board of trustees financial workshop december 2, 2013

Board of TrusteesFinancial Workshop

December 2, 2013

INTRODUCTION

UNCW Guiding Principles

We are committed to the university’s financial integrity by providing quality, efficient service to the students, faculty and staff. Our mission is to record, report and safeguard the fiscal assets of the university. Maintaining an effective system of internal controls and compliance mechanisms is accomplished through comprehensive policies, procedures, campus-wide training and supporting a knowledgeable and skilled staff.

UNCW Environmental Scan/Overview

Strengths & Opportunities+ Diverse & growing revenue sources

• Distance Ed• Auxiliaries• MARBIONC

+ Healthy liquidity+ Membership in UNC system & history

of state support+ Well-managed and growing

endowment+ Strong controls & planning processes+ Solid student demand & enrollment

trends+ Commitment to innovation+ Exceptional compliance record &

unqualified audit opinions

Weaknesses & Challenges₋ Continuous need to grow revenues

• Endowment• Federal contracts & grants

₋ Relatively high level of debt ₋ Dependence on state funding₋ Legislative mandates₋ Tuition sensitivity₋ Financial aid resources₋ Aging plant (~11 years) & potential

future capital/maintenance needs

Agenda

• Credit Rating Agencies & Debt Management

• Higher Education Financial Statements

Financials Budgeting Funding

• Budget Process • Enrollment Growth Funding

• Appropriations, Tuition & Student Fees

CREDIT RATING AGENCIES AND DEBT MANAGEMENT


Rating Process

• Most rating agencies follow standard criteria and are required to provide this information publicly.

• Criteria is required to be transparent so that an experienced analyst could come within a category of the rating.

• Many will also share financial ratios and other qualitative information with prospective rated institutions.

• The ratios are updated each year.• Moody’s issues ratios with a higher degree of rating specificity (by specific rating) than

S&P (which prepares ratios by rating category)• Different rating agencies do not always assign the same ratings to the same institutions. • Ratings are generally assigned to securities rather than institutions, especially for public

universities.• Moody’s publishes a quantitative scorecard to increase the transparency of the

methodology. • S&P is less formulaic but still focuses on the same factors and uses similar ratios.• However, each rating agency may place different weights on the factors and ratings are

not always the same.

Moody’s Higher Education Scorecard

>>>

>

>>>>

Moody's Higher Education Scorecard

Section 1: Quantitative Factors

Operating Revenues > 10%

Factor 1: Market Postion -35%

Net Tuition/Student > 10%

Selectivity 5%Matriculation 5%

Av Gifts Per Student 5%Rev Diversity (Max.

> 10%Single Contribution)Factor 2: Operating Performance - 30%

Av DS Coverage > 10%

10%>Operating Cash Flow

MarginDebt to Op. Revenues 5%

Total Cash + Inv > 10%

Liquidity to Demand Debt 5%

Factor 3: Balance Sheet + Capital Investment: 35%

Exp. Res. to Debt 5%Mon. Days Cash on Hand 5%Exp. Res. to Operations 5%

Section 2: Qualitative Factors

Leadership and Senior Management

Short- and Long-term Planning

Factor 4: Governance and ManagementExternal Disclosures and

Internal ControlsSelf-assessment and Benchmarking

Government and Stakeholder Relations

Interest rate, Counterparty and Refinancing Risk Factor 5: Debt Structure and Legal Covenants

Borrowing Terms and CovenantsLegal Security and Other Bondholder Protections

Multi-year Trends

Other FactorsHealthcare Exposure (for Colleges with medical schools)Marketable Real EstateEvent RiskOther Factors

Areas of EmphasisDemand or Market Position

enrollment, selectivity, student quality, yield, competitive position, student charges, and geographic diversity

Management governing structure, ability to respond to change, strategic plans, debt policies, and budgeting practices

Finance revenue diversity, operating performance, financial resources (largely through unrestricted net position, endowment spending policies, operational liquidity, and coverage of variable rate debt from liquidity)

Debt annual debt burden, maximum debt burden, debt structure, repayment method

Top Causes of Rating Changes

Upgrade Drivers• Steady improvement in demand,

increasing selectivity, matriculation rates, student quality & geographic diversity

• Ability to raise tuition & fees• Consistently strong financial

performance• New schools or programs• Major, transformational gifts• Long history of operating surpluses• Clear ability to manage with surprises

& maintain strategic plans and budgets

Downgrade Drivers• Sharp increase in debt• Operating deficits• High endowment spending levels (>8%)• Significant debt structure risks• Management concerns• Declines in net tuition revenue or sense that

tuition revenue growth is impaired• Steep reduction in applicants or new freshmen• Drop in expendable resources or unrestricted net

position compared with operating expenses or debt

• Sharp drop-off in state appropriations - not offset by reduced operating expenses or revenue increases in other areas

• Limited cash/liquidity compared with accounts payable & near-term debt payments

• Fewer than 700 students & accreditation issues• New debt with no visible source of payment

S&P 2013 COPs Rating RationaleStrengths• Solid debt service coverage (DSC)• Strong housing system demand and occupancy • Managerial/financial commitment to student housing• Favorable overall student demand trends• Operating support from State of North Carolina

Challenges• Below average financial resources in terms of net position

relative to operating expenses and outstanding debt• Above-average total debt burden• Relatively small endowment

Factors that could make the rating go Up/Down• Up: Continued strong student & housing demand trends;

improved financial resources; increasing housing system DSC• Down: Reduced state support; Additional debt inconsistent

with financial resource growth or revenues; decreasing housing system DSC

Certificates of ParticipationS&PAAAAA+AAAA-A+AA-

BBB+BBBBBB-

Non Investment Grade

Moody’s December University Rating Review2010 Rating Rationale

Strengths• Solid student demand and growing enrollment trends• UNC System membership• Healthy liquidity profile• Solid regional market position / Strong student demand

Challenges• High leverage• State funding cuts

Factors that could make the rating go Up/Down• Up: Growth in financial resources, improvements in

scope of research activities & student market position; cash flow improvement

• Down: Reduced state support; Decline in student market position; Weakened Debt Service Coverage

General Revenue BondsMoody's

AaaAa1Aa2Aa3A1A2A3

Baa1Baa2Baa3


Certificates of ParticipationMoody's

AaaAa1Aa2Aa3A1A2A3

Baa1Baa2Baa3


Moody’s 2012 RatingsBest

A3 A2 A1 Aa3 Aa2 Aa1 AaUNCWASUFSUUNCPWCU

UNCSAECUECSUNCA&TNCCUNCSUUNCAUNCCHUNCCUNCGWSSU

Debt Profile

$-

$2,000,000

$4,000,000

$6,000,000

$8,000,000

$10,000,000

$12,000,000

$14,000,000

$16,000,000

$18,000,000

$20,000,000

Aggr

egat

e D

ebt S

ervi

ce

University of North Carolina WilmingtonAll Outstanding Debt Service

GESC COPs University

Debt AnalysisImproving Trends

* Moody’s Calculation except FY13.

140.7

197.8

233.4

254.2

248.3 239.6

0.30x0.31x

0.28x 0.27x 0.31x

0.38x

0.83x

0.72x0.71x

0.79x

0.70x

0.20x

0.30x

0.40x

0.50x

0.60x

0.70x

0.80x

0.90x

$0

$50

$100

$150

$200

$250

$300

FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013

Total Debt ($ Millions)

UNCW Expendable Resources to Debt*

Moody's A1 Median

HIGHER EDUCATION FINANCIAL STATEMENTS

Source: Adapted from UNC Campus Financials 101, Sept. 12, 2013. Charlie Perusse, Stathis Poulos, Rick Niswander and Mary Peloquin-Dodd.


Primary Campus Uses of the Consolidated Financial Statements

The consolidated UNCW financial statements are mainly used for:

• State of North Carolina Consolidated Financial Reporting

• Rating Agencies

• Lenders, Bond Trustees

• Providing “factoids”

• Looking at trends from the 40,000-foot level

• Regulatory Disclosures• NC Office of State Controller • NC Office of State Budget Management• NC Office of State Treasurer• NC General Statutes • NC Government • NC Auditor • Internal Revenue Service • NC Department of Revenue• NCAA

Limited Flexibility

Unlike many business entities, university dollars are not fungible.• Legal, regulatory & good business practices prevent movement between

categories• Revenues, expenses and other sources of funds are tracked for defined purposes

Examples• Donors make gifts that can only be used to fulfill the intent of the donor• Housing receipts should not be used to pay for Administration Assistants in the English

Department• State Appropriations cannot be used to pay for housing• Tuition supports student instruction• Parking receipts fund reserves to repave lots and construct decks • Federal or state scholarship funds can only be used for that purpose by law• State R&R funds can only be used for that purpose• Bond proceeds used for intended purpose• Mandatory fees support stated purpose (athletic fee for athletic department)• Summer school revenue for summer school expenses

Limited Flexibility

Diverse Set of Business Lines• Profit-motivated components, educational components, research components,

community services• Significant legal and operational restrictions on how business is conducted

• Debt restrictions• GASB accounting (vestiges and real)• Detailed compliance reporting to multiple state and federal agencies• Multiple approval levels• Special duties to students, parents and donors

Business runs on the cash basis, not accrual basis• Twelve month budget cycle – timing is critical, e.g. spend it or lose it• Unexpended carryover of State Funds limited to 2.5% of operating funds• Cash requirements requisitioned from State Treasurer, not managed locally

Key GASB Higher Ed Accounting Practices

Management Discussion & Analysis• Precedes the basic financial statement and is required to include certain information

prescribed by GASB, dual column comparison of year over year

Basic Financial Statements – Industry nomenclature and single column

• Balance Sheet – Statement of Net Position (formerly Statement of Net Assets)• Assets, Liabilities, & Net Position

• Income Statement – Statement of Revenues, Expenses and Changes in Net Position• Revenue, Expenses, Other Changes/Adjustments

• Statements of Cash Flows• Cash flows are required to be summarized by operating, investing, capital and related

financing, and noncapital financing uses

Discreetly Presented Component Units

• Most University affiliated foundations are presented in the financial statementsNotes to Financial Statements• Deposit and investment risks disclosures (credit risk, concentration risk, interest rate risk)

including the organization’s policies regarding such risks, are required

Key GASB Higher Ed Accounting Practices(Income Statement)

UNCWYear Ended June 30, 2012

REVENUESOperating Revenues:

Student Tuition and Fees, Net (Note 9) $86,526,202Federal Grants and Contracts 12,144,343State and Local Grants and Contracts 1,035,091Nongovernmental Grants and Contracts 791,931Sales and Services, Net (Note 9) 41,194,644Interest Earnings on Loans 73,678Other Operating Revenues 3,886,788

Total Operating Revenues 145,652,677

EXPENSESOperating Expenses:

Salaries and Benefits 150,205,408Supplies and Materials 18,267,194Services 46,134,350Scholarships and Fellowships 16,526,443Utilities 6,770,663Depreciation 14,120,071

Total Operating Expenses 252,024,129Operating Loss (106,371,452)

NONOPERATING REVENUES (EXPENSES)State Appropriations 91,313,397Noncapital Grants - Student Financial Aid 22,728,974Noncapital Gifts, Net (Note 9) 4,893,475Investment Income (Net of Investment Expense of $170,982) 2,862,924Interest and Fees on Debt (11,917,022)Federal Interest Subsidy on Debt 760,163Other Nonoperating Expenses (3,443)

Net Nonoperating Revenues 110,638,468Income Before Other Revenues 4,267,016

Capital Grants 21,726,855Additions to Endowments 2,718,447

Increase in Net Assets 28,712,318

NET ASSETSNet Assets - July 1, 2011 370,983,978

Net Assets - June 30, 2012 399,696,296

Statement of Revenues, Expenses & Changes in Net Position (SRECNP)

• Equivalent to the “income statement” for a for-profit entity

• Expenses can be presented in either the natural or functional presentation

• There are no prescribed expense allocations

• Net investment income and realized gains/losses are required to be presented as a single non-operating financial statement account on the statement of activities.

• Gifts are recognized when received and eligibility requirements have been met (not when gift is pledged by donor)

• No requirement to use restricted funds first

SOURCES OF REVENUES

Student Tuition & Fees, Net $86,526 (29%)

Additions to Endowments $2,718 (1%)

Federal Grants & Contracts, $12,144 (4%)

State Appropriations & State Aid

$91,313 (31%)

Sales & Services, Net 41,195 (14%)

Capital/Noncapital Grants $44,456 (15%)

Investment Income$2,863 (1%)

Noncapital Gifts, Net $4,893 (2%)

Non-Federal Grants & Contracts

$1,827 (1%)

Other Revenues$4,721 (2%)

Other$14,304 (6%)

2012 Revenue by Source $292,657($ Thousands)

Top Sources of Revenues

Top UNCW Revenue SourcesFY10 FY11 FY12

State Appropriations $90,220,051 $89,349,941 $91,313,397

Tuition 44,022,570 50,161,118 54,379,222

Sales & ServicesResidence Life 18,048,402 18,670,602 19,831,141Dining 10,053,924 10,707,694 11,317,318Other Auxiliary Enterprises 6,112,701 6,024,853 5,152,710Education & Related Activity Sales 3,549,396 4,028,211 4,893,475

Total Sales & Services 37,764,423 39,431,360 41,194,644

Fees 27,590,793 30,445,484 32,146,980

Grants & Contracts 18,559,457 17,030,901 13,971,365

Research Revenue

20.9

24.0

21.3 21.820.5

23.2

30.432.2

28.7

25.8

8.5

9.910.0

8.09.0

5

10

15

20

25

30

35

40

45

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

$ M

illio

ns

Year

Grants & Contracts Revenue 2004-2013(Includes Noncapital Grants - State Passthrough for 2009 - 2013)

State PassthroughGrants & Contracts

State Passthrough is the amount of non-capital state grants that offset certain educational scholarship awards such as the NC Education Lottery Scholarship Program and UNC Need Based Aid.

Research RevenueFacilities & Administrative Indirect Costs

2009-10 2010-11 2011-12 2012-13 2013-14 Projected$0

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

$2,481,861 $2,474,509

$2,149,163

$1,740,818$1,600,000

Page 24

UNCW Expenses

Salaries and Benefits$150,205 (57%)

Supplies and Materials $18,267 (7%)

Services$46,134 (17%)

Scholarships and Fellowships

$16,526 (6%)

Utilities $6,771 (3%)

Depreciation $14,120 (5%)

Interest $11,917 (5%)Other $3 (<1%)

2012 Expense by Nature $263,943($ Thousands)

UNCW Statement of Revenues, Expenses &Changes in Net Position(Dollars in Thousands)

$129,709 $140,028 $145,653

$119,151 $122,572 $110,638

4,891 11,952 24,445

$246,624 $254,608 $252,024

$7,127 $19,945 $28,712

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

Increase in NetPositionOperating Expenses

Capital Gifts, Grants& EndowmentNon-OperatingRevenueOperating Revenue

2010 2011 2012

ASSETSCurrent Assets:

Cash and Cash Equivalents $74,411,120Restricted Cash and Cash Equivalents 21,871,785Receivables, Net (Note 4) 3,861,541Due from State of North Carolina Component Units 103,154Inventories 394,183Notes Receivable, Net (Note 4) 559,607

Total Current Assets 101,201,390

Noncurrent Assets:Restricted Cash and Cash Equivalents 31,577,332Receivables, Net (Note 4) 135,573Endowment Investments 60,749,814Deferred Charges 3,538,509Notes Receivable, Net (Note 4) 5,653,449Capital Assets - Nondepreciable (Note 5) 66,501,850Capital Assets - Depreciable, Net (Note 5) 418,198,314

Total Noncurrent Assets 586,354,841

Total Assets 687,556,231

LIABILITIESCurrent Liabil ities:

Accounts Payable and Accrued Liabil ities (Note 6) 10,837,251Due to Primary Government 1,278,984Deposits Payable 1,197Unearned Revenue 4,391,126Interest Payable 2,087,037Long-Term Liabil ities - Current Portion (Note 7) 6,254,632

Total Current Liabil ities 24,850,227

Noncurrent Liabil ities:Funds Held for Others 7,519,167U. S. Government Grants Refundable 4,392,778Long-Term Liabil ities (Note 7) 251,097,763

Total Noncurrent Liabil ities 263,009,708

Total Liabil ities 287,859,935

Statement of Net Position:

• Equivalent to the “balance sheet” for a for-profit entity• Current and noncurrent classifications are required• Consider notes to the financial statements (i.e. receivables, capital

assets, long-term liabilities, etc.)

Assets

• Capital Assets• Intangible assets are required to be presented within capital

assets• When significant, non-depreciable capital assets are to be

presented separately• Federal Perkins Loan amounts due from borrowers are

recognized as notes receivables

Liabilities

• Amounts payable from restricted assets are generally separately disclosed

• Federal portion of Federal Perkins Loans is recognized as a liability

• Gifts received before all eligibility requirements have been fully met are recognized as a liability

Key GASB Higher Ed Accounting Practices(Balance Sheet)

UNCWYear Ended June 30, 2012

Key GASB Higher Ed Accounting Practices

UNCWJune 30, 2012

Statement of Net Position (cont.):

Net Position

• Focus on unrestricted net position• Unrestricted net position designated for specific use are not

permitted to be presented separately from undesignated unrestricted net position

NET POSITIONInvested in Capital Assets, Net of Related Debt $ 267,350,758Restricted for:

Nonexpendable:Scholarships and Fellowships 24,575,907Research 2,309,027Endowed Professorships 12,724,767Departmental Uses 17,820,314Loans 1,109,745

Expendable:Scholarships and Fellowships 3,771,311Research 41,382Endowed Professorships 830,546Departmental Uses 7,962,675Loans 335,656Debt Service 900,227

Unrestricted 59,963,981

Total Net Position $ 399,696,296

UNCW Statement of Net Positionformerly Statement of Net Assets(Dollars in Thousands)

$351,039 $370,984 $399,696

$262,755 $288,832

$287,860

$613,794 $659,816 $687,556

$0

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

$800,000

Total Assets Total Liabilities Net Position

2010 2011 2012

Net Position

UNCW Net Position

FY10 FY11 FY12Invested in Capital Assets, net of related debt) $229,927,613 $247,002,288 $267,350,758

Restricted Nonexpendable 45,056,161 55,771,543 58,539,760

Restricted Expendable 22,801,543 15,518,651 13,841,797

Unrestricted 53,254,086 52,691,496 59,963,981

$351,039,403 $370,983,978 $399,696,296

Change in Net Assets $19,944,575 $28,712,318

Unrestricted Net Position Defined

• Net Position that is not subject to externally imposed stipulations

• Externally imposed stipulations include stipulations made by:• Root Source of Funds (creditors, grantors, contributors)• Laws or regulations of other governments• Imposed by law through constitutional provisions or enabling legislation

• Includes net position that has been internally designated (defined on next slide)

• Unrestricted net position is generally derived from (not all inclusive): student tuition and fees, auxiliary enterprises, gifts, interest income, and royalties.

Unrestricted Net Position Considerations

• Internally Designated Net Position – Defined• The designation is required to be expressed by (1) the institution itself or (2) a body

(e.g., a budget or finance committee) or official to which the institution has delegated the authority to assign amounts to be used for specific purposes

• The designated funds represent planned actions and not actual commitments• The designation can be subsequently modified or removed

• As universities have numerous programs and initiatives to accomplish their missions to educate the public, they tend to have more types of internally designated net position than other organizations to meet the objectives of each program and initiative. Examples include:

• Human resources• Information technology• Recreational programs• Libraries• Art programs• Alumni relations• Student relations• Patient relations

• Marketing• Trademarks and Patents• Royalties• Fundraising• Legal matters• Accreditation matters• Federal, state and other

compliance

• Academic programs• Research programs• Institutional

advancement• Student housing• Health system• Administration• Capital projects• Athletics programs

Unrestricted Net Position

• Unrestricted Net Position does not equal “Cash”• Operationally a collection of Semi-Autonomous Business Units• “Each boat floats on its own bottom”

FY10 FY11 FY12FY13

(preliminary)Unrestricted Net Assets

Unrestricted Trust 22,155,528 20,941,901 22,459,071 24,364,679 Overhead 2,226,890 2,934,972 3,016,650 2,639,248 Housing 10,072,185 7,961,205 9,902,431 9,710,320 Union 6,298,849 8,492,115 10,679,402 15,066,414 Food Service 3,632,825 3,701,644 3,947,561 3,717,953 Rec Ctr/Intramurals 2,024,614 2,842,151 3,661,119 3,283,614 ITSD Communications 1,141,494 1,512,948 1,628,791 1,794,360 Ed & Tech Fees - - - 1,602,820 Other 5,701,701 4,304,560 4,668,956 8,730,915

Total 53,254,086 52,691,496 59,963,981 70,910,321

* Prior to FY12 Ed & Tech Fees were considered General Funds.

Unrestricted Net PositionMoody’s 2012 Data

Aa3 - 0.27xA1 - 0.28x

Moody’s Medians

Aa3 - 0.48xA1 - 0.42x

.25x

.13x

.17x

.03x

.30x

.24x

.16x

.31x

.12x

.44x

0.00x

0.10x

0.20x

0.30x

0.40x

0.50x

UNCW ASU UNCP FSU WCU

Unrestricted Net Position to annual operating expenses Unrestricted Net Position to current total debt

BUDGET PROCESS


• UNCW operates on the State of North Carolina biennial budget cycle

• The university conducts “budget calls” for eight (8) different budget cycles

• Externally managed:– Office of State Budget and Management (OSBM) – UNC General Administration

• Internally Managed:– University Budget Office

• constant external budget compliance and reporting responsibilities• designed around these external requirements

Background

External Budget Cycles• Biennial Continuation Budget • Biennial Expansion Budget • Biennial Capital Budget• Supplemental Budget (mid term

submission)• Campus Initiative Tuition

Increases (CITI)• Mandatory & Non-Mandatory

Student Fees• Summer School Rate Increases • Enrollment Projections

Internal Budget Cycles• University Annual Allocation

Budget• Special Funds Budgets• Faculty and EPA Legislative Salary

Increases • SPA Legislative Salary Increases• Facilities & Administration

Receipts (Overhead)

Background

Background

• The campus community submits budget requests appropriate for each budget call

• Multiple processes restrict our ability to link comprehensive allocation decisions to any one program initiative

• The fragmented nature limits our creativity and collaboration among departments, schools and divisions

Unified Budget Process

• A unified budget process, responsive to university strategic initiatives, promotes our shared values and encourages collaboration and creativity

NOTE:None of our external compliance and reporting responsibilities will go away.

Align our work to accommodate our internal plans while still meeting all of our external obligations

University Planning, Programming & Budget CalendarYear 1 of Budget

Development CycleYear 2 of Budget

Development Cycle

FY 15 - 17 Biennial Budget FY 2013-14 FY 2014-15

Calendar year 2013

Calendar year 2014 Calendar year 2015

JULY AUGSEP

TOCT NOV DEC JAN FEB

MARCH

APRIL

MAY JUNE JULY AUGSEP

TOCT NOV DEC JAN FEB

MARCH

APRIL

MAYJUN

E

University Planning - identifies strategic priorities for biennium

Budgetary Programming - works w/campus to identify programs to meet strategic direction

UIC proposes new initiatives that support strategic priorities

Budgetary programs reviewed / analyzed by Budget Office / UBC - finalize program budgets

University Analytics team provides analysis to support discussions

Budget Office / UBC identify alternative sources of revenue to meet decisions

Cabinet / Chancellor review / prioritize budget requirements

Enrollment Management Committee develops enrollment projections

Cabinet / Chancellor approve enrollment projections

Annual Allocations (Permanent + One-Time Funding)

Biennal Budgets (Continuation, Expansion, Capital)

Enrollment Growth Projections

Campus-Initiated Tuition Increases

Student Fees

Special Funds (Receipt-supported) Budgets

Summer School Increases

Supplemental Budget (2nd Year of Biennial Cycle)

Mid-Year Adjustments < One-Time Allocations >

Ready to implement by 7/1/13

Strategic Planning Campus identifies strategic priorities for biennium.Ongoing initiatives are evaluated.

University Analytics team provides analysis to support discussions and quantify the goals

Budgetary ProgrammingWorking directly with deans and division directors

Sets out to identify those programs necessary to meet the strategic priorities

Budget AnalysisBudget Office / University Budget Committee (UBC)

Analysis and Review of those programs identified by Budgetary Programming office.

Finalize budgets for each program.

Analyze and identify all funding sources available for each program.

Evaluate Approve External Compliance

DEFINITION:“a budget in which the resources and services are identified by programs or function and not by the organizational units involved in performing all or part of the program and/or “functions”

No more going through divisions for data

Strategic Action Planning Workgroup – Initial Objectives (FY 2015-17)

Journey of Learning • Objective 1 – Meet or exceed all institutional goals in the UNC performance

funding measures.– Graduation Rates of NCCCS Transfer Students– Degrees Awarded in STEM and Health Disciplines– Undergraduate Students graduating with University Honors– Energy Efficiency– Annual Giving– 6-Year Graduation – Retention– Degree efficiency– Degrees awarded to Pell recipients– Financial integrity index (UNC FIT)

• Objective 2 -Ensure that all undergraduates have an applied learning experience (in research/discovery, internships/application, service learning/regional engagement, and/or study abroad/exploration away) that achieves a set of established learning objectives.

Strategic Action Planning Workgroup – Initial Objectives (FY 2015-17)

Love of Place • Objective 3 – Design and develop proposals for advanced health professional

degree programs responsive to health industry needs.

• Objective 4 – Conceptualize, design and fund an industry-linked film production facility consistent with the addition of a graduate program in Film Studies.

Power of Ideas and Innovation• Objective 5 – Develop and implement the CREST (Millennial Campus) model with

initial emphasis on meeting MARBIONC partnership targets.

• Objective 6 – Enhance the regional entrepreneurial community through the launch of the Center for Innovation and Entrepreneurship and related programs.

ENROLLMENT GROWTH FUNDING

Source: Adapted from UNC Enrollment 101 BOG Policy Discussion, Sept. 12, 2013.


Enrollment = Admissions + Retention

• Enrollment increases by:– Bringing in more students; and– Retaining more of the existing students

• BOG and UNCW policies regarding Satisfactory Academic Progress affect enrollment.

Page 46

Enrollment Trends Since 2009Actual Fundable Headcount – Regular Term

Page 47

Fall 2009 Fall 2010 Fall 2011 Fall 2012 Fall 2013 8,000

9,000

10,000

11,000

12,000

13,000

14,000

10,984 11,184 11,453 11,983 12,018

1,165 1,171

1,083

1,084 1,133

Undergraduates Graduates

Enrollment Trends Since 2009Actual Fundable SCHs – Regular Term

2009-10 2010-11 2011-12 2012-13 2013-14 Projected 270,000

280,000

290,000

300,000

310,000

320,000

330,000

340,000

350,000

298,620 302,611 308,599

320,636 321,436

17,348 17,011

15,672

16,094 16,531


Page 48

Enrollment Trends Since 2009Actual Fundable SCHs – Distance Education

Page 49

2009-10 2010-11 2011-12 2012-13 2013-14 Projected -

5,000

10,000

15,000

20,000

25,000

30,000

12,967 16,048 16,643

18,429 19,884

1,235

1,538 1,915

3,390 4,122


Events Leading to Student Credit Hour (SCH) Funding Model• Prior to the SCH Funding Model

• Enrollment funding based on percentage change in full-time equivalent (FTE) enrollment

• Percentage increase in enrollment applied to budget•1995 Session

• Consider alternative approaches to funding University Enrollment, including SCH funding

• Review opportunities for off-campus degree programs and summer school

• 1997 Session• Examine funding required for increasing enrollment in distance

education instruction

Page 50

Student Credit Hour Funding Model for Enrollment Changes• Following the 1997 Session, UNC developed and implemented

an SCH enrollment-change funding model– Initially used for 1998-99 enrollment change– Distance education funded using comparable model

beginning FY 1998-99

• Recognizes program costs and degree level differences to request funding for enrollment changes

Page 51

SCH Enrollment - Change Funding ModelFY 2014-15 Regular Term Request

Change to SCHs SCH per Instructional Position Instructional Positions RequiredU/G Masters Doctoral U/G Masters Doctoral U/G Masters Doctoral

Cat 1 (2,362) 125 0 708.64 169.52 115.56 -3.333 0.737 0.000Cat 2 5,722 (464) 213 535.74 303.93 110.16 10.681 -1.527 1.934Cat 3 2,777 (303) (91) 406.24 186.23 109.86 6.836 -1.627 -0.828Cat 4 (730) 586 0 232.25 90.17 80.91 -3.143 6.499 0.000Totals 5,407 (56) 122 11.040 4.083 1.105

Total SCH Change 5,473 Campus U/G Cost Factor (5%) 0.000

Total Positions Required 16.228Average Teaching Salary $ 78,630 Instructional Salary Amount $ 1,275,996

Other Academic Costs (44.89%) $ 572,864 Total Academic Requirements $ 1,848,860

Library Rate 11.48% $ 212,336

Gen Inst Spt 54.05% $ 999,309 Neg. Adjust Factor: 50.00% $ -

Total Requirements $ 3,060,504

Calculation of Appropriation Request Tuition Total Revenue: FTE Rate FTE x Rate In-State U/G FTEs 197 $ 4,026 $ 793,122 Out-State U/G FTEs -13 $ 16,163 $ (210,115) Res per GS-116-143.6 U/G FTEs $ - In-State Grad FTEs -7 $ 4,163 $ (29,139) Out-State Grad FTEs 11 $ 16,098 $ 177,080 Total FTEs 188 Total Expected Revenue $ 730,947

Appropriation Request $ 2,329,557

UNCW SCH Regular Term Enrollment Model

SCH Enrollment - Change Funding ModelFY 2014-15 Distance Education Request

Change to SCHs SCH per Instructional Position Instructional Positions RequiredU/G Masters Doctoral U/G Masters Doctoral U/G Masters Doctoral

Cat 1 1,271 70 0 708.64 169.52 115.56 1.794 0.413 0.000Cat 2 (392) 1,003 328 535.74 303.93 110.16 -0.732 3.300 2.977Cat 3 2,395 (139) 0 406.24 186.23 109.86 5.896 -0.746 0.000Cat 4 3,046 42 0 232.25 90.17 80.91 13.115 0.466 0.000Totals 6,320 976 328 20.073 3.432 2.977

Total SCH Change 7,624 Campus U/G Cost Factor (5%) 0.000

Total Positions Required 26.483Average Teaching Salary $ 78,630 Instructional Salary Amount $ 2,082,319

Other Academic Costs (44.89%) $ 934,866 Total Academic Requirements $ 3,017,185

Library Rate 11.48% $ 346,515

Gen Inst Spt 54.05% $ 1,630,788 Neg. Adjust Factor: 50.00% $ -

Total Requirements $ 4,994,488

Calculation of Appropriation Request Tuition Total Revenue: SCH Rate SCH x Rate In-State U/G SChs 5,512 $ 136 $ 749,687 Out-State U/G SCHs 808 $ 546 $ 441,200 Res per GS-116-143.6 U/G SCHs $ - In-State Grad SCHs 1,310 $ 204 $ 267,319

Out-State Grad SCHs (6) $ 789 $ (4,735) Total SCHs 7,624 Total Expected Revenue $ 1,453,471

Appropriation Request $ 3,541,017

UNCW SCH Distance Ed Enrollment Model

Categories of InstructionBased on National Study of Instructional Cost and Productivity (Delaware Data)

Category ICommunications & JournalismPsychologySocial SciencesMathematics & StatisticsEnglish Language & LiteraturePhilosophy & Related StudiesSecurity & Protective ServicesHistoryOther

Category IIEducation (not Student Teaching)Area, Ethnic, Cultural & Gender StudiesMulti/Interdisciplinary StudiesBusiness Management, Marketing, & Related ServicesLiberal Arts & Sciences, General

Studies, & HumanitiesParks, Recr., Leisure & FitnessFamily & Consumer Sciences/ Human

SciencesForeign Languages & Literature

Category IIIAgricultural Business & ProductionAgricultural ScienceNatural Resources & ConservationArchitecture and Related ProgramsPublic Administration & Social Service

ProfessionsPhysical SciencesBiological & Biomedical SciencesVisual & Performing ArtsAllied HealthComputer & Information SciencesLibrary ScienceEngineering – Related TechnologiesScience TechnologiesStudent Teaching courses

Category IVEngineeringNursing

Page 54

Change to SCHs

• Enrollment change is based on campus SCH projections.

• Input the incremental number of future SCHs of instruction that are above or below the number of hours of instruction budgeted for the prior fiscal year.

• SCHs are projected separately for:• Undergraduate, masters, and doctoral

instruction (horizontally across)

• Within four levels of program costs, from low to high (vertically down)

Page 55


U/G Masters DoctoralCat 1 (2,362) 125 0Cat 2 5,722 (464) 213Cat 3 2,777 (303) (91)Cat 4 (730) 586 0Totals 5,407 (56) 122

Total SCH Change 5,473

Change to SCHs


U/G Masters Doctoral U/G Masters DoctoralCat 1 (2,362) 125 0 708.64 169.52 115.56Cat 2 5,722 (464) 213 535.74 303.93 110.16Cat 3 2,777 (303) (91) 406.24 186.23 109.86Cat 4 (730) 586 0 232.25 90.17 80.91Totals 5,407 (56) 122


Change to SCHs SCH per Instructional Position

SCH per Instructional Position

• Number of SCHs delivered by a faculty member in each category and level

• Same numbers are used for all campuses

• Based on two data sets:• National Study of Instructional

Cost and Productivity (developed and maintained by the University of Delaware, Office of Institutional Research)

• UNC-specific data on average class sizes

Page 56

• Number of Instructional positions required to meet change in SCH

• Can be positive or negative based on category SCH change

• Calculations = Change to SCHs/ SCH per Instructional Position

Page 57

Instructional Positions RequiredSCH Enrollment - Change Funding ModelFY 2014-15 Regular Term Request

U/G Masters Doctoral U/G Masters Doctoral U/G Masters DoctoralCat 1 (2,362) 125 0 708.64 169.52 115.56 -3.333 0.737 0.000Cat 2 5,722 (464) 213 535.74 303.93 110.16 10.681 -1.527 1.934Cat 3 2,777 (303) (91) 406.24 186.23 109.86 6.836 -1.627 -0.828Cat 4 (730) 586 0 232.25 90.17 80.91 -3.143 6.499 0.000Totals 5,407 (56) 122 11.040 4.083 1.105


Change to SCHs SCH per Instructional Position Instructional Positions Required



Total SCH Change 5,473Campus U/G Cost Factor (5%) 0.000


Undergraduate Cost Factors

• Two cost factors identified by the Board of Governors to recognize special circumstances

• Eligibility is reviewed every year

• Apply only to undergraduate enrollment growth

• Low-income students• More than 1/3 of resident undergraduate

students receive Pell Grants

• Diseconomies of scale• Headcount enrollment less than 6,000

students• Neither apply to UNCW

Page 58




Tota l Pos itions Required 16.228Average Teaching Sa lary 78,630$ Instructional Sa lary Amount 1,275,996$

Other Academic Costs (44.89%) 572,864$ Tota l Academic Requirements 1,848,860$


Calculating Costs

Instructional Salary Rate of Campus• Campus-specific rate, calculated by dividing General Fund

teaching salaries by number of budgeted FTE teaching positions ($64,433,808 / 819.46 FTE = $78,630)

Instructional Salary Amount• Total Positions Required x Instructional Salary Rate

Other Academic Costs• Covers the faculty personnel benefits, academic supplies,

equipment and other instructional costs• Based on the relationship of these costs to faculty salaries

Total Academic Requirements• Instructional Salary Amount + Other Academic Costs

Page 59






Library Rate 11.48% 212,336$

Gen Inst Spt 54.05% 999,309$ Neg. Adjust Factor: 50.00% -$


Calculating Costs

Library Rate• Covers library costs• Based on the relationship of Library Costs to Total Academic

Requirements

General Institutional Support Rate• Covers costs such as student services, academic advising,

registrars, student counseling, financial aid personnel, campus management/maintenance, accounting, internal controls, financial compliance, legal, institutional research, facilities management, human resources, physical plant, campus safety and security

• Based on the relationship of General Institutional Support costs to Total Academic Requirements

Page 60






Library Rate 11.48% 212,336$


Total Requirements 3,060,504$


Calculating Funding Request

Total Requirements = Total Cost• Funds needed for delivery of new SCHs• Total Requirements = Instructional

Salary amount + Other Academic Costs + Library amount + General Institutional Support amount

Page 61




Total Pos itions Required 16.228Average Teaching Sa lary 78,630$ Instructional Salary Amount 1,275,996$

Other Academic Costs (44.89%) 572,864$ Total Academic Requirements 1,848,860$

Library Rate 11.48% 212,336$


Total Requirements 3,060,504$

Calculation of Appropriation RequestTuition

Total Revenue: FTE Rate FTE x Rate In-State U/G FTEs 197 4,026$ 793,122$ Out-State U/G FTEs -13 16,163$ (210,115)$ Res per GS-116-143.6 U/G FTEs -$ In-State Grad FTEs -7 4,163$ (29,139)$ Out-State Grad FTEs 11 16,098$ 177,080$

Total FTEs 188Total Expected Revenue 730,947$

Appropriation Request 2,329,557$


Calculating Funding Request

Calculation of Appropriation Request

• These new students will cover some of the costs through paying tuition

• Tuition Revenue = New FTEs x Tuition Rates

Appropriation Request• = Total Requirements (cost)

less Total Tuition Revenue

Page 62

Timeline for Enrollment Projections

Biennium BudgetYEAR ONE

• Enrollment Memo instructions (early fall)• Campus process takes place• Initial campus submission• Analysis and Review by internal GA team• Dialogue with campus• Final submission to OSBM and FRD

YEAR TWO • Enrollment Memo instructions (later fall)• Campus process revises prior year submission

Page 63

Year End Appropriations(Budget versus Actual)

FY 2009-10 FY 2010-11 FY 2011-12 FY 2012-13 FY 2013-14

Beginning Year Budgeted

102973269 105393488 105976765 93230450 96484692

End of Year - Bud-geted

95407967 94733938 91313808 96878539 NaN

End of Year - Actual

90220051 89349941 91313398 96878528 NaN

$82,500,000

$87,500,000

$92,500,000

$97,500,000

$102,500,000

$107,500,000

-5.44%

0.0%

0.0%

-5.68%

Page 64

Note: Federal stimulus funds replaced appropriations (FY09-10 $7.2M) (FY10-11 $7.5M)

Comparison of Resident to Non-Resident SCHPage 65

SCH Enrollment - Change Funding Model

FY 2014-15 Regular Term Request

Change to SCH's SCH per Instructional Position Instructional Positions Required

U/G Masters Doctoral U/G Masters Doctoral U/G Masters Doctoral

Cat 1 708.64 169.52 115.56 0.000 0.000 0.000

Cat 2 100 535.74 303.93 110.16 0.187 0.000 0.000

Cat 3 406.24 186.23 109.86 0.000 0.000 0.000

Cat 4 232.25 90.17 80.91 0.000 0.000 0.000

Totals 100 0 0 0.187 0.000 0.000

Total SCH Change 100

Campus U/G Cost Factor (5%) 0.000

Total Positions Required 0.187

Average Teaching Salary $ 78,630

Instructional Salary Amount $ 14,677

Other Academic Costs (44.89%) $ 6,589

Total Academic Requirements $ 21,266

Library Rate 11.48% $ 2,442

Gen Inst Spt 54.05% $ 11,494

Neg. Adjust Factor: 50.00% $ -

Total Requirements $ 35,203


Tuition

Total Revenue: FTE Rate FTE x Rate

In-State U/G FTE's 3 $ 4,026 $ 13,601

Out-State U/G FTE's $ 16,163 $ -

Res per GS-116-143.6 U/G FTE's $ -

In-State Grad FTE's $ 4,163 $ -

Out-State Grad FTE's $ 16,098 $ -

Total FTE's 3

Total Expected Revenue $ 13,601

Appropriation Request $ 21,602

SCH Enrollment - Change Funding Model

FY 2014-15 Regular Term Request

Change to SCH's SCH per Instructional Position Instructional Positions Required

U/G Masters Doctoral U/G Masters Doctoral U/G Masters Doctoral

Cat 1 708.64 169.52 115.56 0.000 0.000 0.000

Cat 2 100 535.74 303.93 110.16 0.187 0.000 0.000

Cat 3 406.24 186.23 109.86 0.000 0.000 0.000

Cat 4 232.25 90.17 80.91 0.000 0.000 0.000

Totals 100 0 0 0.187 0.000 0.000

Total SCH Change 100

Campus U/G Cost Factor (5%) 0.000

Total Positions Required 0.187

Average Teaching Salary $ 78,630

Instructional Salary Amount $ 14,677

Other Academic Costs (44.89%) $ 6,589

Total Academic Requirements $ 21,266

Library Rate 11.48% $ 2,442

Gen Inst Spt 54.05% $ 11,494

Neg. Adjust Factor: 50.00% $ -

Total Requirements $ 35,203


Tuition

Total Revenue: FTE Rate FTE x Rate

In-State U/G FTE's $ 4,026 $ -

Out-State U/G FTE's 3 $ 16,163 $ 54,604

Res per GS-116-143.6 U/G FTE's $ -

In-State Grad FTE's $ 4,163 $ -

Out-State Grad FTE's $ 16,098 $ -

Total FTE's 3

Total Expected Revenue $ 54,604

Appropriation Request $ (19,401)

Comparison of Resident to Non-Resident SCHPage 66

Scenario One Scenario Two

AssumptionsNumber of Cat 2 SCHs 100 100In-State U/G FTEs 3 0Out-of-State U/G FTEs 0 3

Total Requirement $35,203 $35,203

Funding SourcesTuition $13,601 $54,604Appropriations Request $21,602 ($19,401)

Net Revenue to UNCW $35,203 $35,203

• Mandated increase in out-of-state tuition results in no change in funding

Fundable SCHs (FY 07-08 thru FY 13-14)

Page 67

Regular Term FY 2007-08 FY 2008-09 FY 2009-10 FY 2010-11 FY 2011-12 FY 2012-13 FY 2013-14 Projected

UG-Resident 240,752 246,692 249,376 250,189 256,103 268,685 270,089

UG-Non Resident 48,721 47,659 49,244 52,422 52,496 54,661 51,446

Grad - Resident 13,082 14,449 14,723 14,393 13,422 13,505 13,902

Grad - Non Resident 2,039 2,375 2,625 2,618 2,250 2,589 2,648

S/T - RTI 304,594 311,175 315,968 319,622 324,271 339,440 338,085

Distance EducationUG-Resident 8,401 10,573 12,624 15,451 15,903 11,326 20,661

UG-Non Resident 240 325 343 597 741 644 1,555

Grad - Resident 694 1,179 1,168 1,374 1,708 1,921 3,867

Grad - Non Resident 48 51 67 164 207 126 260

S/T - DE 9,383 12,128 14,202 17,586 18,559 14,017 26,343

Total - All Fundable SCHs 313,977 323,303 330,170 337,208 342,830 353,457 364,428

Total Increase 50,451

% Increase 16.1%

APPROPRIATIONS, TUITION & STUDENT FEES


Student Tuition – Resident StudentsFY 07-08 thru FY 13-14

FY 2007-08 FY 2008-09 FY 2009-10 FY 2010-11 FY 2011-12 FY 2012-13 FY 2013-14

UG-Res 2413 2459 2565 3028.5 3225.35 3743 4026

Grad-Res 2714 2769 2949 3420.6 3642.94 3879.73 4162.73

MBA-Res 3217 3272 3452 3933.6 4189.28 4689.28 4972.28

MSA-Res 3217 3272 3452 3933.6 4189.28 4461.58 4744.58

$500

$1,500

$2,500

$3,500

$4,500

4.3%

18.1%6.5%

6.3%1.7% 5.5%

14.0% 6.5%

7.6% 2.0%

6.5%

16.1%

6.5%

11.9% 6.0%

7.3%

7.6%

8.6% 1.9%

6.5%

16.0%

Note: In FY 2010-11, CITI increase was 2%, coupled with $411 supplemental tuition increase to meet legislative reductions. In FY 2012-13, CITI increases included 6.5% , coupled with year-1 “catch-up” of $308.00.

6.5%6.3%

Page 69

Cumulative Increase

Average Increase

UG-Res 66.8% 11.1%Grad-Res 53.4% 8.9%MBA-Res 54.6% 9.1%MSA-Res 47.5% 7.9%

Student Tuition – Non-Resident StudentsFY 07-08 thru FY 13-14

FY 2007-08 FY 2008-09 FY 2009-10 FY 2010-11 FY 2011-12 FY 2012-13 FY 2013-14

UG-NRes

12376 12626 13447 14127.5 15045.79 15845.79 16128.79

Grad-NRes

12579 12829 13663 14348.6 15281.26 15781.26 16064.26

MBA/MSA-NRes

13078 13328 14162 14857.6 15823.34 16323.34 16606.34

$12,500

$13,500

$14,500

$15,500

$16,500

5.1%

6.5%

1.7%

6.5%

1.8%2.0%

6.5%

1.9%

5.3%

3.2%

3.3%

1.7%

1.8%

1.8%

1.8%2.0%

6.5%

5.0%6.3%

4.9%

6.5%

Page 70

Note: In FY 2010-11, CITI increase was 2%, coupled with $412 supplemental tuition increase to meet legislative reductions. In FY 2012-13, CITI increase was 3.3%, coupled with $300.00 year -1 “catch-up” for undergraduate non-resident students.

Cumulative

IncreaseAverage

IncreaseUG-NRes 30.3% 5.1%Grad-NRes 27.7% 4.6%MBA/MSA-NRes 27.0% 4.5%

What Tuition Means to UNCWFY14 Projected

Tuition Revenues

Regular Term Instruction

Resident Students $38,559,022

Non-Resident Students 28,124,167

Subtotal – Regular Term $66,683,189

Distance Education (includes RN to BSN AP program)

Resident Students $3,337,875

Non-Resident Students 765,499

Subtotal – Distance Education $4,103,374

Total Tuition Revenue $70,786,563

Page 71

Year End Appropriations(Budget versus Actual)

FY 2009-10 FY 2010-11 FY 2011-12 FY 2012-13 FY 2013-14

Beginning Year Budgeted

102973269 105393488 105976765 93230450 96484692

End of Year - Bud-geted

95407967 94733938 91313808 96878539 NaN

End of Year - Actual

90220051 89349941 91313398 96878528 NaN

$82,500,000

$87,500,000

$92,500,000

$97,500,000

$102,500,000

$107,500,000

-5.44%

0.0%

0.0%

-5.68%

Page 72

Note: Federal stimulus funds replaced appropriations (FY09-10 $7.2M) (FY10-11 $7.5M)

FY 2013-14 UNCW Mandatory Student Fees

Mandatory Fee Allocation Annual AmountStudent Services $24.00 Athletics 538.55 Health 190.50 Media 12.50 SGA 53.00 Student Union 129.00 Recreation & Intramurals 253.00 Postal 15.00 Athletic Facilities Operating 107.50 Cultural Events - Academic Affairs 30.15 Cultural Events - Student Affairs 10.00 Union Debt 0.00 Union Expansion Debt 212.00 Westside Expansion Debt 20.00 Recreation Debt 0.00 Recreation Expansion Debt 216.40 Leadership 21.00 ID/Debit Card 9.00 Education & Technology 398.50

Subtotal – General & Debt Fees $2,240.10Transportation 76.00 Association of Student Gov't 1.00

Subtotal – Miscellaneous Fees $77.00

Total Mandatory Fees $2,317.10

FY 2013-14 Total Mandatory Student Fees (General Fees + Debt)

Appalachian State University $2,604.00

UNC Charlotte $2,487.00

UNC Asheville $2,445.00

Western Carolina University $2,427.00

UNC Greensboro $2,390.00

UNC Wilmington $2,240.70

Winston-Salem State University $2,233.16

East Carolina University $2,125.00

North Carolina A&T State University $2,044.50

North Carolina State University $2,017.15

North Carolina Central University $1,989.09

UNC Pembroke $1,852.00

Fayetteville State University $1,837.00

UNC Chapel Hill $1,699.98

Elizabeth City State University $1,651.65

Does not include Miscellaneous Fees

Mandatory Student FeesFY 07-08 thru FY 13-14

FY 2007-08 FY 2008-09 FY 2009-10 FY 2010-11 FY 2011-12 FY 2012-13 FY 2013-14

Mandatory Fees 1985.4 2068.15 2401.8 2387.4 2446.2 2455.7 2317.1

$500

$1,500

$2,500 16.1% -0.6%2.5%

0.4%-5.6%

2.4%4.2%

Page 75

Cumulative Increase

Average Increase

Mandatory Fees 16.7% 2.8%

Summary of Changes to State Budget

Page 76

FY 13-14 FY 14-15 Variance

Enrollment Growth $3,607,600 $8,054,992 $4,447,392

CITI $3,513,972 $0 ($3,513,972)

Fees * $26,493,721 $27,494,165 $1,000,444

Total $33,615,293 $35,549,157 $1,933,864

* Based on "budgeted student FTE" (FY13-14: 11,434; FY14-15: 11,622)

board of trustees financial workshop december 2, 2013

Documents

specific rating

rating agency

debt policies

debt structure

financial ratios

causes of rating changespage

maximum debt burden

debt management page