university of georgia financial overview where does it come from, where does it go?
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University of Georgia
Financial Overview
Where does it come from, where does it
go?
October 15, 2013Ryan Nesbit– Interim Vice President for Finance & Administration
UGA - FY 2014 Budget Sources
$ 402 M – State Appropriations$ 402 M – State Appropriations
$ 13 M – Federal Appropriations$ 13 M – Federal Appropriations
$ 515 M – Internal Revenue$ 515 M – Internal Revenue
$ 293 M – Sponsored Sources$ 293 M – Sponsored Sources
$ 196 M – Auxiliary Enterprises$ 196 M – Auxiliary Enterprises
$ 34 M $ 34 M – Private Funding– Private Funding
$1.454 Billion $1.454 Billion
UGA - Funding Source Summary
Internal35%
Federal1%
Sponsored20%
Auxiliary14% State
28%
Private2%
Internal19%
Federal1%
Sponsored20%
Auxiliary12%
State47%
Private1%
FY 2014 FY 2002
FY 2014 State Budget (by Policy Area)
Transport4% Health
23%
Other6%
Public Safety9%Debt
6%
K - 1239%
USG9%
Other Education5%
As Percent of Total State Fund Budget - $19.9 As Percent of Total State Fund Budget - $19.9 BillionBillion
FY 2002 State Budget (by Policy Area)
Transport5% Health
19%
Other7%
Public Safety9%Debt
5%
K - 1239%
USG11%
Other Education4%
As Percent of Total State Fund Budget - $15.8 As Percent of Total State Fund Budget - $15.8 BillionBillion
University System of Georgia - State Funds (Total University System funding in Billions)(Total University System funding in Billions)
$1.66$1.81
$1.93$2.13
$2.30 $2.17
$1.95 $1.74 $1.75
$1.88
$0.00$0.25$0.50$0.75$1.00$1.25$1.50$1.75$2.00$2.25$2.50
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014(est.)
USG - State Funding Per Student FTE
$5,412 $5,643
$6,059 $6,539
$6,930
$7,972
$8,257 $8,294
$8,128
$7,422
$6,857 $6,746 $7,266
$7,503 $7,937
$8,191
$7,239
$6,297
$5,561 $5,930
$6,067
$-
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
$9,00019
94
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
UGA - Funding Source Summary
Internal35%
Federal1%
Sponsored20%
Auxiliary14% State
28%
Private2%
Internal19%
Federal1%
Sponsored20%
Auxiliary12%
State47%
Private1%
FY 2014 FY 2002
UGA State Funding Trend (in millions)
$398.3 $371.6$302.9 $288.4 $303.7 $292.8 $313.2
$72.6 $70.4$73.7
$70.5$74.6
$87.9$97.0
$0
$100
$200
$300
$400
$500
FY09 FY10 FY11 FY12 FY13 FY13A FY14
Resident Instruction ("A") B Units & Other
$495.3
$459.5
$377.5
7% cut
24% cut28% cut$358.9
27% cut$363.2
24% cut$376.3 $386.9
22% cut
State Funding Trend
FY 2014FY 2014$ $ 386.9M386.9M
FY 1999FY 1999
$ 387.9 M$ 387.9 M
34,500 34,500 studentsstudents
29,69329,693studentsstudents
MoreMoreStudents, Buildings Students, Buildings andandSalary/Benefit Salary/Benefit ObligationsObligations
Increased “Nondiscretionary” Costs
FY2000 FY2013•Salaries/Benefits: (40% Increase) $422M $590M
o Health/Life Insurance: (More than doubled) $33M $72M
o Retiree Benefits: (More than tripled) $7M $25M
•Utilities: (54% Increase) $14M $22M
UGA - Funding Source Summary
Internal35%
Federal1%
Sponsored20%
Auxiliary14% State
28%
Private2%
Internal19%
Federal1%
Sponsored20%
Auxiliary12%
State47%
Private1%
FY 2014 FY 2002
Tuition Growth Trend (in millions)
$87 $95 $105$123 $131 $141
$154$167
$190$217
$251$275
$298$312
$193
$308$333
$346
$277
$228
$0
$50
$100
$150
$200
$250
$300
$350
$400
FY01FY02
FY03FY04
FY05FY06
FY07FY08
FY09FY10
FY11FY12
FY13FY14
Tuition Tuition & Special Fee
State + Tuition Funding
FY 2001FY 2001
$ 408.1 M$ 408.1 MStateState$ 86.7 M$ 86.7 MTuitionTuition$ 494.8 M$ 494.8 MTotalTotal
FY01: $4.70 in State Funds per $1 FY01: $4.70 in State Funds per $1 TuitionTuition
FY14: $1.29 in State Funds per $1 FY14: $1.29 in State Funds per $1 TuitionTuition
FY 2014FY 2014
$ 402.3 M$ 402.3 M$ 311.8 M$ 311.8 M$ 714.1 M$ 714.1 M
UGA General Fund (RI) Sources (millions)
$336
$401
$288 $288$313
$163
$193
$308$333
$346
$303
$318
$277
$99
$0
$50
$100
$150
$200
$250
$300
$350
$400
$450
FY01 FY06 FY09 FY11 FY12 FY13 FY14
State Tuition & Special Fee
UGA - FY 2014 Budget Sources
$ 402 M – State Appropriations$ 402 M – State Appropriations
$ 13 M – Federal Appropriations$ 13 M – Federal Appropriations
$ 515 M – Internal Revenue$ 515 M – Internal Revenue
$ 293 M – Sponsored Sources$ 293 M – Sponsored Sources
$ 196 M – Auxiliary Enterprises$ 196 M – Auxiliary Enterprises
$ 34 M $ 34 M – Private Funding– Private Funding
$1.454 Billion $1.454 Billion
“Unrestricted” Budget Sources
$ 313 M – State Appropriations$ 313 M – State Appropriations
$ 0 M – Federal Appropriations$ 0 M – Federal Appropriations
$ 375 M – Internal Revenue$ 375 M – Internal Revenue
$ 0 M – Sponsored Sources$ 0 M – Sponsored Sources
$ 0 M – Auxiliary Enterprises$ 0 M – Auxiliary Enterprises
$ 0 M $ 0 M – Private Funding– Private Funding
$ 688 M or 47% of $ 688 M or 47% of
$1.454 Billion Total Budget$1.454 Billion Total Budget
“Unrestricted” Budget Sources
$ 313 M – State Appropriations$ 313 M – State Appropriations
Funding Formula BasedFunding Formula Based
1.1. Measures ProductivityMeasures Productivity
2.2. Estimates Resources RequiredEstimates Resources Required
3.3. State Support to Board of RegentsState Support to Board of Regents
4.4. NOT Allocations to InstitutionsNOT Allocations to Institutions
Shifting to Performance-Based FormulaShifting to Performance-Based Formula
“Unrestricted” Budget Sources
$ 375 M – Internal Revenue$ 375 M – Internal Revenue
Tuition = $312 M ($34 M Special Fee)Tuition = $312 M ($34 M Special Fee)
Tuition/Fee Set by Board of RegentsTuition/Fee Set by Board of Regents
1.1. Growing Differentiation by SectorGrowing Differentiation by Sector
Research UniversitiesResearch Universities
Regional UniversitiesRegional Universities
Two-Year CollegesTwo-Year Colleges
2.2. Differentiation by ProgramDifferentiation by Program
Law, Business, Vet Med, PharmacyLaw, Business, Vet Med, Pharmacy
Tuition - Peer Institutions
Tuition - Aspirational Institutions
FY2014 Budgeted Expenditures
$ 300.0 M (20.6%) – Instruction$ 300.0 M (20.6%) – Instruction
$ 380.5 M (26.2%) – Research$ 380.5 M (26.2%) – Research
$ 178.7 M (12.3%) – Public Service$ 178.7 M (12.3%) – Public Service
$ 89.0 M ( 6.1%) – Student $ 89.0 M ( 6.1%) – Student Services/ScholarshipsServices/Scholarships
$ 98.6 M ( 6.8%) – Academic Support$ 98.6 M ( 6.8%) – Academic Support
$ 98.0 M ( 6.7%) – Physical Plant$ 98.0 M ( 6.7%) – Physical Plant
$ 92.6 M ( 6.4%) – Institutional Support$ 92.6 M ( 6.4%) – Institutional Support
$ 163.7 M (11.3%) – Auxiliary Enterprises$ 163.7 M (11.3%) – Auxiliary Enterprises
$ 52.9 M$ 52.9 M ( 3.6%) – Capital Improvements ( 3.6%) – Capital Improvements
$1.454 Billion$1.454 Billion
FY2014 Budgeted Expenditures
$ 300.0 M (20.6%) – Instruction$ 300.0 M (20.6%) – Instruction
$ 380.5 M (26.2%) – Research$ 380.5 M (26.2%) – Research
$ 178.7 M (12.3%) – Public Service$ 178.7 M (12.3%) – Public Service
$ 89.0 M ( 6.1%) – Student $ 89.0 M ( 6.1%) – Student Services/ScholarshipsServices/Scholarships
$ 98.6 M $ 98.6 M ( 6.8%)( 6.8%) – Academic Support – Academic Support
72% to Core Missions72% to Core Missions
FY2002 Budgeted Expenditures
$ 176.5 M (18.6%) – Instruction$ 176.5 M (18.6%) – Instruction
$ 232.9 M (24.5%) – Research$ 232.9 M (24.5%) – Research
$ 153.2 M (16.1%) – Public Service$ 153.2 M (16.1%) – Public Service
$ 45.1 M ( 4.7%) – Student $ 45.1 M ( 4.7%) – Student Services/ScholarshipsServices/Scholarships
$ 76.1 M $ 76.1 M ( 8.0%)( 8.0%) – Academic Support – Academic Support
72% to Core Missions72% to Core Missions
UGA – Budgeted Expense Summary
FY 2014 FY 2002
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
Roles & Responsibilities
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
Role of Board of Regents
1. Senior Administration
2. Academic Deans
Role of UGA
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
Role of UGA Senior Administration
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
Academic Program Planning Process
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
Role of UGA Senior Administration
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
Role of UGA’s Academic Deans
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
Small Group Discussion
34
University of Georgia
Financial Overview
Where does it come from, where does it
go?
October 15, 2013Ryan Nesbit– Interim Vice President for Finance & Administration
UGA Cost of Attendance (Georgian undergrad)
FY 2014FY 2014 FY 2011FY 2011 FY FY 20012001
Tuition Tuition $8,028 $8,028 $7,070 $7,070 $2,506$2,506
Fees Fees $2,234 $2,234 $1,666 $1,666 $770$770
Books/SuppliesBooks/Supplies $ 916 $ 916 $1,030 $1,030 $610$610
HousingHousing $5,290 $5,290 $4,772 $4,772 $2,804$2,804
BoardBoard $3,956$3,956 $3,688$3,688 $2,276$2,276
TOTALTOTAL CostsCosts $20,424 $20,424 $18,226 $18,226 $8,966$8,966
UGA Cost of Attendance (Georgian undergrad)
FY 2014FY 2014 FY 2011FY 2011 FY FY 20012001
Tuition Tuition $8,028 $8,028 $7,070 $7,070 $2,506$2,506
Fees Fees $2,234 $2,234 $1,666 $1,666 $770$770
Books/SuppliesBooks/Supplies $ 916 $ 916 $1,030 $1,030 $610$610
HousingHousing $5,290 $5,290 $4,772 $4,772 $2,804$2,804
BoardBoard $3,956$3,956 $3,688$3,688 $2,276$2,276
TOTALTOTAL CostsCosts $20,424 $20,424 $18,226 $18,226 $8,966$8,966
HOPE ScholarshipHOPE Scholarship $6,554$6,554 $8,240$8,240 $3,576$3,576
Due from StudentDue from Student $13,870 $13,870 $9,986 $9,986 $5,390$5,390
Zell Miller ScholarZell Miller Scholar (Add to HOPE)(Add to HOPE) $1,474$1,474Due from StudentDue from Student $12,396 $12,396
HOPE Coverage: HOPE Coverage: FY 2014FY 2014 Z. Miller HOPE Z. Miller HOPE FY 2011FY 2011 FY FY
20012001Tuition Tuition 100% 82% 100% 82% 100% 100% 100% 100%FeesFees 0%0% 0% 0% 70% 70% 100% 100%Total CostsTotal Costs 39% 32% 39% 32% 45% 45% 40% 40%
UGA Cost of Attendance (Georgian undergrad)
FY 2014FY 2014 FY 2011FY 2011 FY FY 20012001
Tuition Tuition $8,028 $8,028 $7,070 $7,070 $2,506$2,506
Fees Fees $2,234 $2,234 $1,666 $1,666 $770$770
Books/SuppliesBooks/Supplies $ 916 $ 916 $1,030 $1,030 $610$610
HousingHousing $5,290 $5,290 $4,772 $4,772 $2,804$2,804
BoardBoard $3,956$3,956 $3,688$3,688 $2,276$2,276
TOTALTOTAL CostsCosts $20,424 $20,424 $18,226 $18,226 $8,966$8,966
HOPE ScholarshipHOPE Scholarship $6,554$6,554 $8,240$8,240 $3,576$3,576
Due from StudentDue from Student $13,870 $13,870 $9,986 $9,986 $5,390$5,390
Zell Miller ScholarZell Miller Scholar (Add to HOPE)(Add to HOPE) $1,474$1,474Due from StudentDue from Student $12,396 $12,396
HOPE Coverage: HOPE Coverage: FY 2014FY 2014 Z. Miller HOPE Z. Miller HOPE FY 2011FY 2011 FY FY
20012001Tuition Tuition 100% 82% 100% 82% 100% 100% 100% 100%FeesFees 0%0% 0% 0% 70% 70% 100% 100%Total CostsTotal Costs 39% 39% 32%32% 45% 45% 40%40%
Need-Based Scholarships
Georgia Access: Need-BasedGeorgia Access: Need-Based
Originally provided up to $1,000Originally provided up to $1,000
Currently up to $2,500Currently up to $2,500
Awarded to 199 students in 2012-2013Awarded to 199 students in 2012-2013
Georgia Gateway General: Need-based, Georgia Gateway General: Need-based, merit based, and to attract students with merit based, and to attract students with special talents. special talents.
Awarded up to $600 to students who had Awarded up to $600 to students who had lost Pell Grant funding due to federal lost Pell Grant funding due to federal budget cuts. budget cuts.
Need-Based Scholarships
Provost Need-Based Scholarship Program Provost Need-Based Scholarship Program & Financial Aid Emergency Funds & Financial Aid Emergency Funds
Awarded on a case by case basis for Awarded on a case by case basis for extenuating circumstances. extenuating circumstances.
UGA Advantage ScholarshipUGA Advantage Scholarship
Freshman in the middle income rangeFreshman in the middle income range
2010 AGI between $25K and $75K (not 2010 AGI between $25K and $75K (not qualify qualify for Federal Pell Grants) for Federal Pell Grants)
Renewable for a total of 8 semesters (FT) Renewable for a total of 8 semesters (FT)
Return on Investment - Earnings
$ 33,200 – High School Diploma$ 33,200 – High School Diploma
$ 54,750 – Bachelor’s Degree$ 54,750 – Bachelor’s Degree
$ 65,675 – Master’s Degree$ 65,675 – Master’s Degree
$ 80,650 – Doctoral Degree$ 80,650 – Doctoral Degree
$ 86,580 – Professional Degree$ 86,580 – Professional Degree
Return on Investment - Earnings
$ 33,200 – High School Diploma$ 33,200 – High School Diploma
$ 54,750 – Bachelor’s Degree$ 54,750 – Bachelor’s Degree
$ 65,675 – Master’s Degree$ 65,675 – Master’s Degree
$ 80,650 – Doctoral Degree$ 80,650 – Doctoral Degree
$ 86,580 – Professional Degree$ 86,580 – Professional Degree
$1.3 Million Lifetime earnings$1.3 Million Lifetime earnings
Return on Investment - Unemployment
9.4% – High School Diploma9.4% – High School Diploma
4.9% – Bachelor’s Degree4.9% – Bachelor’s Degree
3.6% – Master’s Degree3.6% – Master’s Degree
2.5% – Doctoral Degree2.5% – Doctoral Degree
2.4% – Professional Degree2.4% – Professional Degree
Return on Investment - Unemployment
24% – Recent High School Graduates24% – Recent High School Graduates
7% – Recent College Graduates7% – Recent College Graduates
UGA – Internal Revenue AnalysisGrowth
Tuition $311,758,288 60.5% 230.7% $94,273,855 53.4%
Student Fees $68,506,856 13.3% 284.3% $17,828,707 10.1%
Indirect Cost Recovery $27,021,634 5.2% 106.4% $13,094,383 7.4%
Miscellaneous Income $12,580,125 2.4% $0 0.0%
Dept. Sales & Service $95,248,931 18.5% 85.9% $51,239,669 29.0%
TOTAL BUDGET $515,115,834 192.0% $176,436,614
ENROLLMENT 34,500 32,317
FY 2014 FY 2002
UGA - Funding Source Summary
Growth
State Appropriation $402,349,065 27.7% -9.0% $442,236,809 46.5%
Federal Appropriation $12,839,219 0.9% -1.8% $13,078,308 1.4%
Internal Revenue $515,115,834 35.4% 192.0% $176,436,614 18.5%
Sponsored $292,728,629 20.1% 52.0% $192,553,970 20.2%
Auxiliary Enterprises $196,419,200 13.5% 75.5% $111,938,091 11.8%
Private Funding $34,428,007 2.4% 131.1% $14,900,000 1.6%
TOTAL BUDGET $1,453,879,954 52.9% $951,143,792
ENROLLMENT 34,500 32,317
FY 2014 FY 2002
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