Total operating revenues were $52.1 million for the year ended June 30, 2024, as compared with $43.5 million in fiscal year 2023. The primary components of operating revenue were federal, state, and local grants and contracts of $32.7 million (62.8%), student tuition and fees (net of scholarships) of $7.8 million (12.8%), and auxiliary services and other revenues of $9.9 million (14.9%). Fiscal year 2024 net student tuition and fees revenue increased by $0.8 million compared to fiscal year 2023. Fiscal year 2024 grants and contracts of $5.1 million compared to fiscal year 2023 due to an increase in state, local, and other grants. Fiscal year 2024 auxiliary services and other revenue increased by $2.8 million compared to fiscal year 2023.

Operating expenses totaled $77.0 million, a $5.8 million increase from $71.3 million in fiscal year 2023. Of this amount, $50.8 million (66%) was expended for the primary mission of the University, including instruction (14.75%), research (20.47%), student services (10.33%), student aid (3.51%), and public service (16.90%). Research is the main component of primary mission expense amounting to $15.8 million in fiscal year 2024.

Depreciation and operations and maintenance (O&M) expenses are allocated to primary mission categories (see Note 13 – Natural and Functional Classifications of Operating Expenses).

The University invests in student aid and support services to provide students with opportunities to be successful. For the year ended June 30, 2024, student aid expense totaled $2.7 million and scholarship allowance totaled $11.3 million. Compared to the fiscal year ended June 30, 2023, student aid decreased by $2.9 million and scholarship allowances increased by $1.1 million.

The net loss from operations was $(24.9) million for the fiscal year ended June 30, 2024. Nonoperating revenues, net of expenses, totaled $36.3 million and capital grants totaled $9.2 million, resulting in an increase in net position of $20.3 million. Nonoperating revenues include state appropriations of $28.5 million and nonoperating federal grants and contracts of $8.1 million.

The Statement of Cash Flows presents information related to the University's cash inflows and outflows summarized by operating activities, noncapital financing activities, capital financing activities and investing activities. The primary purpose of the Statement of Cash Flows is to provide information about cash inflows and outflows during the year, helping readers assess the University's ability to generate future net cash flows, meet obligations as they come due, and determine any potential need for external financing.

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