vpbusiness 2004

Information about vpbusiness 2004

Published on February 11, 2008

Author: Donato

Source: authorstream.com

Content

John Carroll University Board of Directors Presentation : John Carroll UniversityBoard of Directors Presentation Vice President for Finance and Administrative Services Financial Update December 14, 2004 Presenters: 2 Presenters Jonathan Ivec – VP for Finance and Administrative Services Richard Mausser – Executive Director of Finance / Controller Agenda: 3 Agenda 03-04 Financial Statement Review Ratios, Trends and Ranking Statistics 05-06 Budget Q & A Session Slide 4: 4 03-04 Financial Statement Review Statements of Financial Position - Assets: 5 Statements of Financial Position - Assets Endowment Portfolio Market Value: 6 Endowment Portfolio Market Value Major Capital Projects Costs and Funding Sources 1996-2004: 7 Major Capital Projects Costs and Funding Sources 1996-2004 Projects by Year Capitalized ($113.9 million total) Statements of Financial Position – Liabilities And Net Assets: 8 Statements of Financial Position – Liabilities And Net Assets Scheduled Long-Term Debt Principal Balances: 9 Scheduled Long-Term Debt Principal Balances Statements of Activities – Operating Revenues: 10 Statements of Activities – Operating Revenues Total Operating Revenues (Net of Aid) Current Operating Fund - Budget vs. Actual: 11 Total Operating Revenues (Net of Aid)Current Operating Fund - Budget vs. Actual Full-time Undergraduate Enrollment Fall Semester (end of third week): 12 Full-time Undergraduate EnrollmentFall Semester (end of third week) Undergraduate Summer Enrollment Headcount Per Year: 13 Undergraduate Summer EnrollmentHeadcount Per Year Graduate School Credit Hours Fall and Spring Semesters: 14 Graduate School Credit HoursFall and Spring Semesters Transfer Students Per Academic Year: 15 Transfer StudentsPer Academic Year Students Studying Abroad (Fall and Spring Semesters): 16 Students Studying Abroad(Fall and Spring Semesters) Financial Aid (Unfavorable) Favorable to Budget Undergraduate Unrestricted Non-repayable Aid: 17 Financial Aid (Unfavorable) Favorable to BudgetUndergraduate Unrestricted Non-repayable Aid 857 834 833 792 843 859 734 Freshman Class Size Endowment Spending Policy: 18 Endowment Spending Policy Average Interest Rates (Income): 19 Average Interest Rates (Income) Statements of Activities – Operating Expenses: 20 Statements of Activities – Operating Expenses Total Operating Expenses Current Operating Fund - Budget vs. Actual: 21 Total Operating ExpensesCurrent Operating Fund - Budget vs. Actual Depreciation Expense: 22 Depreciation Expense Factors that had been Expected to Offset Increase in Depreciation Expense : 23 Factors that had been Expected to Offset Increase in Depreciation Expense Expectation – Tuition revenue operating surpluses would continue Reality – Tuition surplus was completely eroded by declining enrollment Expectation – Dolan Center bridge financing, which had been built into budget, would be paid off by campaign Reality – Bridge financing has become permanent financing Expectation – Significant increase in annual fund giving Reality – Annual fund giving was largely diverted to the capital campaign Operating Surplus Accrual Basis of Accounting: 24 Operating SurplusAccrual Basis of Accounting Statements of Activities – Nonoperating Expenses: 25 Statements of Activities – Nonoperating Expenses Slide 26: 26 Ratios, Trends & Ranking Statistics Jesuit Institutions Ranked by 2004/05 Tuition, Fees, Room and Board - Part 1: 27 Jesuit InstitutionsRanked by 2004/05 Tuition, Fees, Room and Board - Part 1 Jesuit Institutions Ranked by 2004/05 Tuition, Fees, Room and Board - Part 2: 28 Jesuit InstitutionsRanked by 2004/05 Tuition, Fees, Room and Board - Part 2 Ohio Private Universities Ranked by 2004/05 Tuition, Fees, Room and Board - Part 1: 29 Ohio Private UniversitiesRanked by 2004/05 Tuition, Fees, Room and Board - Part 1 Ohio Private Universities Ranked by 2004/05 Tuition, Fees, Room and Board - Part 2: 30 Ohio Private UniversitiesRanked by 2004/05 Tuition, Fees, Room and Board - Part 2 Ohio Private Universities Ranked by 2003/04 Average Faculty Salary - Part 1: 31 Ohio Private UniversitiesRanked by 2003/04 Average Faculty Salary - Part 1 Ohio Private Universities Ranked by 2003/04 Average Faculty Salary - Part 2: 32 Ohio Private UniversitiesRanked by 2003/04 Average Faculty Salary - Part 2 University Operating Fund Headcounts as a Percent of Total Student FTE: 33 University Operating Fund Headcounts as a Percent of Total Student FTE Student to Faculty Ratio Per Academic Year: 34 Student to Faculty RatioPer Academic Year Slide 35: 35 05-06 Budget Operating Revenues Year Ended May 31, 2004: 36 Operating RevenuesYear Ended May 31, 2004 Revenue Sources 05-06 Budget Assumptions Net Revenues: 37 05-06 Budget AssumptionsNet Revenues Undergraduate tuition rate increase – 5.75% Room and board rate increase – 4.0% (total room and board revenue expected to decline based on projection of 175 empty “beds” in 05-06) Freshmen class size – 780 Freshmen financial aid discount target – 38% Summer school tuition rate – No change (total summer school tuition budget reduced based on trend) Graduate School tuition rate – No change (total Graduate School tuition reduced based on trend) $200,000 for Graduate School cohort program $350,000 increase in annual fund giving Proposed Tuition and Room and Board Increases – 2005-06: 38 Proposed Tuition and Room and Board Increases – 2005-06 Operating Expenses Year Ended May 31, 2004: 39 Operating ExpensesYear Ended May 31, 2004 Natural Expenses 05-06 Budget Assumptions Expenses: 40 05-06 Budget AssumptionsExpenses University-wide wage freeze Funding for a 15% increase in medical premiums $1.7 million in spending cuts, primarily from not replacing open positions No increase in departmental operating budgets except for expected increases in utility and insurance costs Added funding for the London study abroad program to begin in Fall 2005 Funding for the hiring of a new Dean of the Business School and new Executive Director of Library Funding for the hiring of two new fund raisers needed to increase annual fund goal by $350,000 Unrestricted Operating Fund Revenue 04-05 Budget vs. 04-05 Estimate vs. 05-06 Projection: 41 Unrestricted Operating Fund Revenue04-05 Budget vs. 04-05 Estimate vs. 05-06 Projection Unrestricted Operating Fund Expenditures 04-05 Budget vs. 04-05 Estimate vs. 05-06 Projection: 42 Unrestricted Operating Fund Expenditures04-05 Budget vs. 04-05 Estimate vs. 05-06 Projection Moody’s Investors Service JCU Debt Rating Affirmation – 12/13/04: 43 Moody’s Investors ServiceJCU Debt Rating Affirmation – 12/13/04 Affirms A2 Debt Rating – Outlook is Stable Credit Strengths Established history of operating surpluses and healthy debt service coverage (average 2.2x) Liquid financial resource base ($99.0 million in unrestricted resources Strong Jesuit market reputation Credit Challenges Competitive market for students in Ohio (89% selectivity) Reliance on tuition revenue (74%) Expanding geographic draw of students Moody’s Investors Service JCU Debt Rating Affirmation – 12/13/04: 44 Moody’s Investors ServiceJCU Debt Rating Affirmation – 12/13/04 What could change the rating – UP A markedly enhanced student demand profile, represented by stable enrollments, improved selectivity and yield rates, and growing net tuition per student. Ability of University to fund future capital needs through gifts rather than debt What could change the rating - DOWN A continuation of declining enrollment, especially if accompanied by pressure on operating margins Substantial additional borrowing, especially without a stabilized enrollment Center for Science and Technology Cash Flow Projection - Cumulative: 45 Center for Science and TechnologyCash Flow Projection - Cumulative $6.1 in * As of 10/31/04 Bequests Shula Stadium Cash Flow Projection - Cumulative: 46 Shula StadiumCash Flow Projection - Cumulative $0.6 in * As of 10/31/04 Bequests Slide 47: 47 Q & A

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