Total assets and deferred outflows as of June 30, 2023, increased by $3.4 million (1.7%) when compared to June 30, 2022. The increase was primarily due to grants receivable. Total liabilities and deferred inflows decreased by $4.8 million (2.4%) primarily due to decreases 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, 2023 (2022), the University reported a deficit of $77.0 million ($90.4 million) in unrestricted net position, representing a $13.4 million decrease 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, 2023 (2022), the University reported nonexpendable restricted net position of $8.7 million ($8.7 million) and expendable restricted net position of $10.4 million ($10.4 million).
For the year ended June 30, 2023 (2022), operating revenues were $43.5 million ($51.2 million) and operating expenditures were $71.3 million ($78.5 million), resulting in a loss from operations of $27.9 million ($27.4 million). Net nonoperating revenues were $33.4 million ($27.5 million) for the year ended June 30, 2023 (2022). State appropriations totaled $27.9 million for June 30, 2023, and 2022. For the year ended June 30, 2023 (2022), total net position increased by $8.2 million ($351,000).
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.
For the fiscal year-ended June 30, 2023, the University adopted Governmental Accounting Standards Board Statement No. 96 - Subscription-Based Information Technology Arrangement (“SBITAs”) which requires entities to recognize a liability and right-of-use asset for SBITAs.
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