Business and Financial Services
Financial Services develops systems, policies and procedures for the efficient and effective management of the College's financial resources and ensures compliance with Generally Accepted Accounting Principles (GAAP).
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. The Purchasing Department, while a separate office, is integral to the financial process and is therefore included in this overview.
Babson College Financial Facts
- The College's endowment value as of June 30, 2014 was $332.0M vs. $275.5M at June 30, 2013.
- The total investment return on the endowment for the fiscal year ended June 30, 2014 was 14% as compared with 12.8% for June 30, 2013.
- Contribution and grant revenues for the fiscal year ended June 30, 2014 were $20.8M, as compared to $11.3M at June 30, 2013.
- Bonds outstanding (both taxable and tax-exempt) as of June 30, 2014 and June 30, 2013 amounted to $135.8M and $106.2M, respectively.
- Total net assets as of June 30, 2014 and June 30, 2013 were $393.6M and $346.2M, respectively.
Standard Mileage Rate
Effective January 1, 2014, the IRS standard mileage rate has decreased to 56 cents/mile.
The old rate of 56.5 cents/mile for computing personal car business mileage expense should continue to be used for all miles driven prior to January 1, 2014.
Required Documentation for Mileage Reimbursement
When submitting an expense report for mileage reimbursement, our policy requires the traveler to verify all mileage by attaching an on-line mileage reporting printout (i.e. Google Map, MapQuest) that displays an accurate beginning/ending address and corresponding mileage totals which should equal the requested reimbursement amount. The Accounts Payable office will not process reimbursements for mileage without this important backup documentation.
Should you have any questions, please contact our office at ext. 4206.
The Accounts Payable Staff
Policy on Appropriate Use of Funds