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Santa Clara University Annual Report 2015

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Annual report just completed for our client Santa Clara University. Awesome school: Many students hold both L-brain and R-brain majors. Created by DONNAN Creative Strategy. donnan.biz

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Santa Clara University Annual Report 2015

  1. 1. PMS 201 PMS 201 TWO LINES WHITE WHITE ON BLACK S A N TA C L A R A U N I V E R S I T Y S A N TA C L A R A U N I V E R S I T Y S A N TA C L A R A U N I V E R S I T Y WHITE ON PMS 201 S A N TA C L A R A U N I V E R S I T Y S A N TA C L A R A U N I V E R S I T Y Operating Financial Statements Annual Report Fiscal Year 2015 Strategically Led. Academically Integrated. Fiscally Sound.
  2. 2. Robust Results, Driven by Student Demand Santa Clara University (SCU) concluded its Fiscal Year 2015 with both impressive student demand and equally as impressive operational and fiscal output. For the fiscal year ending June 30, 2015, student engagement in academic programs continued a heritage of embracing vibrant integrated curricula, challenging academic standards, and dedication to holistic learning. Debuting this year, the Santa Clara 2020 Strategic Plan provides an innovative and clear directional compass for the institution. The Plan is also a consistent source of guidance to academics and administrators regarding decision-making at all levels of the organization. Innovative policy decisions made by the Board of Trustees ensure that SCU maintains its path toward consistently sound financial outcomes. 2
  3. 3. High Rankings by Influential Sources U.S. News & World Report ranked Santa Clara University #2 in Regional Universities (West), in the 2015 U.S. News Best Colleges. Also noteworthy, the School of Engineering placed #12 among Master’s degree-level institutions. PayScale ranked the SCU Leavey Business School #4 in “Return on Investment.” And lastly, The Princeton Review ranked SCU 19th in its “Top 50 Green Colleges” list. Gifts That Ignite Transformation The University received several extraordinary and transformational gifts in FY2015 that support our people and programs. First, Phil and Peggy Holland donated $ 10 million to support entrepreneurial education at SCU. Next, Howard and Alida Charney donated $ 10 million to support the construction of the new Law School building. And Jeff and Karen Miller graciously donated $ 25 million to strengthen the Miller Center for Social Entrepreneurship. Fundraising in FY2015 resulted in total gifts of $ 83.1 million, of which $ 29.8 was cash. The University is grateful for another year of generous and record-setting external support. Currently, the University is in the silent phase of “SCU Momentum,” an ambitious fund-raising campaign, the proceeds from which will help us to implement and achieve the groundbreaking strategies outlined in Santa Clara 2020. 3
  4. 4. UNDERGRADUATE TUITION GRADUATE TUITION STUDENT FEES ENDOWMENT INCOME AUXILIARIES ANNUAL GIFTS OTHER $ 0 $ 50 $ 100 $ 150 $ 200 $ 250 56% 19% 2% 7% 9% 3% 4% Operating Financial Results The FY2015 financial statements represent the operational activities of Santa Clara University and are consistent with the approved budget for the fiscal year. Annual net tuition and fees continued to increase as outlined in Chart 1, reflecting the University’s student recruiting efforts, approved rate increases, and strong undergraduate retention. From Fall 2013 to Fall 2014, SCU’s undergraduate enrollment grew modestly from 5,235 to 5,237 full- time equivalents. Over the same period, total graduate and Law School enrollment grew from 2,799 to 3,280, an increase of 17%. Net tuition and fees (tuition and fees less student financial aid) represented 71% ($ 238 million) of SCU’s operating revenue in FY2015 — as compared to 69% ($ 229 million) in FY2014. 4 TUITION & FEES FY 11 FY 12 FY 13 FY 14 FY 15 FINANCIAL AID NET $ 270.7 -$ 62.9 $ 207.8 $ 280.7 -$ 68.8 $ 211.9 $ 288.5 -$ 73.5 $ 215 $ 308.7 -$ 80 $ 228.7 $ 322.2 -$ 83.6 $ 238.6 NET TUITION AND FEES ($ MILLIONS) FY2015 SOURCES OF REVENUE ($ MILLIONS) Source: Management Report Chart 1 Chart 2
  5. 5. FY 11 Tuition & Fees Operating Expense $ 0 $ 100 $ 200 $ 300 $ 400 FY 12 FY 13 FY 14 FY 15 The University continues to invest in instruction and academic support, which totaled $ 169 million in FY2015, compared to $ 165 million in FY2014. Personnel total compensation was the major driver of expenditures excluding financial aid. Compensation, including salaries and benefits, accounted for 60% of expenditures, net of financial aid. (See Chart 3) As is SCU’s tradition, the University maintained its focus on the cost of education, by minimizing expenses for students and families wherever possible. Chart 4 outlines SCU’s year-over-year tuition and fees versus operating expenses. The University closely manages its costs in order to limit increases in tuition, room, and board, while still actively investing in programs that support the Strategic Plan and SCU’s Jesuit values. 5 FACULTY SALARIES STAFF SALARIES BENEFITS OPERATING EXPENSES STUDENT WAGES LIBRARY ACQUISITIONS CAPITAL SPENDING DEBT PAYMENT FINANCIAL AID $ 0 $ 20 $ 40 $ 60 $ 80 FY2015 EXPENDITURE BREAKOUT ($ MILLIONS) GROSS TUITION & FEES VS ANNUAL OPERATING EXPENDITURES ($ MILLIONS) Chart 3 Chart 4
  6. 6. The University’s current first-year admission rate shows that SCU is more selective in terms of admission criteria, as compared to our rate 10 years ago, as depicted in Chart 5. Another indication of increased student academic quality is this year’s median first-year SAT score of 1,300, compared to scores of the past 10 years, as shown in Chart 6. 6 FIRST-YEAR ADMISSION RATE FIRST-YEAR MEDIAN SAT BASED ON FALL ENROLLMENT BASED ON FALL ENROLLMENT Chart 5 Chart 6 2005 2006 2007 2008 2009 2010 2013 201420122011 0% 10% 20% 30% 40% 50% 60% 70% 2005 2006 2007 2008 2009 2010 2013 201420122011 1160 1180 1200 1220 1240 1260 1280 1300
  7. 7. Endowments Through June 30, 2015, SCU’s 1-year, 5-year, and 10-year average annualized rate of return on endowment (net of fees) was 4.2%, 10.2% and 6.6%, respectively, which exceeded peer universities and investment policy guidelines. Chart 7 presents the rate of return for the past 10 years. The market value of endowment investments was $ 885 million on June 30, 2015, up from $ 875 million in 2014. New gifts to the endowment were $ 12 million in FY2015. The spending formula resulted in $ 29 million of endowment support for faculty, student scholarships, and academic programs this fiscal year. 7 ANNUAL ENDOWMENT RETURN PERFORMANCE Chart 7 2006 0% 10% 20% 30% -30% -20% -10% 2007 2008 2009 2010 2011 2012 2013 2014 2015 SCU Endowment Policy Portfolio Global 60/40 ACWI
  8. 8. Financial Position SCU’s net assets have increased significantly over the past 10 years, reaching a total of $ 1.5 billion in FY2015, up from $ 935 million in FY2006, as depicted in Chart 8. SCU continues its investment in facilities to support the University’s academic programs and growth plans. In FY2015, the University completed the following: • a major renovation of Walsh and McLaughlin Residence Halls; • renovation and reconstruction of Stevens’ Stadium; • construction of the Stevens’ Soccer Training Facility; • creation of Alviso Mall between Franklin and Santa Clara Streets; • improvements to the softball stadium; and • several major infrastructure projects. In total, the University spent $ 60 million on capital projects in FY2015. Chart 9 outlines the growing investment the University has made in facilities and equipment over the past 10 years. SCU’s total outstanding debt as of June 30, 2015 — including capitalized leases — was $ 249 million, an increase from $ 225 million on June 30, 2014. The increase was in large part due to the capitalized lease on Guadalupe Hall, which now provides a facility for our expanding graduate programs. As a result, debt as a percentage of net assets increased to 16.7% in FY2015 from 15.6% in FY2014. (See Chart 10) 8 TOTAL NET ASSETS ($ THOUSANDS) NET PLANT ASSETS ($ THOUSANDS) DEBT/NET ASSETS Chart 8 Chart 9 Chart 10 20152006 2007 2008 2009 2010 2013 201420122011 $ 0 $ 200,000 $ 400,000 $ 600,000 $ 800,000 $ 1,000,000 $ 1,200,000 $ 1,400,000 20152006 2007 2008 2009 2010 2013 201420122011 $ 0 $ 100,000 $ 200,000 $ 300,000 $ 400,000 $ 500,000 $ 600,000 $ 700,000 20152006 2007 2008 2009 2010 2013 201420122011 0% 5% 10% 15% 20%
  9. 9. 9 Santa Clara University’s financial health continues to be solid and strong. In August 2015, Moody’s Investor Services concurred with this statement by reaffirming the University’s Aa3 bond rating. University leadership is committed to building on these notable results in FY2016.
  10. 10. 500 El Camino Real, Santa Clara, CA 95053 www.scu.edu © 2015 Santa Clara University. All rights reserved. All registered trademarks, trademarks, and service marks used herein are sole property of Santa Clara University.

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