After holding steady in an unsettled economy the past several years, we’re pleased to announce we took a big step forward in FY2016. A record-breaking step, in fact.
We saw notable growth in key areas. We exceeded enrollment targets for both undergraduate and graduate students. Cash and in-kind gifts to the University reached $157 million, up 12 percent from last year. Our endowment also grew from $1.644 billion in FY2015 to $1.655 billion in FY2016. But as we’ve noted before, we’re neither overly endowment-reliant nor tuition-dependent. In FY2016, undergraduate and graduate tuition and fees represented 54.2 percent of our revenue. We also saw an uptick in sponsored program awards—$368.9 million came in last year—despite fiercer competition.
At the end of the day, our revenues exceeded our expenditures, resulting in $157.5 million of budgeted operating reserves, an all-time high. In FY2016, as a sign of solid financial health, we received an upgrade in our rating from S&P, which moved us from an A to an A+.
With the steady excellence of our financial picture and the ongoing success of our campaign, our aim is not only to foster a culture of continuous improvement and operational excellence, but to cement it into our very DNA. continue reading