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 Procurement 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, 2020, was $489.7M vs. $459.4M at June 30, 2019.
- The total net investment return on the endowment for the fiscal year ended June 30, 2020, was 6% as compared with 10% for June 30, 2019.
- Contribution and grant revenues for the fiscal year ended June 30, 2020, were $49.1M, as compared to $37.6M at June 30, 2019.
- Bonds outstanding (both taxable and tax-exempt) as of June 30, 2020, and June 30, 2019, amounted to $170.2M and $177.9M, respectively.
- Total net assets as of June 30, 2020, and June 30, 2019, were $639.8M and $593.2M, respectively.
Standard Mileage Rate
Effective January 1, 2021, the IRS standard mileage rate is 56 cents/mile.
The old rate of 57.5 cents/mile for computing personal car business mileage expense should continue to be used for all miles driven prior to January 1, 2021. When creating an expense report in Workday, these amounts are automically taken into consideration.