June 30, 2012
The University continued to invest in student aid and support services to provide students with opportunities to be successful in fiscal 2012. For the year ended June 30, 2012, student aid related to tuition and fees totaled $14.6 million, with student aid expenses of $10.1 million and scholarship allowances of $4.5 million.
The University had an overall increase in institutional support of $1.3 million, along with an increase in auxiliary enterprises of $696,382. The large expenditures in the primary areas of instruction, research and student services, in conjunction with minimal increases to fixed cost areas, confirms the University resource allocations are clearly aligned with the University's strategic priorities to support academic and student excellence.
The net loss from operations for the year amounted to $32.2 million. Nonoperating revenues, net of expenses, amounted to $33.2 million, resulting in an increase in income before other revenues, expenses, gains or loss of $1.0 million for the year. After capital appropriations and endowment gifts, the increase in net assets was $1.1 million. Nonoperating revenues include state appropriations of $24.7 million, federal grants and contracts of $7.4 million, gifts of $358 thousand and investment income of $850 thousand, and other non-operating income net of revenue of $447,119.
2011 versus 2010
Operating revenues in fiscal year 2010 were $45.4 million and operating expenditures were $67.6 million, resulting in a loss from operations of $22.3 million. Net nonoperating revenues were $31.8 million, including $24.6 million in state appropriations. Compared to fiscal year 2011, revenue decrease has been due to decreases in grant and contracts and federal appropriations.
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 the cash receipts and cash payments made by the University during the year, to allow financial statement readers to assess the University's ability to generate future net cash flows, its ability to meet obligations as they become due and its possible need for external financing.