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University of Georgia Financial Overview Where does it come from, where does it go?

University of Georgia Financial Overview Where does it come from, where does it go?. October 15, 2013 Ryan Nesbit– Interim Vice President for Finance & Administration. UGA - FY 2014 Budget Sources. $ 402 M – State Appropriations $ 13 M – Federal Appropriations $ 515 M – Internal Revenue

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University of Georgia Financial Overview Where does it come from, where does it go?

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  1. University of Georgia Financial Overview Where does it come from, where does it go? October 15, 2013 Ryan Nesbit– Interim Vice President for Finance & Administration

  2. UGA - FY 2014 Budget Sources $ 402 M – State Appropriations $ 13 M – Federal Appropriations $ 515 M – Internal Revenue $ 293 M – Sponsored Sources $ 196 M – Auxiliary Enterprises $ 34 M – Private Funding $1.454 Billion

  3. UGA - Funding Source Summary FY 2014 FY 2002

  4. FY 2014 State Budget (by Policy Area) As Percent of Total State Fund Budget - $19.9 Billion

  5. FY 2002 State Budget (by Policy Area) As Percent of Total State Fund Budget - $15.8 Billion

  6. University System of Georgia - State Funds (Total University System funding in Billions)

  7. USG - State Funding Per Student FTE

  8. UGA - Funding Source Summary FY 2014 FY 2002

  9. UGA State Funding Trend (in millions) $495.3 7% cut $459.5 22% cut 24% cut 24% cut $386.9 27% cut 28% cut $377.5 $376.3 $363.2 $358.9

  10. State Funding Trend FY 2014 FY 1999 $ 386.9M $ 387.9 M 34,500 students 29,693 students Students, Buildings and Salary/Benefit Obligations More

  11. Increased “Nondiscretionary” Costs • FY2000FY2013 • Salaries/Benefits: • (40% Increase) $422M $590M • Health/Life Insurance: • (More than doubled) $33M $72M • Retiree Benefits: • (More than tripled) $7M $25M • Utilities: • (54% Increase) $14M $22M

  12. UGA - Funding Source Summary FY 2014 FY 2002

  13. Tuition Growth Trend (in millions)

  14. State + Tuition Funding FY 2014 FY 2001 State $ 402.3 M $ 408.1 M Tuition $ 311.8 M $ 86.7 M Total $ 714.1 M $ 494.8 M FY01: $4.70 in State Funds per $1 Tuition FY14: $1.29 in State Funds per $1 Tuition

  15. UGA General Fund (RI) Sources (millions)

  16. UGA - FY 2014 Budget Sources $ 402 M – State Appropriations $ 13 M – Federal Appropriations $ 515 M – Internal Revenue $ 293 M – Sponsored Sources $ 196 M – Auxiliary Enterprises $ 34 M – Private Funding $1.454 Billion

  17. “Unrestricted” Budget Sources $ 313 M – State Appropriations $ 0 M – Federal Appropriations $ 375 M – Internal Revenue $ 0 M – Sponsored Sources $ 0 M – Auxiliary Enterprises $ 0 M – Private Funding $ 688 M or 47% of $1.454 Billion Total Budget

  18. “Unrestricted” Budget Sources • $ 313 M – State Appropriations • Funding Formula Based • Measures Productivity • Estimates Resources Required • State Support to Board of Regents • NOT Allocations to Institutions • Shifting to Performance-Based Formula

  19. “Unrestricted” Budget Sources • $ 375 M – Internal Revenue • Tuition = $312 M ($34 M Special Fee) • Tuition/Fee Set by Board of Regents • Growing Differentiation by Sector • Research Universities • Regional Universities • Two-Year Colleges • Differentiation by Program • Law, Business, Vet Med, Pharmacy

  20. Tuition - Peer Institutions

  21. Tuition - Aspirational Institutions

  22. FY2014 Budgeted Expenditures $ 300.0 M (20.6%) – Instruction $ 380.5 M (26.2%) – Research $ 178.7 M (12.3%) – Public Service $ 89.0 M ( 6.1%) – Student Services/Scholarships $ 98.6 M ( 6.8%) – Academic Support $ 98.0 M ( 6.7%) – Physical Plant $ 92.6 M ( 6.4%) – Institutional Support $ 163.7 M (11.3%) – Auxiliary Enterprises $ 52.9 M ( 3.6%) – Capital Improvements $1.454 Billion

  23. FY2014 Budgeted Expenditures $ 300.0 M (20.6%) – Instruction $ 380.5 M (26.2%) – Research $ 178.7 M (12.3%) – Public Service $ 89.0 M ( 6.1%) – Student Services/Scholarships $ 98.6 M ( 6.8%) – Academic Support 72% to Core Missions

  24. FY2002 Budgeted Expenditures $ 176.5 M (18.6%) – Instruction $ 232.9 M (24.5%) – Research $ 153.2 M (16.1%) – Public Service $ 45.1 M ( 4.7%) – Student Services/Scholarships $ 76.1 M ( 8.0%)– Academic Support 72% to Core Missions

  25. UGA – Budgeted Expense Summary FY 2014 FY 2002

  26. Roles & Responsibilities State of Georgia - oversees all State Agencies Board of Regents - oversees 31 Institutions University of Georgia - 17 Schools & Colleges 1. Senior Administration 2. Academic Deans

  27. Role of Board of Regents Appoint & Empower Presidents Set Broad Policies Strategic Plan for Higher Ed in Georgia Allocate Resources 1. Allocate Formula-Based State Support 2. Establish Tuition Policy & Rates

  28. Role of UGA • Senior Administration • Academic Deans

  29. Role of UGA Senior Administration Appoint & Empower Academic Deans Establish Policies & Procedures 1. Faculty Governance/Academic Policy 2. Hiring/Compensation Guidelines 3. Fiscal Responsibility & Financial Controls Develop Strategic Plan for UGA Academic Program Planning Process

  30. Academic Program Planning Process Deans establish Specific Program Priorities Deans identify key Resource Needs Deans/Provost establish Performance Measures Reviewed annually during Budget Process Gauge progress towards goals Considered by Provost in Allocation decisions DEFINES ACCOUNTABILITY

  31. Role of UGA Senior Administration Appoint & Empower Academic Deans Establish Policies & Procedures 1. Faculty Governance/Academic Policy 2. Hiring/Compensation Guidelines 3. Fiscal Responsibility & Financial Controls Develop Strategic Plan for UGA Academic Program Planning Process Allocate Resources to Schools & Colleges Hold Deans Accountable

  32. Role of UGA’s Academic Deans Develop Academic Program Plan DEFINES ACCOUNTABILITY Implement Academic Program Plan 1. Develop & Manage Academic Programs 2. Develop & Manage Budget 3. Hire & Manage Faculty/Staff 4. Measure & Report Performance

  33. Small Group Discussion Scope of Budgetary Responsibilities (department, college, institution, etc.) 1. Where the funding comes from? 2. Where does it go? 3. Changes/trends you have observed

  34. University of Georgia Financial Overview Where does it come from, where does it go? October 15, 2013 Ryan Nesbit– Interim Vice President for Finance & Administration

  35. UGA Cost of Attendance (Georgian undergrad) FY 2014 FY 2011 FY 2001 Tuition $8,028 $7,070 $2,506 Fees $2,234 $1,666 $770 Books/Supplies $ 916 $1,030 $610 Housing $5,290 $4,772 $2,804 Board $3,956$3,688$2,276 TOTAL Costs $20,424 $18,226 $8,966

  36. UGA Cost of Attendance (Georgian undergrad) FY 2014 FY 2011 FY 2001 Tuition $8,028 $7,070 $2,506 Fees $2,234 $1,666 $770 Books/Supplies $ 916 $1,030 $610 Housing $5,290 $4,772 $2,804 Board $3,956$3,688$2,276 TOTAL Costs $20,424 $18,226 $8,966 HOPE Scholarship $6,554$8,240$3,576 Due from Student $13,870 $9,986 $5,390 Zell Miller Scholar (Add to HOPE)$1,474 Due from Student $12,396 HOPE Coverage: FY 2014 Z. Miller HOPE FY 2011FY 2001 Tuition 100% 82% 100% 100% Fees 0% 0% 70% 100% Total Costs 39% 32% 45% 40%

  37. UGA Cost of Attendance (Georgian undergrad) FY 2014 FY 2011 FY 2001 Tuition $8,028 $7,070 $2,506 Fees $2,234 $1,666 $770 Books/Supplies $ 916 $1,030 $610 Housing $5,290 $4,772 $2,804 Board $3,956$3,688$2,276 TOTAL Costs $20,424 $18,226 $8,966 HOPE Scholarship $6,554$8,240$3,576 Due from Student $13,870 $9,986 $5,390 Zell Miller Scholar (Add to HOPE)$1,474 Due from Student $12,396 HOPE Coverage: FY 2014 Z. Miller HOPE FY 2011FY 2001 Tuition 100% 82% 100% 100% Fees 0% 0% 70% 100% Total Costs 39% 32% 45% 40%

  38. Need-Based Scholarships • Georgia Access: Need-Based • Originally provided up to $1,000 • Currently up to $2,500 • Awarded to 199 students in 2012-2013 • Georgia Gateway General: Need-based, merit based, and to attract students with special talents. • Awarded up to $600 to students who had lost Pell Grant funding due to federal budget cuts.

  39. Need-Based Scholarships Provost Need-Based Scholarship Program & Financial Aid Emergency Funds Awarded on a case by case basis for extenuating circumstances. UGA Advantage Scholarship Freshman in the middle income range 2010 AGI between $25K and $75K (not qualify for Federal Pell Grants) Renewable for a total of 8 semesters (FT)

  40. Return on Investment - Earnings $ 33,200 – High School Diploma $ 54,750 – Bachelor’s Degree $ 65,675 – Master’s Degree $ 80,650 – Doctoral Degree $ 86,580 – Professional Degree

  41. Return on Investment - Earnings $ 33,200 – High School Diploma $ 54,750 – Bachelor’s Degree $ 65,675 – Master’s Degree $ 80,650 – Doctoral Degree $ 86,580 – Professional Degree $1.3 Million Lifetime earnings

  42. Return on Investment - Unemployment 9.4% – High School Diploma 4.9% – Bachelor’s Degree 3.6% – Master’s Degree 2.5% – Doctoral Degree 2.4% – Professional Degree

  43. Return on Investment - Unemployment 24% – Recent High School Graduates 7% – Recent College Graduates

  44. UGA – Internal Revenue Analysis

  45. UGA - Funding Source Summary

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