LIABILITIES AND NET ASSETS

Accounts Payable and Accrued Liabilities

Grants Refundable and Third Party Organizations

Deferred revenue

Long-term Debt and Capital Lease Obligation

TOTAL LIABILITIES: Total liabilities consist of multiple line items such as line of credit, accounts payable, accrued liabilities, third-party funds, long-term debt obligations, and U.S. government grant obligations. As shown above, total liabilities remain stable when comparing FY 2022 to FY 2021, with only a .85% overall increase. Other noteworthy items are:

• The forgiveness of approximately $118 million in longterm debt obligations by the Department of Education during FY 2021, which reduced such debt to zero by 06/30/2022.

• As of June 30, 2022, the line of credit utilized was reduced to zero, thus meaning that TU had enough unrestricted cash to operate without borrowing any short-term funds.

• U.S. government grant obligations were reduced by 40.92%, as a result of TU returning funds to the Department of Education in compliance with the process of liquidating the Perkins Loans program per the Department of Education.

NET ASSETS): During FY 2022 net assets from operations increased by $11.6 million. However, upon considering nonoperating activities, the change in net assets decreased by $2.1 million during FY 2022.

TOTAL NET ASSETS: Total net assets are the value of total assets minus total liabilities, thus the value of net assets.

ASSETS, LIABILITIES AND NET ASSETS

STATEMENTS OF ACTIVITIES AND CHANGES IN NET ASSETS – SUMMARY

Revenues And Expenses

REVENUES (FY 2022 VS FY 2021): The net effects of Covid-19 forced many institutions to increase the amount and number of scholarships offered to students to attract first-time students and retain returning students. This increase in scholarships offered and an overall decrease in enrollment resulted in decreased net tuition and fees by 16.45% or $7 million. Governmental grants and contracts, inclusive of Covid-19 related funding, increased by 20.46% or $13 million. Other revenues, inclusive of private gifts, grants, and contracts, decreased by 23.66% or $13.3 million, primarily as a result of not being able to duplicate a large donor contribution that was received during FY

2021. Total operating revenues decreased by 4.59% or $7 million. Net nonoperating revenues (expenses) decreased by 108.66% or $173 million, which is directly related to the forgiveness of approximately $118 million in long-term debt obligations by the Department of Education during FY 2021, stellar returns on investments during FY 2021, and investments experiencing a decline because of significant turbulence in the stock market during FY 2022.

EXPENSES: Operating expenses increased by 17.89% or $21.7, primarily as a result of full operations being reinstituted as the University moves forward from Covid-19.

Expenses And Losses

The top producer of African-American Ph.D. holders in Materials Science and Engineering in the U.S.

The only historically black college or university to maintain academic excellence while supporting a football program exceeding 700+ wins consecutive SIAC Conference Football Championships.