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 chart below presents primary mission expense (with depreciation and O&M allocations) as a percentage of total operating expense.
The University invests in student aid and support services to provide students with opportunities to be successful. For the year ended June 30, 2023, student aid expense totaled $5.7 million and scholarship allowance totaled $10.2 million. Compared to the fiscal year ended June 30, 2022, student aid decreased by $5.0 million and scholarship allowances decreased by $9.2 million, primarily due to the tapering of Federal COVID-19 funding.
The net loss from operations was $(27.9) million for the fiscal year ended June 30, 2023. Nonoperating revenues, net of expenses, totaled $33.4 million, resulting in an increase in net position of $8.2 million. Nonoperating revenues include state appropriations of $27.9 million and nonoperating federal grants and contracts of $7.6 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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