July 1, 2023 through June 30, 2024
(With Independent Auditors’ Report Thereon)
IndependentAuditors’Report
TheBoardofTrustees
TheNewSchool:
Opinion
WehaveauditedtheconsolidatedfinancialstatementsofTheNewSchool(theuniversity),whichcomprisethe consolidatedbalancesheetsasofJune30,2024and2023,andtherelatedconsolidatedstatementsof activitiesandcashflowsfortheyearsthenended,andtherelatednotestotheconsolidatedfinancial statements.
Inouropinion,theaccompanyingconsolidatedfinancialstatementspresentfairly,inallmaterialrespects,the financialpositionoftheuniversityasofJune30,2024and2023,andthechangesinitsnetassetsanditscash flowsfortheyearsthenendedinaccordancewithU.S.generallyacceptedaccountingprinciples.
BasisforOpinion
WeconductedourauditsinaccordancewithauditingstandardsgenerallyacceptedintheUnitedStatesof America(GAAS).OurresponsibilitiesunderthosestandardsarefurtherdescribedintheAuditors’ ResponsibilitiesfortheAuditoftheConsolidatedFinancialStatementssectionofourreport.Wearerequiredto beindependentoftheuniversityandtomeetourotherethicalresponsibilities,inaccordancewiththerelevant ethicalrequirementsrelatingtoouraudits.Webelievethattheauditevidencewehaveobtainedissufficient andappropriatetoprovideabasisforourauditopinion.
ResponsibilitiesofManagementfortheConsolidatedFinancialStatements
Managementisresponsibleforthepreparationandfairpresentationoftheconsolidatedfinancialstatementsin accordancewithU.S.generallyacceptedaccountingprinciples,andforthedesign,implementation,and maintenanceofinternalcontrolrelevanttothepreparationandfairpresentationofconsolidatedfinancial statementsthatarefreefrommaterialmisstatement,whetherduetofraudorerror.
Inpreparingtheconsolidatedfinancialstatements,managementisrequiredtoevaluatewhetherthereare conditionsorevents,consideredintheaggregate,thatraisesubstantialdoubtabouttheuniversity’sabilityto continueasagoingconcernforoneyearafterthedatethattheconsolidatedfinancialstatementsareissued.
Auditors’ResponsibilitiesfortheAuditoftheConsolidatedFinancialStatements
Ourobjectivesaretoobtainreasonableassuranceaboutwhethertheconsolidatedfinancialstatementsasa wholearefreefrommaterialmisstatement,whetherduetofraudorerror,andtoissueanauditors’reportthat includesouropinion.Reasonableassuranceisahighlevelofassurancebutisnotabsoluteassuranceand thereforeisnotaguaranteethatanauditconductedinaccordancewithGAASwillalwaysdetectamaterial misstatementwhenitexists.Theriskofnotdetectingamaterialmisstatementresultingfromfraudishigher thanforoneresultingfromerror,asfraudmayinvolvecollusion,forgery,intentionalomissions, misrepresentations,ortheoverrideofinternalcontrol.Misstatementsareconsideredmaterialifthereisa substantiallikelihoodthat,individuallyorintheaggregate,theywouldinfluencethejudgmentmadebya reasonableuserbasedontheconsolidatedfinancialstatements.
InperforminganauditinaccordancewithGAAS,we:
Exerciseprofessionaljudgmentandmaintainprofessionalskepticismthroughouttheaudit.
Identifyandassesstherisksofmaterialmisstatementoftheconsolidatedfinancialstatements,whether duetofraudorerror,anddesignandperformauditproceduresresponsivetothoserisks.Such proceduresincludeexamining,onatestbasis,evidenceregardingtheamountsanddisclosuresinthe consolidatedfinancialstatements.
Obtainanunderstandingofinternalcontrolrelevanttotheauditinordertodesignauditproceduresthat areappropriateinthecircumstances,butnotforthepurposeofexpressinganopiniononthe effectivenessoftheuniversity’sinternalcontrol.Accordingly,nosuchopinionisexpressed.
Evaluatetheappropriatenessofaccountingpoliciesusedandthereasonablenessofsignificant accountingestimatesmadebymanagement,aswellasevaluatetheoverallpresentationofthe consolidatedfinancialstatements.
Concludewhether,inourjudgment,thereareconditionsorevents,consideredintheaggregate,that raisesubstantialdoubtabouttheuniversity’sabilitytocontinueasagoingconcernforareasonable periodoftime.
Wearerequiredtocommunicatewiththosechargedwithgovernanceregarding,amongothermatters,the plannedscopeandtimingoftheaudit,significantauditfindings,andcertaininternalcontrolrelatedmattersthat weidentifiedduringtheaudit.
NewYork,NewYork October28,2024
ConsolidatedBalanceSheets
June30,2024and2023
(Dollarsinthousands)
Cashandcashequivalents$2012,178 Studentaccountsreceivable,net(note3)8,3239,739 Contributionsreceivable,net(note5)19,73920,947 Deferredchargesandotherassets23,08428,622 Investments(note4)493,122464,865 Fundsheldbybondtrustees(note8)32,35856,050 Studentloansreceivable,net(note3)1,5841,460 Operatingright-of-useassets(notes11and13)304,211318,956 Assetheldforsale(notes6and15)16,980 Land,buildings,andequipment,net(note6)796,295802,258
Totalassets$1,695,8971,705,075
LiabilitiesandNetAssets
Liabilities:
Accountspayableandaccruedliabilities(notes7and12)$52,56052,735 Deferredrevenueandotherliabilities(note3)9,19610,924 FederalPerkinsstudentloanadvances728708 Short-termdebt(note7)16,87110,003 Operatingleaseliabilities(notes11and13)342,682353,097 Long-termdebt,net(note7)673,435687,418
Totalliabilities1,095,4721,114,885
Netassets(note9):
Withoutdonorrestrictions331,191341,341 Withdonorrestrictions269,234248,849
Totalnetassets600,425590,190
Totalliabilitiesandnetassets$1,695,8971,705,075
Seeaccompanyingnotestoconsolidatedfinancialstatements.
THENEWSCHOOL
ConsolidatedStatementsofActivities
YearsendedJune30,2024and2023 (Dollarsinthousands)
20242023
Changeinnetassetswithoutdonorrestrictions:
Operatingrevenues:
Studenttuitionandfees(netofscholarshipallowanceof$164,685and$155,521 fortheyearsendedJune30,2024and2023,respectively)(note3)$328,367346,876
Contributions2,0452,258 Grantsandcontracts3,2037,064
Investmentreturnappropriatedforoperations(notes4and9)10,13111,248
Auxiliaryactivities(note3)41,60943,078
Otherincome15,90917,789
Netassetsreleasedfromrestrictions(note9)42,81845,275
Totaloperatingrevenues444,082473,588
Operatingexpenses(note10):
Instructionanddepartmentalresearch179,649175,885
Sponsoredresearchandpublicservices31,02327,191 Academicsupport87,39783,556 Studentservices40,67837,275
Auxiliaryactivities52,63252,989 Institutionalsupport82,94484,186
Totaloperatingexpenses474,323461,082
Changeinnetassetsfromoperatingactivities(30,241)12,506
Nonoperatingactivities:
Investmentreturn,net(notes4and9)30,12025,009
Investmentreturnappropriatedforoperations(notes4and9)(10,131)(11,248) Other,net102150
Changeinnetassetswithoutdonorrestrictions(10,150)26,417
Changeinnetassetswithdonorrestrictions: Contributions33,69021,060 Grantsandcontracts8,72311,305 Investmentreturn,net(notes4and9)21,48117,819 Other,net(691)(1,164) Netassetsreleasedfromrestrictions(note9)(42,818)(45,275)
Changeinnetassetswithdonorrestrictions20,3853,745
Changeinnetassets10,23530,162
Netassetsatbeginningofyear590,190560,028
Netassetsatendofyear$600,425590,190
Certainamountsdisaggregatedabovearepresentedbelowintheaggregate: Contributions$35,73523,318 Investmentreturn53,56446,662 Investmentreturnappropriatedforoperations17,31319,082
Seeaccompanyingnotestoconsolidatedfinancialstatements.
Cashflowsfromoperatingactivities:
THENEWSCHOOL
ConsolidatedStatementsofCashFlows
YearsendedJune30,2024and2023 (Dollarsinthousands)
20242023
Changeinnetassets$10,23530,162 Adjustmentstoreconcilechangeinnetassetstonetcashusedinoperatingactivities: Depreciation28,35128,796 Provisionforuncollectiblestudentreceivables3,9035,817 Amortizationofnetbondpremiumsanddeferredcharges(1,898)(2,015) Netrealizedandunrealizedgainsoninvestments(51,242)(44,417) Reductionincarryingamountofoperatingright-of-use-assets,netofinterestexpense33,13026,758 Contributionsandgrantsrestrictedfor: Investmentinendowment(2,908)(4,235) Changesinoperatingassetsandliabilities:
Studentaccountsreceivable(2,487)(3,810) Contributionsreceivable2,9613,515 Deferredchargesandotherassets5,538(8,796) Operatingright-of-use-assetsandoperatingleaseliabilities,net(28,800)(24,455) Accountspayableandaccruedexpenses(2,441)(16,815) Deferredrevenueandotherliabilities(1,728)(482)
Netcashusedinoperatingactivities(7,386)(9,977)
Cashflowsfrominvestingactivities:
Purchaseofinvestments(141,047)(63,483) Proceedsfromsalesofinvestments158,24282,431 Purchaseoffixedassets(37,102)(23,035) Changeinstudentloanscollected,net(124)333
Netcashusedininvestingactivities(20,031)(3,754)
Cashflowsfromfinancingactivities:
Proceedsfromshort-termdebt61,86833,003 Paymentsonshort-termdebt(55,000)(23,000) Paymentsonlong-termdebt(12,085)(8,909) Changeinfundsheldbybondtrustee,net565(6,209) Changeincontributionsreceivablerestrictedforendowment(1,753)3,335 Contributionsrestrictedforendowment2,9084,235 ChangeinFederalPerkinsstudentloanadvances,net20(163)
Netcash(usedin)providedbyfinancingactivities(3,477)2,292
Netchangeincash,cashequivalents,andrestrictedcash(30,894)(11,439)
Cash,cashequivalents,andrestrictedcashbeginningofyear40,90352,342 Cash,cashequivalents,andrestrictedcashendofyear$10,00940,903
Reconciliationofcash,cashequivalents,andrestrictedcashreportedwithintheconsolidated balancesheetsthatsumtothetotalofthesamesuchamountsshownabove:
Cashandcashequivalents$2012,178
Restrictedcashandcashpendinginvestmentincludedininvestments6,02011,810 Restrictedcashincludedinbondsheldbytrustees3,78826,915
Totalcash,cashequivalents,andrestrictedcashshownabove$10,00940,903
Supplementalinformation:
Interestpaid$25,60424,344
Right-of-useassetsobtainedinexchangeforoperatingleaseliabilities1,783 Fixedassetspurchasedthroughaccountspayable2,266
Seeaccompanyingnotestoconsolidatedfinancialstatements.
THENEWSCHOOL
NotestoConsolidatedFinancialStatements
June30,2024and2023
(Dollarsinthousands)
(1)TheUniversity
TheNewSchoolwasfoundedin1919byagroupofscholars,journalists,andcivicleaderswhoimagined aneducationalvenuewheretheycouldfreelydiscusstheirideasandwheredialoguecouldtakeplace betweenintellectualsandthepublic.Originallydevotedtoexploringthepressingsocial,political,and economicproblemsoftheday,TheNewSchoolhassinceexpandeditsfocustoembracetheartsand culture.Today,TheNewSchooloffersbachelorsandmastersprogramsinthevisualandperformingartsin additiontobachelors,masters,doctorate,andcertificateprogramsintheliberalarts,socialsciences,and managementandurbanpolicy.
TheNewSchoolcomprisesfivecolleges.TheyareParsonsSchoolofDesign,EugeneLangCollegeof LiberalArts,CollegeofPerformingArts,TheNewSchoolforSocialResearch,andSchoolsofPublic Engagement.
During2014,TheNewSchoolformedanentity,TNSParsons,foritscampusinParis,France.The consolidatedfinancialstatementsofTheNewSchoolincludetheaccountsofthisaffiliate(collectively referredtoastheuniversity).
TheuniversityisaccreditedbytheMiddleStatesAssociationofCollegesandSchools.
(2)SummaryofSignificantAccountingPolicies
(a)NetAssetClassifications
Theuniversitysconsolidatedfinancialstatementsarepreparedontheaccrualbasisofaccountingin accordancewithU.S.generallyacceptedaccountingprinciples(GAAP).Allmaterialintercompany transactionsandbalanceshavebeeneliminated.Whiletheunderlyingaccountsoftheuniversityare maintainedinaccordancewiththeprinciplesoffundaccountingtofacilitateobservanceofspecific restrictionsplacedontheresourcesavailabletotheuniversityandtoreflecthowtheuniversity managesresources,theaccompanyingconsolidatedfinancialstatementspresentthefinancialposition, activities,andcashflowsoftheuniversityasawhole.Theuniversitysresourcesareclassifiedand reportedintheaccompanyingconsolidatedfinancialstatementswithinseparateclassesofnetassets basedontheexistenceorabsenceofdonor-imposedrestrictionsasfollows:
Netassetswithdonor-restrictionscontaindonor-imposedrestrictionsthatstipulatetheresources bemaintainedpermanentlybutpermittheuniversitytousetheincomefromtheresourcesfor eitherspecifiedorunspecifiedpurposes.Alsoincludedinthiscategoryarenetassetsthatpermit theuniversitytouseorexpendtheassetsasspecifiedbythedonor.Therestrictionsaresatisfied eitherbythepassageoftimeorbyactionoftheuniversity.
Netassetswithoutdonor-restrictionsarenotrestrictedbydonors,orthedonor-imposedrestrictions havebeensatisfiedorexpired.TheuniversitysBoardofTrusteeshasdesignatedaportionofthe netassetswithoutdonorrestrictionsforlong-terminvestment(quasi-endowment)andother purposes.Inaddition,fromtimetotime,theBoardofTrusteesmaydesignateaportionofnet assetswithoutdonorrestrictionsforaspecifieduse.
THENEWSCHOOL
NotestoConsolidatedFinancialStatements
June30,2024and2023 (Dollarsinthousands)
Revenuesarereportedasincreasesinnetassetswithoutdonorrestrictionsunlesstheiruseislimited bydonor-imposedrestrictions.Expensesarereportedasdecreasesinnetassetswithoutdonor restrictions.Gainsandlossesoninvestmentsandotherassetsorliabilitiesarereportedasincreases ordecreasesinnetassetswithoutdonorrestrictionsunlesstheiruseisrestrictedbyexplicitdonor stipulationorbylaw.Expirationsofnetassetswithdonorrestrictionsarereportedasnetassets releasedfromrestrictions.
Netassetsreleasedfromrestrictionsincludesupportforprogramactivitiessuchassponsored research,instructionandfinancialaid.Contributionswithdonor-imposedrestrictionsarereportedas donorrestrictedrevenuesandarereleasedtonetassetswithoutdonorrestrictionsuponthepassage oftimeorbyincurringcostswhichsatisfytherestrictedpurposesspecifiedbythedonors.
(b)CashEquivalents
Cashequivalentsconsistofmoneymarketfundsandhighlyliquidfinancialinstrumentswithaninitial maturityofthreemonthsorless,exceptforthoseheldbytheuniversitysinvestmentmanagersaspart oftheirlong-terminvestmentstrategies.
(c)Land,Buildings,andEquipment
Land,buildings,andequipmentarestatedatcostor,ifdonated,atfairvalueonthedateofdonation.
Depreciationiscalculatedonthestraight-linebasisovertheestimatedusefullivesoftherelatedassets asfollows:
(d)ArtCollection
Theuniversitysartcollectionconsistsofworksofart,includingprints,paintings,photographs,and sculpturesthatareheldforthepurposesofpublicexhibition,education,andresearch.Eachofthe itemsiscataloged,preserved,andcaredfor,andactivitiesverifyingtheirexistenceandassessingtheir conditionareperformedbytheuniversityscurators.
Theartcollection,whichismadeupofpurchasesanddonationssincetheuniversitysinception,isnot recognizedasanassetintheconsolidatedbalancesheets.Purchasesofcollectionitemsarerecorded asexpensesanddonatedcollectionitemsarenotreportedascontributions.Proceedsfromsalesare reflectedasincreasesinnetassetswithoutdonorrestrictions.
NotestoConsolidatedFinancialStatements
June30,2024and2023 (Dollarsinthousands)
(e)ContributionsandContributionsReceivable
Contributions,includinggrants,andunconditionalpromisestogive(pledges),arerecognizedas revenuesintheperiodreceived.Contributionswithpurposeortimerestrictionsarereportedas increasesinnetassetswithdonorrestrictionsandarereleasedtonetassetswithoutdonorrestrictions whenthepurposeortimerestrictionsaremet.Contributionssubjecttodonor-imposedstipulationsthat thecorpusbemaintainedpermanentlyarealsorecognizedasincreasesinnetassetswithdonor restrictions.Unconditionalpromisestogivearerecognizedinitiallyatfairvalueascontributions revenueintheperiodsuchpromisesaremadebydonors.Fairvalueisestimatedconsidering anticipatedfuturecashreceipts(afterallowanceismadeforuncollectiblecontributions)and discountingsuchamountsatarisk-adjustedratecommensuratewiththedurationofthedonors paymentplan.Insubsequentperiods,thediscountrateisunchangedandtheallowancefor uncollectiblecontributionsisreassessedandadjustedifnecessary.Amortizationofthediscountis recordedasadditionalcontributionrevenue.
Acontributionisconditionaliftheagreementincludesbothabarrierthatmustbeovercomeforthe recipienttobeentitledtotheassetstransferredandarightofreturnforthetransferredassetsoraright ofreleaseofthepromisorsobligationtothetransferredassets.Conditionalpromisestogivearenot recognizeduntiltheybecomeunconditional,thatis,whenthebarriersonwhichtheydependaremet. AtJune30,2024and2023,theuniversityhadreceivedconditionalpromisestogiveofapproximately $32,000and$31,600,respectively,intheformofmeasurableperformance,relatedorotherbarriers, andarightofreturnthathavenotbeenreflectedintheaccompanyingconsolidatedfinancial statementsbecausethebarriersonwhichtheydependhavenotbeenmet.
(f)SplitInterestAgreements
Theuniversityisthebeneficiaryofseveralsplitinterestarrangementsthatrequiretheinstrumentsbe recordedasrevenueandnetassetsatthepresentvalueoftheuniversitysinterest.
AtJune30,2024and2023,assetsassociatedwithsplitinterestgiftsapproximate$435and$414, respectively.
(g)FairValueofFinancialInstruments
Fairvalueisdefinedasthepricethatwouldbereceivedtosellanassetorpaidtotransferaliabilityin anorderlytransactionbetweenmarketparticipantsatthemeasurementdate.Itprioritizestheinputsto thevaluationtechniquesusedtomeasurefairvaluebygivingthehighestprioritytounadjustedquoted pricesinactivemarketsforidenticalassetsorliabilities(Level1measurements)andthelowestpriority tomeasurementsinvolvingsignificantunobservableinputs(Level3measurements).Thelevelinthe fairvaluehierarchywithinwhichafinancialinstrumentfallsisbasedonthelowestlevelinputthatis significanttothefairvaluemeasurementinitsentirety.
Thethreelevelsofthefairvaluehierarchyareasfollows:
Level1Valuationinputsincludepublishednetassetvalue(NAV)orquotedprices(unadjusted)in activemarketsforidenticalassetsorliabilitiesthattheuniversityhastheabilitytoaccessat measurementdate.
NotestoConsolidatedFinancialStatements
June30,2024and2023 (Dollarsinthousands)
Level2ValuationinputsotherthanpublishedNAVorquotedprices(unadjusted)includedinLevel1 thatareeitherdirectlyorindirectlyobservablefortheassetsorliabilities.
Level3Valuationinputsareunobservableinputsfortheassetsorliabilities.
Assets,whichtheuniversityreportsatfairvalueonarecurringbasis,areinvestmentsandfundsheld bybondtrustees.
(h)AdvertisingCosts
Advertisingexpensesreflectedintheconsolidatedstatementsofactivitiestotaled$3,843and$4,678 forfiscalyears2024and2023,respectively.
(i)Estimates
ThepreparationoftheconsolidatedfinancialstatementsinconformitywithGAAPrequires managementtomakeestimatesandassumptionsthataffectthereportedamountsofassetsand liabilitiesanddisclosuresofcontingenciesatthedateoftheconsolidatedfinancialstatementsandthe reportedamountsofrevenuesandexpensesduringthereportingperiod.Estimatessuchasthe valuationofinvestmentsandfundsheldbybondtrustees,thenetrealizablevalueofreceivables,and theoperatingleaseliabilitiesusingtheincrementalborrowingrateareincludedintheconsolidated financialstatements.Actualresultscoulddifferfromthoseestimates.
(j)IncomeTaxes
TheuniversityisexemptfromfederalincometaxespursuanttoSection501(c)(3)oftheInternal RevenueCode,exceptforanyunrelatedbusinessincomeactivities.Theuniversityrecognizesthe effectsofincometaxpositionsonlyifthosepositionsaremorelikelythannottobesustained.The universityevaluates,onanannualbasis,theeffectsofanyuncertaintaxpositionsonitsconsolidated financialstatements.TheuniversityhasnotidentifiedorprovidedforanysuchpositionsasofJune30, 2024and2023.
(k)Operations
Theconsolidatedstatementsofactivitiespresentthechangesinnetassets,distinguishingbetween operatingandnonoperatingactivities.Operatingactivitiesprincipallyincludeallrevenueandexpenses thatrelatetotheuniversityseducationalprograms,research,training,andsupportingactivities.
Operatingrevenuesincludetheinvestmentreturnpursuanttotheuniversitysspendingpolicyand earnedonworkingcapitalfunds.Operatingrevenuesalsoincludeallcontributions,exceptthosethat containdonor-imposedrestrictions.
Theuniversityhasdefinednonoperatingactivitiesprincipallytoincludeendowmentinvestmentreturn (loss)netofamountsdistributedtosupportoperationsinaccordancewiththeendowmentspending policy(note9),contributionssubjecttodonor-imposedrestrictions,andactivityrelatedtoannuityand unitrustagreements.Certainothergains,losses,ortransactionsconsideredtobeofamoreunusualor nonrecurringnaturearealsoincludedaspartofnonoperatingactivities.
THENEWSCHOOL
NotestoConsolidatedFinancialStatements
June30,2024and2023 (Dollarsinthousands)
(l)Leases
InaccordancewithFinancialAccountingStandardsBoard(FASB)AccountingStandardsCodification (ASC)Topic842,Leases,theuniversitydeterminesifanarrangementisaleaseatinceptionand classifiesleasesaseitheroperatingorfinancingdependingonthetermsandconditionssetforthinthe contract.Theuniversityusesarisk-freeratetodeterminethepresentvalueofleasepayments.
Theuniversityamortizesaleasescostintheconsolidatedstatementsofactivitiesonastraight-line basisoveritsterm.Ontheconsolidatedbalancesheets,operatingleaseright-of-useassets(ROU) representtheuniversitysrighttousetheunderlyingassetsfortheleasetermandleaseliabilities representstheuniversitysobligationtomakeleasepaymentsarisingfromtheleases.OperatingROU assetsandliabilitiesarerecognizedatleasecommencementbasedonthepresentvalueoflease paymentsovertheleaseterm.OperatingleaseROUassetsarereducedeachperiodbyanamount equaltothedifferencebetweentheoperatingleaseexpenseandtheamountofinterestexpenseon theleaseliabilitiesutilizingtheeffectiveinterestmethod.
(m)Reclassification
Certainreclassificationsofprioryearamountshavebeenmadetoconformtothecurrentyear presentation.
(3)StudentServices
(a)TuitionandAuxiliaryActivities
Tuitionandfeesandroomandboardrevenuesarerecognizedinthefiscalyearinwhichtheacademic programsandresidentialservicesaredelivered.Institutionalscholarshipsawardedtostudentsreduce theamountoftuitionandfeesrevenuerecognized.Roomandboardrevenuesarereportedinauxiliary activitiesintheaccompanyingconsolidatedstatementsofactivities.Paymentsfortuitionandfeesand residentialservicesaregenerallyduepriortothestartoftheacademicterminaccordancewiththe universitysduedates.Generally,studentswhoadjusttheircourseloadorwithdrawcompletelywithin onetofourweeksoftheacademictermreceiveafullorpartialrefundinaccordancewiththe universitysrefundpolicy.Refundsissuedreducetheamountofrevenuerecognized.
Inaddition,theuniversityrecordsanallowanceforuncollectiblestudentaccountsandloans.The allowanceisavaluationaccountthatisdeductedfromthegrossreceivablebalancetopresentthenet carryingvalueofthereceivableattheamountexpectedtobecollected.Themeasurementofthe allowanceisbasedonrelevantinformationaboutpastevents,includinghistoricalexperience,current conditions,andreasonableandsupportableforecaststhataffectthecollectibilityofthereported amount.
THENEWSCHOOL
NotestoConsolidatedFinancialStatements June30,2024and2023 (Dollarsinthousands)
(b)ScholarshipAllowance
Studenttuitionandfeesarepresentednetofamountsawardedtostudentstodefraytheircostsof attendingtheuniversityasfollows:
Universitysupportincludestuitiondiscounts,financialaid,andmeritscholarshipsawardedtostudents fromoperatingresourceswithnodonorrestrictions.Sponsoredsupportincludesfinancialaidand scholarshipsfundedfromrestrictedandexternalsources.
(c)StudentAccountsandLoansReceivable
StudentaccountsandloansreceivablesconsistedofthefollowingatJune30,2024and2023:
(d)DeferredRevenueandOtherLiabilities
Theuniversityrecognizesrevenuefromstudenttuitionandfeeswithinthefiscalyearinwhichthe academictermisconductedasperformanceobligationsaresatisfied.Amountscollectedinadvanceof suchrevenuerecognitionaredeferred.Deferredrevenuesaretypicallyrecognizedasrevenueinthe subsequentfiscalyear.
Otherliabilitiesprimarilyincludeamountsreceivedinadvanceforservices,whicharerecognizedas performanceobligationsaresatisfied.
THENEWSCHOOL
NotestoConsolidatedFinancialStatements June30,2024and2023 (Dollarsinthousands)
AsofJune30,deferredrevenuesandotherliabilitiesconsistedofthefollowing:
(4)Investments
InvestmentsatfairvalueconsistedofthefollowingatJune30,2024and2023:
Investmentsindebtandequitysecuritieswithreadilydeterminablefairvaluesarereportedatfairvalue baseduponquotedmarketpricesorpublishedNAVforinvestmentsinfundswithcharacteristicssimilarto amutualfund.
Inadditiontotraditionalequitiesandfixedincomesecurities,theuniversityholdssharesorunitsin alternativeinvestmentfundsincludingfixedincome,hedgedequity,privateequity,publicequity,andreal assetstrategies.Theestimatedfairvaluesoftheseinvestmentsare,asapracticalexpedient,basedon NAVprovidedbythefundmanagers.Thesevaluesarereviewedandevaluatedbytheuniversitys management.Thereportedvaluemaydiffersignificantlyfromthevaluesthatwouldhavebeenreported
THENEWSCHOOL
NotestoConsolidatedFinancialStatements June30,2024and2023 (Dollarsinthousands)
hadareadymarketfortheseinvestmentsexisted.Informationwithrespecttoinvestmentstrategies, redemptionterms,andfundingcommitmentsfortheseinvestmentsisasfollows:
PublicEquityPublicequityfundsincludedomestic,global,andemergingmarketstrategies.The redemptionperiodsrangefrommonthlytosemiannual.Therearenoremainingcommitmentstofundsin thiscategorytotalasofJune30,2024.
FixedIncomeFixedincomefundsincludelimitedliabilitypartnershipsthatinvestprimarilyindomestic middlemarketcompanies,shorter-durationU.S.government,agencies,andinstrumentalityobligationsand U.S.treasuries.Theredemptionperiodsforthesefixedincomefundsrangefromdailytonoredemption. Remainingcommitmentstofundsinthiscategorytotal$6,964asofJune30,2024.
HedgeFundsHedgedstrategiesinvolvefundswhosemanagershavetheauthoritytoinvestinvarious assetclassesattheirdiscretion,includingtheabilitytoinvestlongandshort.Fundswithhedgedstrategies generallyholdsecuritiesorotherfinancialinstrumentsforwhichareadymarketexistsandmayinclude stocks,bonds,putorcalloptions,swaps,currencyhedges,andotherinstruments,whicharevalued accordingly.Hedgedstrategiesgenerallyseektobenefitfromopportunitiesastheyoccurinthemarkets duetotemporarydislocationsorstructuralinefficiencies.Theuniversityshedgefundsaremostlylong/short butalsoincludediversifyingandequityorientedinstruments.Theredemptionperiodsforthesehedge fundsrangefrommonthlytonoredemption.Remainingcommitmentstofundsinthiscategorytotal$4,756 asofJune30,2024.
PrivateEquityPrivateequityfundsencompassbuyoutandventurecapitalstrategiesandmayfocuson investmentsinturnaroundsituations.Positionsfocusonthepurchase,development,improvement,and managementofcompaniesthatarenotpubliclytradedonastockexchange.Theseinvestmentsaremade throughlimitedpartnershipsthathavealimitedexistence,generally10years.Underthetermsofthe agreements,theuniversityisobligatedtoremitadditionalfundingperiodicallyascapitalcallsareexercised bythemanager.Distributionsaremadetoinvestorsthroughtheliquidationoftheunderlyingassets.There arenoredemptionsforprivateequityfunds.Remainingcommitmentstofundsinthiscategorytotal$37,489 asofJune30,2024.
RealAssetsTheuniversitysrealassetsarecomprisedofrealestateinvestments.Therealestate investmentstrategiesincludethepurchaseandmanagementofglobalresidential,commercial,and industrialrealestatewithvalueattemptedtoberealizedthroughbothimprovedoperationsandgainson eventualsale.Theredemptionperiodsforrealassetsrangefromannualtonoredemption.Remaining commitmentsinthiscategorytotal$11,504asofJune30,2024.
THENEWSCHOOL
NotestoConsolidatedFinancialStatements
June30,2024and2023 (Dollarsinthousands)
Investmentreturnonendowment,operating,andotherinvestments;fundsheldbybondtrustees;andcash equivalents,anditsclassificationintheconsolidatedstatementsofactivities,isasfollows:
ThefollowingtablessummarizeinvestmentsatJune30.Certaininvestmentsthatarereportedusingthe NAVpershare(oritsequivalent)practicalexpedienthavenotbeencategorizedinthefairvaluehierarchy.
THENEWSCHOOL
NotestoConsolidatedFinancialStatements
June30,2024and2023 (Dollarsinthousands)
Thefairvalueamountspresentedinthistableareintendedtopermitreconciliationofthefairvalue hierarchytotheamountspresentedintheconsolidatedbalancesheets:
InvestmentsatJune30,2024and2023aresummarizedinthefollowingtablesbytheirinvestmentliquidity profile:
THENEWSCHOOL
NotestoConsolidatedFinancialStatements June30,2024and2023 (Dollarsinthousands)
(5)ContributionsReceivable
ContributionsreceivableareexpectedtobecollectedasfollowsatJune30,2024and2023:
Theamountsreceivablefrom10donorsrepresentapproximately70%and55%ofthegrossreceivablesas ofJune30,2024and2023,respectively.Thetop5donorsrepresent22%and13%oftotalcontributions revenuefortheyearsendedJune30,2024and2023,respectively.
(6)Land,Buildings,andEquipment
Land,buildings,andequipmentconsistedofthefollowingatJune30,2024and2023:
InMay2024,theboardoftrusteesapprovedthesaleofaresidencehall(seenote15).Thenetbookvalue of$16,980wasreclassifiedtoassetsheldforsale.
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NotestoConsolidatedFinancialStatements
June30,2024and2023 (Dollarsinthousands)
(7)Debt
Long-termdebtconsistedofthefollowingatJune30,2024and2023:
Theuniversityisrequiredtomaintainanassetmaintenanceratioinwhichapercentageofnetassets withoutdonorrestrictions,excludingnetinvestmentinplant,plusspendablenetassetstototallong-term debtoutstandingmustbeatleast40%,inaccordancewiththeloanagreementforSeries2015.The universitywasincompliancewiththisdebtcovenantonJune30,2024and2023,respectively.Thereare nootherfinancialcovenantsassociatedwiththeuniversityslong-termdebt.
FortheyearsendedJune30,2024and2023,interestexpensetotaled$28,110and$25,827,respectively. AtJune30,2024and2023,interestpayableincludedinaccountspayableandaccruedliabilitieswas $14,055and$14,292,respectively.
AtJune30,2024,aggregateprincipalmaturitiesoflong-termdebtforeachofthenextfiscalyearsand thereafterareasfollows:
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NotestoConsolidatedFinancialStatements June30,2024and2023 (Dollarsinthousands)
Short-TermDebt
Theuniversityhasamarginagreementwithitsinvestmentcustodiantoborrowupto92%itsofcustodial liquidinvestmentssecuredbytreasuries,moneymarketandexchange-tradedfunds.Interestispayableat arateequaltotheFederalFundsRateplus0.75%Therewereoutstandingborrowingsof$16,871and $10,003asofJune30,2024and2023,respectively.
Theuniversityalsohasa$25,000annuallyrenewable,unsecuredlineofcredit.Amountsborrowedunder thecreditlineareduewithinoneyearandinterestispayableatarateequaltotheSecuredOvernight Financingplus1.37%.TheSOFRisone,two,three,orsixmonthsasselectedbytheuniversity.Theloan automaticallyconvertstoaprimerateiftheuniversitydoesnotselectaSOFRdurationatleastthree businessdayspriortothedateofborrowing.TherewerenooutstandingborrowingsasofJune30,2024or 2023.
(8)FundsHeldbyBondTrustees
FundsheldbybondtrusteesconsistedofthefollowingatJune30,2024and2023:
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NotestoConsolidatedFinancialStatements June30,2024and2023 (Dollarsinthousands)
(9)NetAssets
NetassetsconsistedofthefollowingatJune30,2024and2023:
Endowment
Theuniversitysendowmentiscomprisedofindividualfunds,establishedforavarietyofpurposes, includingscholarships,professorships,facultydevelopment,lectures,andresearchprograms.The endowmentconsistsofbothdonor-restrictedendowmentfundsandfundsdesignatedbytheBoardof Trusteestofunctionasendowments.Netassetsassociatedwithendowmentfunds,includingfunds
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NotestoConsolidatedFinancialStatements
June30,2024and2023 (Dollarsinthousands)
functioningasendowments,areclassifiedandreportedbasedontheexistenceorabsenceof donor-imposedrestrictions.
TheuniversityhasinterpretedNewYorksenactedversionoftheUniformPrudentManagementof InstitutionalFundsAct(UPMIFA),referredtoasNYPMIFA,asallowingtheappropriationforexpenditure oraccumulationofanendowmentfundasdeemedprudentbytheuniversityfortheuses,benefits, purposes,anddurationforwhichtheendowmentfundisestablished,subjecttotheintentofthedonoras expressedinthegiftinstrument.Theuniversityclassifiesthe(a)originalvalueofgiftsdonatedtothe endowment;(b)originalvalueofsubsequentgiftstotheendowment;and(c)respectiveaccumulationsof incometotheendowmentmadeinaccordancewiththedirectionoftheapplicabledonorgiftinstruments,if any,onanindividualendowmentfundasnetassetwithdonorrestrictionsuntilappropriatedbythe university.
InaccordancewithNYPMIFA,theBoardofTrusteesconsidersthefollowingfactorsinmakinga determinationtoappropriateoraccumulateendowmentfunds:
Endowmentdurationandpreservation
Purpose/missionoftheinstitutionandendowment
Generaleconomicconditions
Effectofinflationordeflation
Theexpectedtotalreturnfromincomeandtheappreciationofinvestments
Theuniversitystotalresources
Theuniversitysinvestmentpolicy
Anassetsspecialrelationshiporspecialvalue,ifany,tothepurposesoftheuniversity
NYPMIFAallowsspendingfromunderwaterendowments,unlessprecludedbydonors,butrequiresthat theuniversityconsideralternativestospendingsuchfundsinadditiontotheaforementionedcriteria.
Theuniversitysindividualendowmentfundsarepooledforinvestmentpurposes.Theinvestmentportfolio ismanagedtoachieveaprudentlong-termreturn.Theuniversityreliesonatotalreturnstrategyinwhich investmentreturnsareachievedthroughbothcapitalappreciation(realizedandunrealized)andcurrent yield(interestanddividends).Theuniversitytargetsadiversifiedassetallocationthatplacesagreater emphasisonequity-basedinvestmentstoachieveitslong-termreturnobjectiveswithinprudentrisk constraints.Theendowmentassetsareinvestedtoprovidearealtotalreturnthatpreservesthepurchasing poweroftheendowmentwhilegeneratinganincomestreamtosupporttheacademicactivitiesofthe university.Actualreturnsmayvaryfromthisgoalinanygivenyear.
Theuniversitysendowmentspendingpolicyisdesignedtoprovideasustainableandpredictableflowof fundstosupportannualoperations.Thespendingpolicyisintendedtobalancecurrentspendingneeds withthepreservationoftheendowmentsfuturepurchasingpower.Theuniversityappliesaboard-specified spendingratetoamovingaverageofendowmentinvestmentfunds.Thepurposeofusingamoving averageistosmoothoutanywidefluctuationsinthemarketvalue.Endowmentearningsinexcessofthe spendingrateareaddedbacktotheprincipaloftheendowmentinvestments.
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NotestoConsolidatedFinancialStatements June30,2024and2023 (Dollarsinthousands)
Theboardapprovedspendingpolicywas4.0%and4.5%ofthetrailing12-quartersmarketvaluesforfiscal years2024and2023,respectively.Accordingly,$17,313and$19,082ofendowmentreturnwas appropriatedinfiscalyears2024and2023,respectively,tosupportoperationsoftheuniversity.
Thefollowingtablespresenttheuniversitysendowment,exclusiveofpledges,asofandfortheyears endedJune30,2024and2023:
ChangesinendowmentnetassetsfortheyearendedJune30,2024areasfollows:
(Continued)
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NotestoConsolidatedFinancialStatements June30,2024and2023 (Dollarsinthousands)
ChangesinendowmentnetassetsfortheyearendedJune30,2023areasfollows:
Fromtimetotime,thefairvalueofassetsassociatedwithindividualdonor-restrictedendowmentfunds mayfallbelowthelevelthatthedonororNYPMIFArequirestheuniversitytoretainasafundofperpetual duration.Thedeficienciesofthisnaturethatarereportedinnetassetswithdonorrestrictionstotaled$822 and$1,023atJune30,2024and2023,respectively.Thesedeficienciesresultedfromunfavorablemarket fluctuationsthatoccurredshortlyaftertheinvestmentofnewcontributions,which,inaccordancewiththe donorsintent,aremaintainedpermanently,orotherendowmentfundswherethecumulativeappropriation hasexceededtheaccumulatedappreciation;theuniversitysuspendsspendingendowedfundsifspending appropriations,asdeterminedunderthespendingpolicy,exceedtheaccumulatedappreciation.
(10)Expenses
Expensesbyfunctionalandnaturalclassificationforfiscalyears2024and2023areasfollows:
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NotestoConsolidatedFinancialStatements
June30,2024and2023
(Dollarsinthousands)
Expensesassociatedwiththeoperationsandmaintenanceofplantanddepreciationareallocatedto functionalcategoriesbasedonsquarefootage.Interestexpenseisallocatedtofunctionalexpensesbased onthepurposeofthebondproceedsandsquarefootage.Expensesassociatedwithfundraisingactivities oftheuniversitywere$5,189and$5,151in2024and2023,respectively,andareincludedininstitutional support.
(11)LeasesandOtherCommitmentsandContingencies Leases
Theuniversityhasenteredintooperatingleasesofcertainfacilitiesforeducationalpurposes,whichexpire atvariousdatesthrough2069andprovideforrenewaloptions.Certainfacilityleasesprovideforincreases infutureannualpaymentsbasedondefinedincreasesintheConsumerPriceIndexsubjecttocertain maximumincreases.Additionally,theagreementsgenerallyrequiretheuniversitytopayrealestatetaxes, insurance,andrepairs.Operatingleaseswithleasetermsgreaterthanoneyeararereportedasoperating leaseROUassetsandliabilitiesintheconsolidatedfinancialstatements.
TheuniversityhasnomaterialfinanceleasesonJune30,2024or2023.
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NotestoConsolidatedFinancialStatements June30,2024and2023 (Dollarsinthousands)
Thetablebelowpresentsamaturityanalysisofoperatingleaseliabilitiesandareconciliationofthetotal amountofsuchliabilitiesrecognizedintheconsolidatedbalancesheetsatJune30,2024.
LeasecostsandotherrelatedinformationfortheyearendedJune30,2024and2023wereasfollows:
OtherCommitmentsandContingencies
AtJune30,2024,constructioncommitmentswereapproximately$3,234.
Amountsreceivedandexpendedbytheuniversityundervariousfederalandstateprogramsaresubjectto auditbygovernmentagencies.Intheopinionofmanagement,auditadjustments,ifany,wouldnothavea materialeffectonthefinancialposition,changesinnetassets,orcashflowsoftheuniversity.
Inthenormalcourseofitsoperations,theuniversityisapartytovariouslegalproceedingsandcomplaints, mostofwhicharecoveredbyinsurance.Whileitisnotfeasibletopredicttheultimateoutcomeofsuch matters,managementoftheuniversityisnotawareofanyclaimsorcontingenciesthatwouldhavea materialadverseeffectontheuniversitysfinancialposition.
NotestoConsolidatedFinancialStatements
June30,2024and2023 (Dollarsinthousands)
(12)RetirementandPostretirementHealthBenefitPlans
(a)RetirementPlans
Theuniversityhasadefined-contributionretirementplanthatcoverssubstantiallyallemployees, exceptcertainunionemployees,andisfundedthroughdirectpaymentstoTeachersInsuranceand AnnuityAssociationofAmerica(TIAA)forthepurchaseofvarioustypesofinvestmentcontracts.For eacheligibleemployee,theuniversityscontributionisdeterminedasapercentageofsalary,takinginto accountageandlengthofaccruedservice.Retirementcontributionspaidbytheuniversityunderthis planandchargedtoexpenseforfiscalyears2024and2023were$18,081and$16,846,respectively.
(b)Multi-EmployerPlans
AtJune30,2024,theuniversityparticipatedinfourmulti-employerpensionplansestablishedunder collectivebargainingagreementsthatcovercertaingroupsofemployeesthroughouttheuniversity, whicharereflectedinthetablebelow.Thesegroupsofemployeesarealsoeligibletoparticipateinthe NewSchool403(b)RetirementPlans.Theuniversitymakescashcontributionstotheseplansunder thetermsofthecollective-bargainingagreementsthatcoveritsunionemployees.
Thezonestatusreflectedintablebelowisbasedoninformationreceivedfromtheplansponsorsand, asrequiredbythePensionProtectionAct(PPA),iscertifiedbyeachplansactuary.Amongother factors,plansintheredzonearegenerallylessthan65%funded,plansintheyellowzoneareless than80%funded,andplansinthegreenzoneareatleast80%funded.Azonestatusofredrequires theplansponsortoimplementaFundingImprovementPlan(FIP)orRehabilitationPlan(RP).Effective August1,2018,theAmericanFederationofMusicians&EmployersPensionFund(AFMEPFLocal 802)imposedsurchargeof9%ofcontributionswasincreasedby10%.Theadditional10%intherate ofcontributionswillnotbeusedtocalculateanyparticipantsbenefitsundertheplan,butwillbeused solelytoimprovethefinancialhealthofthePlan.
TheFIP/RPStatusPending/ImplementedcolumnindicatesplansforwhichanFIPorRP,asrequired byPPA,iseitherpendingorhasbeenimplementedbytheplanssponsor.Theuniversityscontribution isalsodisclosedbelowfollowedbytheexpirationdatesofthecollectivebargainingagreements requiringcontributionstotheplans.
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NotestoConsolidatedFinancialStatements
June30,2024and2023 (Dollarsinthousands)
TheuniversityscontributionstoBuildingService32BJBenefitFunds,Local802(AFMEPF),andLocal 94(CentralPensionFund)wereinsignificanttotheplans.Thepercentageofuniversityscontributions toLocal840PensionFund(1205)fortheyearsendedDecember31,2023and2022represented92% and91%ofthetotalcontributionstotheplan,respectively.
(c)PostretirementHealthPlans
Theuniversityprovidescertainhealthcarebenefitsforpastandfuturenonunionfull-timeemployees whohaveorwillretireat65yearsofagewith10ormoreyearsofservice.Thisbenefitpaysupto $1,500perfiscalyearforthecostofpremiumstoeitheraMedigapplan,aPartDprescriptiondrug plan,oraMedicareAdvantagePlan(alsoknownasaMedicarePartCplan).
Theuniversityfundsitspostretirementbenefitscostsonapay-as-you-gobasis.AsofJune30,2024, and2023,theactuariallydeterminedbenefitobligationincludedinaccountspayableandaccrued liabilitieswas$3,083and$3,108,respectively.
(13)RelatedPartyTransactions
MembersoftheuniversitysBoardofTrusteesandseniormanagementmay,fromtimetotime,be associated,eitherdirectlyorindirectly,withcompaniesdoingbusinesswiththeuniversity.Theuniversitys conflictofinterestpolicyrequires,amongotherthings,thatnomemberoftheBoardofTrusteesorits committeesparticipateinanydecisioninwhichthey(oranimmediatefamilymember)haveamaterial financialinterest.FormembersoftheBoardofTrusteesandseniormanagement,theuniversityrequires anannualdisclosureofsignificantfinancialinterestsin,oremploymentorconsultingrelationshipswith, entitiesdoingbusinesswiththeuniversity.Whensuchrelationshipsexist,measuresaretakentoaddress theactualorperceivedconflicttoprotectthebestinterestsoftheuniversityandensurecompliancewith relevantconflictofinterestlaws.DuringfiscalyearsendedJune30,2024and2023,nosignificant relationshipsexistedotherthanasdisclosedbelow.
TheBoardofTrusteesapprovedanagreementtopurchasealeaseholdinterestinacondominiumthrough 2069withanentityassociatedwithatrustee,thattheuniversityusesasaresidencehallforitsstudents. TheBoarddeterminedthatthetransactionwasinthebestinterestoftheuniversityandprovided substantialbenefitstotheuniversitybasedonitsreviewofrelevantfactsandcircumstances,including advicefromrealestateconsultantsandoutsidecounsel.
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NotestoConsolidatedFinancialStatements
June30,2024and2023
(Dollarsinthousands)
(14)LiquidityandAvailability
Theuniversitysfinancialassetsavailableforgeneralexpenditureswithinoneyearoftheconsolidated balancesheetsasofJune30,2024and2023areasfollows:
Theuniversitycontinuallymonitorsliquidityrequiredtomeetitsoperatingneedsandothercontractual commitments,whilealsolookingtomaximizetheinvestmentofitsavailablefunds.Forpurposesof analyzingresourcesavailabletomeetgeneralexpendituresovera12-monthperiod,theuniversity considersallexpendituresrelatedtoitsongoingmissionrelatedactivities,includingthoseforplantand debtserviceandexclusiveofexpendituresforplantthatarefinancedbycontributions,aswellasthe conductofservicesundertakentosupportthoseactivities,tobegeneralexpenditures.Inadditionto financialassetsavailabletomeetgeneralexpendituresoverthenext12months,theuniversityoperates withinabalancedbudgetandanticipatescollectingsufficientrevenuetocovergeneralexpenditures.The consolidatedstatementsofcashflowsidentifiesthesourcesandusesoftheuniversityscashandshows negativecashgeneratedbyoperationsfortheyearendedJune30,2024.Theuniversityinvestsfundsin excessofcurrentrequirementsinvariousshort-term,highlyliquidinvestments.
Theuniversityhasinvestmentsassociatedwithboard-designatedendowmentfundswhichcanbemade availableforgeneralexpenditurewithapprovalfromtheBoard,subjecttoinvestmentliquidityprovisionsof $283,751and$263,851asofJune30,2024and2023.Inaddition,theuniversityalsohad$56and$1,682 offundsheldbybondtrusteesthatcanbemadeavailableforgeneralexpendituresasofJune30,2024 and2023,respectively.
Further,theuniversitymaintainstwovehiclestoprovideshort-termcashifneeded,anunsecuredlineof creditandamarginagreement.Whiletotalavailabilityvaries,itisgenerallyinexcessof$75,000.
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NotestoConsolidatedFinancialStatements June30,2024and2023 (Dollarsinthousands)
(15)SubsequentEvents
TheuniversityevaluatedsubsequenteventsaftertheconsolidatedbalancesheetdateofJune30,2024 throughOctober28,2024,thedateonwhichtheconsolidatedfinancialstatementswereissued.
(a)Saleof20thStreetResidenceHall
OnJuly1,2024,theuniversitysolditsresidencehalllocatedon20thStreetfor$30,000thatresultedin a$11,000gainwhichwillberecognizedinfiscal2025.Theuniversitydidnotredeemthebonds associatedwiththeresidencehall.Asaconditionofdoingso,thenetproceedswillbeusedtofinance constructionandcapitalprojectsoverthenexttwofiscalyears.
(b)LineofCredit
OnOctober16,2024,theuniversityenteredintoanewlineofcreditagreementintheamountof $50,000foratermof3years.Thisnewlineofcreditreplacesthe$25,000linetheuniversitypreviously maintained.
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