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University of Cincinnati 2019 Audited Financial Report

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University of Cincinnati 2019 Audited Financial Report University of Cincinnati A Component Unit of the State of Ohio Financial Statements as of and for the Year Ended June 30, 2019 and Independent Auditor’s Report BOARD OF TRUSTEES TRUSTEES William C. “Wym” Portman III Ronald D. Brown Geraldine B. “Ginger” Warner Thomas E. Mischell Margaret K. Valentine Chairperson Vice Chairperson Secretary Term Expires 2020 Term Expires 2027 Term Expires 2021 Term Expires 2022 Term Expires 2023 Kim Heiman Phil D. Collins Monica Turner J. Phillip Holloman Term Expires 2024 Term Expires 2025 Term Expires 2026 Term Expires 2028 STUDENT TRUSTEES Abigail Klare Christin Godale Undergraduate Student Graduate Student Term Expires 2021 Term Expires 2020 UNIVERSITY OF CINCINNATI 2019 FINANCIAL STATEMENTS 1 2 UNIVERSITY OF CINCINNATI 2019 FINANCIAL STATEMENTS TABLE OF CONTENTS FINANCIAL STATEMENTS Independent Auditor’s Report .......................................................................................................10 Management’s Discussion and Analysis (unaudited) .................................................................13 Statement of Net Position..............................................................................................................30 Statement of Revenues, Expenses, and Changes in Net Position ............................................31 Statement of Cash Flows ...............................................................................................................32 Notes to Financial Statements ......................................................................................................34 REQUIRED SUPPLEMENTARY INFORMATION Schedules of the University’s Proportionate Share of the Net Pension Liability (Asset) ........74 Schedules of the University’s Contributions — Pension ............................................................75 Schedules of the University’s Proportionate Share of the Net OPEB Liability .........................76 Schedules of the University’s Contributions — OPEB ................................................................77 UNIVERSITY OF CINCINNATI 2019 FINANCIAL STATEMENTS 3 LETTER FROM THE PRESIDENT Dear UC Community, At the University of Cincinnati, 2019 has been a milestone year as we celebrate our Bicentennial. UC’s two centuries of impact inspires us to do our utmost to ensure that our university continues to transform students’ lives into the next century and beyond. It has been a tremendous honor to be part of this turning point as we honor our past, celebrate the present and bend the future. With UC’s next century in mind, our strategic direction, Next Lives Here, focuses on our platforms of academic excellence, urban impact and the innovation agenda. Entwined in these priorities is our commitment to student success, faculty excellence and enrichment, staff excellence and development, cutting-edge research that has a Neville G. Pinto local and global impact, re-imagining cooperative education so that we provide even greater opportunity for students to gain work-integrated learning experience, and enhancing equity and inclusion. When we say “next,” we mean the next generation – our students. With them in mind, we are focused on building the financial base of the university to new heights, do- ing all that we can to keep college more affordable, and instituting our new Bearcat Promise with a pledge to every student that they will graduate with a diploma in one hand and a career plan in the other. Our 2019-20 academic year also institutes a guarantee for incoming first-year students and new transfer students that their tuition will remain stable for four or five years (based on their program requirements). With this new Tuition Guarantee program, students and parents will have predictability about the costs of attending UC. For the vast majority of our students – our returning students – tuition once again remains flat for 2019-20, the same rate it has been for five consecutive years. One sign of our strength heading into our third century is that students continue to seek UC out as their destination for a college education. Again this year, our enroll- ment outlook remains strong, with the student body expected to reach a record level for the seventh consecutive year – this time at 46,388. 4 UNIVERSITY OF CINCINNATI 2019 FINANCIAL STATEMENTS As a Research 1 university with a local heart and a global mindset, our innovation agenda has been reignited by our new 1819 Innovation Hub, the place where “next” happens through collaborations among students, faculty, industry, the community and the globe. The hub continues to add corporate and social action partners to its roster of regional and worldwide partners including Worldpay, Kroger, Procter & Gamble, Cincinnati Bell, Cincinnati Financial, Cincinnati Insurance, our Live Well Collaborative and Village Outreach. Expanding on our research and innovation efforts, we broke ground on a leased facility that will serve as our “digital futures” research commons. Opening in 2021, it will provide collab- orative space for our faculty and students to create new approaches in the digital realm as technology continues to transform every aspect of life. Globally, we have hundreds of active agreements with international partners providing opportunities for our students to gain intercultural experience in more than 1,763 study abroad experiences during 2018-19 and for more than 3,500 international students from 115 countries to attend UC. With all that has been accomplished in two centuries, the best is yet to come. Sincerely, Neville G. Pinto President UNIVERSITY OF CINCINNATI 2019 FINANCIAL STATEMENTS 5 LETTER FROM THE SR. VICE PRESIDENT FOR ADMINISTRATION AND FINANCE EXECUTIVE VICE PRESIDENT FOR ACADEMIC AFFAIRS AND PROVOST Dear UC Community, The University of Cincinnati (UC) is embarking on a journey to create its “new and next” and lead urban public universities into a new era of innovation and impact. Our mis- sion as a public university is more important today than ever before as we reflect on our Bicentennial anniversary and work to define our next 200 years of global impact. It is a pleasure to provide an update on key milestones in support of UC’s academic mission and strategic direction, Next Lives Here. UC continues to be a destination university. Seven consecutive years of growth and record-breaking enrollment is evidence students seek to join our Bearcat family. Enrollment for fall 2019 reached 46,388 students, at a time when many universities Robert F. Ambach are experiencing declines. Additionally, the university attracted a record number of international students – 3,705, a 91 percent increase since 2009. The combination of exceptional students and world-class faculty has propelled UC to the Top Tier of the country’s “Best National Universities,” and with an emphasis on ex- periential learning, the university is ranked No. 1 among public universities for co-ops and internships, and No. 3 nationally by U.S. News. Access and affordability continue to be top priorities. Tuition remained flat for the fifth consecutive year for returning undergraduates, and in Fall 2019 the university launched a Tuition Guarantee for first-year students that assures new undergradu- ate students a stable tuition for the length of their degree, as long as they finish on time. Additionally, full-time co-op placements have generated more than $75 million for UC students. Preparing students to be future leaders and problem solvers requires immense fore- thought and strategic planning. Enhancements to our curricula, physical campus, and Kristi A. Nelson innovative collaborations with industry have created a tremendous impact: The 1819 Innovation Hub, a modern collaboration space where industry can connect directly with UC faculty and students to develop innovative solutions to real-world problems, has supported more than 2,000 student projects, welcomed more than 50,000 visitors, and is more than 80 percent leased. The iHUB and Uptown Innovation Corridor are now officially recognized by the Global Institute on Innovation Districts. University and city leaders broke ground on the 180,000 square-foot Digital Futures building within the Innovation Corridor. The building will provide transdisciplinary space for UC researchers working in the core competencies of software, hardware, data, human factors and digital expression. The 2019 fall semester (FY 2020) began with the opening of two state-of-the-art buildings housing UC’s Carl H. Lindner College of Business and College of Allied Health Sciences. The Lindner College of Business serves as a 21st century collaborative space featuring flexible classrooms, research and computer teaching labs, and more. As part of a Medical Campus Master Plan Project, the College of Allied Health Sciences building provides 50 percent more space for students, faculty, and staff including collaboration spaces, teaching labs and classrooms. 6 UNIVERSITY OF CINCINNATI 2019 FINANCIAL STATEMENTS To enrich the professional development experience of staff, the university’s first ever Staff Senate was created to give staff a voice in university matters and help define career paths. A revolutionary new space for faculty opened in Langsam Library: The Faculty Enrichment Center serves as an intellectual and social commons providing resources for career advancement, leadership, diversity and inclusion, and personal wellness. Building on our history as the birthplace of cooperative education, UC received a $12 million grant from the U.S. Department of Labor to create
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