Operating Revenues
| Operating Revenues | 2022 Actual | 2023 Actual | 2024 Budget |
|---|---|---|---|
| Tuition and Fees (net of tuition discounts of $240.1 million, $252.2 million, and $261.6 million, respectively) |
$657,177 | $693,105 | $727,730 |
| Commonwealth Appropriation | 193,266 | 193,076 | 204,071 |
| Commonwealth Construction Grants | 28,406 | 13,419 | 39,786 |
| Research Grants and Contracts | 1,007,555 | 1,132,456 | 1,165,371 |
| Grants and Contracts - HEERF | 57,678 | 29,831 | -- |
| Contributions for Operations | 66,905 | 59,161 | 65,367 |
| Endowment Distributions and Investment Income | 186,952 | 238,202 | 249,409 |
| Sales and Services and Other | 527,008 | 571,222 | 570,813 |
| TOTAL OPERATING REVENUES | $2,724,947 | $2,930,472 | $3,022,547 |
Operating Expenses
See Functional Expenses table below for these figures expressed as functional expenses.
| Operating Expenses | 2022 Actual | 2023 Actual | 2024 Budget |
|---|---|---|---|
| Salaries and Wages | $1,197,205 | $1,298,186 | $1,354,600 |
| Fringe Benefits | 366,361 | 368,851 | 382,848 |
| Total Compensation | 1,563,566 | 1,667,037 | 1,737,448 |
| Supplies | 133,846 | 148,482 | 150,294 |
| Business and Professional | 422,375 | 517,033 | 521,007 |
| Facilities | 99,047 | 116,714 | 122,518 |
| Depreciation | 195,453 | 205,073 | 222,285 |
| Interest | 51,483 | 58,751 | 49,144 |
| Rent | 65,683 | 53,367 | 62,372 |
| Other | 63,878 | 46,159 | 39,570 |
| TOTAL OPERATING EXPENSES | $2,595,331 | $2,812,616 | $2,904,638 |
Change in Net Assets from Operating Activities
| 2022 Actual | 2023 Actual | 2024 Budget | |
|---|---|---|---|
| Change in Net Assets from Operating Activities | $129,616 | $117,856 | $117,909 |
Other Activities
| Other Activities1 | 2022 Actual | 2023 Actual | 2024 Budget |
|---|---|---|---|
| Investment Gains (Losses), net of Endowment Distributions for Operations | ($233,440) | ($93,513) | n/a |
| Contributions for Endowment | 51,475 | 48,964 | n/a |
| Change in Fair Value of Interest Rate Swaps | 41,868 | 17,159 | n/a |
| Other Components of Net Periodic Benefit Cost | (20,985) | (23,616) | n/a |
| Nonperiodic Changes in Benefit Plans | 208,932 | 68,736 | n/a |
| TOTAL OTHER ACTIVITIES | $47,850 | $17,730 | n/a |
Change in Net Assets
| 2022 Actual | 2023 Actual | 2024 Budget | |
|---|---|---|---|
| CHANGE IN NET ASSETS | $177,466 | $135,586 | $117,909 |
| NET ASSETS, BEGINNING OF YEAR | $6,549,220 | $6,726,686 | $6,862,272 |
| NET ASSETS, END OF YEAR | $6,726,686 | $6,862,272 | $6,980,181 |
Functional Expenses
Based on Operating Expenses shown above.
| Functional Expenses | 2022 Actual | 2023 Actual |
|---|---|---|
| Academics | $1,014,609 | $1,100,336 |
| Research and Related | 984,560 | 1,083,421 |
| Student Services | 235,850 | 243,482 |
| Auxiliary Enterprises | 164,165 | 169,357 |
| Support Services | 196,247 | 216,020 |
| TOTAL FUNCTIONAL EXPENSES | $2,595,331 | $2,812,616 |
Note: Actual and budgeted figures are for the total University and are reported in thousands.
1 These nonoperating activities are not included in the budget due to the inherent difficulty of projecting investment decisions, market fluctuations and changes in actuarial assumptions.
Source: Office of Budget and Financial Reporting, October 2023.