Drexel’s bold strategic direction and growing impact are underpinned by smart resource management, a commitment to efficiency and careful stewardship of the tuition, research and philanthropic funds entrusted to us. The result is excellent financial health that allows us to invest in University priorities. The summary below and the consolidated statements linked here are presented to Drexel’s numerous stakeholders in the interest of transparency and good governance.
- Consolidated Statement of Activities [PDF].
- Consolidated Statement of Financial Position [PDF].
Financial Position at the End of FY2012
As of June 30, 2012, Drexel’s total net assets grew to $946.3 million from $852.2 million in 2011 and included $429.0 million that is unrestricted, $240.9 million temporarily restricted for specific purposes and $276.5 million permanently restricted for endowments and student loans.
- Cash remained strong at $70.6 million, due to strong financial results and slower than anticipated capital expenditures.
- Contributions receivable increased slightly to $101.0 million as new pledges continue to be added to replace collections.
- Accounts receivable amounted to $116.4 million, including student charges of $54.4 million, $52.6 million for sponsored program grants and contracts, patient charges of $6.3 million and $3.1 million due to the College of Medicine from Tenet Healthcare Corporation.
- Total liabilities increased by $22 million driven by higher payables and accrued expenses and retirement liabilities offset by $13 million of retired debt.
- The increase in net assets also reflects the addition of $66.5 million in net assets of the Academy of Natural Sciences at fair value, primarily in investments and fixed assets, as of the effective date of the affiliation on September 30, 2011.
Total revenue amounted to $716.2 million, exceeding the Board-approved budget as the result of higher net tuition and auxiliary enterprise revenue due to higher enrollment and strong fundraising from the capital campaign.
Expenses of $651.1 million compared favorably with the budget.
The change in net assets from operating activities was $63.9 million.
The total change in net assets was $94.2 million and includes in nonoperating activity the $66.5 million in net assets acquired from the Academy of Natural Sciences (as noted above), endowed gifts offset by realized and unrealized loss on investments net of endowment payout, and other expenses.
At June 30, 2012, the Portfolio market value was approximately $566.5 million including certain participating trusts and non-pooled investments, up from $536.5 million at the end of the last fiscal year (June 30, 2011). This includes the $45.6 million Academy of Natural Sciences endowment. Performance of total pooled assets was -0.1 percent, which is in line with FY2012 market conditions.
Strategic Plan >