Fiscal 2003 was another very successful year for St. John’s.
In the Fall of 2002, the University enrolled the largest freshman
class since 1986. Donovan Hall, the sixth residence hall completed
since 1997, opened its doors to a student resident population that
now exceeds 2,000 students. Also in the Fall of 2002, Belson
Stadium, one of the premier college soccer facilities in the
country opened its doors to St. John’s women’s and nationally
ranked men’s soccer teams. The University realized an operating
surplus of $9.4 million, the largest in recent years, and added
$5.2 million to its permanent endowment.
The University’s financial condition remains strong despite a
further decline in the value of its investment portfolio resulting
from continued softness in the equity markets.
The University’s financial position as of May 31, 2003, and its
operating results for the year then ended are presented in the
accompanying statements, which have been prepared by the
University’s management in accordance with reporting and accounting
standards established by the Financial Accounting Standards Board
for not-for-profit organizations.
As presented in the accompanying balance sheet, total assets
were $695.1 million at May 31, 2003, as compared to $734.6 million
at May 31, 2002. The decrease is due primarily to the decline in
the value of the University’s portfolio caused by continued
declines in the stock market and the liquidation of $25 million in
investments used to enter into equity swaps as an efficient means
of providing short-term working capital funds.
St. John’s continued to develop its Master Facilities Plan and
added $45 million of completed construction projects, comprised
primarily of a new residence hall, soccer stadium and enhanced
parking facilities. The construction was financed with the proceeds
from tax-exempt financing issued through the Dormitory Authority of
the State of New York and private contributions. Total assets and
total net assets are presented in the accompanying chart.
The Statement of Activities presents the change in net assets
for each of the University’s net asset categories, unrestricted,
temporarily restricted and permanently restricted for the years
ended May 31, 2003 and 2002. Total operating revenues increased
$19.9 million, or 7.2 percent, to $295.7 million. Total operating
expenses increased $12.9 million, or 4.7 percent, to $286.3
million. Net assets from operating activities increased $9.4
Non-operating activities consist of the decrease in the value of
the University’s investments after accounting for investment return
utilized in operations.
Temporarily restricted net assets decreased $9.1 million in
2003, while permanently restricted net assets increased $5.2
In 2003, total net assets decreased $12.2 million.
The two pie charts that follow present the composition of total
operating revenues and total operating expenses for fiscal year