Corp sees record revenue

Students of Georgetown, Inc. has announced that its 2008 fiscal year was a record-breaking one that saw $4,167,967 in revenue, and an increase in overall operating income from fiscal year 2007.

However, the year also saw significant losses in its investments due to a slumping stock market.

“We are very proud of both the current and former management teams and the Corp’s employees for delivering another year of great service,” the Board of Directors wrote in the annual report for the Corp’s fiscal year 2008.

The greatest factor contributing to the Corp’s record revenue this year was the addition of Flex Dollars to student’s meal plans, according to the Corp’s Chief Executive Officer Jesse Scharff (COL `09).

The Corp’s operating income, measured as profits before investment gains or losses, increased from $34,804 in 2007 to over $100,000 in 2008.

However, this year the deteriorating stock market led to investment losses of $37,080 in 2008. The Corp’s net profit for 2008 was $64,757.

According to Chairman of the Board Shane Giuliani (SFS `09), the Corp plans to retain its assets in the stock market.

“We have not suffered as greatly as some others in the market largely because our assets are well-managed, but we are still certainly feeling the negative effects of recent financial market pressures,” he wrote in an email.

In the past year, the Corp gave out nearly $45,000 to students and organizations in the form of scholarships, grants, and donations.

This year, the Corp Philanthropy Committee plans to award Georgetown students $18,700 in scholarships, including “Word Scholarship,” which provides six students $500 scholarships for writing creative responses to a single word prompt.

“[The Corp] donates to things that we think are really great at Georgetown,” Scharff said. “We leave another amount for discretionary requests that can be used throughout the year.”

The Book Co-op business also cost the Corp approximately $4,000 in the 2008 fiscal year. In their 2008 Report, the Corp announced that they would continue to provide this service despite the program’s loss.

According to Scharff, the Board and company management are in the process of discussing ways to improve the program’s efficiency.

Scharff said the company was looking to capitalize on the Flex Dollar program and offer alternatives to the University dining services to continue to expand its business.