country that is still part of the same institution as the museum collection founded alongside it. As a result, SAIC continues to share some of its administrative services with AIC, such as a central legal team, treasury management and human resources department. SAIC contributes a total of $8 million to this administrative section, while spending $6.4 million on school-specific administration. In addition to this, SAIC spends $4.4 million on Admissions services.
– Academic Buildings cost $5.3 million per year, while SAIC residence facilities cost $2.7 million per year.
– $3.9 million is spent on Student Services, providing health and counseling services, the Student Life division of the school amongst others.
– The School is not actively running at a loss; it’s breaking even. Having suffered a rough seven years in the ’90s – early ’00s (That much -talked about phase when the school was losing money), SAIC adopted a 5-year plan to address losses it had incurred. SAIC’s surplus for this fiscal year totals a relatively underwhelming $100,000. This money is used primarily to fund capital investments and repay debt.