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Financial Plan 20 06 07 Financial Plan Year-End Variance Report November 2007 Published by: The Division of Planning and Budget Cornell University 440 Day Hall Ithaca, New York 14853 http://dpb.cornell.edu/index.htm 607-255-9329 November 19, 2007 Michael L. Whalen, Editor Additional copies of this document are available at: http://dpb.cornell.edu/pipa/pubs.htm Cornell University is an equal-opportunity, affirmative-action employer and educator. Printed on recycled paper 2 CONTENTS INTRODUCTION 4 OPERATING PLAN REPORT – HIGHLIGHTS 5 OPERATING PLAN REPORT – DETAILS Ithaca Campus 8 Medical College 10 CAPITAL PLAN REPORT 12 SPECIAL TOPICS INVESTMENTS Investments at Fair Value 15 Long-Term Investments 15 Investment Strategy and Payout Policy 17 The LTIP and the Endowment 18 GOVERNMENT APPROPRIATIONS Government Appropriations 19 Appropriations Through SUNY 19 FINANCIAL AID Undergraduate Financial Aid 21 GIFTS /CONTRIBUTIONS Cash Gifts (excluding pledges) 24 Contributions (including pledges) 24 3 INTRODUCTION To the Cornell University Board of Trustees: • Academic programs (schools, colleges, centers, programs, and libraries) represented 71.6 percent This document presents a variance analysis of the uni- of all expenditures, accounting for $1.81 billion versity’s 2006-07 financial plan, which was approved in cost. Academic program expenditures grew 5 by the Board of Trustees in May 2006. Cornell ended percent from their 2005-06 levels, driven largely the fiscal year on June 30, 2007, having exceeded its by salary and benefits costs. operating revenue projections and enjoyed a positive net from operations. There are several observations to • Nonacademic programs (student services, adminis- be made about the fiscal year that just closed. trative and support, physical plant) represented 21.8 percent of all expenditures, accounting for • Cornell has a freshman enrollment target of 3,050, $550.4 million in cost. This category experienced which will permit us to maintain an on-campus a 6.9 percent increase from 2005-06. Fifty-three undergraduate enrollment of 13,000 and allow percent of this growth was centered in the Medical us to accommodate all freshmen in North Cam- College—related primarily to the medical college pus housing. While we enrolled 3,188 first-time in Qatar. Also, we increased spending on admin- freshmen in the fall of 2006, 138 over target, total istrative systems and shifted some prior-year risk on-campus undergraduate enrollment averaged management costs into the operating budget. 12,970 for the academic year, reasonably close to our goal. Ithaca campus graduate and professional • Centrally recorded financial aid, which accounted enrollments were up slightly (1.2 percent on aver- for the remaining 6.6 percent, or $166.9 million, age for the academic year) from 2005-06 levels. in cost, grew 7.1 percent from 2005-06. • Support for sponsored research decreased 3.2 per- • Cornell recorded a $29.7 million net from opera- cent in 2006-07, which we believe to be a tem- tions (representing 1.1 percent of revenues), which porary fluctuation. We are undertaking a number was added to operating fund balances. of significant initiatives to support research and Progress in our capital plan for 2006-07 included: the scholarship across the university that will foster opening of the third West Campus Residential Ini- expanded external support of this key component tiative facility—Hans Bethe House—and the Noyes of our academic mission. Community and Recreation Center, demolition of the • The Physician Organization’s overall revenues of original Noyes Center and the remaining Class Halls $431.8 million were greater than planned and 12 to allow the start of the two remaining West Campus percent more than recorded in 2005-06. These residences, major progress in the construction of the revenues remain a vital source of support for the East Campus Research Facility and Weill Hall (the Weill Cornell Medical College, representing 46 Life Sciences Technology Building) and renovation of percent of the College’s total operating income. Mann Library, completion of the Lynah Rink project • The university raised $406.9 million in cash gifts and upgrades to Hoy Baseball Field, and the opening in 2006-07, an amount comparable to that of the of the Weill Greenberg Center at the Medical College. prior year. Counting new pledges made during the In addition to detailed budget variance reports for the year, total gifts reached a record $754.8 million. university’s two primary financial divisions, we have We remain indebted to our alumni and other included analyses of four topics—investments, gov- benefactors for their continued support. ernment appropriations, financial aid, and gifts—that • Cornell’s investments provided $282.3 million in should be of interest. We appreciate your thoughts funding for the operating plan in 2006-07, rep- and comments on this report and stand ready to an- resenting 10.7 percent of total revenues. Most of swer your questions about Cornell’s finances. this support came from the Long Term Investment Pool, which contains 97 percent of the endow- ment. The fair value of our overall investment portfolio increased by 21.1 percent during the fiscal year, driven primarily by the strong perfor- C. Biddy Martin mance of long-term investments. Provost 4 OPERATIng plan report – hIGHLIGHTS 2006-07 OPERATING PLAN Expenditures Expenditures totaled $2.528 billion, an increase of 0.2 The university’s 2006-07 composite operating plan percent from the plan and 5.6 percent greater than in was predicated on revenues of $2.618 billion and ex- 2005-06. Within this overall change in the plan there penditures of $2.521 billion. were major positive and negative variances. • College expenditures were $19 million more than Revenues planned. Significant positive variances occurred in the Medical College ($27.2 million), the Johnson Revenues totaled $2.647 billion, an increase of 1.1 School ($3.9 million), and the College of Veteri- percent from the plan and 5.7 percent greater than nary Medicine ($6.7 million). The primary driver recorded in 2005-06. There were several significant in this increase was the expansion of Physician revenue changes that resulted in positive variances. Organization practices in the Medical College. • Tuition and fees were $11.5 million greater than Offsetting this growth partially were declines from budgeted due to enrollment increases. plan in several colleges—due most notably to • Distributions from investments exceeded the plan lower research activity and fewer than anticipated by $33.6 million due to a greater use of gains from faculty hires. intermediate-term funds to support financial-aid • Research center expenditures were $1.1 million less and academic initiative costs. than budgeted as a result of the above-described • Unrestricted gift revenues were $6.2 million more decline in sponsored programs funding in a num- than anticipated, reflecting growth in the College ber of areas. of Arts and Sciences and the Johnson School. • Administrative and support costs were $3.7 mil- • Revenues associated with the Physician Organiza- lion less than planned, but 9.6 percent greater tion (PO) exceeded the plan by $24.3 million due than recorded in 2005-06. Additional Ithaca cam- to Strategic Plan clinical initiatives and the mid- pus administrative expenditures (reflecting institu- year opening of the Weill Greenberg Center. tional decisions to support growth in administra- tive systems and a $4.5 million shift of prior-year • Income from other sources, which includes sales risk management costs that were accumulated in and services in academic units such as the Hospi- non-operating accounts into current operations) tal for Animals and funding from the Qatar Foun- were more than offset by a decrease in planned dation, were $16.5 million more than planned. administrative and support costs for the Medical Partially offsetting these positive variances were de- College in Qatar. Almost two-thirds of the growth clines in two areas: in administrative and support costs from 2005-06 was related to the Qatar initiative. • Restricted gift revenues were $19.8 million less than planned and 9.1 percent lower than recorded • Current fund physical plant expenditures were in 2005-06 due to timing differences in the receipt $14.3 million less than budgeted due to lower of planned gifts and delays in Strategic Plan II gifts than anticipated utility costs and the deferral of at the Weill Cornell Medical College. some planned facility improvements. • Direct costs of sponsored programs and the indi- A total of $17.3 million was transferred from current rect recovery of facilities and administrative funds to funds functioning as endowment. Also, (F&A) costs related to those programs were $42.6 $103 million was transferred to plant funds for reno- million less than planned and $17.1 million lower vation and maintenance projects. than recorded in 2005-06, with declines at both the Ithaca and Medical College campuses. Net from Operations A total of $24.1 million was transferred from funds The year ended with a net from operations of $29.7 functioning as endowment and $6.2 million from million ($17.6 million more than planned), which was plant funds. Both amounts were less than planned. added to current fund balances in both divisions. 5 OPERATIng plan report – hIGHLIGHTS University Operating Plan – Summary (dollars in thousands) Change from 04-05 05-06 06-07 06-07 06-07 05-06 Resources Actual Actual Plan Actual Plan Actual 1. Tuition & Fees $558,098 $590,658 $619,258 $630,749 $11,491 6.8% 2. Investment Distributions 196,904 233,942 248,632 282,252 33,620 20.7% 3. Unrestricted Gifts 48,287 48,661 40,414 46,596 6,182 (4.2%) 4. Restricted Gifts 126,928 116,618 125,751 105,964 (19,787) (9.1%) 5.
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