Total assets and deferred outflows as of June 30, 2024, increased by $21.2 million (10.7%) when compared to June 30, 2023. The increase was primarily due to cash and cash equivalents restricted for capital assets. Total liabilities and deferred inflows increased by $0.5 million (0.4%) primarily due to increases in deferred inflows related to pension and other postemployment benefits.

Unrestricted net position represents resources that are not subject to externally imposed restrictions and may be used to meet the University's ongoing obligations and operational needs. As of June 30, 2024 (2023), the University reported a deficit of $59.0 million ($77.0 million) in unrestricted net position, representing a $18.0 million increase from the prior year.

Nonexpendable restricted net position consists of amounts that must be maintained in perpetuity, as required by donors. Expendable restricted net position includes private grants, contributions restricted for specific purposes, and accumulated earnings on endowment assets that are available for spending in accordance with those restrictions. The University classifies earnings on endowments as either spendable or non-spendable based on donor stipulations. As of June 30, 2024 (2023), the University reported nonexpendable restricted net position of $8.7 million ($8.7 million) and expendable restricted net position of $13.3 million ($10.4 million).

For the year ended June 30, 2024 (2023), operating revenues were $52.1 million ($43.5 million) and operating expenditures were $77.0 million ($71.3 million), resulting in a loss from operations of $24.9 million ($27.9 million). Net nonoperating revenues were $36.3 million ($33.4 million) for the year ended June 30, 2024 (2023). State appropriations totaled $28.4 million ($27.9 million) for June 30, 2024 (2023). For the year ended June 30, 2024 (2023), total net position increased by $20.6 million ($8.2 million).

The University's Financial Statements consist of a Statement of Net Position (Balance Sheet); a Statement of Revenues, Expenses and Changes in Net Position (Income Statement); a Statement of Cash Flows; and Notes to the Financial Statements. These financial statements are prepared in accordance with Governmental Accounting Standards Board (GASB) Statement No. 35, Basic Financial Statements - and Management's Discussion and Analysis - for Public Colleges and Universities.

The Statement of Net Position presents the financial position of the University at the end of the fiscal year and includes all assets, deferred outflows of resources, liabilities, and deferred inflows of resources. Net position, the difference between total assets and deferred outflows and total liabilities and deferred inflows, is an important indicator of the current financial condition, while the change in net position is an indicator of whether the overall financial position has improved or worsened during the year.

Assets and Deferred Outflows: As of June 30, 2024, total assets and deferred outflows amounted to $220.3 million. Of this amount, investment in capital assets (net of depreciation) was $142.8 million, or 64.90% of total assets and deferred outflows of resources. Investments amounted to $22.5 million, or 10.22%, of total assets and deferred outflows of resources. During the year, total assets and deferred outflows increased by $21.2 million, primarily due to an increase in restricted cash and cash equivalents.

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