Annual Financial Statement Analysis FY
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1 Annual Financial ment Analysis FY Finance and Administration Committee January 15, 2015 Page F-21
2 Purpose Overview Provide information on the financial health of the university, including key financial metrics over time and compared to peer data. Overview Public universities operate in a challenging financial environment o Volatile and declining levels of state funding o Pressure/obligation to keep tuition rates low for our students o Historic pressure to keep reserves low o Need to grow self-generated revenue o Minimal ability to budget for capital renewal o Balance competing goals of financial strength with access and affordability Slide 1 Page F-22
3 Financial Analysis Analysis separated into three sections: Trend analysis of key financial information (Slides 3-8) Comparison of key financial information to peer data (Slides 9-21) Trend analysis of specific financial metrics (Slides 22-30) o Debt policy metrics o Core financial health metrics Slide 2 Page F-23
4 Trend Analysis of Key Financial Information Presents key financial information over the past five years Continues use of existing analysis model (OUS) Design helps to gain insight into University operations Slide 3 Page F-24
5 Current Ratio Current Assests/Current Liabilities * 2011* *Current assets have been restated to estimate the amount of cash that since 2012 is now included in non-current investments. Slide 4 Page F-25
6 Contribution Margin 35% 30% 25% 20% 15% 10% 5% 0% Student Tuition & Fees Grants & Contracts Auxiliary Enterprises Other Appropriations Non-operating % 25% 13% 5% 22% 15% % 25% 14% 5% 20% 14% % 25% 14% 5% 16% 14% % 23% 15% 5% 16% 14% % 21% 14% 5% 16% 14% Slide 5 Page F-26
7 Contribution Margin Fiscal Years 2010 & Other 5% Other 5% Auxiliary Enterprises 13% Student Tuition & Fees 21% Auxiliary Enterprises 14% Student Tuition & Fees 30% Non-operating 15% Non-operating 14% Appropriations 22% Grants & Contracts 25% Appropriations 16% Grants & Contracts 21% Slide 6 Page F-27
8 Expenditures Fiscal Years % 40% 35% 30% 25% 20% 15% 10% 5% 0% Instruction Other Core Support Services and Student Aid Institutional Support Physical Plant Other % 40% 14% 7% 4% 9% % 38% 15% 7% 4% 9% % 36% 15% 7% 4% 10% % 34% 15% 8% 4% 10% % 32% 15% 8% 4% 10% Slide 7 Page F-28
9 Expenditures Fiscal Years 2010 & Physical Plant 4% Other 9% Physical Plant 4% Other 10% Institutional Support 7% Support Services & Aid 14% Research and Public Service 40% Institutional Support 8% Support Services & Aid 15% Research and Public Service 32% Instruction 26% Instruction 31% Slide 8 Page F-29
10 Analysis of Key Financial Information to Peer Data Presents key financial information comparison to peer data for FY 2013 o FY 2014 data not available o Peer information only available if peer institution has separate audit Continues use of existing analysis model (OUS) Design provides a view of the University s operations relative to peer institutions Slide 9 Page F-30
11 Peer Institutions Student/Faculty Ratio Peer Average OSU Arizona UC Davis Iowa NC Michigan Calculation: Full-time equivalent (FTE) students /FTE faculty members Slide 10 Page F-31
12 Peer Institutions Current Ratio Peer Average OSU Arizona UC Davis Iowa NC Michigan Slide 11 Page F-32
13 Peer Institutions Contribution Ratio 100% 90% 80% 5% 14% 9% 12% 3% 19% 19% 7% 11% 9% 1% 10% 15% 8% 13% 70% 15% 12% 11% 5% 16% 14% 60% 20% 50% 23% 24% 27% 33% 17% 18% 40% 16% 19% 14% 21% 36% 14% 30% 17% 20% 10% 27% 25% 26% 20% 25% 18% 32% 0% OSU Peer Average Arizona UC Davis Iowa NC Michigan Student Tuition and Fees Appropriations Grants and Contracts Slide 12 Auxiliary Enterprises Nonoperating Revenues Other Page F-33
14 Peer Institutions Appropriations and Tuition & Fees per Student FTE $25,000 $23,199 $23,506 $23,307 $21,467 $20,000 $15,000 $10,000 $15,069 Tuition & Fees $9,492 Tuition & Fees $11,835 $19,475 Tuition & Fees $12,551 Tuition & Fees $12,810 $18,118 Tuition & Fees $9,844 Tuition & Fees $7,852 $15,654 Tuition & Fees $16,120 $5,000 $5,576 $9,632 $6,924 $10,389 $8,274 $6,917 $- OSU Peer Average Arizona UC Davis Iowa NC Michigan Slide 13 Page F-34
15 Peer Institutions Grants and contracts revenues per faculty FTE $500,000 $450,000 $400,000 $436,308 $350,000 $300,000 $309,986 $250,000 Peer Average $242,063 $200,000 $229,851 $150,000 $100,000 $141,559 $151,330 $171,134 $50,000 $- OSU Arizona UC Davis Iowa NC Michigan Slide 14 Page F-35
16 Peer Institutions Instruction cost per student FTE $20,000 $18,000 $19,026 $16,000 $14,000 $12,000 $10,000 Peer Average $12,801 $10,646 $12,580 $13,618 $8,000 $6,000 $9,059 $8,132 $4,000 $2,000 $- OSU Arizona UC Davis Iowa NC Michigan Slide 15 Page F-36
17 Peer Institutions Research costs per faculty FTE 400, ,000 $343, , ,000 $285, ,000 $215,121 Peer Average $206, , ,000 $125,932 $134,040 $142,079 50,000 - OSU Arizona UC Davis Iowa NC Michigan Slide 16 Page F-37
18 Peer Institutions Academic support costs per faculty FTE $120,000 $110,000 $100,000 $102,491 $106,052 $102,559 $90,000 $80,000 Peer Average $78,388 $70,000 $60,000 $50,000 $60,623 $40,000 $45,458 $30,000 $35,380 $20,000 $10,000 $0 OSU Arizona UC Davis Iowa NC Michigan Slide 17 Page F-38
19 Peer Institutions Student services costs per student FTE $3,500 $3,000 $3,087 $2,500 $2,000 $1,500 Peer Average $1,418 $1,000 $1,052 $1,159 $1,018 $1,075 $500 $752 $- OSU Arizona UC Davis Iowa NC Michigan Slide 18 Page F-39
20 Peer Institutions Student aid costs per student FTE $2,000 $1,800 $1,600 $1,581 $1,763 $1,596 Peer Average $1,460 $1,400 $1,200 $1,177 $1,306 $1,000 $1,055 $800 $600 $400 $200 $- OSU Arizona UC Davis Iowa NC Michigan Slide 19 Page F-40
21 Peer Institutions Institutional support & operation and maintenance of plant as % of total expenditures 16.0% 14.0% Peer Average 13.4% 14.8% 14.6% 12.0% 11.6% 12.5% 11.9% 12.9% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% OSU Arizona UC Davis Iowa NC Michigan Slide 20 Page F-41
22 Peer Institutions Primary reserve & debt burden ratios 70% 60% Primary Reserve 50% 40% 30% Primary Reserve Primary Reserve 20% Primary Reserve Primary Reserve 10% Primary Reserve Primary Reserve 0% OSU Arizona UC Davis Iowa NC Michigan 17.9% 28.6% 42.6% 43.8% 29.2% 68.1% Debt Burden 3.2% 5.8% 4.6% 3.8% 2.7% 9.5% Slide 21 Page F-42
23 Trend Analysis of Specific Financial Metrics Presents specific financial metrics including o Metrics for the Debt Policy o Metrics considered industry standard core measures of financial health Design provides a view of the University s financial health Slide 22 Page F-43
24 Debt Burden Ratio 4.0% 3.5% 3.0% 2.5% 3.5% 3.7% 3.4% 3.2% 3.0% 2.0% 1.5% 1.0% 0.5% 0.0% Slide 23 Calculation: Debt service * /Adjusted Expenses(I) *Debt service & debt excludes paid debt, example XI-G (I) Total expenses: Operating expenses & principal and interest paid less depreciation expense Page F-44
25 Debt Service Coverage Ratio Slide Calculation: 3 year average net revenues available for debt service/debt service *Debt service & debt excludes paid debt, example XI-G Page F-45
26 Income ment Leverage Ratio 45.0% 40.0% 41.0% 35.0% 36.5% 35.9% 38.1% 35.1% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% Slide 25 Calculation: Debt/Revenues *Debt service & debt excludes paid debt, example XI-G Page F-46
27 Viability Ratio 140.0% 120.0% 100.0% 121.2% 132.6% 113.5% 125.3% 107.7% 80.0% 60.0% 40.0% 20.0% 0.0% Calculation: Expendable net assets/debt *Debt service & debt excludes paid debt, example XI-G Slide 26 Page F-47
28 Primary Reserve Ratio 55.0% 50.0% 45.0% 47.8% 49.9% 40.0% 43.1% 43.6% 43.3% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% Calculation: Expendable net assets/operating expenses plus interest expense Slide 27 Page F-48
29 Return on Net Assets Ratio 12.0% 10.0% 10.6% 8.0% 8.2% 6.0% 6.0% 4.0% 3.6% 2.0% Slide % -2.0% % Calculation: Change in net assets/total net assets Page F-49
30 Net Operating Revenues Ratio 6.0% 4.0% 4.4% 2.0% 2.7% 0.0% % -3.2% -3.0% -4.0% -6.0% -6.9% -8.0% Calculation: Income(loss) before capital & other/operating revenues plus non-operating revenues Slide 29 Page F-50
31 Core Financial Health Metrics Graphical Presentation Slide 30 Page F-51
32 Questions? Slide 31 Page F-52
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