Financial Data
Revenues
Revenues reported in the Statement of Activities in fiscal years 2016 through 2020 as of May 31, 2020 (in thousands).
| Year | Tuition and fees (net of scholarships) | Investment returns designated for operations | Contributions and pledges | Grants | Auxiliary enterprise revenue, net | Other revenue | Total 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 |
| Academic Year | Tuition |
|---|---|
| 2019-20 | $49,550 |
| 2020-21 | $51,820 |
| 2021-22 | $52,310 |
| 2022-23 | $54,630 |
| 2023-24 | $57,602 |
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).
| Year | University tuition and fees | Endowment distribution | Donor contributions for current use | Government grants | Total 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).
| Year | Instruction | Research | Academic support | Library | Student services | Institutional support | Auxiliary enterprises | Total 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).
| Expenses | Instruction | Research | Academic Support | Library | Student Services | Institutional Support | Auxiliary Enterprises | 2020 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).
| Expenses | Instruction | Research | Academic Support | Library | Student Services | Institutional Support | Auxiliary Enterprises | 2019 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).
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | |
|---|---|---|---|---|---|---|
| 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.
| Series | Fiscal Year Maturity Dates | Type of Bond | Interest Rates | Principal 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.