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: |
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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: |
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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 |