Financial Highlights
58 Financial Highlights
Financial Highlights Fiscal year 2012 marks the final year under our current financial system at the University. Beginning in FY 2013, the transition to Responsibility Centered Managed (RCM) will be implemented. This new model will move decision-making and resulting revenues and expenses from University administration to the colleges in order to create transparency in the budgeting process. RCM is intended to create incentives for entrepreneurial outcomes at the unit level. Much of FY 2012 centered on educating and creating the infrastructure needed to implement this system of funds and expense allocation to the units within our College. The entire College leadership team worked together to make joint decisions regarding the distribution of funding and budgeting under this new model. The primary goal of RCM is to provide our leaders with increased transparency into our finances to aid in setting the College’s priorities now and into the future. Having the transparency that RCM offers will allow the College leadership to project future trends and enable us to explore the viability of new ventures and entrepreneurial opportunities.
Despite continued reductions in state funding and the challenge of the current economic environment, the College ended this fiscal year with a positive operating margin of just over $1M. State appropriations for the College have declined over 25% in the last three years from $2.55M in FY 2010 to $1.91M in FY 2012. State funding now represents only 11% of total College annual revenue. Our ability to offset this reduction and to grow revenue was a direct result of three primary factors. First, there was increased revenue from tuition & fees (3% over FY 2011) due to increased class sizes across the College and a modest increase in tuition. Second, the commitment to invest strategically in the area of research resulted in a growth in grant revenue of 3% in FY 2012 compared to FY 2011. Finally, expenses were significantly reduced due to unfilled faculty and staff vacancies. As we seek to create an environment of fiscal stability, the College has developed proposals for new educational programs that have the potential to not only meet the needs of the citizens of South Carolina but to add revenue streams for the College. More specific details about these proposals will be provided as they are approved and formalized. n
Statement of Personnel & Operations YTD as of June 30, 2012 Combined MUSC & UMA FY 2012 Budget
Original
Actual June YTD
$ 15,967,490
$ 17,369,694
Total Personnel
$ 11,710,579
$ 11,630,760
Total Operating
$ 3,820,701
$ 4,378,547
$ 15,531,280
$ 16,009,307
$ (5,184)
$ (298,625)
$ 431,026
$ 1,032,990
Revenue:
Total Revenue Expenditures:
Total Expenditures Total Other Additions (Deductions) Revenue Over/(Under) Expenditures
2012 Annual Report
Financial Highlights 59
FY 2011 Revenue Sources State Appropriations
200= $ 1,999,388 12%
Faculty Practice
151= $ 1,506,695 11%
Grants
256= $ 2,564,907 16%
Continuing Education 24= $ 242,273 2% Student Tuition and Fees 892= $ 8,920,940 54% All Other Revenue
104= $1,040,905 5%
FY 2012 Revenue Sources State Appropriations
191= $ 1,905,734 11%
Faculty Practice
92= $ 921,979 5%
Grants
321= $ 3,213,298 19%
Continuing Education 24= $ 240,751 1% Student Tuition and Fees 993= $ 9,925,484 57% All Other Revenue
116= $1,162,448 7%
College of Health Professions MUSC