In the last ten years, Augustana has matched growth in its human resources with a growth in its financial resources. Since 1996, the endowment has grown from $37 million to more than $100 million; total net assets have grown from $80 to $127 million; and net current fund revenues have increased 47 percent, from $32 to $47 million. The college has consistently maintained a balanced operating budget, and over the past six years has achieved operating margins of between 1.2 percent and 3.6 percent. Our financial strength resulted in the recent upgrade of the college's Moody bond rating to Baa1. The college anticipates increasing financial strength through a major fund drive and increase in student enrollment.
The college operating budget reflects an emphasis on our academic mission and are within the normal ranges for peer institutions. The FY05 percentages for major categories were instruction (37% of budget), academic support (17%), institutional support (16%), student services (10%) and auxiliary enterprises (18%). Educational and general (E&G) operating revenues (net of student aid) reflect the college's tuition dependence: the major sources of net E&G revenue are net tuition (87 percent), private gifts and grants (6%), other educational sources (3%) and government grants (3%).
Both our endowment and our endowment value per FTE student have more than doubled in the past decade. The endowment has grown from $37 million to more $100 million, while our endowment value per FTE student has risen from $18,300 to $38,400, even as our student body has increased. Steady increases in the endowment principle have demonstrated the strong commitment of our donors to Augustana's future, even during financially difficult periods. Our endowment is modest compared to our comparative groups. We have been successful in competing with these schools but building the endowment is key to our future advancement. The college's board has revised its investment philosophy to reduce the impact of market volatility on the endowment and to put a greater focus on raising unrestricted endowment funds.
The strategic plan envisions a prosperous future for the college even as it addresses likely financial challenges. The strategic plan aims to add $50 million to the endowment and strengthen our budget management (e.g., through benchmarking and best practices). A major fund drive will incorporate both our endowment and capital needs. A projections of detailed budget model based on the strategic plan validate the financial viability of the plan, providing the key assumptions are met. In that regard, it was encouraging that the enrollment goal for the 2005-2006 academic year was exceeded.