Strong Support and Sound Finances
Drexel's leaders, first and foremost, must act as diligent stewards of the University's resources. They must build a fiscal foundation worthy of the trust that our philanthropic community places in them. That bar moves a little higher each year thanks to the deep commitment of Drexel's alumni and donors.
Raised in 2013-14, a new record
Fundraising and Support
The Year in Giving
Drexel experienced another record-breaking year of philanthropy in 2013-14, raising $85.5 million from more than 15,000 total donors. This exceeded the goal of $60 million by more than 40 percent. In response, the University set an even more ambitious goal of $100 million for 2014-15, and by November more than 60 percent of that goal was complete.
Drexel's fundraising priorities include growing the endowment to facilitate new student scholarships and endowed faculty chairs. The University is developing resources to support its innovation and civic engagement initiatives, and also striving to fully fund the Perelman Center for Jewish Life (building on the leadership gift of philanthropist Raymond G. Perelman) and to grow support for the first major project of the Innovation Neighborhood, at 3101 Market Street.
(Read more about Perelman, Thomas R. Kline and other leading donors elsewhere in this report.)
More than 250 alumni events attracted more than 6,150 alumni this year. That participation figure is up nearly 20 percent over the previous year, and more than 25 percent were first-time attendees. In addition, more than 23,500 alumni participate in official Drexel alumni social media.
FY2014 Financial Summary
As of June 30, 2014, total net assets grew to $1.1 billion from $1.0 billion in 2013 and included $575.7 million in unrestricted, $261.2 million temporarily restricted for specific purposes and $310.4 million permanently restricted for endowments and student loans.
Cash remained strong at $114.0 million, due to solid financial results. Accounts receivable amounted to $121.4 million, including student charges of $50.7 million, $60.9 million for sponsored program grants and contracts, patient charges of $8.0 million and $1.7 million due to the College of Medicine from Tenet Healthcare Corporation.
Contributions receivable totaled $72.3 million. Total liabilities increased by $33.9 million driven by higher deferred revenue ($26.7 million) and accrued expenses ($10.0 million), an increase in postretirement and pension benefits ($5.0 million) and higher deposits ($3.9 million), which were offset by a decrease in accounts payable ($12.0 million).
Total revenue was $986.5 million, which exceeded the board-approved budget as the result of higher net tuition and auxiliary enterprise revenue due an overall increase in the number of undergraduate students attending the University.
Expenses of $965.0 million compared favorably with the budget also.
The change in net assets from operating activities was $21.5 million. The total change in net assets, including operating and non-operating activities, was $93.5 million. Non-operating activity includes endowment and other gifts, realized and unrealized net gain on investments net of endowment payout and other non-operating income.
As of June 30, 2014, the portfolio market value was approximately $687.1 million including certain participating trusts and non-pooled investments, up from $599.9 million last fiscal year. This includes the $54.2 million Academy of Natural Sciences endowment. Performance of total pooled assets was +15.3 percent, which is in line with market conditions and the implementation of the University's new asset allocation policy.
Consolidated Statements of Activities and Financial Position (PDF)