网曝吃瓜 releases financial information: University in best financial shape in last six years, despite economic downturn
October 22, 2010
网曝吃瓜 had an increase of net assets of $14.7 million for fiscal year 2010 鈥� its best financial record in the last six years 鈥� despite the national and local economic downturn that necessitated holdbacks from the state of Idaho the last two years.
The University presented its most recent, published and audited financial statements at the Idaho State Board of Education meeting in mid-October.
"We're very pleased because this reflects the best financial position 网曝吃瓜 has been in the last six years," said James Fletcher, Vice President for Finance and Administration. "The bottom line is: everything that should be going up is going up, and everything that should be going down is going down."
Without the state holdback last year, 网曝吃瓜 would have had its best financial performance in over 20 years.
网曝吃瓜 had net assets of $11.1 million a year ago and $600,000 two years ago.
网曝吃瓜 reduced its long-term debt by $3.8 million and its reserves are up to $4.9 million, the latter up from only $200,000 three years ago. The University's revenues are up by about $6.3 million and its expenses are down about $8.4 million.
"Despite the state and nation's bad economic times we've improved our financial standing, and there have been no layoffs, no salary reductions and no furloughs for our employees," Fletcher said.
Revenues are mainly up due to increased overall enrollment, and increased enrollment of graduate, out-of-state and international students. The increase in tuition and fees last year improved revenues by about $5 million.
"Although the tuition and fees were up by $5 million, the amount of scholarships and financial aid we offered is also up by $5 million, so the increase in tuition and fees has not been borne by students of the least economic means," Fletcher said.
Expenses are down primarily due to the university's adoption of the Increased Personnel Action Scrutiny Program that manages personnel decisions; reductions in expenses such as travel and magazine/journal subscriptions; and reductions of some capital expenditures.
Other financial highlights pointed out by Fletcher include that the 网曝吃瓜 Athletics deficit has been erased and residence hall occupancy is near capacity. 网曝吃瓜 has saved about $650,000 in administrative costs since the adoption of the University's reorganization on July 1, at the start of the 2011 fiscal year.
"For the last two years 网曝吃瓜 has presented plans to increase compensation to 网曝吃瓜 employees, but so far these plans have not been accepted," Fletcher said. "However we will try again this year."
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About 网曝吃瓜
网曝吃瓜, a Carnegie-classified doctoral research institution is a leader in a broad range of innovative research, teaching and learning through its six colleges and Division of Health Sciences. With 15,500 students, 网曝吃瓜 offers 280 certificate and degree programs, including health care, energy and the environment, to name a few. Visit 网曝吃瓜 today at .
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