Operating Budget for Fiscal Year (FY) For Consideration by the Board of Trustees March 27, 2015

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1 Operating Budget for Fiscal Year () 2016 For Consideration by the Board of Trustees March 27, 2015

2 Executive Overview Purpose of Report The purpose of this report is to review the 2016 Operating Budget and to recommend its approval by the Board. The Center for Institutional Planning and Effectiveness (CIPE) prepared this report and its budget in consultation with the Executive Officers and the Leadership Team. The report outlines revenue and expense categories and details the spending plan for 2016 using updated enrollment projections (as of March 7, 2015) and revenue forecasts along with the Board of Trustees approved tuition and fee rates. Recommendation The proposed 16 unrestricted operating budget was approved by the President on March 10, 2015 and presented to the Leadership Team on March 11, The President recommends that the Board of Trustees approves the 2016 unrestricted operating budget. Process Vice Presidents approve departmental plans, contractual increases, and planned reductions or changes, which are presented for discussion and prioritization at Leadership Team and Cabinet meetings. The President makes final funding decisions. The Law School develops its own budget, which is reviewed by Law School faculty and administrators under separate funding policies. The Provost also reviews this budget. The Law School budget is included in this report Operating Budget Page 1

3 2016 Operating Budget Highlights Tuition, room, and board increases Traditional undergraduate tuition rate increase of 2.9% (with tuition, fees, room and board, the typical traditional undergraduate cost of education increase is 2.8%) The increase for most graduate programs is 2.9% Residence hall rates and the meal plan increase 2.5% Enrollment projections of 10,846 student headcount and 300,363 student credit hours (SCHs) An increase of 13,195 SCHs (a 4.6% increase) from the 2015 budget and an increase of 6,625 (2.3%) from 2015 spring Census actual The enrollment projections include the following new programs beginning in 2016: Law Master s in Taxation; Online Education DTTL; Nursing and Health Professions DNP, MPH, MSIM hybrid programs; Nursing and Health Professions BSN; and the Master s in Non-Profit Administration (MNA) in San Jose total operating budget is $422.3 million The tuition (net of exceptions) budget of $380.0 million increased by $25.6 million, or 7.2%, from the 2015 Board budget and $15.4 million, or 4.2%, from the 2015 forecasted actuals (as of March 8, 2015). The financial aid budget of $79.9 million increased $5.0 million, or 6.6%, from the 2015 Board budget and $5.9 million, or 8.0%, from the 2015 forecasted actuals. The University s overall discount rate will remain relatively unchanged at 21.0%, from 21.2% in the 2015 Board budget or 20.3% from the 2015 forecasted actuals. The net tuition budget of $300.1 million increased by $20.6 million, or 7.4%, from the 2015 Board budget and $9.5 million, or 3.3%, from the 2015 forecasted actuals. The meal plan board revenue and matching food service expense of $8.9 million increased by million, or 8.5%, from the 2015 Board budget and $0.218 million, or 2.5%, from the 2015 forecasted actuals. The student health insurance fees and matching insurance expense of $6.1 million move out of the operating fund and to the balance sheet Operating Budget Page 2

4 2016 University non-law planning priorities include: Division Compensation FTE Count Expenditures Total Description President $ 25,000 $ 25,000 Base budget restoration Subtotal $ $ 25,000 $ 25,000 General Counsel $ 125, $ 125,125 Funding for Title IX Coordinator position $ 7,000 $ 7,000 Supplement to ergonomics budget $ 50,000 $ 50,000 Increase to HR budget for projects, compliance requirements, and increased faculty and staff headcount Subtotal $ 125, $ 57,000 $ 182,125 Provost $ 70,000 $ 70,000 Support for larger than expected enrollment, Arts and Sciences $ 16,000 $ 16,000 First Year Seminars $ 168,000 $ 168,000 Student salary budget increases $ 371, $ 371,250 Three positions in Strategic Enrollment Management $ 206, $ 206,250 Two administrator positions for Clinical and Community Placements in SONHP $ 2,318, $ 2,318,855 Twenty full time faculty lines $ 103, $ 103,125 Director, Enrollment Data Analysis $ 31,200 $ 31,200 Accreditation support (e.g., funding for site visits) $ 750,000 $ 750,000 Semester abroad budgetary increases $ 15,809 $ 15,809 Orange County lease increase $ 89, $ 89,375 Lab support staff, Arts and Sciences $ 262,384 $ 262,384 Sacramento lease $ 137, $ 50,000 $ 187,500 Partial completion of Strategic Enrollment Management reorganization $ 50,000 $ 50,000 College Counselor visitation programs $ 183,454 $ 183,454 Gleeson Library contractual increase for periodical and database subscriptions $ 9,784 $ 9,784 OCLC and Innovative operating systems contractual increase $ 15,544 $ 15,544 Presidio Campus janitorial service contractual increase $ 4,067,303 $ 4,067, full time and part time faculty compensation increases $ 955, $ 955,372 Eight full time faculty lines $ 150,000 $ 150,000 Affordable Care Act student compensation adjustments $ 138,481 $ 138,481 Faculty Development Fund increase Subtotal $ 8,567, $ 1,592,656 $ 10,159, Operating Budget Page 3

5 2016 University non-law planning priorities (continued): Division Compensation FTE Count Expenditures Total Description Development $ 17,000 $ 17,000 RuffaloCODY phonathon fundraising service contract increase $ 15,000 $ 15,000 US Postage increase: Impact on revenue generating direct mail solicitation projects $ 1,800, $ 1,800,000 Base funding of Development's approved expansion process Subtotal $ 1,800, $ 32,000 $ 1,832,000 Marketing Communications $ 18,500 $ 18,500 USF Private Website (intranet): Base funding portion $ 488, $ (70,000) $ 418,125 Internal Creative Agency $ 94, $ 5,000 $ 99,875 USF Private Website (intranet): Continuation of 15 approved funding plan $ 17,000 $ 17,000 Office of Marketing Communications contractual license increases Subtotal $ 583, $ (29,500) $ 553,500 Business and Finance $ 465,095 $ 387,340 $ 852,435 Added costs for increased students in dorms $ 48,228 $ 48,228 Water utility $ 69,698 $ 69,698 Gas utility $ 113,591 $ 113,591 Electric utility $ 255,684 $ 255,684 Janitorial contract $ 7,904 $ 7,904 Co generation plant maintenance contract $ 22,293 $ 22,293 Facilties supplies $ 72,748 $ 72,748 Facilities annual contractual increases $ 13,141 $ 13,141 Facilities supplies soap, paper and liners $ 808,000 $ 808,000 Incremental debt service Subtotal $ 465,095 $ 1,798,627 $ 2,263,722 Athletics $ 74,760 $ 74,760 Athletics cost of attendance aid (Men's and Women's Basketball) $ 100,000 $ 100,000 Athletics insurance and medical expense $ 110,000 $ 110,000 Athletics West Coast Conference increase expense $ 150,000 $ 150,000 Athletics student financial aid supplement $ 165,240 $ 165,240 Athletics travel Subtotal $ $ 600,000 $ 600,000 (Athletics also includes matching revenue increase) 2016 Operating Budget Page 4

6 2016 University non-law planning priorities (continued): Division Compensation FTE Count Expenditures Total Description Student Life $ 88, $ 2,000 $ 90,000 CASA Academic Success Coach $ 40,000 $ 40,000 CASA operating budget increase $ 28,000 $ 28,000 Learning Center services $ 55, $ 2,000 $ 57,000 CAPS administrative support $ 161, $ 161,253 Student Life Case Manager and Assistant Dean $ 30,650 $ 30,000 $ 60,650 New student orientation enhancements $ 25,000 $ 25,000 Associate Vice Provost/Dean of Student Development operating budget increase $ 133, $ 65,000 $ 198,675 Off Campus student support services $ (112,000) $ (112,000) Health Clinic professional services savings $ 25,000 $ 25,000 Career Services operating budget increase $ 162, $ 162,284 Additional dispatch staff $ 78,500 $ 78, Howard shuttle Subtotal $ 658, $ 155,500 $ 814,362 Info Tech Services $ 97,470 $ 97, Large Enrollments supplemental budget request $ 192, $ 192, Online Education Product Manager $ 71, $ 71, Howard Technology Resource Specialist $ 89, $ 89, Online AV Multimedia Developer $ 680,616 $ 680, hardware and software maintenance contractual increase $ 100,000 $ 100, network refresh plan $ 25,000 $ 25, data center refresh plan $ 100,000 $ 100, classroom technology refresh plan $ 100,000 $ 100, computer refresh plan $ 25,200 $ 25,200 Implementation of a case management solution for CASA (base licenses) $ 146,000 $ 146, Salesforce TargetX implementation for Prospect Cloud, Application Cloud & Decision Cloud Subtotal $ 353, $ 1,274,286 $ 1,627,661 Institutional Support $ 3,906,236 $ 3,906, staff and student compensation increases $ 541,183 $ 541,183 Non Law Reserves to 1.3% of 16 non Law expense base budget $ (3,500,000) $ (3,500,000) Full time staff compensation salvage $ 856,805 $ 856,805 Remaining 15 base savings target Subtotal $ 406,236 $ 1,397,988 $ 1,804,224 Grand Total $ 12,958, $ 6,903,557 $ 19,862, Operating Budget Page 5

7 New and Continuing Academic Programs: New and Continuing Academic Programs Sal & Ben Faculty FTE Staff FTE Expenditures Total Online MA Collegiate Athletics $ 5, $ (22,000) $ (16,026) PScM Biotechnology $ $ (70,000) $ (70,000) Geospatial Analysis $ 240, $ 25,000 $ 265,625 MA Urban Affairs $ 16, $ 215 $ 16,549 MA Public Affairs $ 3, $ 352 $ 4,240 MS Analytics $ 122, $ 94,417 $ 217,004 MA Museum Studies $ $ 15,443 $ 15,965 USF in DC $ 2, $ $ 2,093 Online MA Digital Technology in Teaching and Learning $ 50, $ 21,000 $ 71,980 MA Higher Education and Student Affairs $ 4, $ $ 4,866 MA Human Rights Education $ 6, $ (1,000) $ 5,573 EdD Special Education $ 34, $ 1,000 $ 35,375 Online MA TESOL $ 34, $ 109,000 $ 143,375 Part Time MNA San Jose $ 59, $ 35,000 $ 94,527 Bachelor of Health Services $ 56, $ $ 56,285 BSN Sacramento $ 132, $ 125,000 $ 257,900 Online Master of Public Health $ 213, $ 149,520 $ 363,269 Online MS Healthcare Informatics $ 33, $ $ 33,830 Online MS Healthcare Simulation $ 163, $ 106,900 $ 270,561 MSN Orange County $ 223, $ 98,025 $ 321,119 Online DNP $ 153, $ 114,280 $ 267,978 Online MS Nursing $ 62, $ $ 62,747 Doctor, DNP & MA Psychology/Mental Health $ 107, $ $ 107,907 Masters of Non Profit Administration $ (199,705) 0.0 (2.0) $ (70,000) $ (269,705) MS Risk Management $ (28,649) $ (69,700) $ (98,349) MS Responsible Supply Chain Management $ (125,753) 0.0 (1.0) $ (86,500) $ (212,253) Grand Total $ 1,376, $ 575,952 $ 1,952,434 All continuing and new academic programs (excluding those at the School of Law) contributed an additional $4,149,725 in net tuition (tuition net scholarships and any Embanet revenue share). Net tuition from all academic programs (excluding the School of Law) increased by $19,763,308. The School of Law revenues (net scholarships) increased by $829,653. Law increased their expense budget the same. Student housing revenue increased by $980,289, with accompanying expense increases of $344,526. Dedicated reserves for student housing revenue are budgeted at $333,906 (1.5%) Operating Budget Page 6

8 New Academic Program Development The following table presents enrollment head count projections for the University s five new academic programs (or new groups of academic programs) starting in fiscal year New Academic Programs Law Master's in Taxation Education DTTL Online Nursing & HP DNP, MPH, MSIM hybrid programs Nursing & HP Orange County * Nursing & HP BSN MNA San Jose * Fall 2015 Fall 2016 Fall 2017 * Spring 2016 launch Notes: Law Master's in Taxation will launch next fall at 101 Howard. Education DTTL was included in last year's budget document, but did not launch as planned. Nursing & HP DNP, MPH, MSIM are existing programs launching in a new classroom/online (hybrid) format. Nursing & HP MSN Orange County is an existing program launching at a new location, Orange County. Nursing & HP BSN was launched in Spring Management MNA PT San Jose is an existing program launching at a new location; first cohort starts in spring Operating Budget Page 7

9 2016 Unrestricted Operating Budget Creation Process Goal The primary goal of the budget creation process is to align college-, school-, and division-level goals and activities with the vision, mission, and strategic priorities of the University and to promote innovation that is reflected in both new academic programs and existing academic offerings. While collecting and reviewing requests for new budget allocations, we strongly encourage the academic and service units to support reconfigured programs and required new costs through budget reallocation Unrestricted Operating Budget Creation Process Highlights Non-tuition revenue items were projected by the responsible managers and reviewed by the Leadership Team, Cabinet, Vice Presidents, and the President. Additional revenue and expense budget requests were submitted through the University s online tool, Budget Assist, for consideration by the respective unit and division leadership, with ultimate funding approval made by the President. New capital requests were reviewed by the Cabinet, Vice Presidents, and the President. Employee compensation increases were based on contractual obligations with bargaining units. Tuition revenue budgets were based on Academic Affairs enrollment projections and Board-approved tuition rates. Institutional financial aid expenses were based on historical and projected discount rates Operating Budget Page 8

10 2016 Operating Budget Page 9

11 2016 Proposed Budget by Category Across the University The $422.3 million operating budget for 2016 is based on our plan to welcome 10,846 returning and new students to the University across all our campuses. Compared to the current fiscal year s adopted budget, 2016 revenue is expected to increase $22.1 million from 2015 revenue due to higher enrollment, rate increases in tuition, room and board, as well as adjustments to gifts, Athletics auxiliary revenue, and other revenue. Revenue Tuition revenue (net of tuition exceptions) is budgeted to increase by $25.6 million in total. Fee revenue will decrease as student health insurance is moved to the balance sheet. Auxiliary income includes a 2.5% room rate increase and increased Athletics revenue. Food service revenue includes a sales volume and 2.5% meal plan rate increase. Other revenue includes a decrease for student printing activity. Financial Aid Expense Institutional Financial Aid is a balance of merit awards and needbased aid. Total Institutional Financial Aid (FA) will increase by 6.6% in order to account for increased enrollment and to supplement current FA practices. Non-Law FA will increase by $3.8 million. The School of Law will increase its FA budget by $1.2 million. Other Expenses Insurance and Capital will see decreases. All other expense categories will see increases (see pages 14 to 16 for expense category details). University Reserves University Reserves increases $537,000 to $5.2 million, or 1.3% of the non-law expense budget Operating Budget Page 10

12 2016 Proposed Budget by Primary Functional Areas Highlighted changes are from the University s current 2015 Board budget. Additionally, for comparison purposes, the current reporting hierarchy, or chart of accounts, is applied to the previous fiscal year. While we highlight proposed changes to the 2016 budget resulting from planning efforts, changes from the 2015 Board Budget also include management adjustments made within the fiscal year. Revenue Changes Academic Affairs increase is due to the enrollment projections as of March 7, 2015, adjusted by tuition increases approved by the Board of Trustees in December These projections include enrollments in new programs (see page seven). Business & Finance increase is due to increased board (meal plan) revenue. Athletics increase brings revenue budget to its established level of activity. Student Life net decrease is due to student housing revenue increase and a student health insurance decrease (with a corresponding insurance expense decrease). Information Technology Services decrease is due to the elimination of its public printing system. Institutional Support increase is due to the increase in our unrestricted gifts target. Expense Changes Functional Areas expense budgets see changes due to compensation increases, as well as planning priorities and new or continuing academic programs. General Counsel includes approved HR initiatives. Academic Affairs net increases include Law budget increases, as well as additional funds for financial aid, faculty increases, new and continuing program faculty, staff, operating and library increases. Development s budget includes funding for its staffing expansion. Marketing Communications includes the creation of an internal creative agency. Business and Finance sees meal plan, custodial, utility and debt service contractual increases. Athletics will see increases in its financial aid, insurance, travel and operating budgets. Student Life increases include those for student housing, support services, campus security, Title IX, and a 101 shuttle service, as well as a decrease for student insurance expense. Information Technology Services increases include hardware/software maintenance contracts, refresh plans, 2016 Proposed Budget (in $1,000's) Revenue 15 Budget 16 Budget Change Change % Academic Affairs 356, ,859 25, % Development % Business & Finance 12,028 12, % Athletics % Student Life 29,921 24,907 (5,014) 16.8% Info Tech Services (115) 99.1% Institutional Support 1,500 1, % Total Revenue 400, ,274 22, % Expense President 2,848 2, % General Counsel 3,321 3, % Academic Affairs 253, ,140 18, % Development 9,825 11,817 1, % Marketing Comm 4,416 5, % Business & Finance 61,331 64,202 2, % Athletics 10,708 11, % Student Life 32,097 28,092 (4,005) 12.5% Info Tech Services 15,940 17,581 1, % Institutional Support 5,830 5,081 (749) 12.8% Total Expense 400, ,274 22, % Salesforce implementation projects, and several support positions. Institutional Support includes staff compensation increases, increased reserves, and a new holding (contra) budget for anticipated staff salvage Operating Budget Page 11

13 Enrollment Projections (as of March 7, 2015) (HC = Head Count; SCHs = Student Credit Hours) Actual Actual Budget Budget Undergraduate Fall HC SCH Fall HC SCH Fall HC SCH Fall HC SCH Arts & Sciences 3, ,164 3, ,543 3, ,851 3, ,230 Management 2,153 35,776 2,330 39,651 2,285 38,285 2,323 38,353 Nursing , , , ,461 Undergraduate Total 6, ,095 6, ,412 6, ,165 7, ,044 Graduate Arts & Sciences , , , ,906 Management , , , ,727 Nursing , , , ,688 Education ,980 1,082 21,056 1,072 21,354 1,134 22,039 Law , , , ,713 Graduate Total 3,730 78,191 3,830 78,326 3,853 79,198 3,999 81,073 Non-degree University Total 10, ,286 10, ,738 10, ,363 11, , Operating Budget Page 12

14 Enrollment, Revenue, and Expense: 2016 Budget versus 2015 Actual Undergraduate Enrollment New undergraduate student enrollment is anticipated to be lower in 2016 versus ,946 versus 2,030. Continuing student enrollment is anticipated to be higher in 2016 versus ,912 versus 4,741. Overall, undergraduate enrollment is anticipated to be 6,858 for fall 2015 versus 6,771 for fall Graduate and Professional Studies Enrollment Arts and Sciences Graduate student enrollment for 2016 is anticipated to increase from 2015 actual with combined projected Student Credit Hours (SCHs) of 13,810 versus 13,439. Management Graduate projected SCHs taken are expected to increase from 15,042 in 2015 to 15,414 in Nursing Graduate enrollment in Nursing is anticipated to increase from 2015 actual SCHs of 14,532 to projected 2016 SCHs of 15,058. Education Total enrollment in Education is anticipated to decrease slightly from 2015 but experience an increase in SCHs taken to 21,354 in 2016 from 21,056 in Law Total enrollment in Law is anticipated to decrease from 2015, resulting in 13,562 projected SCHs for 2016 versus 14,257 in Budgeted Revenue & Expense by College The table lists revenue budgets (by teaching college) along with direct expense budgets prior to adding compensation increases (though Law budgets include compensation increases). These budgets include new enrollments, approved plans, and related expenses. Estimates for Financial Aid and Part-time Faculty budget allocations are included Operating Budget Page 13

15 16 Change in Expense Totals: 2015 to 2016 $15,932 $6,081 $4,981 $380 $703 $808 $537 $(1,194) $(6,097) 2016 Operating Budget Page 14

16 Change in Expense Budget Highlighted changes are from the University s current 2015 Board budget. While we highlight proposed changes to the 2016 budget resulting from planning efforts, changes from the 2015 Board Budget also include management adjustments made within the fiscal year. Total Compensation Employee compensation constitutes approximately 54.3% of budgeted expenses in This category includes salaries for executive, professional and administrative staff, full- and part-time faculty, and student employees, as well as statutory and employee benefit expenses, such as retirement savings contributions, tuition remission, and health insurance, among others. Changes by category of compensation are on the next page and include both continuing and new plans, compensation increases, and new faculty and staff holding budgets for anticipated salvage. The non-law staff compensation increase budget pool is within the Institutional Support division. The non-law faculty compensation increase budget pool is in Academic Affairs. General Operating The General Operating expenses category includes office supplies and equipment, postage, subscriptions, professional fees, leases, conference fees, travel, business meals, and other consumable goods and services. The net increase of $ 6,081K includes the following: the transfer of $1,215K in IT network budget to General Operating; $857K in remaining targeted 15 base savings; $781K for information technology refresh projects, as well as hardware and software maintenance; $750K for Study Abroad; $793K for new and continuing academic programs; $278K for branch campus leases; $275K for Athletics; $108K for Facilities; $138K for additional faculty development funds; $123K for Law; and $586K for other planning initiatives. Facility Operations Included in the facilities budget are campus building and residence hall operational costs, along with all University janitorial and utility charges. The $380K net increase for Facilities Management covers increases in utilities and janitorial charges. Food Service, Insurance & Bad Debt and Debt Service The increase in Food Service revenue is passed through to the vendor resulting in an offsetting cost of the same amount of $703K. The net decrease of $6,097K for Insurance is mainly due to the movement of student health insurance fees and expenses to the balance sheet. The Debt Service budget will increase $808K to support 101 Howard Street financing, as some leased space is converted to university use. Capital Capital expenses include furniture and equipment, library holdings, scientific equipment, and major building improvements. The net decrease of $1,194K includes a reduction of $500K to Capital Opportunities (bringing its budget to $4.0 million), the transfer of $1,215K in the informational technology network budget to General Operating, $432K for information technology refresh and implementation plans, $183K for Gleeson Library contractual increases, a net $10K for new and continuing academic programs, and reductions of $52K for Law Operating Budget Page 15

17 Reserves are designated for unexpected variations in Revenues or Expenses. The Reserves budget will experience a net increase of $537K, to then be approximately 1.3% of the expense budgets, excluding the School of Law. Change in Compensation Budget Faculty Tenured, Probationary, and Term full-time faculty salaries for 2016 reflect the addition of 32 new lines in support of planning priorities, continuing and new academic programs, and non-law compensation increases. The part-time faculty salary budget includes non-law compensation increases, as well as support for continuing and new academic programs. Law budgets a slight increase in these areas. Proportional funding of full- and part-time faculty is adjusted to reflect actual activity in this budget through the creation of offsetting budgets for full-time faculty anticipated salvage and part-time faculty expenditures. Staff Staff salaries for 2016 reflect allocations for non-law compensation increases. Law budgets a slight increase. New staff positions collectively totaling 43.5 include those supporting Title IX (1 position), Strategic Enrollment Management (5 positions), Nursing clinical and community placements (2 positions), Arts and Sciences lab support (1 position), the Development expansion (15 positions), the Marketing Communications internal creative agency (4 positions), the USF private website (1 position), student support (4.5 positions), additional dispatch staff (2 positions), Information Technology Services support (3 positions), and continuing and new academic programs (a net gain of 5 positions). Student Staff Student employment provides an opportunity for students to gain work experience and earn wages to pay for the cost of attending USF. It is also viewed as an effective use of University resources. For 2016, student salaries see an increase for compensation increases and Student Life services, as well as continuing and new academic programs. Benefits Benefits are budgeted at supporting rates for the University s differing salary categories for employees. Adjustments to benefit budgets are made in proportion to budget changes taking place in the salary categories Operating Budget Page 16

18 2015 Board Budget & Forecast versus 2016 Board Budget 15 Budget 15 Forecast 16 Budget Revenue Tuition net Exceptions 354, , ,002 Fees 8,667 2,385 2,678 Gifts & Contributions 1,500 1,367 1,700 Investment Income Gains & Losses Auxiliary Revenue 24,754 26,188 26,484 Board Revenue 8,225 8,710 8,928 Other Revenue 2,146 2,514 2,057 Total Revenue 400, , ,274 Expense FT Faculty Salary & Benefits 83,350 77,064 82,815 PT Faculty Salary & Benefits 21,117 27,513 28,920 Total Staff Salary & Benefits 108, , ,351 General Operating 44,064 50,529 50,145 Scholarships 74,963 74,043 79,944 Facilities Expenses 13,977 12,767 14,357 Food Service 8,225 8,710 8,928 Ins/Coll/Bad Debt/Loans 9,409 3,230 3,312 Debt Service 15,419 15,419 16,227 Capital Expense 16,297 11,181 15,103 Reserves & Transfers 4,637 10,255 5,174 Total Expense 400, , ,274 (All figures in $1,000 s) 2016 Operating Budget Page 17

19 Appendix: Historical Analysis

20 Revenue Tuition and fees are 90.6% of the 2016 operating budget. What follows is a review of the three main factors that influence the University s revenue: enrollment, tuition rates and financial aid. Enrollment in Student Credit Hours ( ) 350, , , , , ,000 50, Year Total SCH % Change 10-year % Change 2006 Actual 218, % 2007 Actual 226, % 2008 Actual 231, % 2009 Actual 234, % 2010 Actual 243, % 2011 Actual 259, % 2012 Actual 269, % 2013 Actual 278, % 2014 Actual 283, % 2015 Census 293, % 2016 Budget 300, % 37.5% 2016 Operating Budget Appendix, A-1

21 Tuition and Fee Income Planned tuition and fee revenue increases because enrollment projections and/or tuition rates increase. The 2016 budget anticipates that tuition (net of tuition exceptions) and fee revenue will increase by 5.4%. Tuition and fees constitute 90.6% of the 2016 revenue budget. Financial Aid Over the ten-year analysis period, expenditures for University-funded financial aid have increased 167.9%, in contrast with a tuition and fee cumulative increase of 103.6%. As a percent of tuition, aggregate financial aid has grown from 16.0% to a budgeted 21.0% during this same tenyear period. The pressure to increase funding for financial aid comes from reduced support from government sources and from the institution's attempt to use financial aid to recruit students for their academic ability, athletic talent, and ethnic and economic diversity. Financial aid awarded is now a balance of merit and need-based aid. There is $79.94 million in aggregate unrestricted financial aid in the 2016 operating budget Unrestricted Operating Budget Tuition & Fee Income/Percent of Total Revenue (in thousands of dollars) 10-Year Year Tuition* & Fees Total Revenue % of Total T&F % Change % Change 2006 Actual $187,943 $218, % 8.6% 2007 Actual $204,878 $237, % 9.0% 2008 Actual $225,804 $261, % 10.2% 2009 Actual $245,712 $276, % 8.8% 2010 Actual $263,049 $295, % 7.1% 2011 Actual $291,144 $323, % 10.7% 2012 Actual $309,816 $343, % 6.4% 2013 Actual $332,441 $369, % 7.3% 2014 Actual $349,938 $386, % 5.3% 2015 Budget $363,095 $400, % 3.8% 2016 Budget $382,680 $422, % 5.4% 103.6% Unrestricted Operating Budget Financial Aid/Percent of Tuition (in thousands of dollars) 10-Year Year Financial Aid Tuition* % of Tuition Fin Aid % Change % Change 2006 Actual $29,846 $186, % 11.2% 2007 Actual $31,748 $202, % 6.4% 2008 Actual $37,384 $223, % 17.8% 2009 Actual $44,297 $241, % 18.5% 2010 Actual $51,844 $259, % 17.0% 2011 Actual $55,876 $286, % 7.8% 2012 Actual $60,478 $304, % 8.2% 2013 Actual $65,702 $325, % 8.6% 2014 Actual $69,061 $340, % 5.1% 2015 Forecast $74,043 $364, % 7.2% 2016 Budget $79,944 $380, % 8.0% 167.9% Tuition* = Tuition + Tuition Exceptions 2016 Operating Budget Appendix, A-2

22 Tuition and Fee Rates Our pricing strategy of lower tuition increases is in response to the impact of an important shift in demographics and has been amplified by the so-called Great Recession of This changing economic context provides us with an opportunity to adapt and strengthen the University in a way that is consistent with our mission and long-term aspirations, as expressed in USF As a result, we are making far-reaching structural adjustments (that include enhancing faculty and staff productivity) so that we may continue to offer a high-quality Jesuit education. Looking at the University s ten-year tuition and fee history, prices have increased within a range of 2.9% to 8.4% over the last ten years. Consistent with private higher education trends, tuition rates have historically increased several percentage points above inflation rates. We are striving to maintain quality in our programs, while keeping our tuition rate at levels consistent with our cross-applicant competitor set of schools. There is strong political and social pressure to control the growth of higher education costs. The University is responding to this pressure by systemically reviewing new initiatives in the context of new and reallocated funds. Reacting to limited tuition rate increases has led to targeted efforts to reallocate budget to meet emerging needs. West Coast Conference Tuition & Fees per Semester Rate ( ) $25,000 $20,000 $15,000 $10,000 $5,000 $ USF $13,480 $14,380 $15,590 $16,750 $17,385 $18,190 $18,712 $19,442 $20,147 $20,725 Average excluding USF $13,730 $14,617 $15,578 $16,541 $17,178 $17,826 $18,554 $19,303 $20,070 $21,264 USF % Change 7.7% 6.7% 8.4% 7.4% 3.8% 4.6% 2.9% 3.9% 3.6% 2.9% Avg % Change, Excluding USF 7.4% 6.5% 6.6% 6.2% 3.9% 3.8% 4.1% 4.0% 4.0% 5.9% Operating Budget Appendix, A-3

23 Tuition and Fee Comparison The University competes with other schools for students, and prospective students pay attention to tuition and fee rates. The graph and table below reflect the historical cost of undergraduate tuition and fees at our peer institutions, and USF s relative position in the list. Recommendations for tuition rates are prepared after examining USF s relative price position with comparable institutions, USF s projected enrollment, and the impact of alternative rate increases on the entire University operating budget. In our comparison of tuition and fees, the average undergraduate tuition and fees per semester for West Coast Conference colleges and universities increased by 5.9% in USF increased undergraduate tuition and fees 2.9% in Undergraduate tuition and fees in 2016 will increase by 2.9%. Undergraduate Semester WCC Schools Pepperdine University $15,430 $16,370 $17,350 $18,385 $18,925 $19,540 $20,376 $21,386 $22,451 $23,346 Santa Clara University $14,450 $15,450 $16,643 $17,618 $18,143 $18,827 $19,667 $20,431 $21,223 $22,054 University of San Diego $14,494 $15,358 $16,282 $17,136 $18,072 $18,686 $19,291 $19,985 $20,696 $21,414 Loyola Marymount University $13,855 $14,917 $15,987 $17,071 $17,817 $18,357 $18,950 $19,609 $20,177 $20,849 USF $13,480 $14,380 $15,590 $16,750 $17,385 $18,190 $18,712 $19,442 $20,147 $20,725 St. Mary's College $13,640 $14,525 $15,540 $16,625 $16,955 $17,715 $18,575 $19,225 $19,945 $20,690 University of Portland $12,460 $13,195 $13,945 $14,770 $15,470 $16,165 $16,890 $17,630 $18,435 $19,260 Gonzaga University $11,782 $12,506 $13,301 $14,181 $14,868 $15,493 $16,133 $16,853 $17,560 $18,295 Average including USF $13,699 $13,699 $14,548 $16,567 $17,204 $17,871 $18,574 $19,320 $20,079 $21,215 Average excluding USF $13,730 $14,617 $15,578 $16,541 $17,178 $17,826 $18,554 $19,303 $20,070 $21,264 USF % Change 7.7% 6.7% 8.4% 7.4% 3.8% 4.6% 2.9% 3.9% 3.6% 2.9% Avg % Change, Excluding USF 7.4% 6.5% 6.6% 6.2% 3.9% 3.8% 4.1% 4.0% 4.0% 5.9% 2016 Operating Budget Appendix, A-4

24 Five-Year Undergraduate Tuition and Fees Trend The 2015 average (excluding USF) annual undergraduate tuition and fees is $42,527, and the average rate of increase over the past five years has been 4.2% per annum. The average annual USF increase over the past five years has been 3.3%. Over the entire fiveyear period, the average tuition and fee level (excluding USF) increased 18.0%, while USF's tuition and fees increased 13.9%. WCC School % chg in 5 yrs B Avg % chg per yr C CA University of Southern California 41,620 43,456 45,119 47,318 50, % 4.7% X CA Pepperdine University 39,080 40,752 42,772 44,902 46, % 4.6% NY Fordham University 38,081 39,967 41,732 42,845 45, % 4.4% X CA Santa Clara University 37,653 39,333 40,862 42,446 44, % 4.0% X CA University of San Diego 37,372 38,582 39,970 41,392 42, % 3.5% X CA Loyola Marymount University 36,713 37,899 39,217 40,353 41, % 3.2% X Bay USF 36,380 37,424 38,884 40,294 41, % 3.3% X Bay Saint Mary's College 35,430 37,150 38,450 39,890 41, % 4.0% X OR University of Portland 32,330 33,780 35,260 36,870 38, % 4.5% WA Seattle University 31,020 32,750 34,800 36,465 38, % 5.3% X WA Gonzaga University 30,985 32,265 33,705 35,120 36, % 4.2% Average 36,060 37,578 39,161 40,718 42, % 4.1% Average excluding USF 36,028 37,593 39,189 40,760 42, % 4.2% Notes: (A) Schools are sorted by 2014/2015 Tuition and Fees column (B) The '% change in 5 yrs' is the growth from 11 to 15 (C) The 'Avg % change per yr' is an avg of the % changes from 11 to Operating Budget Appendix, A-5

25 Expenses The following appendices address the major areas of the University's expense budget, including employee compensation. Compensation The Provost's Office tracks the balance between full- and part-time faculty members; faculty teaching, research, and service workloads; and faculty-to-student ratios. The University is continually making a concerted effort to focus its personnel costs on areas that provide consistently high levels of academic excellence and service quality. In concert with institutional planning and through the annual budgeting process, new and reallocated funds are directed towards these activities. Benefits Expense Unrestricted Operating Budget Benefits Expense/Percent of Total Expense (in thousands of dollars) Benefits Total % of % of Total Annual Year Benefits Salaries Expense Salaries Expense % Change 2006 Ac tual $28,389 $92,561 $215, % 13.2% 4.4% 10-year % Change Benefits are shown in relation to University Salary Expense and Total Expense. USF charges benefits to departments based upon salary expense Operating Budget Appendix, A-6 Salaries 10-year % Change 2007 Ac tual $29,270 $98,678 $227, % 12.9% 3.1% 2008 Ac tual $33,024 $107,350 $258, % 12.8% 12.8% 2009 Ac tual $36,024 $113,408 $276, % 13.0% 9.1% 2010 Ac tual $38,373 $114,134 $295, % 13.0% 6.5% 2011 Ac tual $41,397 $120,001 $323, % 12.8% 7.9% 2012 Ac tual $45,376 $128,582 $344, % 13.2% 9.6% 2013 Ac tual $47,925 $138,516 $365, % 13.1% 5.6% 2014 Ac tual $48,136 $148,551 $377, % 12.7% 0.4% 2015 Budget $55,167 $157,987 $400, % 13.8% 14.6% 2016 Budget $58,641 $170,445 $422, % 13.9% 6.3% 106.6% 84.1%

26 USF Five-Year Revenues & Expenses by Category The following report is a summary of all University historical actual revenues and expenses and unrestricted base budgets as organized by general revenue and expense categories. This analysis and other budget-focused analyses are available from the Office of Planning and Budget s web site at YTD Activity YTD Activity YTD Activity YTD Activity Budget Budget Tuition & Fees (309,816) (332,441) (349,938) (363,095) (382,680) Gifts (1,119) (1,301) (1,309) (1,500) (1,700) Auxiliary & Other Revenues (33,026) (35,803) (35,620) (35,550) (37,895) Revenue Total (343,962) (369,546) (386,866) (400,145) (422,274) Full-Time Faculty 45,568 49,381 54,219 60,618 60,229 Part-Time Faculty 16,728 18,621 19,939 17,168 23,417 Staff 61,171 65,012 68,726 74,228 79,853 Student Staff 5,115 5,502 5,667 5,973 6,946 Benefits 45,376 47,925 48,136 55,167 58,641 General Operating 44,556 49,299 51,632 44,064 50,145 Financial Aid 60,478 65,702 69,061 74,963 79,944 Facilities 11,866 10,959 12,006 13,977 14,357 Food Service 6,911 7,650 7,606 8,225 8,928 Debt & Other Expense 19,679 20,530 24,615 24,828 19,538 Capital 15,074 14,933 16,430 16,297 15,103 Reserves & Transfers In/Out 11,659 9,353 (154) 4,637 5,174 Expense Total 344, , , , ,274 Grand Total 219 (4,680) (8,984) 0 0 Note: Revenues are represented within parentheses. All figures are in thousands Operating Budget Appendix, A-7

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