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Board approves May 2025 financial report after finance committee update
Summary
The board approved the May 2025 financial report after a finance committee presentation showing tuition and fees near budget, a year-to-date operating deficit and higher cash than a year earlier as capital projects near completion.
The Board of Governors approved the May 2025 financial report following a presentation from Daniel Cook, who summarized the university’s fiscal-year-to-date results through May 31.
Cook told the board that tuition and fees for the year totaled $30,000,008.57, or about 97.8% of the budgeted amount, and that total revenues were tracking to roughly 92.6% of budget with a likely finish near 93%. He said revenue was down about $1.3 million overall largely because of timing and reductions in grant activity but noted that, excluding federal, state and nongovernmental grants, the institution was up about $1.23 million (3%) compared with the prior fiscal year.
On the expense side, Cook reported expenses of $70,323,004.90 on a $76 million budget, producing an operating loss reported in the presentation as $25,350,000. He attributed favorable movement on salaries to open-position savings and said travel, utilities and supplies presented year‑end levers to narrow gaps. Cook also cited a projected FY26 fringe-rate change and a $512,000 increase in medical insurance costs for 2025 versus 2024.
Cook noted capital-project timing for Hearns and Potter halls: unspent FY25 project dollars would carry to FY26 and that Potter’s furniture delivery and Hearns’ final punch list were imminent. He reported total cash of $9,271,006.72 on May 31, up from $7,030,008.32 the prior year, a point-in-time increase Cook said reflected timing on the holding-center project.
Chair called for a motion to approve the May 2025 financial report. After a motion, a second and a voice vote, the chair declared the motion passed.
The board also heard that the FY25 financial-aid audit will begin in July and the broader audit work with Mazars will follow in September; the audit conclusion is expected in October. The board was told the Fortis contract is ending and an RFP will follow.
Next steps: the board ratified the voice-approval of the May 2025 report and will receive the audit findings when available.
