Idaho State University releases financial information: University in best financial shape in last six years, despite economic downturn
Posted October 22, 2010
Idaho State University had an increase of net assets of $14.7 million for fiscal year 2010 – its best financial record in the last six years – despite the national and local economic downturn that necessitated holdbacks from the state of Idaho the last two years.
The University presented its most recent, published and audited financial statements at the Idaho State Board of Education meeting in mid-October.
"We're very pleased because this reflects the best financial position Idaho State University has been in the last six years," said James Fletcher, Vice President for Finance and Administration. "The bottom line is: everything that should be going up is going up, and everything that should be going down is going down."
Without the state holdback last year, ISU would have had its best financial performance in over 20 years.
ISU had net assets of $11.1 million a year ago and $600,000 two years ago.
ISU reduced its long-term debt by $3.8 million and its reserves are up to $4.9 million, the latter up from only $200,000 three years ago. The University's revenues are up by about $6.3 million and its expenses are down about $8.4 million.
"Despite the state and nation's bad economic times we've improved our financial standing, and there have been no layoffs, no salary reductions and no furloughs for our employees," Fletcher said.
Revenues are mainly up due to increased overall enrollment, and increased enrollment of graduate, out-of-state and international students. The increase in tuition and fees last year improved revenues by about $5 million.
"Although the tuition and fees were up by $5 million, the amount of scholarships and financial aid we offered is also up by $5 million, so the increase in tuition and fees has not been borne by students of the least economic means," Fletcher said.
Expenses are down primarily due to the university's adoption of the Increased Personnel Action Scrutiny Program that manages personnel decisions; reductions in expenses such as travel and magazine/journal subscriptions; and reductions of some capital expenditures.
Other financial highlights pointed out by Fletcher include that the ISU Athletics deficit has been erased and residence hall occupancy is near capacity. ISU has saved about $650,000 in administrative costs since the adoption of the University's reorganization on July 1, at the start of the 2011 fiscal year.
"For the last two years ISU has presented plans to increase compensation to ISU employees, but so far these plans have not been accepted," Fletcher said. "However we will try again this year."
About Idaho State University
Idaho State University, a Carnegie-classified doctoral research institution is a leader in a broad range of innovative research, teaching and learning through its six colleges and Division of Health Sciences. With 15,500 students, ISU offers 280 certificate and degree programs, including health care, energy and the environment, to name a few. Visit ISU today at www.isu.edu.