CREIGHTON UNIVERSITY
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Transcript of CREIGHTON UNIVERSITY
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CREIGHTON UNIVERSITYCREIGHTON UNIVERSITY
2007/08 Budget Presentation2007/08 Budget Presentation
Board of Directors Meeting
June 4, 2007
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2007/08 Operating Budget Overview
Represents a balanced budget for University operations, including the medical clinics
Undergraduate enrollment sustained at near-record levels Undergraduate tuition & fee rate for new students up 6%
(will be 15th of 28 Jesuit colleges and universities) 2007/08 operating budget is $326 million, an increase of
$14 million (4.5%) from the current year estimate Medical School budget (including clinics) is 41% of the
University’s total operating budget
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2007/08 Operating Budget($Millions)
2005/06 2006/07 2007/08Actual Estimated Budget
Revenue Gross Tuition 154 168 179 Less Financial Aid (38) (43) (46) Net Tuition 116 125 133 Student Fees 9 10 11 Endowment 9 9 9 Gifts (Unrestricted operating) 7 8 8 Clinical & Affiliate Revenue 124 123 128 Auxiliary 21 23 24 Other 13 14 13
299 312 326Expense & Transfers Salaries 166 175 185 Employee Benefits 38 43 46 Other Expenses & Transfers 95 92 95
299 310 326
Net 0 2 0
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2007/08 Revenue Highlights
General undergraduate tuition and fee rate increased 6% Other tuition rate increases: Law 4%, Medicine 4.5%,
Dentistry 7.3%, Pharmacy 5.5%, OT/PT 4%, Graduate 2%, Summer & Univ. College 0%
Room & board rates increased 4% Total enrollment budgeted to be basically even with the
FY07 record enrollment Clinical activities and affiliate revenues are up 4.2% Endowment distribution of $9.6M is 1.2% above FY07
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Annual Enrollment (Full-time Equivalent)
06/07Adjusted 06/07 07/08Budget Estimated Budget
Undergraduate 3,566 3,647 3,642
Professional Law 462 454 462 Pharmacy/Hlth. Prof. 1,071 1,120 1,087 Dentistry 313 318 316 Medicine 472 488 485
2,317 2,380 2,349
Graduate 294 320 342
TOTAL UNIVERSITY: 6,177 6,347 6,334
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Fall New Student Enrollment(Full-time Equivalent)
05/06 06/07 06/07 07/08Actual Budget Actual Budget
1st Time FreshmanArts & Science 749 720 739 745COBA 155 160 145 145Nursing 68 70 81 80
Total 972 950 965 970
External Transfers 109 105 104 105 Total 1,081 1,055 1,069 1,075
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Total Scholarships to Tuition/Fees(Includes Discount, Funded Aid & Employee Remissions)
04/05 05/06 06/07 07/08
Actual Actual Est. Budget
Undergrad.-New Freshmen 48.5% 47.1% 49.2% 47.8%
Undergraduate-Total 42.3% 43.2% 43.8% 44.3%
Graduate/Professional 10.4% 9.4% 9.1% 9.7%
Total 27.5% 27.8% 28.4% 29.0%
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Unrestricted Operating Gifts
926
3,735
1,899
956
4,790
1,670
1,249
4,961
1,750
1,208
4,734
1,900
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
05/06 Act. 06/07 Bud. 06/07 Est. 07/08 Bud.
($000's)
AthleticsOtherFin. Aid
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Endowment Market Value ($Millions)
$100
$150
$200
$250
$300
$350
($ Millions)
Year-End Distributions ApproximateMarket Prog. Support Scholarships DistributionValue & Other & Restricted Total %
02/03 188 4.6 4.8 9.4 5.1%03/04 216 5.3 4.0 9.3 4.9%04/05 240 4.8 4.1 8.9 4.1%05/06 268 5.8 4.3 10.1 4.2%06/07 Est 310 5.8 5.0 10.8 4.0%07/08 Bud 330 6.0 5.2 11.2 3.6%
CU only: does not
include HFF ($91 Million at 4/30/07)
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2007/08 Expense Highlights
Salary merit pool increase 3.50% (plus .25% for equity
adjustments in each VP area): $4.1M
Targeted faculty salary enhancements: Pharmacy,
Nursing, Dentistry ($547K)
8 new faculty: A&S, COBA, Dentistry ($540K)
Jesuit & staff salary market adjustments ($310K)
New programs in Dentistry & Nursing ($662K)
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2007/08 Expense Highlights (cont.)
General non-salary increase 2.0% for schools and
administrative depts ($724K)
Library materials increase $333K (9%)
Arts & Sciences additions related to increased
enrollment levels (PT faculty, tenure-track faculty
start-up costs & other) $405K
Increased diversity scholarships ($415K - Medicine,
Pharmacy/HP, Dentistry)
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Salary Merit Pool Increases(Excludes targeted faculty salary enhancements in various schools)
0.00%
4.00%
3.25%3.00%
3.25% 3.50%
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
4.50%
02/03 03/04 04/05 05/06 06/07 07/08
(05/06-07/08: Additional .25% above pool approved for equity issues at each VP area)
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Employee Benefits ($000’s)04/05 05/06 06/07 07/08
Actual Actual Est. Budget
FICA 10,086 10,777 11,583 12,180 Retirement 8,875 9,178 9,846 10,310 Medical/Dental 10,848 11,089 14,614 14,668 Tuition Remission 6,234 6,301 6,819 7,663 Other 1,714 2,383 2,477 2,751 Total: 37,757 39,728 45,339 47,572 % Increase 4.6% 5.2% 14.1% 4.9%Employee Benefit Rates 30.3% 31.3% 30.5% 31.0%
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School of Medicine 2007/08Operating Budget Overview
Enrollment budgeted at 485 (down from est. 488 in 06/07)
Tuition increase held to 4.5% to address student debt
Net clinic revenue projected at $98M (5.3% over 2006/07
budget & 6.5% over estimated 06/07 results)
New chair in Medicine; actively recruiting for Anesthesiology
Clinic volume growth: 12 new faculty recruitments (Surgery,
Radiology, Medicine & Anesthesiology)
Reflects reduced payments from CUMC under GME, Cardiac
and medical lab agreements
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School of Medicine 2007/08 Operating Budget
($Millions)
07/0805/06 06/07 ProposedActual Estimated Budget
RevenueGross Tuition 19 20 21Less Financial Aid (2) (2) (2) Net Tuition 17 18 19Clinical Revenue 94 92 98Affiliate Revenue 22 23 22Other 9 9 8
142 142 147
Expense & TransfersSalaries 83 85 88Employee Benefits 18 19 20Other Expenses & Transfers 30 27 27 131 131 135
Net Contribution to Gen. Operations 11 11 12
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RECAP
Balanced budget for FY08
Less cushion in enrollment targets
Highest risk areas: medical clinic
operations, health plan, utilities
Operating reserve expected to be adequate
to cover potential variances