Stanford Facts: Finances & Governance
Finances
In 2007-08, Stanford is a $3.4 billion enterprise.This figure represents the university’s consolidated budget for operations, a compilation of all annual operating and restricted budgets that support teaching, scholarship and research, including the budgets of all schools and administrative areas and the Stanford Linear Accelerator Center. It does not include the capital budget or the budget for hospital and clinical services. The capital budget for 2007–08 is $386 million.
| 31% | sponsored research |
| 20% | endowment income |
| 4% | other investment income |
| 17% | student income |
| 12% | health care services income |
| 7% | expendable gifts and net assets released |
| 9% | other income |
| 54% | salaries & benefits |
| 31% | operating expenses |
| 10% | Stanford Linear Accelerator Center |
| 5% | financial aid |
Endowment
Stanford’s $17.2 billion endowment provides an enduring source of financial support for fulfillment of the university’s mission of teaching, learning and research. About 75 percent of the endowment is designated by donors for a specific purpose. There are more than 5,000 endowed university funds.
Each year, a portion of investment return from the endowment is used to support annual operating expenses. The remainder of the return is reinvested in the endowment to maintain its value over time. The Stanford Management Company (SMC) was established in 1991 to manage Stanford’s financial and real estate assets. SMC is a division of the university with oversight by a board of directors appointed by the university board of trustees.
Fundraising
Stanford University in 2006-07 raised $832.3 million from 69,350 donors, making Stanford’s development program the most successful among universities nationwide. Nearly 40 percent of undergraduate alumni give gifts to the university. The gifts included $269 million for research, $62.2 million in financial aid, $72.1 million for professorships and other faculty support and $64.5 million for building projects. Annual giving included a record $20 million for The Stanford Fund for Undergraduate Education. At the end of 2005, Stanford completed its $1 billion Campaign for Undergraduate Education, the largest campaign devoted exclusively to undergraduate education at any research university. In October 2006, Stanford announced The Stanford Challenge, a $4.3 billion five-year fundraising campaign.
Through Stanford’s annual giving programs, alumni, parents and friends are encouraged each year to make expendable gifts for general university and school purposes. From time to time, individuals, foundations and corporations make major gifts to increase the university’s endowment, to construct new buildings or to start new programs. In addition, some alumni and friends include Stanford in their estate planning or make arrangements for a deferred gift to the university. Call (650) 723-8500 or visit http://givingtostanford. stanford.edu.
| Fiscal Year | Gifts in Millions |
|---|---|
| 1997 | $312.3 |
| 1998 | $319.4 |
| 1999 | $319.6 |
| 2000 | $580.4 |
| 2001 | $469.0 |
| 2002 | $454.8 |
| 2003 | $486.1 |
| 2004 | $524.2 |
| 2005 | $603.6 |
| 2006 | $911.2 |
| 2007 | $832.3 |
University Governance
Stanford University is a trust with corporate powers under the laws of the State of California. The university is a tax-exempt entity under section 501(c)3 of the Internal Revenue Code. Under the provisions of the Founding Grant, the Board of Trustees (with a maximum membership of 35) is custodian of the endowment and all the properties of Stanford University. The board administers the invested funds, sets the annual budget and determines policies for operation and control of the university. Among the powers given to the trustees by the Founding Grant is the power to appoint a president. The board delegates broad authority to the president to operate the university and to the faculty on certain academic matters. The formal legal name is “The Board of Trustees of the Leland Stanford Junior University.”
The Stanford Hospital and Clinics and the Lucile Salter Packard Children’s Hospital at Stanford are nonprofit California corporations. They are separate from the university and from one another.
Accreditation
Stanford University is accredited by the Accrediting Commission of Senior Colleges and Universities of the Western Association of Schools and Colleges.
Board of Trustees (as of May 2008)
- William M. Barnum, Jr., General Partner, Brentwood Associates, Los Angeles, CA
- Robert M. Bass, President, Keystone Group LP, Fort Worth, TX
- Mariann Byerwalter, Chairman, JDN Corporate Advisory, LLC, Daly City, CA
- James E. Canales, President and CEO, The James Irvine Foundation, San Francisco, CA
- James G. Coulter, Founding Partner, TPG Capital, LP, San Francisco, CA
- Mary B. Cranston, Firm Senior Partner, Pillsbury Winthrop Shaw Pittman, LLP, San Francisco, CA
- Lauren B. Dachs, President, S.D. Bechtel, Jr. Foundation, San Francisco, CA
- Steven A. Denning, Chairman, General Atlantic LLC, Greenwich, CT
- Bruce W. Dunlevie, General Partner, Benchmark Capital, Menlo Park, CA
- Ying-Ying Goh, UCLA Clinical Scholars Program, Los Angeles, CA
- John A. Gunn, Chief Executive Officer, Dodge and Cox, San Francisco, CA
- John L. Hennessy, President, Stanford University, Stanford, CA
- Pete Higgins, Partner, Second Avenue Partners, Seattle, WA
- Leslie P. Hume, San Francisco, CA
- Ann H. Lamont, Managing Partner, Oak Investment Partners, Westport, CT
- John P. Levin, Founder and Senior Counsel, Folger Levin & Kahn, LLP, San Francisco, CA
- Goodwin Liu, Professor of Law, University of California, Berkeley, Berkeley, CA
- Burton J. McMurtry, Menlo Park, CA
- Hamid R. Moghadam, Chairman and Chief Executive Officer, AMB Property Corporation, San Francisco, CA
- Wendy Munger, South Pasadena, CA
- Ellen Ochoa, Deputy Director, NASA Johnson Space Center, Houston, TX
- Miriam Rivera, Attorney, Palo Alto, CA
- Richard A. Sapp, Rancho Santa Fe, CA
- Philip G. Satre, Chairman of the Board, Retired, Harrah's Entertainment, Inc., Reno, NV
- John H. Scully, Managing Director, SPO Partners & Co., Mill Valley, CA
- Isaac Stein, President, Waverley Associates, Menlo Park, CA
- Thomas F. Steyer, Senior Managing Member, Farallon Capital Management, LLC, San Francisco, CA
- Ross H. Walker, Partner, Real Estate Development & Acquisitions, Wolff Urban Development, Los Angeles, CA
- W. Richard West, Jr., Washington, DC
- Vaughn C. Williams, Partner, Skadden Arps Slate Meagher & Flom, New York, NY
- Jerry Yang, CEO and Chief Yahoo, Yahoo! Inc., Sunnyvale, CA
Stanford Administration
- John Hennessy, President
- John Etchemendy, Provost
- David Demarest, Vice President for Public Affairs
- Randall S. Livingston, Vice President for Business Affairs and Chief Financial Officer
- Robert Reidy, Vice President for Land, Buildings and Real Estate
- Martin Shell, Vice President for Development
- Howard Wolf, Vice President for Alumni Affairs and President, Stanford Alumni Association
- Debra Zumwalt, Vice President and General Counsel
Cabinet
- Ann Arvin , Vice Provost and Dean of Research
- John Bravman, Vice Provost for Undergraduate Education
- Persis Drell, Director, Stanford Linear Accelerator Center
- Patricia Gumport, Vice Provost, Graduate Education
- Robert Joss, Dean, Graduate School of Business
- Larry Kramer, Dean, School of Law
- Pamela Matson, Dean, School of Earth Sciences
- Philip Pizzo, Dean, School of Medicine
- James Plummer, Dean, School of Engineering
- John Raisian, Director, Hoover Institution on War, Revolution and Peace
- Richard Saller, Dean, School of Humanities and Sciences
- Deborah Stipek, Dean, School of Education
Staff
In 2007, 9,821 staff members supported teaching, learning and research at Stanford, including 4,606 managerial and professional staff, 2,900 clerical and technical staff, and 726 service and maintenance staff. There are 1,589 employees at the Stanford Linear Accelerator Center. For more information about working at Stanford, visit http://jobs.stanford.edu.
