Johnson continued to invest strategically in new faculty throughout fiscal year 2011–2012, while further developing key programs such as leadership, entrepreneurship and innovation, and emerging markets. Adjusting for a timing issue, revenues grew by 6.4 percent in 2011–2012, the result of additional gifts to the school, moderate enrollment growth in executive programs, and modest tuition increases. Despite cuts in the school’s general expenditure lines, expenses increased 6.6 percent as a result of additional residential scholarships, investments in new programs and faculty, new university taxes, and the addition of two new Latin American cities to the Cornell-Queen’s Executive MBA program. Next year, we expect to invest significant energy and resources to enhance Johnson’s presence in New York City at the Cornell NYC Tech campus and beyond.

Fundraising results were the highest ever for Johnson in a single year. New gifts and commitments amounted to $35.63 million, an increase of $21.28 million over last year’s total of $14.35 million. Two significant commitments helped to produce this spiked performance: The Triad Foundation, in a demonstration of confidence in Johnson and in its management of the Roy H. Park Leadership Fellows Program, provided assurance of $12 million in additional support to fund the program through 2020; and Jeff Parker ’65, MEng ’66, MBA ’70, past chair of the Johnson Advisory Council, made a $10 million commitment in support of Johnson and its programs.

The Johnson Annual Fund also finished with recordbreaking results. We raised more than $2.84 million dollars in unrestricted support and also increased the number of donors to 2,722, exceeding the donor record set last year.

This year’s fundraising results added $12.6 million in new cash and commitments for scholarships, and $7.49 million for professorships, instructors, and program support. The market value of our endowment increased to $167.48 million. As always, we are thankful for the financial support received from students, alumni, friends, corporations, and foundations. We are especially grateful to our alumni volunteers and development colleagues across the university, who helped Johnson exceed this year’s overall campaign goal.