Erskine’s 2023-24 audit is the best in two decades

Erskine recently completed its 2023-24 audit ahead of schedule, and the results are in: the college finished the preceding fiscal year with its best overall financial performance in 22 years.

“The audit results demonstrate our commitment to financial stewardship,” says Erskine President Dr. Steve Adamson. “The Erskine board and college leadership have worked hard to strengthen Erskine’s financial position by improving fiscal discipline, reducing spending, and engaging donors.”

During the 2023-24 school year, the college did not raise tuition and decreased the annual withdrawal from its endowment. Endowment appropriations for 2023-24 were the lowest in 12 years.

“Erskine College has made great strides improving all phases of operations, generating an operational surplus for the first time in more than five years,” says Vice President for Finance Darrell Proffitt.

Not only did Erskine finish the year with an operational surplus, meaning that income exceeded expenditures for the year, but the college’s assets also increased. Total Assets grew by six percent, and operational revenue—which includes tuition, grants, and giving—increased by 16.6 percent over the previous fiscal year’s revenue.

Giving reached new heights in the last fiscal year. Including private gifts and grants, annual giving exceeded $5 million, the highest level since 2009.

“I am particularly thankful for our generous alumni and friends who have helped make this success possible,” Adamson says. “We look to the future with confidence, trusting the Lord for continued guidance in wise financial stewardship.”

Shown above: Philomathean Hall and McCain Library on the Erskine campus

At right, “Celebrating 185 Years,” a banner on Main Street in Due West, is a reminder that Erskine College was founded in November 1839. From a recent story: “Over nearly two centuries, Erskine has weathered changing culture, an evolving education landscape, financial hardships, war, and natural disasters. Through it all, the institution has stood strong as a Christian college and community….”