Breakdown of the MITFL FY12 Financial Statement Summary
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1 UMass Lowell FY2012 Financial Statement Summary 5-Year Financial Plan Ratio Trends December 2012
2 What Happened in FY2012? Revenues 1. Increase in Capital Appropriations/Grants & Contracts +$12.8 m 2. Increase in Tuition and Fee Revenue +$14.3 m 3. Increase in Auxiliary Service Activity +$ 2.5 m 4. Increase in State Support for Operations +$ 1.5 m 5. Decreased Investment Returns -$ 2.4 m 6. Federal Stimulus/Stabilization Funding from State -$ 5.7 m 7. Decrease in Federal Grant and Contract Revenue -$ 2.6 m Assets/Liabilities/Net Assets 1. Increased Net Investment in Capital Assets +$ 91.6 m 2. Decreased Cash Held with Trustees -$ 44.1 m 2 2
3 FY2012 Financial Ratio Results Budgeted to Actual Performance UMASS Lowell FY2012 Financial Indicator Summary FY12 Projection FY12 Actual Peers (May 2012) (Nov. 2012) (FY11) Operating Margin 0.1% - 0.1% 3.4% Debt Ratio 5.0% 4.7% 3.4% Endowment per Student $4,387 $4,761 NA Financial Cushion 26.0% 21.9% 20.0% Bo#om- line: The campus finished FY12 with a breakeven bo?om line (slight operacng deficit) of $425K (Financial Statement basis). OperaCng margin - 0.1%. 3
4 Operating Margin 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% - 2.0% - 4.0% - 0.8% 3.2% 2.5% Impact of ARRA Funds 11.0% 5.9% Peer Average 3.4% Key Drivers: Enrollment Tuition & Fees State Support Debt Service Collective bargaining Investment Returns 1.1% - 0.1% - 0.3% - 1.6% - 1.0% - 1.0% ACTUAL PROJECTED FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 Revenues $217.8 $242.6 $249.4 $292.1 $292.3 $304.9 $326.1 $356.7 $383.4 $406.8 $434.0 Expenses $218.0 $230.0 $235.7 $243.9 $274.9 $305.3 $331.3 $360.2 $387.2 $408.2 $429.2 Surplus/(deficit) - $0.3 $12.6 $13.6 $48.2 $ $0.4 - $5.2 - $3.5 - $3.8 - $1.4 $4.8 OperaFng Margin - 0.8% 3.2% 2.5% 11.0% 5.9% - 0.1% - 1.6% - 1.0% - 1.0% - 0.3% 1.1% 4
5 Financial Cushion 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% Key Drivers: OperaFng Results Reserves Budget growth 22.7% 26.6% 22.4% 24.5% 22.7% 23.4% Peer Average 20.0% 24.1% 26.4% 10.0% 5.0% 0.0% 5.0% 8.3% 11.6% ACTUAL PROJECTED FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 Unrestricted Net Assets 10,802 18,973 27,397 55,235 73,236 68,430 81,304 81,930 90,719 98, ,457 Total OperaFng Expenditures** 218, , , , , , , , , , ,158 Financial Cushion 5.0% 8.3% 11.6% 22.7% 26.6% 22.4% 24.5% 22.7% 23.4% 24.1% 26.4% 5 5
6 Return on Net Assets 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Key Drivers: OperaFng Results Investment in Plant Investment Returns 2% 15% 13% Impact of ARRA Funds 42% 16% 19% 11% Peer Average 9.7% 13% 7% 7% 5% ACTUAL PROJECTED FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 Increase in Net Assets 1,512 14,392 14,930 54,081 29,570 40,114 27,978 15,002 39,690 24,881 26,730 Net Assets Beginning of FY 97,374 98, , , , , , , , , ,524 RONA 2% 15% 13% 42% 16% 19% 11% 5% 13% 7% 7% 6 6
7 $6,000 Endowment Per Student $4,761 $4,864 $4,965 $5,052 $5,124 $5,182 $4,000 $3,726 $3,915 $3,085 $3,711 $4,185 Key Drivers: Fundraising Investment Performance Student Growth $2,000 ACTUAL PROJECTED FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 UMASS Lowell Endowments 4,525 4,657 3,918 4,459 5,147 5,122 5,372 5,642 5,922 6,212 6,512 UMASS Lowell Alumni Association 5,011 5,823 5,321 3,776 4,288 5,729 5,800 5,800 5,800 5,800 5,800 Foundation Endowments 15,259 18,087 15,040 22,814 29,471 31,889 34,139 36,569 39,089 41,699 44,399 Quasi Endowments 7,636 7,233 6,833 10,047 10,582 17,335 19,782 22,351 25,049 27,882 30,856 Total Endowments (A+B+C) 32,431 35,800 31,112 41,096 49,488 60,075 65,093 70,362 75,860 81,593 87,567 FTE Students (ANNUALIZED) 8,704 9,145 10,086 11,074 11,826 12,617 13,383 14,172 15,017 15,924 16,897 Endowment per FTE 3,726 3,915 3,085 3,711 4,185 4,761 4,864 4,965 5,052 5,124 5,182 7
8 Debt Ratio 8.0% 7.0% Peer Average 3.4% 6.0% 5.0% 4.0% 3.0% 4.2% 3.9% 4.1% 4.0% 4.2% 4.7% 5.6% 5.6% 6.2% 6.1% 5.8% 2.0% 1.0% Key Drivers: New debt insufficient state capital funding Cost of borrowing Budget growth 0.0% ACTUAL PROJECTED FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 Total Annual Debt Service (P&I) Payments $9,138 $8,989 $9,739 $9,708 $11,451 $14,287 $18,614 $20,082 $23,876 $24,860 $24,861 *Projec6ons do not include $30M of addi6onal borrowing. Mul6- year plan is being updated. 8
9 Priority Capital Projects, FY2013 to FY2015 Project Total 1 Academic, Research & Student 2 ETIC $ Health & Social Sciences Building $ University Crossing $ Pulichino/Tong Business Building $ Science & Engineering renewal $ Academic offices, labs, lecture halls $8.0 8 Lydon conference room and engagement center $3.5 9 South Campus Master Plan $ subtotal Academic Buildings $ Residential Halls/Improvements 12 University Suites $ Riverview Suites $ Leitch/Bourgeois $ ICC (elevators, floors) $ Fox Elevator $ subtotal Residential Halls/Improvements $ Deferred Maint/Code Compliance 19 North Power Plant $ Deferred Maint $ IT Infrastructure $ Campus Energy Projects $ North Quad $ subtotal Deferred Maint/Code Compliance $ Other 26 South Campus Garage $ Acquisitions and associated demolition $ subtotal Other $ Total 9 $540.4
10 Efficiencies and Expense Control " Academic Efficiencies Maximization of space utilization New faculty workload model Non-tenure track faculty " Administrative Efficiencies Streamlined organization Energy savings Maximizing use of technology " Workforce Attrition & position management Performance management Compensation and classification system " University system efficiency task force findings
11 Challenges " Unpredictable funding model State support diminishing " Need long-range tuition plan " Financial aid model is unsustainable " Increasing competition " Deferred maintenance 11
12 FY2013 Budget Employees SUMMARY OF FULL- TIME EQUIVALENT (FTE) EMPLOYEES* Actual FTEs Actual Fall 2009 Fall 2010 Fall 2011 Fall 2012 FTE Change % Change (FY2010) (FY2011) (FY2012) (FY2013) Fall Unrestricted Funds: E&G & Auxiliary Faculty % Staff % Subtotal 1,048 1,083 1,180 1, % Restricted: Grants & TURI Faculty (3) % Staff (3) - 2.2% Subtotal (6) - 3.9% TOTAL Faculty % Staff % TOTAL EMPLOYEES 1,185 1,216 1,333 1, %
13 " Stagnant State Support " Ambitious Entrepreneurial Revenue Growth Targets set for: Enrollment Research Multi-Year Financial Plan Major Planning Assumptions FY13-17 Fundraising On-Line & Continuing Studies " Aggressive Capital Improvement Program will increase Debt costs " Continued Investment in Strategic Plan Growth in faculty, programs, services to students 13
14 Dynamic Enrollment Growth 40 percent increase in five years 20,000 15,000 10,000 5, ,635 12,471 13,602 2,220 2,390 2,756 2,765 14,702 15,439 16,32518,000 2,517 2,585 2,711 2,895 3,054 3,426 3,702 4,006 3,000 5,000 6,659 7,316 8,031 8,691 9,026 9,424 10, Goal Undergraduates Graduates Continuing Ed 14
15 New Facilities New Challenges Projected Growth in Total Gross Square Footage 5,000,000 4,500,000 4,100,000 4,000,000 3,500,000 3,000,000 2,700,000 2,500,000 2,000,000 1,500,000 1,000,000 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017
16 Online Course Registrations On the Rise 50,000 9,618 12,038 14,093 16,229 17,803 20,096 26,
17 Total Operating Revenues Projecting 8% to 10% annual growth $500.0 $400.0 (in millions $) $300.0 $200.0 $100.0 $116.1 $149.3 $189.3 $226.3 $273.6 $314.8 $0.0
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