St. John’s University’s financial condition continued to improve
in fiscal 2005. In March 2005 the University completed a very
successful $118.4 million bond offering. Approximately one half of
the proceeds from the offering were used to retire higher interest
debt. The balance of the proceeds will be used to fund current
Facilities Master Plan projects including the recently
completed Taffner Field House and a $20 million commitment to the
University’s Science Master Plan. Reflective of its emphasis on
fiscal responsibility, St. John’s continued its uninterrupted
history of operating surpluses. For fiscal 2005, operating revenues
exceeded operating expenses by $14 million, the highest such amount
in recent history. St. John’s commitment to provide an affordable,
quality education to those most in need also continued. During
fiscal 2005 the University awarded over $100 million in
institutional financial aid.
The University’s financial position as of May 31, 2005, 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 sheets, total assets
were $830.6 million at May 31, 2005, as compared to $742.6 million
at May 31, 2004. The increase is due to an increase of $46.6
million in funds held by bond trustees, an increase of $26.1
million, or 12 percent, in the value of the University’s
investments portfolio and net additions to plant assets of $14.8
Total assets and total net assets are presented in the
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, 2005, and 2004. Total operating revenues increased
$16.3 million, or 5 percent, to $331.1 million. Total operating
expenses increased $15.6 million, or 5 percent, to $317.1 million.
Operating revenues exceeded operating expenses by $14.0
Non-operating activities include investment return in excess of
the amount utilized in operations of $16.6 million and one-time
charges of $9.0 million which, when combined with operating income,
increased unrestricted net assets by $21.7 million, or 8 percent,
to $280.6 million.
Temporarily restricted net assets decreased by $7.4 million, or
18 percent to $32.7 million, while permanently restricted net
assets increased $4.6 million, or 10 percent, to $50.8 million.
Total net assets increased $18.9 million, or 5 percent, to
The pie charts present the composition of total operating
revenues and total operating expenses for fiscal year 2005.