We grew revenues at 4.7 percent in fiscal year 2009-2010, the result of robust Executive MBA program enrollments, a strong annual fund campaign, new endowment gifts, and a modest tuition increase. Growth was partially offset by a university-wide reduction in endowment payout. We continued to control expenses in 2009-2010, even as we invested in strategic initiatives such as expanding the Cornell-Queen's Executive MBA program to California and laying the groundwork to establish two new institutes: the Emerging Markets Institute and the Entrepreneurship and Innovation Institute.
The Johnson Annual Fund raised $2.3 million from 2,531 individual donors, exceeding the $2 million goal and tying the previous record in 2007-2008. The success of the Annual Fund was the result of many donors renewing and increasing their gifts in 2009-2010.
Overall, our new gifts totaled $7 million, including annual fund support. Endowment gifts totaled $4.7 million, including professorships, scholarships, and program support. Cash received on previous pledges and new cash gifts totaled approximately $10.1 million. The market value of our endowment increased to $148 million. As always, we are thankful for all the support we have received from alumni, friends, corporations, and foundations.
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