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2011 USC Financial Report

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2011 USC Financial Report financial report_2011 UNIVERSITY OF SOUTHERN CALIFORNIA University of Board of Trustees Toshiaki Ogasawara Senior Administration Voting Members J. Douglas Pardee C. L. Max Nikias Southern California Wallis Annenberg Frank Price President Wanda M. Austin Allen E. Puckett Leadership Elizabeth Garrett Marc Benioff Bruce M. Ramer Provost and Senior Vice Joseph M. Boskovich Sr. Carl E. Reichardt President for Academic Affairs Gregory P. Brakovich Steven B. Sample Rick J. Caruso Forrest N. Shumway Robert Abeles Alan I. Casden Richard J. Stegemeier Senior Vice President, Finance Ronnie C. Chan Peter V. Ueberroth and Chief Financial Officer Gin D. Wong Yang Ho Cho Albert R. Checcio Christopher Cox Honorary Trustees Senior Vice President, Frank H. Cruz Verna B. Dauterive University Advancement Richard DeBeikes Jr. Helene Galen Todd R. Dickey David H. Dornsife Merwyn C. Gill Senior Vice President, Daniel J. Epstein Carmen H. Warschaw Carol Campbell Fox Administration Chengyu Fu Academic Deans Thomas S. Sayles Stanley P. Gold Robert A. Cutietta Senior Vice President, Tamara Hughes Gustavson USC Thornton School of Music University Relations Ming Hsieh Elizabeth M. Daley Ray R. Irani Carol Mauch Amir USC School of Cinematic Arts Suzanne Nora Johnson General Counsel and Secretary of the University Lydia H. Kennard Gerald C. Davison Kenneth R. Klein USC Davis School of Gerontology Patrick C. Haden John Kusmiersky Athletic Director James G. Ellis Daniel D. Lane USC Marshall School of Business Lisa A. Mazzocco David L. Lee Chief Investment Officer Mónica C. Lozano Marilyn L. Flynn John C. Martin USC School of Social Work Randolph W. Hall Vice President, Research Kathleen L. McCarthy Karen Symms Gallagher Jamie McCourt USC Rossier School of Education Katharine Harrington John Mork Vice President, Howard Gillman Jerry W. Neely Admissions and Planning C. L. Max Nikias, USC Dornsife College President ofnew Letters, Arts and SciencesbeginningsMichael L. Jackson Vice President, Student Affairs Robert Padgett William W. Holder Joan A. Payden USC Leventhal School of Accounting Thomas S. Leary Jr. Jane Hoffman Popovich Vice President, Capital Construction Jack H. Knott Blake Quinn and Facilities Management Lorna Y. Reed USC School of Policy, Planning, Linda Johnson Rice and Development Brenda K. Maceo Vice President, Public Edward P. Roski, Jr., Qingyun Ma Relations and Marketing Chairman USC School of Architecture Barbara J. Rossier Kristina E. Raspe Carmen A. Puliafito William J. Schoen Vice President, Keck School of Medicine of USC William E. B. Siart Real Estate Development Robert H. Smith Madeline Puzo and Asset Management signaled a culmination as well as a new beginning PRINTING: COLORGRAPHICS – not only for 12,513 graduates, but also for the university as a whole. USC’s 128th Commencement / Jeffrey H. Smulyan USC School of Theatre David M. Roberts Steven Spielberg Catherine Quinlan Vice President, Athletic Compliance Mark A. Stevens USC Libraries Ronald D. Sugar Margo Steurbaut Ratan N. Tata Robert K. Rasmussen Vice President, Finance 03 _ YEAR IN REVIEW 20_ NOTES TO FINANCIAL STATEMENTS USC Gould School of Law Ronald N. Tutor Courtney L. Surls 08 _ ACADEMIC UNIT MILESTONES 34 _ BUDGET 2011-2012 Andrew J. Viterbi Avishai Sadan Vice President, Development Willis B. Wood, Jr. Ostrow School of Dentistry of USC 15 _ HIGHLIGHTS 45 _ USC ROLE AND MISSION William Watson Life Trustees Rochelle Steiner Vice President, Malcolm R. Currie 16_ FINANCIAL STATEMENTS UNIVERSITY LEADERSHIP, inside back cover USC Roski School of Fine Arts Health Sciences Development Gavin S. Herbert PRINCIPAL PHOTOGRAPHY: MARK BERNDT PHOTOGRAPHY: PRINCIPAL R. Pete Vanderveen Michael Quick / B. Wayne Hughes, Sr. John F. King USC School of Pharmacy Executive Vice Provost Kenneth Leventhal Ernest J. Wilson III Ilee Rhimes William Lyon USC Annenberg School for Chief Information Officer Alfred E. Mann Communication and Journalism Gordon S. Marshall Erik Brink Yannis C. Yortsos RICK SIMNER DESIGN Harlyne Norris Associate Senior Vice President, USC Viterbi School of Engineering University Comptroller DESIGN: 125568_Covers_r1.indd 2 125568_Text_r1.indd 1 12/8/11 1:24 AM12/13/11 8:55 AM University of Southern California 2011 FINANCIAL REPORT / 3 125568_Text_r1.indd 2 12/12/11 4:10 PM University of Southern California 2011 FINANCIAL REPORT / 3 the year kicked off with C. L. Max Nikias’ inauguration as USC’s 11th president in October 2010. A member of the Trojan Family since 1991, Nikias has served the university as a professor, national research centers director, dean and provost. ¶ In his first year as president, he brought vitality and new vision to the office, raising an unprecedented $1 billion in gifts. These transformative contributions included $200 million from Dana and David Dornsife to name USC’s College of Letters, Arts and Sciences — the single largest donation in the university’s history; $150 million from the W. M. Keck Foundation for medicine; and $110 million from Julie and John Mork for student scholarships. ¶ With support from a galvanized Trojan Family, the university dedicated the Eli and Edythe Broad CIRM Center for Regenerative Medicine and Stem Cell Research at USC on the Health Sciences campus in October and broke ground for the Roger and Michele Dedeaux Engemann Student Health Center on the University Park campus in April. The physical transformation continues with construction of a state-of-the-art athletics complex and other buildings on the University Park campus, as well as a plan to beautify and enhance facilities for education, patient care and research on the Health Sciences campus. ¶ As tangible signs of USC’s continued ascent among the academic elite, the university recruited stellar new faculty, including two more Nobel laureates, and established faculty members were recognized for their scholarly work with prestigious awards and election to eminent honorary societies. ¶ Building on the strengths of the university’s humanities programs, the new Provost’s Postdoctoral Scholars Program in the Humanities attracted an accomplished cohort of early-career researchers who will receive fellowships as well as faculty mentoring and research support. ¶ In February, Nikias led a delegation to India, where he met with key Indian partners in higher education, business and government, bolstering USC’s commitment to being a truly global institution. ¶ Closer to home, USC expanded its program of community engagement by attracting the country’s largest literary festival, the Los Angeles Times Festival of Books, to campus in late April. For two days, more than 400 authors provided a nonstop schedule of readings, book signings, literary discussions, writing workshops, storytelling circles, music and comedy performances, and more. ¶ Two weeks later, Nikias presided over his first Commencement ceremony as president. At the start of his own journey as USC’s leader, he stood before 40,000 graduates, parents, family members and friends as a living symbol of new beginnings. “To be a Trojan is to be an adventurer,” he told the class of 2011, which included his two daughters. “The Trojans always seize destiny.” 125568_Text_r1.indd 3 12/8/11 1:26 AM 125568_Text_r1.indd 4 12/8/11 1:27 AM University of Southern California 2011 FINANCIAL REPORT / 5 Year in Review FY 2010-2011 associated with the Keck School $25,000 and $100,000, and at In addition to bringing fresh of Medicine of USC, as well the level of $25,000 and below, ideas and voices to ongoing In his first year, USC president C. L. Max Nikias as Keck Hospital of USC and some 105,000 individuals gave conversations in the humani- brought tireless vitality to the office, raising an USC Norris Cancer Hospital. an impressive $44 million. ties, the scholars are expected to John and Julie Mork and As an endorsement of USC’s teach three courses during their unprecedented $1 billion in gifts. These transformative their family made another historic mission, the passion behind every four-semester appointments — donations included $200 million from Dana and gift: $110 million to create the gift of every size makes a state- one course per semester, with Transformative Philanthropy USC Mork Family Scholars ment that amplifies the Trojan one semester free for full-time The $80 million, 87,500- David Dornsife to name USC’s College of Letters, During President Nikias’ first Program. This gift — the single Family’s collective voice. research. In return, USC square-foot building — a corner- Arts and Sciences — the single largest donation in year in office, USC achieved a largest for scholarships in USC’s prepares the scholars for the stone in the biomedical research magnificent landmark: raising history — benefits high school Humanities Scholars academy by providing faculty corridor on USC’s Health the university’s history; $150 million from the W. M. $1 billion — more than any seniors who have demonstrated Postdoctoral studies, which mentoring, research support, Sciences campus that includes other U.S. university in the extraordinary academic achieve- occur between graduate school and time to develop strong re- the Zilkha Neurogenetic Insti- Keck Foundation for medicine; and $110 million course of a single year. ment and civic engagement. and a scholar’s first faculty search and teaching portfolios. tute, Keck Hospital of USC and from Julie and John Mork for student scholarships. In March 2011, USC received appointment, have become a Selected from a pool of USC Norris Comprehensive $200 million, the largest single key factor in ensuring
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