PUBLIC UNIVERSITY QUESTIONNAIRE

Transcription

1 PUBLIC UNIVERSITY QUESTIONNAIRE Institution Name: University of Connecticut Completed by Name: John Sullivan Title: Manager of Treasury Services Date: STUDENT DATA Fall 2017 Fall 2016 Total Headcount 31,590 31,440 Total FTE Enrollment 28,146 27,862 Undergraduate Headcount 23,845 23,630 Undergraduate FTE 22,779 22,480 Full-time Undergraduates 22,509 22,275 Part-time Undergraduates 1,336 1,355 Online FTE (undergraduate) n/a n/a Online FTE (graduate) n/a n/a Graduate Headcount 7,098 7,139 Graduate FTE 4,589 4,581 Professional Headcount Professional FTE Non-traditional Headcount n/a n/a Non-traditional FTE n/a n/a Fall 2017 Fall 2016 Freshman Applicants 34,198 35,980 Freshman Acceptances 16,360 17,560 Freshman Matriculants 3,683 3,822 Transfer Applicants 2,455 2,850 Transfer Acceptances 1,543 1,489 Transfer Matriculants Graduate Applicants 12,471 12,191 Graduate Acceptances 5,175 5,218 Graduate Matriculants 3,390 3,523 Academic Campuses (#) Fall 2017 Fall academic campuses - Storrs (Main Campus), 4 Regional Avery Point, Hartford, Stamford, Waterbury, School of Law & Graduate Business Leaning Center (Hartford), School of Social Work (Hartford) UConn Health (Farmington) Storrs Main Campus, 4 Regional Campuses, School of Law, Grad Business Learning Center, School of Social Work, UConn Health Mean ACT Score Mean SAT Score (1600) 1,293 1,233

2 Retention Rate (Freshman to 94% 92% Sophomore year) (%) Six Year Graduation Rate (%) 83% 82% (based on previous year end) Total students from in-state (%) 73% 73% Total undergraduate students from in-state (%) 76% 77% Fall 2017 Fall 2016 Annual Tuition (Resident) $11,998 $11,224 Annual Tuition (Non-resident) $34,066 $33,016 Room & Board $12,514 $12,172 Other Annual Fees & Charges $2,882 $2,842 FACULTY DATA Fall 2017 Fall 2016 Faculty Headcount 1,604 1,550 Faculty Full-time 1,551 1,518 Faculty Part-time % Tenured (Full-time) 53% 55% % Terminal degree (Full-time) 92.6% 93% FINANCIAL DATA FY 2017 FY 2016 FY 2015 Total endowment (market value) 1 $421,893,605 $377,170,484 $383,148,333 Endowment draw (%) 5.65% 5.64% 5.66% The % should be the actual draw in the given year divided by your spending policy denominator (e.g., the nominal spend over the trailing three year market average) Endowment draw ($) $21,322,345 $21,594,797 $18,696,566 What is your institution's formal spending policy from endowment funds? 4.25% of the rolling average of the quarterly market values of the endowed funds for the previous 12 quarters (three years). Alumni Participation Rate (Fundraising) (%) Dividend & interest income $14,500,000 $10,882,000 $9,555,000 Realized & unrealized gains / losses $33,219,000 $-11,220,000 $4,724,000 Board-designated assets 1,970,000 1,970,000 1,970,000 Renewal & replacement fund Federal funding % of total research 79% 81% 81% Do you hold your endowment at the university level, in one or more foundations, or a combination? Yes

3 Endowment held at University 2 Cost $13,237,232; FMV $14,483,392 Endowment held in Foundations 3 Cost $357,087,135; FMV $365,201,201 Cost $12,066,406; FMV $ 12,592,930 Cost $37,030,319; FMV $325,905,100 Cost $ 11,871,588; FMV $ 13,090,672 Cost $319,758,946; FMV $331,367,545 1 The Total endowment (market value) represents the total endowment including the Endowment held at University 2, the Law School Foundation endowment and the UConn Health Center endowment. 2 The Endowment held at University represents the University s endowment the UConn Foundation manages on the University s behalf. It does not include the Law School Foundation endowment or the UConn Health Center endowment. 3 The Endowment held in Foundations represents the endowment held at the UConn Foundation including the UConn Health Center endowment but excluding Endowments held at University 2 and the Law School Foundation. DEBT (UConn) Long Term Debt Type Series FY 2017 Amount Outstanding ($000s) Liquidity Facility Expiration or Initial Tender Date Supporting Bank (if applicable) Fixed rate 1,610,950 N/A N/A Variable rate N/A N/A N/A Commercial paper N/A N/A N/A Floating rate bonds N/A N/A N/A Bank loans (privately 42,818 N/A N/A placed/direct placement)* Other Debt (notes, etc.) N/A N/A N/A *Please provide most recent calculations for direct placement financial covenants and legal documents (Term Sheet, Reimbursement Agreement, Bond Purchase Agreement (aka Noteholder Agreement, Bondholder Agreement or Continuing Covenant Agreement) Please provide maximum annual debt service (MADS) amount (Please see Appendix A for example) MADS ($000s) $206,516 MADS year 2018 FY 2017 FY 2016 Interest payments $65,479 $58,152 Principal payments on LT debt $124,016 $108,055 Total outstanding debt $1,653,768 Total debt to be paid by a 3 rd party (e.g. State supported) $1,504,995 $148,365 Do you have any anticipated financing plans over the next 3 years? If so, please provide the amount and timing of the plans.see Attached. Do you have any off-balance sheet debt? If so, please describe and attach supporting documents. N/A Contingent Liabilities: Pension and Other Post Retirement Benefits Does the state contribute to fund the university s pension liabilities? [YES/NO] Please see attached footnote No. 9 to Annual Report(attached). If YES, beginning in FY15, under GASB 67/68, what is the total net pension liability now recorded on the university s balance sheet? FY 2017 FY 2016 $1,131.4 million $810.1 million

4 What is the total net pension deferred inflows and net pension deferred outflows? What is the total pension expense? What is the actual pension $442.1 million outflow/ $0.8 million inflow $201.0 million outflow/ $0.3 million inflow $154.6 million $95.2 million $73.9 million $74.1 million contribution? Is the university planning to change its planning with regards to pension funding? The State is legally responsible for State pension plans, including UConn's (other than Dining Services). OPEB Under GASB 45, did the university accrue its entire OPEB liability all at once, or amortize over a certain time period? Based on current accounting standards related to OPEB, the University is not required to record a liability. Does the state contribute to fund these OPEB liabilities? [YES /NO] YES What is the university s plan for addressing this OPEB liability in the future? (pay-as-you-go / other plan) (pay-as-you-go / other plan). The University currently pays a portion for OPEB via the State's fringe rate assessment. The State is responsible for funding post-retirement health care and life insurance benefits on a pay-as-you-go basis through an appropriation in the General Fund. Based on accounting standards in place as of June 30, 2017, no liability was recorded in the University's financial statements for that year-end. However, implementation of GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits other than Pensions, will require additional disclosures and reporting of the University's proportional share of the net liability related to its participation in the post-employment benefit plans on its Statement of Net Position as well as more extensive note disclosures and RSI to be presented about the reported post-employment liabilities. GASB 75 is effective for fiscal years beginning after June 15, 2017; the University is still evaluating the full impact of this new standard. In addition to completing this questionnaire, please provide S&P with the following documents: Most recent audited financial statement or draft audit. Attached Current fiscal year operating and capital budgets. FY18 Operating Budget (BOT) expenditures $1.3B, Net Gain $1.8M, FY18 Capital $257,613,250. Interim results for the current fiscal year, if available. FY18 Forecast, $1.3B, Net Gain $0.6M Multi-year projections, if available. FY19 is currently assumes a balanced budget. Current aggregate debt service schedule (see example of schedule in Appendix A) Attached. Most recent endowment / investment report including summary of liquidity (daily, weekly, monthly, annual and illiquid). Attached. Any other information you think would be helpful for our review.

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10 Appendix A Example of Aggregate debt service table (includes all public and private debt outstanding) and MADS 2008 Bonds 2012 Bonds Series 2016 Bonds* Fiscal Year Principal & Interest Principal & Interest Principal Interest Combined Less Capitalized Interest** Aggregate Debt Service , , , , (103,940.42) 819, , , , , (150,881.25) 1,014, , , , , , ,059, , , , , , ,077, , , , , , ,089, , , , , , ,103, , , , , , ,115, , , , , , ,115, , , , , , ,118, , , , , , ,115, , , , , , ,110, , , , , , ,110, , , , , , ,117, , , , , , ,113, , , , , , ,117, , , , , , ,114, , , , , , ,118, , , , , , ,111, , , , , , ,097, , , , , , ,095, , , , , , ,091, , , , , , ,095, , , , , , ,090, , , , , , ,097, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,394, ,179, ,995, ,252, ,247, (254,821.67) 29,820, MADS equals the year 2032 when including all series of bonds. Please ensure MADS entered in the questionnaire is the component unit aggregate debt service schedule.