Preface to 2011 Financial Statements
Fiscal year 2010 was defined by continued economic pressures. The recession placed a hardship on our students and their families and as a result, the University responded with major increases in institutional aid, both for new and continuing students. These measures resulted in strong enrollment figures, but also in a significant drop in net revenue. Through stringent expense reductions, the fiscal year 2010 net results from operations came in nearly on par with fiscal year 2009.
For the second consecutive fiscal year, the university’s unrestricted net assets were negatively impacted by non-operating results. In fiscal year 2010, the decline in the fair value of the interest rate swap and the large increase in the actuarially determined liability for retiree benefits resulted from historically low long-term interest rates (as of June 30, 2010). These charges are expected to be reversed as the economy and financial markets normalize over time.
Many of the solutions which closed the FY 2010 budgetary gap are structural in nature, and the enrollment gains and expense reductions achieved will contribute to positive operating results in fiscal year 2011. As we move forward, we will strive to improve our unrestricted net assets balance, build liquidity, and facilitate strong operating results. Our focus in the years to come will be to continue to allocate resources to attract and retain our faculty and students and enhance our physical plant.
We invite you to see attached fiscal year 2010 financial statements Please, click here for Academic Affairs Department - 2010 Financial Statements.