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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). We are committed to providing a safe and ethical workplace for all members of the Babson community. To learn more, read our Whistleblower Policy. 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, 2011 was $243M, up from $197M at June 30, 2010
  • The total investment return on the endowment for the fiscal years ended June 30, 2011 and June 30, 2010 was 19.4% and 12.2%, respectively
  • Contribution and grant revenues for the fiscal year ended June 30, 2011 were $23.9M, as compared to $8.7M at June 30, 2010
  • Bonds outstanding (both taxable and tax-exempt) as of June 30, 2011 and June 30, 2010 amounted to $114.8M and $119M, respectively
  • Total net assets as of June 30, 2011 and June 30, 2010 were $298.7M and $250M, respectively.

 

Standard Mileage Rate

Effective January 1, 2012, the IRS standard mileage rate remains the same at 55.5 cents/mile. This rate for computing personal car mileage business expense should be used for all miles driven since July 1, 2011.

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
Brenda Behrle
Harry Paul-Emile
Jeff Hall

 

Policy on Appropriate Use of Funds

 

P-Card Manual

​Business & Financial Services