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Table 6-3
Consolidated Statements of Activities
(In thousands $)
Years ended June 30, 2021 and 2020

 
  2021 2020
Unrestricted Net assets with donor restrictions Total Unrestricted Net assets with donor restrictions Total

Operating activities:
       Revenue:
 
  Tuition and fees, net of $264,383 and $252,019 in student aid in 2021 and 2020, respectively $ 433,724 —    $ 433,724 $ 461,642 —    $ 461,642
Government grants 42,876 —    42,876 14,483 1,137 15,620
Private gifts and grants 23,302 12,909 36,211 29,256 21,146 50,402
Investment income  194 —    194 659 —    659
Endowment investment return used in operations 33,633 —    33,633 14,602 —    14,602
Auxiliary revenue 20,161 —    20,161 46,760 —    46,760
Other 2,165 —    2,165 5,510 —    5,510
Net assets released from restriction 19,767 (19,767) —    3,598 (3,598) —   
    Total revenue 575,822 (6,858) 568,964 576,510 18,685 595,195

       Expenses: 
 
Salaries and benefits 335,864 —    335,864 341,668 —    341,668
General expenses 79,870 —    79,870 84,888 —    84,888
Occupancy 39,065 —    39,065 47,208 —    47,208
Depreciation and amortization 40,427 —    40,427 39,945 —    39,945
Printing, postage, and supplies 6,355 —    6,355 7,786 —    7,786
Interest 9,503 —    9,503 10,449 —    10,449
Library materials 5,780 —    5,780 5,800 —    5,800
Total expenses 516,864 —    516,864 537,744 —    537,744
     
Excess (deficiency) of operating revenue over expenses 58,958 (6,858) 52,100 38,766 18,685 57,451

       Nonoperating activities:
   
Investment return, net 190,862 13,015 203,877 31,007 (143) 30,864
Investment return allocated to operations (33,826) —    (33,826) (15,261)) —    (15,261)
(Loss) gain on disposal or sale of long-lived assets 1,044 —    1,044 (200) —    (200)
Private gifts and grants —    24,008 24,008 —    1,037 1,037
Capital gifts 448 3,470 3,819 55 62 117
Capital gifts released from restriction 170 (170) —    4,720 (4,720) —   
Change in value of charitable term trust —    (957) (957) —    1,625 1,625
Loss on bond defeasance 79 —    79 —    —    —   
Other components of net periodic postretirement benefit cost 1,362 —    1,362 1,466 —    1,466
Change in postretirement benefit obligation other than net periodic benefit cost 2,946 —    2,946 (9,757) —    (9,757)
Increase (decrease) in net assets from nonoperating activities 163,085 39,366 202,451 12,030 (2,139) 9,891
Increase (decrease) in net assets 222,043 32,508 254,551 50,796 16,546 67,342
       Net assets at beginning of year $ 1,093,874 $ 110,344 $ 1,204,218 $ 1,043,078 $ 93,798 $ 1,136,876
       Net assets at beginning of year, as restated $ 1,093,874 $ 110,344 $ 1,204,218 $ 1,043,078 $ 93,798 $ 1,136,876
       Net assets at end of year $ 1,315,917 $ 142,852 $ 1,458,769 $ 1,093,874 $ 110,344 $ 1,204,218

Source:  University Financial Statements.

IRMA 2021
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