Financial Data

Revenues

Revenues reported in the Statement of Activities in fiscal years 2016 through 2020 as of May 31, 2020 (in thousands).

YearTuition and fees (net of scholarships)Investment returns designated for operationsContributions and pledgesGrantsAuxiliary enterprise revenue, netOther revenueTotal operating revenues, gains, and other changes
2016 $256,486 $26,258 $11,332 $9,209 $44,217 $8,995 $356,497
2017 $265,983 $30,284 $13,288 $11,114 $44,233 $9,493 $374,395
2018 $281,807 $28,333 $15,023 $11,011 $46,572 $10,537 $393,283
2019 $304,456 $24,620 $15,835 $11,355 $48,907 $10,457 $415,630
2020 $315,726 $25,017 $11,578 $10,357 $38,518 $10,349 $411,545

 


Undergraduate Tuition

Academic YearTuition
2006-07 $29,198
2007-08 $31,168
2008-09 $33,266
2009-10 $34,730
2010-11 $35,740
2011-12 $36,912
2012-13 $38,212
2013-14 $39,344
2014-15 $40,680
2015-16 $41,876
2016-17 $43,526
2017-18 $45,460
2018-19 $47,470
2019-20 $49,550
2020-21 $51,820

 


Scholarships

Scholarships reported in the Statement of Activities, as a reduction of the transaction price for tuition and fees, were funded in fiscal years 2016 through 2020 from the following revenue sources as of May 31, 2020 (in thousands).

YearUniversity tuition and feesEndowment distributionDonor contributions for current useGovernment grantsTotal scholarships
2016 $82,010 $12,845 $4,630 $846 $100,331
2017 $85,590 $14,223 $4,553 $779 $105,145
2018 $94,926 $12,928 $5,284 $835 $113,973
2019 $109,960 $6,929 $5,317 $878 $123,084
2020 $118,790 $9,038 $5,057 $797 $133,682

 


Expenses

Expenses reported in the Statement of Activities in fiscal years 2016 through 2020 as of May 31, 2020 (in thousands).

YearInstructionResearchAcademic supportLibraryStudent servicesInstitutional supportAuxiliary enterprisesTotal operating expenses
2016 $140,814 $6,858 $35,761 $14,329 $61,662 $56,839 $33,698 $349,961
2017 $145,476 $6,084 $35,999 $14,444 $62,673 $61,682 $34,084 $360,442
2018 $150,335 $6,353 $38,163 $14,877 $64,620 $61,030 $35,445 $370,823
2019 $158,528 $6,258 $41,110 $15,454 $67,139 $69,871 $35,309 $393,669
2020 $162,516 $6,636 $43,707 $15,624 $68,417 $70,324 $34,355 $401,579

Operating Expenses by Natural and Functional Classification, 2020

Expenses by natural and functional classification for the year ended May 31, 2020 (in thousands).

ExpensesInstructionResearchAcademic SupportLibraryStudent ServicesInstitutional SupportAuxiliary Enterprises2020 Total
Salaries & wages $100,111 $2,725 $17,252 $5,140 $26,876 $35,846 $7,504 $195,454
Benefits $30,492 $674 $5,432 $1,763 $9,066 $13,548 $2,556 $63,531
Depreciation $3,083 $149 $5,555 $4,596 $7,200 $2,935 $6,666 $30,184
Interest expense $202 - $18 $36 $1,960 $1,510 $4,160 $7,886
Other operating expenses $28,628 $3,088 $15,450 $4,089 $23,315 $16,485 $13,469 $104,524
Total $162,516 $6,636 $43,707 $15,624 $68,417 $70,324 $34,355 $401,579

Operating Expenses by Natural and Functional Classification, 2019

Expenses by natural and functional classification for the year ended May 31, 2019 (in thousands).

ExpensesInstructionResearchAcademic SupportLibraryStudent ServicesInstitutional SupportAuxiliary Enterprises2019 Total
Salaries & wages $94,985 $2,463 $15,942 $4,951 $24,425 $34,660 $7,228 $184,654
Benefits $27,847 $492 $4,803 $1,697 $8,139 $12,846 $2,453 $58,277
Depreciation $3,046 $147 $5,489 $4,466 $7,192 $2,842 $6,600 $29,782
Interest expense $239 - $24 $43 $2,320 $1,809 $4,700 $9,135
Other operating expenses $32,411 $3,156 $14,852 $4,297 $25,063 $17,714 $14,328 $111,821
Total $158,528 $6,258 $41,110 $15,454 $67,139 $69,871 $35,309 $393,669

 


Investments

Investments consist of the following at May 31, 2020, stated at fair value (in thousands).

Year20162017201820192020
Investment cash & equivalents $17,066 $8,909 $6,200 $18,316 $6,422
Corporate bonds $9,114 $502 $700 - -
Government bonds $3,305 $855 $763 $430 $377
Common stock $12,847 $14,430 $17,741 $16,816 $541
Mutual funds $123,791 $145,899 $153,039 $151,685 $159,785
Commingled funds $138,671 $166,496 $163,675 $145,712 $145,262
Alternative
investment
funds
Private equity /
Venture capital
$35,409 $34,913 $39,759 $49,603 $60,488
Hedge funds $98,378 $102,179 $128,183 $122,203 $124,587
Natural resources $8,481 $14,603 $16,056 $16,735 $13,548
Real estate $3,072 $8,219 $11,473 $18,992 $29,474
Distressed $7,095 $6,038 $6,356 $6,804 $6,557
Real property and other $2,408 $2,844 $2,592 $2,373 $2,131
Total $459,637 $505,887 $546,537 $549,669 $549,172

 

 


Debt Outstanding

Total debt outstanding is composed of bonds payable, resulting from borrowings issued through the California Educational Facilities Authority ("CEFA"). The University maintains all long-term debt at amortized cost on the Statement of Financial Position.

Total debt outstanding at May 31, 2020 (in thousands) is as follows.

SeriesFiscal Year Maturity DatesType of BondInterest RatesPrincipal Outstanding
2001A 2021 - 2040 Capital appreciation bonds 5.51% - 5.83% $28,655
2011 2021 - 2024 Refunding revenue bonds 3.00% - 5.13% $5,385
2013A 2021 - 2043 Revenue bonds 1.67% - 4.73% $31,775
2018A 2021 - 2048 Revenue bonds, taxable 4.84% $29,210
2018B 2021 - 2048 Revenue bonds 4.00% - 5.00% $57,330
2019 2021 - 2040 Revenue bonds 3.00% - 5.00% $51,620

Total CEFA bond principal outstanding $203,975
Total unamortized premium on CEFA borrowings $17,164
Total amortized cost of CEFA bonds $221,139
Unamortized deferred issuance costs -$2,066
Total long term debt outstanding $219,073

 


Faculty and Staff Loans

(Audited Financial Statements, Note 3)

As part of a program to attract and retain excellent faculty, the University provides home mortgage financing assistance. Mortgage notes receivable amounting to $8,502,000 and $9,188,000 were outstanding at May 31, 2020 and 2019, respectively, and are collateralized by deeds of trust on properties concentrated in the region surrounding the University. Mortgage loans are granted up to $150,000, interest free per eligible faculty member. The loan amounts are forgiven over a 10-year period, following one-year participation in the program, as long as the faculty member remains employed at the University per the terms of the agreement. If the faculty member leaves the University prior to the full forgiveness of the loan, the unforgiven balance of the loan is to be repaid to the University. In addition, the University provides both staff and faculty with computer loans as a benefit of employment. Notes of $76,000 and $86,000 were outstanding at May 31, 2020 and 2019, respectively, related to employee computer loans. No allowance for doubtful accounts has been recorded against faculty and staff loans based on collection histories.

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