USD President's Report 2020 Financial Operations

P R E S I D E N T ’ S R E P O R T 2 0 2 0 F I N A N C I A L O P E R A T I O N S

D E A R T OR E ROS , As we look forward to the new year, I wish to express my sincere appreciation and gratitude for the dedication and resiliency of our campus community, parents, friends and alumni. The year 2020 was one of the most challenging periods in the history of USD. Now, in 2021, I continue to be humbled to be a member of a campus community that embodies a spirit of solidarity and love in the face of so many uncertainties and challenges. Throughout the past year, Toreros were beacons of civility and compassion by bringing light out of darkness. In spite of the difficulties we continue to face, there is a renewed sense of commitment on campus to tackling humanity’s most urgent challenges and fulfilling our vision as an engaged, contemporary Catholic university. We have heard frommany USD families that the pandemic has caused unprecedented financial challenges. To help our families plan, we made the decision to freeze tuition rates at the current level for all students in the 2021-22 academic year, providing some financial relief for our Torero families. This decision, along with a commitment to increase our financial aid to students to record levels in the coming year, are two ways we are trying to support to our entire community. This has been made possible in part through the generous support of our alumni and friends who participated in our record setting Torero Tuesday giving day during homecoming week in October. We are deeply grateful to everyone who gave so generously that day. We remain hopeful for the spring and new beginnings. As we’ve indicated previously, our desire for the spring semester is to offer an increasing number of academic options for faculty and students, whether through in-person classes or remote instruction. Additionally, we are planning to host commencement ceremonies on campus, knowing that these celebrations will likely look different than previous years. While we hope and plan to increase in-person engagement in the spring semester, at this time, San Diego County has remained in the most restrictive tier of California’s COVID-19 risk-ranking system. Our activities will continue to be guided by California health and safety recommendations and San Diego County orders related to the pandemic. In the face of uncertainty and setbacks, I hope are able to pause, reflect and celebrate the gifts that God has given us over the past year. Now, as we look forward to the next year —which we fervently hope will be filled with opportunity and growth — I remain confident that we can prevail over the challenges to come and emerge a stronger university in the future thanks to your support and prayers. Peace,

James T. Harris III, DEd President, University of San Diego

P R E S I D E N T ’ S R E P O R T

2 0 1 9 -2 0 F I N A NC I A L OP E R AT I ONS

T O TA L OP E R AT I NG R E V E NUE , G A I NS A ND O T HE R SUPPOR T * 2019-20

2018-19

2017-18

Tuition and fees, net of student aid

$ 261,135,333 $ 268,606,121

$ 253,212,723

Grants and contracts

20,431,300 24,111,000 23,986,654 37,114,710 6,220,472

17,486,148 22,940,948 21,340,794 50,035,648 6,544,376

16,321,093 18,437,189 20,261,967 49,551,405 7,397,043

Contributions

Investment income, net

Sales and services of auxiliary enterprises

Athletics, recreation and other

Total

$ 372,999,469 $ 386,954,036 $ 365,181,420

OP E R AT I NG F UNC T I ON A L E X P E NS E S *

2019-20

2018-19

2017-18

Educational and program expenses Auxiliary enterprise expenditures Management and general expenses

$ 221,444,954 $ 220,462,243 $ 210,815,722

41,448,986 81,571,866

44,042,063 76,636,303

43,081,541 73,417,908

Total

$ 344,465,806 $ 341,140,610 $ 327,315,171

I NCR E A S E I N COMB I NE D NE T A S S E T S *

2019-20

2018-19

2017-18

Unrestricted net assets

$ (12,904,852)

$ 44,282,204 $ 64,513,330

Temporarily restricted net assets Permanently restricted net assets

(2,086,962)

14,157,343 5,902,580

34,716,518 3,961,016

6,415,927

Overall increase in net assets

$ (8,575,887)

$ 64,342,127 $ 103,190,864

*Statement of activities by combined net asset categories for the fiscal year ending June 30.

70%

2 0 1 9 2 0 S O U R C E S O F O P E R A T I N G R E V E N U E , G A I N S A N D O T H E R S U P P O R T S O U R C E S

Tuition and fees, net of student aid Sales and services of auxiliary enterprises Contributions Investment income, net Grants and contracts Athletics, recreation and other

9.9%

6.5%

6.4%

5.5% 1.7%

2019 - 20 Gifts and Grants $43.98M

$75.78

$4.52

$4.06 $11.80

$47.57

$43.98

$5.20

$38.76

$5.75

T O T A L G I F T S A N D G R A N T S (dollars in millions)

$36.84

$6.09 $10.63 $3.31

$12.29

$5.64 $10.93 $3.45 $16.25

$14.68

$54.86

Other Grants Federal Grants Unrestricted Restricted Endowed

$4.73

$4.05

$18.78

$18.01

$18.86 $0.64

$1.37

$0.54

$0.57

$0.72

2019-20

2018-19

2017-18

2016-17

2015-16

G I V I NG T O T H E UN I V E R S I T Y Since its founding, the University of San Diego has achieved distinction on many levels. It has outstanding faculty and exceptional students, innovative undergraduate and graduate

15.8%

20.2%

programs, centers and institutes, acclaimed community outreach efforts and competitive men’s and women’s athletic programs. The generous support of donors has helped make the university a preeminent institution of Catholic higher education.

2 0 1 9 2 0 S O U R C E S O F T O T A L C O N T R I B U T I O N S

15.3%

Foundations Alumni Community/Friends

28.5%

15%

Parents

Faculty/Staff Corporate Other Donors

4.2%

1%

11.5%

10.3%

School of Business

General Scholarships/Financial Aid

18.8%

Other Restricted

9.8%

Shiley-Marcos School of Engineering

2 0 1 9 2 0 D E S I G N A T I O N S O F C O N T R I B U T I O N S

School of Leadership and Education Sciences

Buildings

Athletics School of Law

6.5%

College of Arts and Sciences Joan B. Kroc School of Peace Studies Hahn School of Nursing and Health Science Restricted Unassigned Unrestricted

6%

23.7%

5.4%

3.8%

1.8%

1.2%

0.3%

0.9%

$293.54M 2019-20 Financial Aid Awarded

F I N A N C I A L A I D AWA R D E D * (dollars in millions)

S T U D E N T S AWA R D E D F I N A N C I A L A I D *

$293.54

7,354

7,279

$268.28 $276.89

7,247

6,848

6,567

$234.34 $245.36

7,354 2019-20 Students Awarded Financial Aid

2019-20 2015-16 2016-17 2017-18 2018-19 *These figures include all sources of aid.

2015-16 2016-17 2017-18 2018-19

2019-20

9,181 2019-20 Fall Enrollment

*These figures include all sources of aid.

E N D OWM E N T F U N D (dollars in millions)

D E G R E E S AWA R D E D

2,794

2,656 2,725

$530 $532.24 $545.57

2,794 2019-20 Degrees Awarded

$503.57

2,426

2,293

$449.80

$532.24M Endowment Fund as of June 30, 2020

2016-17 2017-18 2018-19

2019-20

2015-16

2018-19 2019-20

2015-16 2016-17 2017-18

L E A D E R SH I P

E X E CU T I V E O F F I C E R S James T. Harris III, DEd, President Gail F. Baker, PhD, Vice President and Provost Andrew T. Allen, PhD, Vice President, Institutional Effectiveness and Strategic Initiatives Rev. Msgr. Daniel J. Dillabough ’70 (BA), Vice President, Mission and Ministry Katy Roig ’11 (MSEL), CPA, Vice President, Finance and Chief Financial Officer Richard P. Virgin, Vice President, University Advancement Ky Snyder, MSHTM, Vice President, University Operations

DE A NS Theresa Byrd, EdD, University Library Jane M. Georges, PhD, RN, Hahn School of Nursing and Health Science Timothy Keane, PhD, School of Business Patricia Márquez, PhD, Joan B. Kroc School of Peace Studies Noelle Norton, PhD, College of Arts and Sciences Chell A. Roberts, PhD, Shiley-Marcos School of Engineering Robert Schapiro, JD, School of Law Joi Spencer, PhD (Interim Dean), School of Leadership and Education Sciences

BOA RD O F T RUS T E E S – MEMB E R S

Rev. P. Rubén Arceo, SJ Jon Balousek Mark S. Bosco Thomas Breitling ’91 (BA)

Kimberly C. Busch Chris Carr ’86 (BBA) Sue Cunningham

Robert R. Dean ’94 Leandro A. Festino John Frager Kevin R. Green, ’76 (BA), ’79 (MBA) James T. Harris III, DEd Daniel C. Herbert, Esq. ’82 (BACC), ’86 (JD) Laurie C. Kelley Tom Lupfer Susan H. Mallory Jeffrey W. Martin Rev. Peter M. McGuine ’85 (BBA), STB Darrin Montalvo Sister Mary Theresa Moser, RSCJ, PhD Thomas F. Mulvaney, Esq. ’77 (JD) Virginia C. Nelson ’79 Michael Persall ’02 (BACC) Paul Purcell ’97 (BA) Matthew J. Reno ’80 (BBA) Alan Schulman Peter Seidler Darlene Marcos Shiley, Chair Emerita Susanne Stanford, Esq. ’75 (JD)

Carmen M. Vazquez, MSW, CSW, Vice President, Student Affairs

BOA RD O F T RUS T E E S – O F F I C E R S

Donald R. Knauss, Chair Constance M. Carroll, PhD, Vice Chair Sister Carolyn Osiek, RSCJ, ThD, Secretary Robert R. Dean ’94 (BBA), Treasurer

Note: Current as of publication date. For the most recent leadership information, go to sandiego.edu/about/leadership.

Sandra Stangl Massih Tayebi

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