Finance & Administration

FINANCE & ADMINISTRATION FINANCIAL DASHBOARD & ANNUAL REPORTING REQUIREMENTS

For the Year Ended June 30, 2018 PORTLAND STATE UNIVERSITY Portland State University Finance Committee Participants

Board of Trustees Finance & Administration Finance & Administration Committee Dr. Kevin Reynolds Irving Levin Vice President, Chair Ex officio, non-voting

Lindsay Stewart Susan Klees Vice Chair Special Assistant to the Vice President Operations Team Finance Team Erica Bestpitch Isaac Dixon Andria Johnson Vacant Associate Vice President, HR University Budget Director

Gregory Hinckley Brian Roy Amanda Nguyen University Risk Manager Director, Student Financial Pete Nickerson Services Donnell Tanksley Gale Castillo Campus Police Chief Jennifer Kahl Ex officio, voting University Controller Dan Zalkow Dr. Rahmat Shoureshi Associate Vice President for Planning, Donald Forsythe University President Construction & Real Estate University Treasurer Ex officio, non-voting

2018 FINANCE & ADMINISTRATION FINANCIAL DASHBOARD & ANNUAL REPORTING REQUIREMENTS i MESSAGE FROM THE VICE PRESIDENT OF FINANCE & ADMINISTRATION

Now in its second year of publication, the Portland State University Financial Dashboard and Annual Reporting Requirements is designed to provide members of the campus community with an accessible and educational resource for understanding our 2017-2018 fiscal year financial performance. In particular, the metrics and analysis included here, have been designed to assist the university’s 15-member volunteer Board of Trustees in fulfilling their governance and oversight responsibilities for the university. This resource serves as a companion to the annual, externally audited financial statements from which much of the data included herein was derived.

Portland State University, with over 27,000 students and more than 6,000 graduates in 2018, continues to be Oregon’s most diverse and only urban-serving university. Its $575 million all funds revenue grew 2.3% during the last fiscal year, with 58% of that generated from the core Education and General (E&G) operations. That growth included higher state allocations from the Public University Support Fund, and increased tuition and fees. Expenditures increased 1.6% over the previous year, driven largely by the increased cost of employee benefits. The university was able to add $8.8 million to its operating and central reserve balances in keeping with direction from the Board of Trustees to ensure reserves are sufficient to manage risk. Details on these, and many more operating metrics are included in this document to assist readers in understanding the university’s financial position.

Looking forward, Portland State University continues to enjoy the advantages of our location within Oregon’s largest city, but also face some challenges that confront higher education broadly, as well as those affecting all public employers in the state. Like many colleges and universities around the country, Portland State University has experienced demographically driven flat or slightly declining enrollment in recent years. However, at Portland State those declines are moderated by our comprehensive program offerings and proximity to Oregon’s major employers. Nevertheless, we will continue to be challenged by increasing employee benefits costs, upward pressure on salaries and wages, and the need to make investments to advance the mission of the institution. There is uncertainty around how much of these costs may be covered by our major unrestricted revenue streams of state appropriations and tuition revenue. As the university moves forward, it will have a continuing need to be prudent in managing its limited resources and attentive to maintaining sufficient reserves for long-term institutional financial stability.

Dr. Kevin Reynolds Vice President, Finance & Administration Portland State University

ii PORTLAND STATE UNIVERSITY TABLE OF CONTENTS

About This Document 1 Portland State University At A Glance 3 Financial Dashboard 5 Ratios 15 Reserves 21 Physical Plant Review 25 Debt Portfolio 29 Appendix 43 Notes 48 References & Guidance, Data Sources 50 Acknowledgments 51

2018 FINANCE & ADMINISTRATION FINANCIAL DASHBOARD & ANNUAL REPORTING REQUIREMENTS iii ABOUT THIS DOCUMENT

The annual release and acceptance of the Audited Financial Statements prompts the issuance of over 25 additional items to the Board of Trustees. These items are identified as annual reporting required under the Board of Trustees’ Debt and Reserve Management Policies. Additionally, the presented materials include topics approved by the Finance and Administration (F&A) Committee during the 2015-16 academic year for inclusion in the annual financial dashboard. While the primary purpose of this document is to disseminate required financial information and analysis to the existing membership of the Board of Trustees, it is also created with the intent of being an educational and reference resource to incoming Board members, institutional leadership, staff, and the broader university community. The established graphical representations, ratio calculations and reserve measurements offered on the following pages have three objectives:

1) to enhance transparency by being constructed from readily accessible data, being primarily the university’s audited financial statements and ERP system; 2) to be repeatable or easily calculated across time with known guidance or industry accepted approaches; 3) to be comparable, or easily equated and benchmarked to industry standards, guidance on operational health and/or the performance of peers. All data associated with representations, calculations and measurements was compiled from sources recognized and presented at the end of this report.

1 PORTLAND STATE UNIVERSITY FINANCIAL ANALYSIS & GASBs 68 & 75 Effective July 1, 2014, PSU implemented Governmental Accounting Standards Board (GASB) Statement No. 68 (GASB 68) Accounting and Financial Reporting of Pensions— an amendment of GASB Statement No. 27. The primary objective of this statement is to enhance financial reporting by state and local governments of defined benefit pension plans and associated net liabilities, deferred inflows/outflows of resources, and resultant expenses. Additionally, effective July 1, 2017, PSU implemented GASB 75, replacing GASB 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions. This pronouncement requires establishment of liabilities for defined benefit postemployment plans other than pensions. Both GASBs 68 & 75 are a significant divergence from historical treatment on the reporting of pensions and other defined benefit plans, and have created large variances when conducting time-trend analysis and review of the institution’s net position and changes in net position.

PSU’s Finance & Administration has considered the guidance provided by the [Prager & C., LLC’s] 7th Edition of Strategic Financial Analysis in Higher Education Summer 2016 Update, for analysis of the effects of GASBs 68 & 75 on the institution’s financial statements and calculation of financial ratios. Consistent with this guidance, PSU Finance & Administration will calculate all financial all financial ratios twice—both including and excluding the effects of GASBs 68 and 75 to facilitate financial analysis and comparability to peer comparison.

2018 FINANCE & ADMINISTRATION FINANCIAL DASHBOARD & ANNUAL REPORTING REQUIREMENTS 2 TUDENT EN S RO AL L T DOLLAR U L N S N M A A E R W N N G A L A T R L E D

P E

ES AW D E A R R G D E E D 36.68 D

MILLION

BACCALAUREATE 4,751

334 POSTBAC CERT.

MASTERS 1,683 20,653

DOCTORAL 96

6,684 TOTAL

B Y Y C FU EN LL AL TIME EQUIV TS & AT A GLANCE EN EM UD PL NUAL ST OY Y18 U.S. AN DE E F HE S BT W E A Y O S D A S H L E I THE LIG P R N EP HT E E S O V K PSU STUDENTS EMPLOYEES O I I H O N E&G C N T ?

E 53% 46% W F E 17.5% 2018 ? L K

A A STATE OF 19% 28% T

OREGON PSU I T

I 50.0% O

AUXILIARY 18% N S

32.5%

2.45% E

4% 11% R A

M T D

E 4 .

2 4% 8% T A

4 A $ H

N E 3% 2% OTHER W N IC UA V S L D ER T EBT S S

O ghh G ¹ Fall Term ¹ E C E S LECT CITY T TO AMPU RI 83 PORTLAND STATE UNIVERSITY C NI TE U VERS E HEAD TA IT YE CO S Y LO U D P N N M T A E L

I O NG N U I N V P I I L V E

A1 S R FACULTY 1,449 T

S N

E I

UNCLASSIFIED 894 D Y ¹ U STABLE

T CLASSIFIED 673 H Affirmed October 2018 G S

O N

STUDENT I

1,619 U

2,214 S ¹ A

TEMPORARY 235 I Moody’s Investors Service R

N IT G D RE TOTAL: 4,870 C

NT CRE ST AT A GLANCE DE DI AL UDEN U T ON T T H TI PR S A O O N F L U I HE LI A R L P T GH R E E E T U T KE S S O N N 1,946 International O N 887,656 I T ? N

A Students E 2018

CHINA 19.7%

INDIA 15.3% T

I SAUDIA ARABIA 12.8%

E KUWAIT 6.7%

O ALL OTHER 45.4% D $3,352,178

COUNTRIES

T A

H + 94 COUNTRIES

W S T REPRESENTED S O EL Y C ECTRICIT 2018 FINANCE & ADMINISTRATION FINANCIAL DASHBOARD & ANNUAL REPORTING REQUIREMENTS 49 ALL FUNDS REVENUE STREAMS (Millions) ALLALL FUNDS FUNDS REVENUE REVENUE STREAMS STREAMS (Millions) (Millions) Source:Source: ERP ERP Source: ERP

ALL FUNDS REVENUE STREAMS (Millions) Source: ERP

All Funds Revenue

The size, growth, and diversity of university revenue are important indicators for the long-term health of the institution. The all funds budget of university revenue is composed of four major groups – Education and General Operations (E&G), Gift Grants and Contracts, Auxiliary Operation, Theand size, Designated growth, and Operations diversity of university and Service revenue Departments. are important indicators As a largefor the publiclong-term university health of the approximately institution. The 58% of PSU’s revenues are capturedall infunds E&G budget operations. of university revenue is composed of four major groups – Education and General Operations (E&G), Gift FINANCIAL DASHBOARD The size,$575.1 growth, million and in FY2018 diversityGrants all and fundsof Contractsuniversity revenue, Auxiliary revenue activity Operation, represents are andimportant Designated a 2.3% indicators Operations growth inandfor revenue Servicethe long Department activity-term overhealths. As FY2017.a large of the public This institution. university growth was The driven by The size, growth, and approximatelydiversity of58% university of PSU’s revenues revenue are captured are inimportant E&G operations indicators. for the long-term health of the institution. The all fundsincreased budget government of university support revenue by $6 ismillion composed and tuition of four revenues major bygroups $4 million. – Education The $2 millionand General growth Operationsin Auxiliary was(E&G) driven, Gift by higher

all fundsincidental budget fees andof universityincreased Transportation revenue is &composed Parking and ofHousing four majorrevenues. groups – Education and General Operations (E&G), Gift Grants and Contracts, Auxiliary$575.1 million Operation, in FY201 8and all funds Designated revenue activity Operations represents and a 2.3 Service% growth Department in revenue activitys. A overs a largeFY2017 public. This growth university Grants and Contracts, Auxiliary Operation, and Designated Operations and Service Departments. As a large public university approximately 58% of PSU’swas driven revenues by increased are captured government in support E&G operationsby $6 million. and tuition revenues by $4 million. The $2 million growth in approximately 58% ofAuxiliary PSU’s was revenues driven by higher are incidentalcaptured fees inand E increased&G operations Transportation. & Parking and Housing revenues. $ 575.1 million in FY2018 all funds revenue activity represents a 2.3% growth in revenue activity over FY2017. This growth was$575 driven.1 million by increased in FY201 government8 all funds supportrevenue by activity $6 million represents and tuition a 2.3revenues% growth by $4 in million. revenue The activity $2 million over growth FY201 in7 . This growth Auxiliarywas driven was bydriven increased by higher government incidental fees support and increased by $6 Transportationmillion and tuition & Parking revenues and Housing by $4 revenues. million. The $2 million growth in Auxiliary was driven by higher incidental fees and increased Transportation & Parking and Housing revenues.

5 PORTLAND STATE UNIVERSITY E&G REVENUE STREAMS (Millions) E&G REVENUE STREAMS (Millions) Source: ERP E&G REVENUESource: ERPSTREAMS (Millions) Source: ERP

E&G REVENUE STREAMS (Millions) 350 10 Source: ERP 350 10 11 11 10 12 10 12 12 Millions 300 10 12 12 Millions 300 10 12 E&G % of All Funds 10 E&G % of All Funds 10 11 12 11 89 95 35012 10 95 E&G % of All Funds 250 84 250 84 1189 68 10 12 61 68 12 Millions 30061 10 12 E&G % of All Funds 10 11 200 200 12 95 250 84 89 68 61 150 150 200 58% 211 214 218 218 100 201 205 100 150201 205 211 214

218 58% 100 201 205 211 214 50 50

50 - - FY2014 FY2015 FY2016 FY2017 FY2018 FY2014 FY2015 FY2016 FY2017 FY2018 - $283.5 $293.7 $317.0 $326.3 $335.1 $283.5 FY2014 $293.7 FY2015 $317.0FY2016 $326.3FY2017 FY2018$335.1 Student Tuition &$283.5 Fees Gov $293.7Allocation Gifts,$317.0 Grants & Contr$326.3 Other$335.1 Revenue Student Tuition & Fees Gov Allocation Gifts, Grants & Contr Other Revenue Student Tuition & Fees Gov Allocation Gifts, Grants & Contr Other Revenue

Education and General (E&G) operations is the core focus of any educational institution. The performance of FY2018 E&G Revenue shows modest growth of 2.7% due primarily to increased government allocated funds by $6 million and tuition revenues (5.4% and 5.2% increase for resident and nonresident undergraduate students credit-hour rates).

The above presentation of Gifts, Grants & Contracts revenue within E&G operations is the recognition of Facilities and Administration FINANCIAL DASHBOARD Education and General (E&G)(F&A) operations cost recovery is the income core generatedfocus of any through educational billings institutionagainst external. The performance grants and contracts of FY201 research8 E&G activity conducted within university Education and GeneralRevenue (E&G) shows operationsmodest growthspace. is othef 2. 7core% due focus primarily of any to increasededucational government institution allocated. The funds performance by $6 million of andFY201 tuition8 EducationE&G and General (E&G) operations is the core focus of any educational institution. The performance of FY2018 E&G Revenue shows modestrevenues growth(5.4% and o f5.2% 2.7Other %increase due Revenue forprimarily resident includes toand investmentincreased nonresident interest governmentundergraduate earnings, allostudents ascated well credit asfunds internal-hour by rates and$6). millionmiscellaneous and tuitionsalesRevenue and service shows such modest as library growth fees, of 2.7% due primarily to increased government allocated funds by $6 million and tuition revenues (5.4% andThe 5.2%above increasepresentation for equipment ofresident Gifts, Grants rental,and nonresident& and Contracts surplus revenuepropertyundergraduate withinsales. E&G students operations credit is the-hour recognition rates). of Facilities andrevenues (5.4% and 5.2% increase for resident and nonresident undergraduate students credit-hour rates). Administration (F&A) cost recovery income generated through billings against external grants and contracts research activity The above presentationconducted of within Gifts, university Grants space. & Contracts revenue within E&G operations is the recognition of Facilities Theand above presentation of Gifts, Grants & Contracts revenue within E&G operations is the recognition of Facilities and Administration (F&A) cost recovery income generated through billings against external grants and contracts research activityAdministration (F&A) cost recovery income generated through billings against external grants and contracts research activity Other Revenue includes investment interest earnings, as well as internal and miscellaneous sales and service such as library conducted within universityfees, equipment space. rental, and surplus property sales. conducted within university space. Other Revenue includes investment interest earnings, as well as internal and miscellaneous sales and service such as libraryOther Revenue includes investment interest earnings, as well as internal and miscellaneous sales and service such as library fees, equipment rental, and surplus property sales. fees, equipment rental, and surplus property sales.

2018 FINANCE & ADMINISTRATION FINANCIAL DASHBOARD & ANNUAL REPORTING REQUIREMENTS 6 GIFT, GRANTS & CONTRACTS REVENUE STREAMS (Millions) Source: ERP GIFT, GRANTS & CONTRACTS REVENUE STREAMS (Millions) GIFT, GRANTS & CONTRACTS REVENUE STREAMS (Millions)Source: ERP GIFT, GRANTS & CONTRACTS REVENUE STREAMS (Millions) Source: ERP Source: ERP

140

Millions GG&C % of All Funds 140 120 140 21 20 19 21 Millions GG&CGG&C % % of All All Funds Funds Millions 19 GG&C % of All Funds 120 20 21 120 21 19 21 100 20 24 19 21 19 13 25 19 24 28 100 25 24 100 24 13 24 80 13 25 28 24 28 80 80 60 60 60 89 86 89 40 84 82 40 84 86 82 79 79 89 86 22% 40 84 82 79

20 20 20

- - FY2014 FY2015 FY2016 FY2017 FY2018 - $121.0 $128.2 $131.1 $125.5 $126.8 FY2014 FY2014 FY2015 FY2015 FY2016FY2016 FY2017FY2017 FY2018FY2018 $121.0 $121.0 $128.2 $128.2 $131.1$131.1 $125.5$125.5 $126.8$126.8 Federal State Non-Governmental FederalFederalStateState Non-GovernmentalNon-Governmental

Non-E&G Gifts, Grants and Contracts revenue represents funding delivered from outside sources to support vital research, scholarships and education. This revenue category includes Gifts, Grants and Contracts sourced from federal, state, and local government entities; as well as private corporations, non-profits, and individuals.

FINANCIAL DASHBOARD Overall, Gifts, Grants and Contracts Revenue in FY2018 has been stable in comparison with FY2017. FY2018 did see a decline in federally sponsored grants when compared to FY2017. This was offset however by increases in state sponsored grants through the Oregon Department of Education, Oregon Department of Transportation, and the Oregon Department of Non-E&G Gifts, Grants and Contracts revenue represents funding delivered from outside sourcesHuman Services; to support as vitalwell as,research, Oregon Health Sciences University. scholarships and education. This revenue category includes Gifts, Grants and Contracts sourced from federal, state, and local Non-E&G Gifts, Grants and Contracts revenue represents funding delivered from outside sources to support vital research, government entities; as well as private corporations, non-profits, and individuals. Non-E&Gscholarship Gifts, Grantss and education.and Contracts This revenue revenue category represent includess funding Gifts, Grants delivered and Contracts from outside sourced sources from federal, to support state, andvital local research, Overall, Gifts, Grants and Contracts Revenue in FY2018 has been stable in comparison with FY2017. government entities; as well as private corporations, non-profits, and individuals. scholarships and education. This revenue category includes Gifts, Grants and Contracts sourced from federal, state, and local FY2018 did see a decline in federally sponsored grants when compared to FY2017. This was offset however by increases in state governmentOverall, entities; Gifts, Grants as well and as Contract privates corporations,Revenue in FY2018 non -hasprofits, been andstable individuals. in comparison with FY2017. sponsored grants through the Oregon Department of Education, Oregon Department of Transportation, and the Oregon Department of Human Services; as well as, Oregon Health Sciences University. Overall, FY2018Gifts, Grants did see anda decline Contract in federals Revenuely sponsored in FY2018 grants whenhas been compared stable to inFY2017. comparison This was with offset FY2017 however. by increases in state sponsored grants through the Oregon Department of Education, Oregon Department of Transportation, and the Oregon FY2018 didDepartment see a decline of Human in f ederalServices;ly sponsored as well as, Oregongrants Healthwhen comparedSciences University. to FY2017. This was offset however by increases in state 7 PORTLAND STATE UNIVERSITY sponsored grants through the Oregon Department of Education, Oregon Department of Transportation, and the Oregon Department of Human Services; as well as, Oregon Health Sciences University.

AUXILIARY REVENUEAUXILIARY STREAMS (Millions) REVENUE STREAMS (Millions) AUXILIARY REVENUE STREAMS (Millions) Source: ERP Source: ERP Source: ERP

AUXILIARY REVENUE STREAMS (Millions) Source: ERP

100 5 5 4 4 3

4 Millions 100 5 5 4 Aux % of All Funds 8 3 4 8 8 8 Millions 8 80 9 9 11 4 8 8 8 10 10 80 9 9 10 10 11 26 24 23 100 5 5 4 4 60 24 24 3 Millions 8 26 4 24 8 8 8 23 60 24 24 80 9 9 10 10 11 40 22 26 27 24 25 26 24 23 60 24 24 40 22 26 27 24 25 20 29 23 27 26 27 40 22 26 27 24 25 20 17% - 29 23 20 27 26 27 FY2014 FY2015 FY2016 FY2017 FY2018 29 23 27 26 27 $93.4 $97.5 $97.2 $97.0 $99.1

- - FY2014 FY2014 FY2015 FY2015 FY2016 FY2016 FY2017FY2017 FY2018FY2018 Housing Other Auxiliary Health Services Parking Student Center/Activities Athletics $93.4 $93.4 $97.5 $97.5 $97.2 $97.2 $97.0$97.0 $99.1 $99.1

Housing Other Auxiliary Health Services Parking Student Center/Activities Athletics Housing Other Auxiliary Health Services Parking Student Center/Activities Athletics

Auxiliary Services exist to provide goods or services to students, faculty, staff and visitors to the university. A successful Auxiliary will be cognizant of its impact on total cost of attendance, while providing quality goods and services at competitive prices. Additionally, Auxiliary Services should fully operate in a self-sufficient manner—not requiring E&G support. Auxiliaries in aggregate contribute $6.3 million dollars a year to E&G operations through administrative overhead charges. Auxiliary Services exist to provide goods or servicesFINANCIAL DASHBOARD to students, faculty, staff and visitors to the university. A successful Auxiliary Beyond those Auxiliaries specifically identified above, “Other Auxiliaries” include services like university market, commercial real estate Auxiliary Services exist to provide goods or services to students, faculty, staff and visitors to the university. A successful Auxiliary will be cognizant of its impact on total cost of attendance, while providing quality goods and services at competitive prices. operations, student building fees, and student incidental fees. The modest increase of 2% in FY2018 over FY2017 was driven by higher will be cognizant of its impact on total cost of attendance, while providing quality goods and services at competitive prices. housing, parking and incidental fees. Additionally, Auxiliary Services should fully operate in a self-sufficient manner—not requiring E&G support. Auxiliaries in Additionally, Auxiliary Services should fully operate in a self-sufficient manner—not requiring E&G support. Auxiliaries in aggregate contribute $6.3 million dollars a year to E&G operations through administrative overhead charges. aggregate contribute $6.3 million dollars a year to E&G operations through administrative overhead charges. Auxiliary Services exist to provide goods or services to students, faculty, staff and visitors to the university. A successful Auxiliary will be cognizant of its impactBeyond thoseon total Auxiliaries cost specifically of attendance, identified above,while “Otherproviding Auxiliaries quality” include goods services and like universityservices market, at competitive commercial realprice s.Beyond those Auxiliaries specifically identified above, “Other Auxiliaries” include services like university market, commercial real Additionally, Auxiliary Servicesestate operations, should studentfully operbuildingate fe es,in anda selfstudent-sufficient incidental mannerfees. The —modestnot requiringincrease of 2%E&G in FY2018 support over. FY2017Auxiliaries was inestate operations, student building fees, and student incidental fees. The modest increase of 2% in FY2018 over FY2017 was aggregate contribute $6.3driven million by higher dollars housing, a year parking to E&G and incidental operations fees. through administrative overhead charges. driven by higher housing, parking and incidental fees.

Beyond those Auxiliaries specifically identified above, “Other Auxiliaries” include services like university market, commercial real estate operations, student building fees, and student incidental fees. The modest increase of 2% in FY2018 over FY2017 was driven by higher housing, parking and incidental fees. 2018 FINANCE & ADMINISTRATION FINANCIAL DASHBOARD & ANNUAL REPORTING REQUIREMENTS 8 STUDENT PROFILESTUDENT, FALL PROFILE 2017,: FALL 4TH WEEK, 2017: 2014TH 8WEEK, ACADEMIC 2018 ACADEMICYEAR YEAR Source: OIRP Source: OIRP

Undergraduate HC Undergraduate HC FALL 2016 FALL 2017 HEADCOUNT HEADCOUNT RACE/ETHNICITY RACE/ETHNICITYFALL 2016 FALL 2017 Graduate HC Graduate HC (27,229) (27,229)(27,305) (27,305) Fall 2017 21,725 Fall 2017 21,725 5,580 5,580Asian Asian 2,114 7.8% 2,114 2,314 7.8%8.5% 2,314 8.5%

Fall 2016 21,633 Fall 2016 21,633 5,596 5,596Black Black 875 3.2% 908 875 3.2%3.3% 908 3.3%

Fall 2015 22,495 Fall 2015 22,495STUDENT PROFILE, FALL5,581 2017, 4THTH WEEK,5,581 2018 ACADEMICHispanic/Latino YEAR 3,071 11.3% 3,437 12.6% Source:STUDENT OIRP PROFILE, FALL 2017: 4 WEEK,Hispanic/Latino 2018 ACADEMIC 3,071 YEAR 11.3% 3,437 12.6% Source:STUDENT OIRP PROFILE, FALL 2017: 4TH WEEK, 2018 ACADEMIC YEAR Fall 2014 22,613 5,628 Fall 2014 22,613 Source: OIRP 5,628 UndergraduateInternational HC Students International 2,129 Students7.8% 2,129 1,946 7.8%7.1% 1,946 7.1% HeadcountHEADCOUNT (Total 27,229) RACE/ETHNICITYRace/EthnicityFALL 2016 FALL 2017 GraduateUndergraduate HC HC (27,229) (27,305) Fall 2013 23,353 Fall 2013 23,353 HEADCOUNT5,413 5,413 RACE/ETHNICITY FALL 2016 FALL 2017 Fall 2017 21,725 Graduate5,580 Multiple HC Ethnic/RaceAsian Multiple 1,525 Ethnic/Race 2,114 (27,229) 7.8%5.6% 2,314 (27,305) 1,525 1,6338.5% 5.6%6.0% 1,633 6.0% STUDENT PROFILE, FALL 2017: 4TH WEEK,TH 2018 ACADEMIC YEAR Fall FallSTUDENT 2016 2017 21,63321,725 PROFILE, FALL 2017: 45,5965,580 WEEK, 201BlackAsian8 ACADEMIC YEAR 2,114 875 3.2%7.8% 2,314 908 3.3%8.5% Fall 2012 Fall 2012 23,170Source: OIRP 5,561 23,170 Source: OIRP 5,561 Native American 343 1.3% 298 1.1% Fall 2016 21,633 5,596 Native AmericanBlack 343 875 3.2%1.3% 908 298 3.3% 1.1% Fall 2015 22,495 Undergraduate5,581 HC Hispanic/Latino FALL 2016 3,071 11.3%FALL 2017 3,437 12.6% Fall 2011 23,110 HEADCOUNT Undergraduate5,848 HCRACE/ETHNICITY FALL 2016 FALL 2017 Fall 2011 23,110 Fall 2015 22,495 HEADCOUNT5,848 Graduate HC 5,581 RACE/ETHNICITY (27,229)(27,229) (27,305)(27,305) Fall 2014 22,613 Graduate5,628Pacific HC IslanderInternationalHispanic/Latino StudentsPacific Islander 156 2,129 3,071 11.3%7.8%0.6% 1,946 3,437 156 15312.6%7.1% 0.6% 153 0.6% Fall 2017 21,725 5,580 Asian 2,114 7.8% 2,314 8.5% Fall 2014 Fall 2017 22,61321,725 5,5805,628 Asian 2,114 7.8% 2,314 8.5% Fall 2010 22,257 Fall 2010 22,257 Fall 2013 23,353 6,265 5,413 6,265 MultipleInternational Ethnic/Race Students 1,525 2,129 5.6%7.8% 1,633 1,946 6.0%7.1% Fall 2016 21,633 5,596 Black 875 3.2% 908 3.3% Fall 2016 21,633 5,596 White Black White 15,789 875 3.2%58.0% 908 15,789 15,3593.3% 58.0%56.2% 15,359 56.2% Fall Fall 2012 2013 23,17023,353 5,5615,413 Multiple Ethnic/Race 1,525 5.6% 1,633 6.0% Fall 2015 22,495 5,581 Native American 343 1.3% 298 1.1% Fall 2009 21,674 Fall 2015 22,495 5,581 6,298 Hispanic/Latino 3,071 11.3% 3,437 12.6% Fall 2009 21,674 Fall 2012 6,298 Hispanic/Latino 3,071 11.3% 3,437 12.6% Fall 2011 23,11023,170 5,8485,561 Native American 343 1.3% 298 1.1% Fall 2014 22,613 5,628 Declinded to Respond Declinded 1,227 to Respond4.5% 1,227 1,257 4.5%4.6% 1,257 4.6% Fall 2014 22,613 5,628 InternationalPacific Students Islander 2,129 156 7.8% 1,946 0.6% 7.1% 153 0.6% Fall 2008 Fall 2011 23,110 5,848 International Students 2,129 7.8% 1,946 7.1% Fall 2008 20,515 20,515 Fall 2010 22,257 6,072 6,2656,072 Pacific Islander 156 0.6% 153 0.6% Fall 2013 23,353 5,413 White 15,789 58.0% 15,359 56.2% Fall 2013 23,353 5,413 Multiple MultipleEthnic/Race Ethnic/Race 1,525 1,525 5.6% 5.6% 1,633 1,633 6.0% 6.0% Fall Fall 2009 2010 22,257 6,265 Fall 2012 23,17021,674 5,561 6,298 White 15,789 58.0% 15,359 56.2% - 5,000 Fall 2012 23,170 10,000 15,000 20,000 25,0005,561 Native 30,000 AmericanDeclinded to Respond 343 1,227 1.3% 4.5%298 1,257 1.1% 4.6% - 5,000 10,000 Fall 15,000 2009 21,674 20,000 25,000 30,000 6,298 Native American 343 1.3% 298 1.1% Fall Fall2011 2008 23,11020,515 TH 5,8486,072 STUDENT PROFILE, FALL 201 Fall7 2011: 4 23,110 WEEK, 2018 ACADEMIC YEAR5,848 Pacific IslanderDeclinded to Respond 156 1,227 0.6% 4.5%153 1,257 0.6% 4.6% Fall 2008 20,515 6,072 Pacific Islander 156 0.6% 153 0.6% Source: OIRP Fall 2010 22,257 - 5,000 10,000 15,000 20,000 6,265 25,000 30,000 Fall 2010 22,257 6,265 White White 15,789 15,789 58.0% 58.0% 15,359 15,359 56.2% 56.2% Fall 2009 21,674 - Undergraduate 5,000 HC 10,000 15,000 20,000 6,298 25,000 FALL 2016 30,000 FALL 2017 HEADCOUNT Fall 2009 21,674 RACE/ETHNICITY 6,298 Graduate HC (27,229) DeclindedDeclinded to Respond(27,305) to Respond 1,227 1,227 4.5% 4.5% 1,257 1,257 4.6% 4.6% Fall 2008 20,515 6,072 Fall 2017 21,725 Fall 2008 20,5155,580 LEGALLegalAsian Sex SEX 6,072 2,114 7.8% 2,314 8.5% Residency RESIDENCY LEGAL - SEX 5,000 10,000 15,000 20,000 25,000 30,000 RESIDENCYRESIDENCY - 5,000 10,000LEGAL 15,000 SEX 20,000 25,000 30,000 Fall 2016 21,633 5,596 LEGALBlack SEX 875 3.2% 908 1,9463.3% 1,946(7% RESIDENCY()7%) 1,946 (7%) Fall 2015 22,495 5,581 Hispanic/Latino 3,071 11.3% 3,437 12.6% 1,946 (7%)

Fall 2014 22,613 5,62815,044 , 12,261 , LEGALInternationalLEGAL SEX SEX Students 2,129 7.8% 1,946 7.1%RESIDENCYRESIDENCY FINANCIAL DASHBOARD 55% 45%12,261 , 15,044 , 15,044 , 15,044 , 12,261 , 12,261 , 4,316 (1,94616%) (7%) Fall 2013 23,353 5,413 Multiple Ethnic/Race 1,525 5.6% 1,633 6.0% 1,946 (7%) 55% 55% 45% 45% 4,316 (16%) Fall 2012 55% 45% 4,316 (16%) 23,170 5,561 Native American 343 4,3161.3% ( 16% 298 ) 1.1% 12,261 , 15,044 , 15,044 , 12,261 , Fall 2011 23,110 55%5,848 45% 55% Pacific Islander 45% 156 0.6% 4,316 (153 16%4,316) (16%0.6%) Fall 2010 22,257 6,265 White 15,789 58.0% 15,359 56.2% Fall 2009 21,674 6,298 21,043 (77%) Declinded to Respond 1,227 4.5% 1,257 4.6% 21,043 (77%) Fall 2008 20,515 6,072

- 5,000 10,000 15,000 20,000 25,000 30,000 Female Male Resident Non-Resident21,043 (21,04377%International) (77%) Female Male Resident Non-Resident International21,043 (77%) 21,043 (77%)

Female Male ResidentResidentNon-ResidentNon-ResidentInternationalInternational LEGAL SEX Female Male RESIDENCY 9 PORTLAND STATE UNIVERSITY 1,946 (7%) Resident Non-Resident International Female Male Female Male Resident Non-Resident International 15,044 , 12,261 , 55% 45% 4,316 (16%)

21,043 (77%)

Female Male Resident Non-Resident International E&G STUDENT TUITION & FEES DETAILED (Millions) E&G STUDENT TUITION & FEES DETAILED (Millions)Source: ERP Source: ERP E&G STUDENT TUITION & FEES DETAILED (Millions) Source: ERP

$110.0

$110.0 95.3 93.8 92.6 92.4 89.8 95.3 93.8 92.6 92.4 Millions $90.0 89.8

Millions $90.0 67.6

$70.0 67.6

$70.0 62.2 62.2 60.6 60.6 56.5 56.5 49.9 49.9 $50.0 $50.0 40.3 40.3 37.8 36.0 35.7 37.8 33.1 36.0 35.7 33.1 $30.0

$30.0 18.7 15.9 15.4 14.8 14.6 14.3 14.3 13.8 13.5 13.4 13.1 13.1 18.7 11.9 11.3 10.6 15.9 15.4 14.8 14.6 14.3 14.3 13.8 13.5 13.4 13.1 13.1 11.9

$10.0 11.3 10.6 $10.0

-$10.0 -$10.0 17.0 17.5 18.6 - -$30.0 - - 20.5 - 22.7 - 17.0 17.5 18.6 - -$30.0 - - 20.5 - FY2014 FY2015 FY2016 FY2017 FY2018 22.7 - $200.7 $205.3 $211.1 $217.5 $221.3 FY2014 FY2015 FY2016 FY2017 FY2018 $200.7 $205.3 $211.1 $217.5 $221.3 The tuition revenue breakdown showsThe tuition the revenuetrends inbreakdown resident shows (Res), the non-resident trends in resident (NR), (Res), undergraduate non-resident (NR),(UG), undergraduate and graduate (UG), (GR) and tuition graduate for (GR) the last five fiscal years. Miscellaneoustuition for tuition the last includes five fiscal tuition years .for Miscellaneous continuing tuitioncredit includeand non-credits tuition for education. continuing Miscellaneous credit and non -creditFees include education. FINANCIAL DASHBOARD Miscellaneous Fees include fees such as matriculation fees, late registration fees, degree application fees, online learning fees, fees such as matriculation fees, late registration fees, degree application fees, online learning fees, etc. The tuition revenue breakdownetc. shows the trends in resident (Res), non-resident (NR), undergraduate (UG), and graduate (GR)

Thetuition net tuition for the and last fee fiverevenue fiscal increased years. Miscellaneous by $3.8 Million, tuition or 1.7%, include ins 2018tuition compared for continuing to 2017. credit This andis primarily non-credit due education. to tuition rate The net tuition and fee revenue increased by $3.8 Million, or 1.7%, in 2018 compared to 2017. This is primarily due to tuition increaseMiscellaneous of 5.4% Feesfor Non-resident include fees and such 5.2% as matriculation for Resident undergraduatefees, late registration students. fees, For degree the presented application time-line, fees, onlineaggregate learning Student fees ,Credit Hours (SCH) produced has beenrate declining increase by of nearly5.4% for 1% Non each-resident year. and 5.2% for Resident undergraduate students. For the presented time-line, aggregate etc. Student Credit Hours (SCH) produced has been declining by nearly 1% each year.

The net tuition and fee revenue increased by $3.8 Million, or 1.7%, in 2018 compared to 2017. This is primarily due to tuition rate increase of 5.4% for Non-resident and 5.2% for Resident undergraduate students. For the presented time-line, aggregate Student Credit Hours (SCH) produced has been declining by nearly 1% each year.

2018 FINANCE & ADMINISTRATION FINANCIAL DASHBOARD & ANNUAL REPORTING REQUIREMENTS 10 NET E&G EXPENSES BY NACUBO CLASS (Millions) NETSource: E&GRCAT EXPENSES BY NACUBO CLASS (Millions) Source: RCAT NACUBO CLASS CATEGORIES NACUBO CLASS CATEGORIES Instruction Instruction – expenses for credit and noncredit courses; FY 2018 Direct Expenses: 60.8% $290.5 Expensesacademic, for credit vocational, and noncreditand technical courses; instruction; academic, remedial vocational, and Indirect Expenses: 39.2% technicaland instruction; tutorial instruction; remedial and and regular, tutorial special, instruction; and extension and regular, special, and extensionsessions. sessions.

InstitutionalInstitutional Support Support – expenses for central, executive- level activities, governing board, legal services, fiscal FY 2017 operation, information technology, and HR. $275.9 Direct Expenses: 62.4% Expenses for central, executive-level activities, governing board, legal Indirect Expense: 37.6% services, fiscal operation, information technology, and HR. Academic Support – expenses incurred to provide support Academicservices Support for the institution’s primary missions: instruction, research, and public service. The category includes Expenseslibraries, incurred provision to provide of services, support academic services administration, for the institution’s primary FY 2016 missions:media, instruction, and support research, for curriculum and andpublic course service. development. The category includes $266.0 Direct Expenses: 62.4% libraries, provision of services, academic administration, media, and support Indirect Expenses: 37.6% for curriculumOperation and andcourse Maintenance development. of Plant – expenses for the administration, supervision, operation, maintenance, Operationpreservation, and Maintenance and protection of Plantof the institution’s physical plant. FY 2015 Expenses for the administration, supervision, operation, maintenance, $254.4 Direct Expenses: 62.4% Student Services – expenses incurred for offices of Indirect Expense: 37.6% preservation, and protection of the institution’s physical plant. admissions and the registrar and activities with the primary Studentpurpose Services of contributing to students’ emotional and physical well-being and intellectual, cultural, and social development Expenses incurred for offices of admissions and the registrar and activities with outside the context of the formal instruction program. FY 2014 the primary purpose of contributing to students’ emotional and physical well- $250.4 Direct Expenses: 62.7% being andResearch intellectual, – expenses cultural, for activities and social specifically development organized outside to the context of Indirect Expenses: 37.3% the formalproduce instruction research, program. whether commissioned by an external FINANCIAL DASHBOARD Millions agency or within the institution. Research $- $25 $50 $75 $100 $125 $150 Public Service – expenses for activities established Expensesprimarily for activities to provide specifically non-instructional organized services beneficialto produce to research, whether commissionedindividuals by anand external groups external agency to orthe within institution. the institution. Direct Expenses:Direct Expenses:those expenses thosedirectly expensesattributable todirectly revenue generating schools andattributable colleges. to revenue generating schools and Public ServiceUnassigned – miscellaneous expenditures that by definition do not fit into any of the above categories. Indirectcolleges. Expenses: those expenses attributable to the administration and Expenses for activities established primarily to provide non-instructional ser- infrastructure supporting revenue generating schools and colleges. Indirect Expenses: those expenses vices beneficial to individuals and groups external to the institution. attributable to the administration and infrastructure supporting revenue generating Unassigned schools and colleges. Miscellaneous expenditures that by definition do not fit into any of the above categories.

11 PORTLAND STATE UNIVERSITY GROSS E&G EXPENSES PER STUDENT CREDIT HOUR (SCH) Source: ERP and OIRP GROSSGROSS E&G EXPENSEEXPENSESS PERPER STUDENTSTUDENT CREDIT CREDIT HOUR HOUR (SCH) (SCH) Source: ERP & OIRP Source: ERP and OIRP Compensation Benefits & Other OPE Services & Supplies Annual AnnualStudent Student Credit Credit Hours Hours (SCH) (SCH) Produced Produced $400 Compensation Benefits & Other OPE Services & Supplies 950,000 Annual Student Credit Hours (SCH) Produced $400 925,000 $350 950,000 21% $76 925,000 900,000 $350 21% -1% -0.9% $74 -0.8% $300 22% 21% -0.9% -1.1% $73 $76 900,000 875,000 21% 23% 21% -1% -1.6% -0.9% $70 $74 -0.8% $300 $64 22% -0.9% 875,000 850,000 -1.1% $250 23% $73 26% -1.6% 21% FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 $70 25% $96 $64 936.9 K 928.3 K 920.6 K 912.6 K 902.4 K 887.7 K 25% $87 850,000 $250 26% 25% 25% FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 $81 25% $96 $200 $77 936.9 K 928.3 K 920.6 K 912.6 K 902.4 K 887.7 K $77 25% $87 25% 25% $81 $200 $77 $77 There are three major drivers of the E&G cost per $150 Student Credit Hour (SCH) – Compensation, There Benefitsare three and majo Otherr drivers Payroll of Expenses,the E&G cost and per Services $150 ThereStudent areand three CreditSupplies. major Hour drivers (SCH) of the– E&GCompensation, cost per Student $100 54% 53% 53% CreditBenefits Hour and (SCH) Other – Payroll Compensation, Expenses, Benefits and Services and Other 54% 53% $187 $196 $176 Payroll Expenses, and Services and Supplies. $165 $165 and Supplies.Employee compensation, health insurance $100 54% 53% 53% premiums and increasing post-employment 54% 53% $187 $196 $50 $176 EmployeeEmployee compensation, compensation, health insurancehealth insurancepremiums and $165 $165 benefit costs in conjunction with declining SCH increasingpremiums post-employment and increasing benefit post -costsemployment in conjunction with decliningdrove theSCH E&G drove cost the peE&Gr SCHcost perto increase SCH to increase steadily $50 benefit costs in conjunction with declining SCH steadilythe the last last three three fi scal fiscal years. years. This This trend trend is forecast is forecast to $- drove the E&G cost per SCH to increase steadily FY 2014 FY 2015 FY 2016 GROSSFY 2017 E&GFY EXPENSE 2018 S PERto continue; STUDENTcontinue; as the as CREDITliabilities the liabilities associated HOUR associated with(SCH) the with Public the the last three fiscal years. This trend is forecast to $- $306 $312 $330 $348 $368 EmployeesPublic Retirement Employees System Retirement (PERS)Source: defined System ERP and benefits OIRP (PERS) will requirecontinue; greater as theannual liabilities cash contributions associated from with allthe public FINANCIAL DASHBOARD FY 2014 +0.8% FY 2015 +1.9% FY 2016 +5.9% FY 2017 +5.4% FY 2018 +3.9% defined benefits will require greater annual cash $306 $312 $330 $348 $368 employers.Public Employees Currently, Retirementthe growing System compensation (PERS) and definedcontribu benefittions expenses from allare public more significant employers in. Currently, driving the +0.8% Compensation+1.9% Benefits+5.9% & Other+5.4% OPE Services+3.9% & Supplies defined benefits will require greater annual cash increasingAnnualthe E&G growingStudent cost Credit per compensation SCH Hours than (SCH) the Produced anddecline defined in university benefit $400 contributions from all public employers. Currently, 950,000SCH production.expenses are more significant in driving the the growing compensation and defined benefit increasing E&G cost per SCH than the decline in 925,000expenses are more significant in driving the $350 university SCH production. 21% increasing E&G cost per SCH than the decline in $76 900,000 21% -1% university SCH-0.9% production. $74 -0.8% $300 22% -0.9% 875,000 -1.1% 21% 23% $73 -1.6% $64 $70 850,000 $250 26% FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 25% $96 936.9 K 928.3 K 920.6 K 912.6 K 902.4 K 887.7 K 25% $87 25% 25% $81 $200 $77 $77 2018 FINANCE & ADMINISTRATION FINANCIAL DASHBOARD & ANNUAL REPORTING REQUIREMENTS 12 There are three major drivers of the E&G cost per $150 Student Credit Hour (SCH) – Compensation, Benefits and Other Payroll Expenses, and Services and Supplies. $100 54% 53% 53% 54% 53% $187 $196 $176 $165 $165 Employee compensation, health insurance premiums and increasing post-employment $50 benefit costs in conjunction with declining SCH drove the E&G cost per SCH to increase steadily $- the last three fiscal years. This trend is forecast to FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 continue; as the liabilities associated with the $306 $312 $330 $348 $368 Public Employees Retirement System (PERS) +0.8% +1.9% +5.9% +5.4% +3.9% defined benefits will require greater annual cash contributions from all public employers. Currently, the growing compensation and defined benefit expenses are more significant in driving the increasing E&G cost per SCH than the decline in university SCH production. E&G CASH AND FUND BALANCE (Millions) Source: ERP E&G CASH AND FUND BALANCE (Millions) Source: ERP E&G Divisional Operations E&G CASH AND FUND BALANCE (Millions) Source: ERP Divisional Ops Cash Balance Divisional Ops Fund Balance E&G Divisional Operations $45.2 FY2018 E&G DivisionalDivisional Operations Ops Cash Balance 37.6 Divisional Ops Fund Balance $45.2 These two charts show the Fund balance FY2018 $47.6 FY2017 37.6 and Cash balance as ofThese June 30th, two 2018 charts show the Fund 40.9 for E&G Divisional Operations and E&G Central Operations. balanceIn governmental and Cash balance as of June $43.9 $47.6 FY2016FY2017 fund accounting Fund30 Balanceth, These2018 is the twofor chartsE&G showDivisional the Fund 36.5 40.9 difference between assets and liabilities. Operationsbalance andand CashE&G balance Central as of June $35.1 $43.9 Assets – Liabilities = Fund Balance FY2015FY2016 Operations.30th, In2018 governmental for E&G fundDivisional 28.7 36.5 Fund balance is a criticalaccounting indicatorOperations of theFund Balanceand E&Gis the Central financial health of a division or a group $29.3 $35.1 difference between assets and FY2014FY2015 as whole. Cash Balance isOperations. an asset In governmental fund 26.7 28.7 and is a component liabilities.of Fundaccounting Balance. Fund Balance is the A division can have a Fund Balance in E&G - CASH 10 AND FUND 20 BALANCE$29.3 30 (Million 40 s) 50 60 FY2014 excess of, or less thanAssets Cashdifference Balance.– Liabilities between = Fund Balanceassets and Source: ERP 26.7 This is totally dependent on other assets liabilities. or liabilities carried byFund the division. balance is a critical indicator of the E&G -Divisional Operations10 20 30 40 50 60 financialAssets health – of Liabilities a division =or Funda group Balance E&G CASHDivisional AND Ops FUND Cash Balance BALANCEDivisional (Million Ops Fund sBalance) Source:E&G ERP Central Operations as whole. Cash Balance is an asset and $45.2 FY2018 Fund balance is a critical indicator of the E&G Central Operations 37.6 is a component of Fund Balance. A Central Cash Balance Central Fund Balance financial health of a division or a group E&G Divisional Operations $47.6 division can have a Fund Balance in FY2017 $35.0 These two charts show the Fund FY2018E&GDivisional Central Ops Cash Balance OperationsDivisional Ops40.9 Fund Balance as whole. Cash Balance is an asset and 38.7 balance and Cash balanceexcess as of Juneof, or less than Cash Balance. $45.2 $43.9 th FY2018FY2016 30 , 2018 for E&G Divisionalis a component of Fund Balance. A Central Cash Balance37.6 36.5 Central Fund Balance This is totally dependent on other $16.8 Operations and E&Gassets Centraldivision or liabilities can have carried a Fund by Balancethe in FY2017 $35.1 $47.6 $35.0 Operations. In governmental fund FINANCIAL DASHBOARD FY2017FY2015 26.5 These two charts show the Fund FY2018 28.7 40.9 excess of, or less than Cash Balance. 38.7 balance andaccounting Cash balance Fund as Balanceof Junedivision. is the

$29.3 $43.9 th FY2016FY2014 $13.3 30 , 2018difference for E&Gbetween Divisional assets Thisand is totally dependent on other FY2016 26.736.5 $16.818.6 Operationsliabilities. and E&G Central assets or liabilities carried by the FY2017 $35.1 FY2015 26.5 Operations. In governmental fund - 10 28.7 20 30 40 50 60 Assets – Liabilities = Fund Balancedivision. $4.8 accounting Fund Balance is the $29.3 FY2015FY2014 differenceFund between balance is aassets critical indicatorand of the 10.7 $13.326.7 FY2016 18.6 liabilities.financial health of a division or a group E&G - Central 10$9.0 Operations 20 30 40 50 60 Assets –as Liabilities whole. Cash = Fund Balance Balance is an asset and FY2014 6.3$4.8Central Cash Balance Central Fund Balance is a component of Fund Balance. A FY2015 Fund balancedivision is a criticalcan have indicator a Fund of the Balance in 10.7 $35.0 financial health of a division or a group FY2018 38.7 excess of, or less than Cash Balance. E&G Central - Operations 10 20 30 40 50 as whole 60 .This Cash isBalance totally is andependent asset and on other $9.0 $16.8 is a component of Fund Balance. A FY2017 Central Cash Balance Central Fund Balance assets or liabilities carried by the FY2014 26.5 division can have a Fund Balance in 6.3 $35.0 division. FY2018 13 PORTLAND STATE UNIVERSITY 38.7 excess of, or less than Cash Balance. $13.3 FY2016 18.6 This is totally dependent on other $16.8 FY2017 - 10 20 30 40 50assets or 60liabilities carried by the $4.8 26.5 FY2015 division. 10.7 $13.3 FY2016 18.6 $9.0 FY2014 $4.8 6.3 FY2015 10.7 - 10 20 30 40 50 60 $9.0 FY2014 6.3

- 10 20 30 40 50 60 2018 FINANCE & ADMINISTRATION FINANCIAL DASHBOARD & ANNUAL REPORTING REQUIREMENTS 14 RATIOS AS TOOLS OF FINANCIAL ANALYSIS

RATIOS AS A WINDOW TO FINANCIAL PERFORMANCE

Ratio analysis is an essential instrument in the systematic examination and measurement of the operational and financial performance of the university. Ratio analysis and the selection of ratios should be utilized to effectively communicate to decision makers and stakeholders operational and financial performance outcomes. Such ratios should demonstrate revenue and expense performance, debt management, institutional liquidity, net position and reserves. All should make evident the strengths and weaknesses of the institution and its strategic flexibility or lack thereof.

HOW TO READ THE RATIO TREND LINES WHAT DO THE ARROWS MEAN? Financial analysis presented in the following pages contains the Based on the trend lines associated with the audited financial results of institutional performance using data compiled from the statements, each ratio is accompanied by an arrow. The audited financial statements and with and without the accounting direction of the arrow stipulates the most recent annual impacts of GASBs 68 & 75. trend. The color of the arrow stipulates the position of PSU’s most recent annual measurement relative to the All trend lines demonstrating calculations made with the audited advised or policy goal for the ratio. financial statements are shown with a Black Line and a Black Triangle marker = RED = ATTENTION, measurement is outside of advised range. All trend lines demonstrating calculations made with audited RATIOS financial statements excluding the impact of GASBs 68 & 75 are shown with a Blue Line and a Blue Circle marker = YELLOW = CAUTION, measurement is within advised range but trending in an unhealthy direction; OR, the measurement has been within the advised range less than one year.

GREEN = HEALTHY, measurement is within advised range for more than one fiscal year and is trending in the advised direction.

This guidance is also true for the presentation of university reserves.

15 PORTLAND STATE UNIVERSITY

0.00 0.20 0.40 0.60 0.80 1.00 Viability he advised range for the the for range advised he VR

is one of the most basic measurements of financial financial of measurements most basic the one of is How How FY14 0.38 0.38

Ratio

. recommends (NACUBO) Officers Business University and College of Association National T is better Higher and Policy: Guidance immediately obligations settle to become necessary covered with be could health. The debt. outstanding total its (including the overinstitution’s f affiliated its (including “ much of the institution’s outstanding debt debt outstanding institution’s of the much ainl soito o Clee n Uiest Bsns Officers Business University and (NACUBO) College of Association National The advisedrange fortheVRtobewhere;1.25≤x2.00. Hig Guidance andPo obligations immediately? with expendable net assets should itbecome necessary to settle How much of the institution’s outstanding debt couldbe covered health. financial of measurements basic most the of The VR is one (including i its affiliated foundation) expendable net assets, over the institution’s “Viability Ratio (VR)”

0.40 0.60 0.80 1.00 0.00 0.20 Viability he advised range for the the for range advised he .

her isbetter. Viability Viability Ratio

FY15 VR (VR) 0.36 0.36

is one of the most basic measurements of financial financial of measurements most basic the one of is 0.41 0.41 How How FY14 0.38 0.38 ts affiliatedfoundation)totaloutstandingdebt. recommends 1.25-2.00.

” oundation) oundation)

expendable net assets should it should assets net expendable Ratio VR is is much of the institution’s outstanding debt debt outstanding institution’s of the much FY16 0.34 0.34

composed of the institution’s theinstitution’s of composed licy: to be to .

Viability Viability Ratio

0.56 0.56 FY15 (VR)

0.36 0.36 1.25 iscomposed of the institution’s (including

where; Viability Ratio expendable net as net expendable 0.41 0.41

” - FY17 affiliated f affiliated oundation) oundation) 0.41 0.41 2.00.

expendable net assets should it should assets net expendable VR is is 0.73 0.73 FY16

0.34 0.34

composed of the institution’s theinstitution’s of composed 1.25 to be to

0.56 0.56

1.25 FY18 ≤ 0.40 0.40

oundation) oundation) where;

expendable net as net expendable x 0.86 0.86 - FY17 affiliated f affiliated VIABILITY & 0.41 0.41 ≤ ? 2.00.

2.00 sets, sets, 0.73 0.73

1.25

. 2018 FINANCE &ADMINISTRATION FINANCIAL DASHBOARD &ANNUAL REPORTING REQUIREMENTS

ANNUAL REPORTING REQUIREMENT REQUIREMENT REPORTING ANNUAL FY18 ≤ 0.40 0.40 oundation) oundation)

x 0.86 0.86 VIABILITY & ≤ VIABILITY &PRIMARYRESERVERATIOS ?

Officers (NACUBO) Business University and College of Association National where; aspiration PRR a stipulates Board policy better. is Higher and Policy: Guidance cease inflows cash should operations on carry could institution by of days of year, or operational a number propor the represents It institution. the of flexibility and strength financial the measures PRR The payments. interest f overinstitution the net assets, institution’s “ 2.00 oundation) total operating expenses including annual annual including expenses operating total oundation) sets, sets, Primary Reserve Primary ANNUAL REPORTING REQUIREMENT–DEBT MANAGEMENTPOLICY–SECTIONVII.C. 0.60 0.00 0.20 0.40 expendable net assets net expendable (NACUB Officers Business University and College of Association National where; aspirationan and 0.25 ≥ x where: PRR a stipulates policy Board Hig Guidance andPolicy: could carryonoperations shouldcashinflowscease. expendable net assets. The PRR answers how long an institution a year, or number of operational days that can be covered by institution. It represents the proportion of a year, percentage of The expenses includingannualinterestpayments. the institution’s (including its affiliated foundation) over total assets, net operating expendable foundation) affiliated its (including “Primary ReserveRatio (PRR)” .

. ANNUAL REPORTING REQUIREMENT REQUIREMENT REPORTING ANNUAL her i

PRIMARY PRR measures the financial strength and flexibility ofthe flexibility and strength financial the measures PRR FY14 x ≥0.40. s better. O) recommends0.40or greater. 0.19 0.19 Primary Reserve Ratio Reserve Primary (including its affiliated f affiliated its (including Officers (NACUBO) Business University and College of Association National where; aspiration PRR a stipulates policy Board better. is Higher and Policy: Guidance cease inflows cash should operations on carry could institution by of days of year, or operational a number propor the represents It institution. the of flexibility and strength financial the measures PRR The interest payments. f overinstitution the net assets, institution’s “ oundation) total operating expenses including annual annual including expenses operating total oundation) Primary Reserve Primary 0.60 0.00 0.20 0.40

expendable net assets net expendable Primary Reserve Ratio

x ≥ x ≥

. FY15 0.18 0.18 0.19 recommends

PRIMARY

Ratio – 0.40. RESERVE RATIO FY14 0.19 0.19

DEBT MANAGEMENT POLICY POLICY MANAGEMENT DEBT Primary Reserve Ratio Reserve Primary (including its affiliated f affiliated its (including .

The PRR answers h answers PRR The FY16 0.14 0.14 0.25 (PRR)

is composed of the institution’s

x ≥ x ≥

FY15

0.18 0.18 0.19 recommends 0.40 where ’s (including its affiliated affiliated its ’s(including

tion Ratio – 0.40. RESERVE RATIO ”

DEBT MANAGEMENT POLICY POLICY MANAGEMENT DEBT oundation) expendable expendable oundation)

FY17 0.17 0.17 0.31 or greater

is composed of the the of composed is : of a year, a year, of .

that can be covered covered be can that

The PRR answers h answers PRR The ≥ x FY16 0.14 0.14 0.25 (PRR)

0.40 where ’s (including its affiliated affiliated its ’s(including 0.25 – FY18 0.15 0.15 0.33 tion .

ow long an an long ow SECTION VI SECTION S

” percentage oundation) expendable expendable oundation)

FY17

0.17 0.17 0.31 or greater

is composed of the the of composed is (PRR) : of a year, a year, of and

that can be covered covered be can that ≥ x 16 an I

. 0.25 – C FY18

0.15 0.15 0.33 .

. ow long an an long ow SECTION VI SECTION

percentage

RATIOS

(PRR)

and an I . C

DEBTDEBTDEBT BURDEN BURDENBURDEN & &DEBT DEBTDEBT SERVICE SERVICESERVICE COVERAGE COVERAGE COVERAGE RATIOS RATIOS RATIOS ANNUAL REPORTING REQUIREMENT – DEBT MANAGEMENT POLICY – SECTION VII. C. ANNUALANNUAL REPORTING REPORTING REQUIREMENT REQUIREMENT – DEBT – DEBT MANAGE MANAGEMENT MENTPOLICY POLICY – SECTION – SECTION VII. C. VII. C.

Debt Burden Ratio Debt Service Coverage Ratio DebtDebt Burden Burden Ratio Ratio DebtDebt Service Service Coverage Coverage Ratio Ratio

6% 6% 3.00 3.00 4.62%4.62% 4.56%4.56% 4.12%4.12% 4.01% 4.01% 2.44 2.44 4%4% 4.75%4.75% 4.87%4.87% 2.00 2.00 4.22%4.22% 2.34 2.342.27 2.27 3.97%3.97% 3.87% 3.87% 1.39 1.39 2%2% 1.00 1.00 1.33 1.33 1.33 1.33 0.51 0.59 0.51 0.59 0.45 0.45 0%0% - FY14 FY15 FY16 FY17 FY18 - FY14 FY15 FY16 FY17 FY18 FY14 FY14FY15 FY15FY16 FY16FY17 FY17FY18 FY18

“Debt Burden Ratio (DBR)” is a debt capacity and “Debt Service Coverage Ratio (DSCR)” is a debt “Debt“Debt Burden Ratio Ratio (DBR)” (DBR) is ”a debtis a capacity debt capacityand affordability and “Debt “DebtService CoverageService RatioCoverage (DSCR)” Ratio is a debt (DSCR) capacity” and is a debt affordabilityratio. The ratio DBR. Themeasures DBR measures annual debtannual service, debt service,including both capacityaffordability and ratio. affordability The DSCR ratio.measures The (including DSCR themeasures affiliated affordability ratio. The DBR measures annual debt service, capacity and affordability ratio. The DSCR measures includingprincipal both and interestprincipal payments, and interest as a percentage payments, of total as institutional a (foundation)including the net affiliated operating foundation)income and non-operatingnet operating r evenues,income RATIOS includingexpenses. bothThe calculation principal of andthe ratiointerest includes payments, debt payments as anda over annual(including debt service the affiliated payments. f oundation) net operating income percentage of total institutional expenses. The calculation and non-operating revenues, over annual debt service expenses of the affiliated foundation. ofpercentage the ratio includes of total debt institutional payments expenses. and expenses The ofcalc theulation payments.The DSCRand measures non-operating the sufficiency revenues, of operations over annua on a cashl debt flow service basis to cover debt service, and is a useful determinant if the affiliatedofThe the DBR ratiofoundation. measures includes the debt university’s payments dependence and expenses on debt to of finance the payments. affiliatedits mission foundation. and the relative cost of borrowing to overall expenditures. Theinstitution DSCR measureshas a net incomethe sufficiency stream availableof operations to meet on aits cash debt burden should economic conditions change. The DBR measures the university’s dependence on debt to flow basisThe to DSCR cover measures debt service, the and sufficiency is a useful of determinant operations on a cash Guidance and Policy: financeThe DBR its measuresmission and the the university’s relative cost dependence of borrowing on todebt to ifGuidance the institutionflow and basis Policy: has to covera net incomedebt service, stream andavailable is a useful to meet determinant overallfinanceLowe expenditures.r isits bette missionr. and the relative cost of borrowing to itsHigher debt ifis burdenthe better. institution should economic has a net conditions income streamchange .available to meet overallBoard policyexpenditures. sets a maximum DBR where; x ≤ 7.0%. its debt burden should economic conditions change. Guidance and Policy: GuidanceThe advised and measure Policy: of health is where; x ≥ 1.25. Guidance and Policy: Guidance and Policy: Lower is better. HigherBoard policyis better. stipulates the use of a 3 year average DSCR as the tracking measure. At June 30, 2018, the 3 year averages was Lower is better. Higher is better. Board policy sets a maximum DBR where; x ≤ 7.0%. The0.80 advised with data measure from the of audited health financialis where; statements, x ≥ 1.25. and 1.97 as measured without GASBs 68 & 75. Board policy sets a maximum DBR where; x ≤ 7.0%. The advised measure of health is where; x ≥ 1.25. Board policy stipulates the use of a 3 year average DSCR as the Boardtracking policy measure. stipulates At June the 30,use 2018of a ,3 the year 3 averageyear DSCR averagesas wasthe tracking0.80 with measure. data from At the June audited 30, 2018financial, the 3 year statements,averages and 1.97was as0.80 measured with data without from GASB the 68 audited & 75. financial statements, and 1.97 as measured without GASB 68 & 75.

17 PORTLAND STATE UNIVERSITY

universities where;0≤x10. Moody’s Investors Service recommends a DCF for investment grade Lower isbetter. Guidance andPolicy: on debtorcurrentcashflows benefit pension and other postemployment obligations has no impact GASBs 68 & 75 has no impact on this ratio as the booking of defined financial reserves. available accessing without operations, its of profitability the from debt its repay to university the of capability the identifies DCF The university andaffiliatedfoundation. the university and the affiliated foundation over the cash flows of the measuring total outstanding principal balances of all debt carried by “Debt-to-Cash FlowRatio (DCF)” 10.00 20.00 30.00 40.00 50.00 inve for DCF a recommends Services Investor Moody’s better. Lower is and Policy: Guidance cash flows. or current on no debt has impact obligations of GASB financial reserves. available accessing without operations, of its profitability the from debt its repay to university the of capability the identifies DCF The f the of flows cash the over university the by carried debt of balances all principal outstanding total measuring ratio “ oundation. 0.00 Debt defined stment grade u grade stment Debt to Cash Flow Ratio s -

to 68 43.98 43.98 FY14 -

Cash Flow Ratio Flow Cash & 75

benefit Debt toCashFlowRatio

has no impact on this ratio as the booking booking the as ratio this on impact no has

niversities where; niversities FY15 5.91 5.91 pension

(DCF) and other postemployment postemployment other and and the affiliated f affiliated the and FY16 8.70 8.70 university and af and university is a debt affordability ratio affordability debt a is ”

is a debt affordability affordability debt a is

0 DEBT-TO-CASH FLOW&MODIFIEDCURRENTRATIOS

≤

FY17 x DEBT 4.55 4.55 ≤

10. oundation oundation

2018 FINANCE &ADMINISTRATION FINANCIAL DASHBOARD &ANNUAL REPORTING REQUIREMENTS - filiated filiated TO FY18 6.75 6.75

- CASH FLOW & MODIFIED CURRENT RATIOS ANNUAL REPORTING REQUIREMENT REQUIREMENT REPORTING ANNUAL ANNUAL REPORTING REQUIREMENT–DEBT MANAGEMENTPOLICY–SECTIONVII.C. Higher isbet Guidance Notes, presentation of the Modified Current Ratio is not required. Floating Rate Notes (FRNs), Lines of Credit (LOC), orShort-Term any Short-Term Financing instruments such as Commercial Paper, As the University-Paid Debt portfo from third-party liquidity providers. support any absent liabilities debt current support to sufficient A healthy MCR ensures the university’s expendable r requirements, andninety (90)days ofoperating expenses debt with liquidity event triggers, the maximum of all collateral assets divided by the sum of current maturities for all debt, all “Modified Current Ratio (MCR)” is defined as expendable net Board policystipulates an MCRwhere;x≥1. Boar better. is Higher and Policy: Guidance is required. not Ratio Current Modified (LOC) Credit of Lines (FRNs), Rate Notes Paper,Floating Commercial Short any contain As the absent debtliabilities current support to are sufficient resources expendable university’s the ensures MCR A healthy days the for maturities assets net expendable “ Modified Current Ratio Current Modified

maximum maximum d policy stipulates stipulates d policy of and Policy:

any any ter. operating expenses. operating University Modified Current Ratio support from third support , or Short , or

Modified Current Ratio all debt, all debt all debt, all of all of all

- Paid Debt portfolio Debt portfolio Paid - collateral requirements collateral Term Financing instruments such as as such instruments Term Financing –

DEBT

an MCR where MCR an N/A - Term Notes, Notes, Term N/A divided b divided

lio does not currently contain M

ANAGE

with liquidity event triggers event liquidity with party liquidity party (MCR)

MENT POLICY POLICY MENT y the sum of current current of sum the y ;

presentation of the of the presentation x ≥ 1. x ” does not not does

, and esources are is defined as as defined is

providers –

SECTION SECTION

ninety (90) (90) ninety . currently currently . V

II . 18 ,

RATIOS RETURNRETURN ON NETON NET ASSETS ASSETS & NET & NETOPERATING OPERATING REVENUE REVENUE RATIOS RATIOS SUPPLEMENTALSUPPLEMENTALRETURN RATIO ANALYSISRATIO ON ANALYSISNET ASSETS & NET OPERATING REVENUE RATIOS SUPPLEMENTAL RATIO ANALYSIS

Return on Net Assets Net Operating Revenue Ratio ReturnReturn on Net on NetAssets Assets Net OperatingNet Operating Revenue Revenue Ratio Ratio 30% 30% 3.30% 5% 5% 3.30% 2.60% 26.92% 26.92%28.27% 28.27% 2.60% 2.07% 2.07% -1.50% 20% -1.50% 20% 0% 0% 19.60% 19.60% -1.72% -1.33% 15.91% 15.91% 8.81% 8.81% -1.72% -1.33% 10% 10% -5% -5% -4.96% -4.94% -5.89% -4.96% -4.94% 3.79% 3.79% 2.88% -5.89% 2.88% 3.67% 3.67% 2.49% 2.49% -10% 0% 0% -10% FY14 FY15 FY16 FY17 FY18 FY14 FY14 FY15 FY15 FY16 FY16FY17 FY17FY18 FY18 FY14 FY15 FY16 FY17 FY18

“Return on Net Assets Ratio (RNA)” is the change in net assets “Net Operating Revenue Ratio (NOR)” is composed of “Return“Returnfor on the Net university on Assets Net and Assets Ratio affiliated Ratio(RNA) foundation (RNA)” is the ”over changeis thethe beginningchange in net innet netthe “ Netinstitution’s Operating“Net net Operating operating Revenue income Revenue Ratio plus ( NORnet Ratio non-operating)” (isNOR composed)” is composed of of assetsassets forassets the forfor university thethe university university and and affiliated affiliatedand affiliated ffoundation.oundation foundation over the over therevenues the institution’s andthe the institution’saffiliated net foundation’soperating net operating changeincome in unrestrictedincomeplus net plusnon -net non- RATIOS beginning net assets for the university and affiliatednet assets, operatiover a denominatorng revenues consisting and the of affiliatedthe sum of foundation’sthe change beginningThis rationet determinesassets for whether the theuniversity institution is andfinancially affiliated better off institution’soperating operating revenues and and non-operating the affiliated revenues, foundation’s and total change foundation.foundation.than previous years by measuring total economic return. Increases unrestrictedin unrestrictedin revenues unrestricted net of assets,its affiliated net over assets, foundation. a denominator over a denominator consisting consis of ting of in the RNA denote a strengthening of future financial flexibility, the sumthe of sumthe institution’sof the institution’s operating operating and non -andoperating non-operating This ratioThiswhile determinesratio declines determines may whether be appropriate whether the institution if thean institution institution is financially is strategically is financially The NOR measures the surplus or (loss) of net assets that was deploying resources to better fulfill its mission. generatedrevenues, byrevenues, $1.00 and oftotal income. and unrestricted totalQuite simply,unrestricted revenues the ratio revenues measuresof its affiliated of its affiliated betterbetter off than off previousthan previous years byyears measuring by measuring total economic total economic whetherfoundation. or notfoundation. the university is living within its means. return.Guidance Increases and Policy: in the RNA denote a strengthening of future return. Increases in the RNA denote a strengthening of future Guidance and Policy: financialfinancialHigher flexibility, is flexibility,better. while declineswhile declines may be may appropriate be appropriate if an if an The NORThe measures NOR measures the surplus the orsurplus (loss) orof (loss)net assets of net that assets that Higher is better. institutioninstitutionAdvised is strategically range is strategically is an RNA deploying where; deploying x resources≥ 3.00% resources - 6.00%. to better to fulfillbetter fulfill was generatedwas generated by $1.00 by of $1.00 income of. Quitincomee simply,. Quite the simply, ratio the ratio its mission. Advised rangemeasures is an NOR whetherwhere; 2.00% or not ≤ x ≤the 4.00% university is living within its its mission.Association of Governing Boards (AGB) recommends an RNA greater measures whether or not the university is living within its than 3.00% - 6.00%. Nationalmeans. Association means. of College and University Business Officers GuidanceGuidance and Policy: and Policy: (NACUBO) recommends 2.00% - 4.00%. GuidanceGuidance and Policy: and Policy: HigherHigher is better. is better. Higher isHigher better. is better. AdvisedAdvised range rangeis an RNAis an where; RNA where; x ≥ 3.00% x ≥ 3.00%- 6.00%. - 6 .00%. AdvisedA rangedvised is rangean NO isR where;an NOR 2.00% where; ≤ 2.00% x ≤ 4.00% ≤ x ≤ 4.00% AssociationAssociation of Governing of Governing Boards Boards (AGB) (AGB)recommends recommends an RNA an RNA NationalNational Association Association of College of Collegeand University and University Business Business greatergreater than 3.00%than 3.00% - 6.00%. - 6 .00%. 19 PORTLAND STATE UNIVERSITY Officers Officers(NACUBO) (NACUBO) recommends recommends 2.00% - 2.004.00%.% - 4.00%.

where; al should components ratio four the each of of the CFI, display the radar viewing When a where; CFI recommends Colleges and Universities of Boards Governing of Association The and Policy Guidance of impacts the identify appraised many ratios, long and expenditures operational str revenue operational its ongoing applying in capabilities university’s wellbeing. financial aninstitution’s to identify measurement as a being used increasingly is the CFI higher education, Within CFI: the calculating for process four stage There is a performance. financial of measurement single a produce to Ratio) Ratio and Viability Revenue Operating Ratio, Net Assets Net on Return Ratio, (Primary Reserve of fourratios The 4. 3. 2. 1. “Composite Financial Index (CFI)” Index Financial “Composite

measur CFI final the produce to summed are then results The factor.weighting respective its by multiplied is factor strength Each scale. common a of use the with factors strength to converted are values ratio The The value

x ≥ 3. components shouldalsohave acomputedvalues where;x≥3 When viewing the radar display of the CFI, each of the four ratio recommends aCFIwhere;x≥3. The Association of Governing Boards of Universities and Colleges Guidance andPolicy: the impactsofstrategic goals. be appraised over 3 – 5 year timelines to establish trends and identify financial obligations. As with many ratios, running analysis of the CFI should and streams revenue reserves against current operational expenditures and long-term operational ongoing its applying of the index providesinto the a university’swindow in capabilities measurement to identify an institution’s financial wellbeing. A review Within highereducation, the CFI isincreasingly being used as a measurement. 4. factor. 3. use ofacommonscale. 2. 1. for calculatingtheCFI: measurement of financial performance. There is a four stage process Operating Revenue Ratio and Viability Ratio) toproduce a single four ratios (Primary Reserve Ratio, Return on Net Assets Ratio, Net The

over 3 over 3 A review of the index provides a window into the the into window a provides the index of A review where; al should components ratio four the each of of the CFI, display the radar viewing When awhere; CFI recommends Colleges and Universities of Boards Governing of Association The and Policy Guidance of impacts the identify appraised many ratios, long and expenditures operational str revenue operational its ongoing applying in capabilities university’s wellbeing. financial aninstitution’s to identify measurement as a being used increasingly is the CFI higher education, Within CFI: the calculating for process four stage There is a performance. financial of measurement single a produce to Ratio) Ratio and Viability Revenue Operating Ratio, Net Assets Net on Return Ratio, (Primary Reserve of fourratios The

eams and financial reserves against current current against reserves financial and eams 4. 3. 2. 1.

“Composite Financial Index(CFI)” ement. “Composite Financial Index (CFI)” Index Financial “Composite running

The Each The The v s for the pertinent ratios calculated. ratios are for s pertinent the measur CFI final the produce to summed are then results The factor.weighting respective its by multiplied is factor strength Each scale. common a of use the with factors strength to converted are values ratio The The value

– x ≥ 3.x ≥

5 year timelines to establish trends and and trends establish to year timelines 5

ratio values are converted to strength factors with the results are then summed to produce the final CFI final the produce to summed then are results over 3 over 3 strength factor is multipliedby its respective weighting A review of the index provides a window into the the into window a provides the index of A review alues forthepertinentratios arecalculated.

eams and financial reserves against current current against reserves financial and eams :

strategic goals. goals. strategic

ement.

running analysis of the CFI should be should of CFI the analysis s for the pertinent ratios calculated. are ratios forpertinent the s –

5 year timelines to establish trends and and trends establish to year timelines 5 so have a computed values values computed a have so

strategic goals. goals. strategic

analysis of the CFI should be should CFI of the analysis - term obligations. obligations. term

x ≥ 3. ≥ x so have a computed values values computed a have so

- term obligations. obligations. term

x ≥ 3. ≥ x is a combination combination a is

is a combination combination a is is acombination of As with As

As with As

2018 FINANCE &ADMINISTRATION FINANCIAL DASHBOARD &ANNUAL REPORTING REQUIREMENTS

2018 6.00 2.00 4.00 COMPOSITEINDEX FINANCIAL 2018 - 6.00 2.00 4.00 Return onNet COMPOSITEINDEX FINANCIAL ReturnNets on 0.37 0.37 FY14 -

Radar Display Radar ReturnNets on 0.37 0.37 FY14

Assets Radar Display Radar Assets Assets 2018 RadarDisplay-CFIComponent Advised COMPOSITE FINANCIALINDEX Advised FY15 FY15 2.83 2.83 2.83 2.83 w/o GASBs68&75 - - CFI Component CFI Component 0.88 0.88 0.88 0.88 Primary Reserve CFI Trends Primary Reserve Primary CFI Trends CFI Trends Primary Reserve Primary Viability Ratio Viability Ratio Viability Ratio 10 0 2 4 6 8 Ratio 10 Ratio 0 2 4 6 8 Ratio FY16 0.31 0.31 3.46 3.46 FY16 0.31 0.31 3.46 3.46 SUPPLEMENTAL RATIO ANALYSIS RATIO SUPPLEMENTAL SUPPLEMENTAL RATIO ANALYSIS RATIO SUPPLEMENTAL -

SUPPLEMENTAL RATIO ANALYSIS w/o - w/o

FY17 GASB 68 GASB 3.29 3.29 Revenue Ratio Revenue Net Operating

4.55 4.55 FY17 GASB 68 GASB 3.29 3.29 Revenue Ratio Revenue Net Operating Revenue Ratio Net Operating

(CFI) 4.55 4.55

0.28 0.28 & 75

(CFI) FY18 2.27 2.27

0.28 0.28

& 75

FY18 2.27 2.27

20 RATIOS RESERVE MANANGEMENT & THE PRIMARY RESERVE RATIO RESERVEANNUAL REPORTING MANANGEMENTREQUIREMENT – RESERVE MANAGEMENT & THEPOLICY – PRIMARYSECTION III. RESERVE RATIO (PRR) ANNUALRESERVE REPORTING MANANGEMENT REQUIREMENT – RESERVE M&ANAGE THEMENT PRIMARY POLICY – SECTION RESERVE III. RATIO (PRR) ANNUAL REPORTING REQUIREMENT – RESERVE MANAGEMENT POLICY – SECTION III. Oregon Public Universities PSU Primary Reserve Ratio Oregon Public Universities PPSSUU P PrirmimarayrRyeRseesrevervReaRtiaotio ComparativeOregon Public Primary Universities Reserve Ratios FY15-FY17ComparativeComparative (excluding Primary Primary Reserve GASBs ReserveRatios 68 & Ratios75) 0.60 0.60 FY15-FY17FY15-FY17 (excluding (excluding GASB 68 GASB & 75) 68 & 75) InstitutionInstitution FY 2015FY FY2015 2016 FY FY 2016 2017 3 FY Yr. 2017 Ave. 3 Yr. Ave. UniversityUniversity of Oregon of Oregon 0.710.71 0.65 0.65 0.86 0.860.74 0.74 AspirationalAspirational PRR PRR = 0.4 = 0.4 OregonOregon Institute Institute of Technology of Technology0.430.43 0.53 0.53 0.45 0.450.47 0.47 0.400.40 0.33 0.33 Oregon State University 0.42 0.40 0.43 0.42 0.31 0.31 Oregon State University 0.42 0.40 0.43 0.42 0.25 WesternWestern Oregon Oregon University University 0.380.38 0.40 0.40 0.40 0.400.39 0.39 Targeted Minimum PRR0.25 = 0.25 Targeted Minimum PRR = 0.25 EasternEastern Oregon Oregon University University 0.300.30 0.33 0.33 0.38 0.380.34 0.34 0.190.19 0.20 0.20 PortlandPortland State StateUniversity University 0.190.19 0.25 0.25 0.31 0.310.25 0.25 0.19 0.19 0.18 0.17 Southern Oregon University 0.11 0.20 0.26 0.19 0.18 0.17 0.15 Southern Oregon University 0.11 0.20 0.26 0.19 0.14 0.15 Public Universities Average 0.36 0.39 0.44 0.40 0.14 Public Universities Average 0.36 0.39 0.44 0.40 0.00 0.00 FY14 FY15 FY16 FY17 FY18 FY14 FY15 FY16 FY17 FY18

PortlandPortland State University’sUniversity’s ability ability to to fulfill fulfill its its mission mission for forthe thebenefit benefit of currentof current and andfuture future students students depends depends on sound on fiscalsound fiscalmanagement Portlandmanagementand the maintenanceState and U niversity’sthe ofmaintenance adequate ability university of to adequate fulfill reserves. its u niversitymission The reserves.Boardfor the finds benefit The that Board ofadequate current finds reservesthat and adequate future are necessary studentsreserves for are depends the necessary long-term on forsound health fiscal managementtheand long sustainability-term healthand of the universityand maintenance sustainability operations; of of adequate uforniversity the proper uoperations;niversity custodianship reserves. for the of proper the The physical custodianship Board plant finds necessary tofhat the adequate physical for the deliveryplant reserves necessary of services;are necessary for for for thethethe long deliveryprudent-ter mofcoverage services;health of and outstanding for sustainability the prudent debt; coverage toof enableuniversity of the outstanding university operations; todebt; make for t othe strategicenable proper th investments;e custodianshipuniversity to insuremake of the strategicthe physical performance investments; plant of necessary day-to- for RESERVES thetoday insure delivery operations the ofperformance inservices; the event forof of day unforeseenthe-to prudent-day operationsshortfalls; coverage andin ofthe to outstanding eventbetter ofposition unforeseen debt; the tuniversityo shortfalenable ls;inth theeand u niversityevent to better of a to catastrophicposition make thestrategic interruptionuniversity investments; of service. toin insurethe event the of performance a catastrophic of interruption day-to-day of operationsservice. in the event of unforeseen shortfalls; and to better position the university in“Primary“Primary the event ReserveReserve of a catastrophic Ratio”Ratio” isis aa interruptionratioratio measuringmeasuring of service.the financial strengthstrength ofof thethe uuniversityniversity byby comparingcomparing expendableexpendable net assets toto total expenses. Expendable net assets represent those assets that the university can access quickly and spend to satisfy its debt and operating total expenses. Expendable net assets represent those assets that the university can access quickly and spend to satisfy its “Primaryexpense obligations. Reserve This Ratio” ratio isprovides a ratio a measuringsnapshot of financialthe financial strength strength and flexibility of the u niversityby indicating by howcomparing long the expendableuniversity could net operate assets to debt and operating expense obligations. This ratio provides a snapshot of financial strength and flexibility by indicating how totalusing expenses. existing expendable Expendable funds net only. assets represent those assets that the university can access quickly and spend to satisfy its long the university could operate using existing expendable funds only. debt and operating expense obligations. This ratio provides a snapshot of financial strength and flexibility by indicating how The Board established 0.25 as the target minimum Primary Reserve Ratio for the university. This is equal to maintaining expendable net longTheassets Boardthe adequate u niversityestablished to cover could 0.25 at operate least as the three usingtarget months existing minimum of university expendable Primary expenses. Reserve funds only.Ratio for the university. This is equal to maintaining expendable net assets adequate to cover at least three months of university expenses. TheThe BoardBoard recognizedestablished that 0.25 the National as the Associationtarget minimum of College Primary and University Reserve Business Ratio Officers for the u(NACUBO),niversity. an Thisorganization is equal with to a maintaining mission expendableTheto advance Board recognized the net economic assets that adequate viability, the National business to cover Association practices at least ofand threeCollege support months and of higherUniversity of u educationniversity Business institutions,expenses. Officers (NACUBO),recommends an a Primaryorganization Reserve with Ratio aof mission 0.4 or greater.to advance The theBoard economic established viability, 0.4 as businessan aspirational practices Primary and Reservesupport Ratio.of higher education institutions, recommends a ThePrimary Board Reserve recognized Ratio of that 0.4 theor greater. National The Association Board established of College 0.4 and as anUniversity aspirational Business Primary Officers Reserve (NACUBO), Ratio. an organization with a mission to advance the economic viability, business practices and support of higher education institutions, recommends a

Primary Reserve Ratio of 0.4 or greater. The Board established 0.4 as an aspirational Primary Reserve Ratio.

21 PORTLAND STATE UNIVERSITY of 0.4orgreater. TheBoardestablished 0.4asanaspirational PrimaryReserve Ratio. to advance the economic viability, business practices and support of higher education institutions, recommends a Primary Reserve Ratio The Board recognized that the National Association of College and University Business Officers (NACUBO), an organization with a mission assets adequatetocover atleastthreemonthsofuniversity expenses. The Board established 0.25 as the target minimum Primary Reserve Ratio for the university. This is equal to maintaining expendable net using existingexpendablefundsonly. expense obligations. This ratio provides a snapshot of financial strength and flexibility by indicating how long the university could operate expenses. Expendable net assets represent those assets that the university can access quickly and spend to satisfy its debt and operating Ratio” “Primary Reserve service. day operations inthe event of unforeseen shortfalls; and to better position the university in the event of a catastrophic interruption of the prudent coverage of outstanding debt; to enable the university to make strategic investments; to insure the performance of day-to- and sustainability of university operations; for the proper custodianship of the physical plant necessary for the delivery of services; for health long-term the for necessary are reserves adequate that finds Board The universityreserves. adequate of maintenance the and Portland State University’s ability to fulfill its mission for the benefit of current and future students depends on sound fiscal management is a ratio measuring the financial strength of the university by comparing expendable net assets to total to assets net expendable comparing by university the of strength financial the measuring ratio a is

$10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 $45,000 $5,000 requi at balance Reserve the Central with FY18 operations. university central E&G and for budget of to12.5% annual the or equal than greater target The policy university. of the benefit the for division Administration and Finance the by managed and centrally held fund balances (E&G) General Reserves” “Central $0

red eta Rsre aac a 8.% f h plc rqie $44,851 required (expressed in000’s). policy the of 86.2% at balance Reserve Central FY18 saw a $12,128 increase in fund balance over FY17 with the university operations. than or equal to 12.5% of the annual budget for E&G and central The policy target is toestablishCentral Reserves at a level greater Administration divisionforthebenefit oftheuniversity. (E&G) fund balances held centrally and managed by the Finance and “Central Reserves” saw a$ saw $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 $45,000 $5,000 The policy target The policy university. of the benefit the for division Administration and Finance the by managed and centrally held fund balances (E&G) General Reserves” “Central requi at balance Reserve the Central with FY18 operations. university central E&G and for budget of to12.5% annual the or equal than greater $44, Fund Balance Status Balance Fund $0 Central Reserves Central $10,703 $10,703 $30,133 FY2015

red saw a$ saw 851 12 $44, Fund Balance Status Balance Fund ,

128 128

is to establish Central Reserves at a level level at a Reserves Central establish to is

Central Reserves Central $10,703 $10,703 $30,133

FY2015 (expressed in 000’s) (expressed 851 (thousands) 12

increase in fund balance over FY1 over balance fund in increase are the unallocated Education and and Education unallocated are the ,

$18,560 $18,560 $24,997 128 128

FY2016 is to establish Central Reserves at a level level at a Reserves Central establish to is

(expressed in 000’s) in (expressed are the unallocated Education and General Central Reserves (thousands)

increase in fund balance over FY1 over balance fund in increase are the unallocated Education and and Education unallocated are the (thousands) $18,560 $18,560 $24,997 FY2016 Fund Balance Needed Balance Fund $26,531 $26,531 $17,833 FY2017 86.2 .

Fund Balance Needed Balance Fund % of the policy policy the % of $26,531 $26,531 $17,833 FY2017 86.2 .

% of the policy policy the % of $38,659 $38,659 FY2018 $6,192 $6,192 ANNUAL REPORTING REQUIREMENT REQUIREMENT REPORTING ANNUAL 2018 FINANCE &ADMINISTRATION FINANCIAL DASHBOARD &ANNUAL REPORTING REQUIREMENTS $38,659 $38,659 FY2018 $6,192 $6,192 7 ANNUAL REPORTING REQUIREMENT REQUIREMENT REPORTING ANNUAL

CENTRAL& OPERATING CENTRAL &OPERATINGRESERVES(000’s) ANNUAL REPORTING REQUIREMENT–RESERVEMANAGEMENTPOLICYSECTIONIV. A.&B. 7

CENTRAL& OPERATING the policy required $ required the policy FY17 FY18 for E&G budget annual the of 12.5% to equal or than greater level is target policy The level held balances “ required $36,260(expressedin000’s). the Operatingwith Reserve balance at 103.8% of the policy FY18 saw a $3,300 decrease in fund balance compared to FY17 operating divisions. greater than or equal to 12.5% of the annual budget for E&G The policy target is to establish Operating Reserves at a level held by andmanagedattheoperating divisionlevel. “Operating Reserves” Operating $40,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $5,000 .

$0 saw a $ saw the policy required $ required the policy FY17 FY18 for E&G budget annual the of 12.5% to equal or than greater level is target policy The level held balances “ with the with

Operating $40,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $5,000 operating divisions. operating Operating ReservesOperating .

Fund Balance Status Balance Fund $0 saw a $ saw with the with

$28,682 $28,682

FY2015 $3,856 $3,856 3,300 Reserves” operating divisions. operating by and managed at the operating division division at theoperating managed by and – Operating ReservesOperating Operating

Fund Balance Status Balance Fund RESERVE MANAGEMENT POLICY POLICY MANAGEMENT RESERVE $28,682 $28,682

FY2015 $3,856 $3,856 3,300

Reserves” decrease by and managed at the operating division division at theoperating managed by and – to establish Operating establish to (thousands) 36 Operating

RESERVE MANAGEMENT POLICY POLICY MANAGEMENT RESERVE Operating Reserves ,260 are the unutilized E&G fund balances $36,537 $36,537 FY2016

decrease

to establish Operating establish to (thousands) 36 Reserve balance at balance Reserve are the are the (thousands)

(expressed in 000’s) in (expressed

,260 in fund balance fund balance in $36,537 $36,537 FY2016

RESERVES Reserve balance at balance Reserve are the are the

Fund Balance Needed Balance Fund (expressed in 000’s) in (expressed

in fund balance fund balance in $40,932 $40,932 RESERVES FY2017 unutilized E&G unutilized Fund Balance Needed Balance Fund $40,932 $40,932 FY2017 unutilized E&G unutilized –

Reserves at a at a Reserves

SECTION IV. A. & B. & A. IV. SECTION compared to to compared 103.8

–

$37,632 $37,632 FY2018 Reserves at a at a Reserves (000’s)

. SECTION IV. A. & B. & A. IV. SECTION

compared to to compared 103.8

$37,632 $37,632 % of % FY2018 fund (000’s) .

% of % fund

RESERVES WORKING CAPITAL & CAPITAL RESERVES (000’s) ANNUALWORKING REPORTING REQUIREMENT CAPITAL – RESERVE& CAPITAL MANAGEMENT RESERVES POLICY – SECTION (000’s) IV. C. & D. WORKING ANNUAL REPORTING CAPITAL REQUIREMENT &– RESERVE CAPITAL MANAGEMENT POLICYRESERVES – SECTION IV. C. &(000’s) D. ANNUAL REPORTING REQUIREMENT – RESERVE MANAGEMENT POLICY – SECTION IV. C. & D. Working Capital Capital Reserves Working(thousands) Capital forCapital Self-Liquidating Reserves Activities for Self- (thousands) (thousands) Liquidatingfor Activities Self- Working Capital Capital$20,000 Reserves(thousands) $25,000 (thousands) Liquidating Activities $20,000 (thousands) $25,000 $6,615 $5,501 $3,057 $20,000 $6,869 $6,615 $5,501 $3,057 $15,000 $20,000 $6,869 $15,000 $15,000 $15,000 $10,000 $19,998 $10,000 $17,940$19,998 $10,000 $19,684 $20,267 $17,940 $10,000 $18,330 $20,267 $13,167 $18,330 $19,684 $16,725 $16,725 $5,000 $10,901$13,167 $5,000 $10,901 $5,000 $5,000

$0 $0 $0 $0 FY2015 FY2015 FY2016 FY2016FY2017 FY2017FY2018 FY2018 FY2015 FY2015FY2016 FY2016FY2017 FY2017FY2018 FY2018 Cash Balance Status WorkingWorking Capital StatusCapital Status Working CapitalWorking Needed Capital Needed Cash Balance Status RESERVES

“Working Capital” means current assets minus current “Capital Reserves” shall be maintained by auxiliary “Working“Working Capital”Capital” means means current current assets assetsminus current minus liabilities. current “Capital “CapitalReserves” Reserves” shall be maintainedshall be maintainedby auxiliary by auxiliary liabilitiesAuxiliary. Auxiliary enterprises enterprises and serviceand service departments departments shall maintain enterprises, service service departments departments and other and self-liquidating other self - shall liabilitiesmaintainsufficient . sufficientAuxiliary Working Working enterprises Capital Capitalto andpromote to service promote the departmentsefficient the and effective activitiesliquidating enterprises,responsible activities for theserviceresponsible repair or departmentsreplacement for the of existingrepairand otorher self- efficientshalloperation and maintain effectiveof the sufficientunit, operationavoid significantWorking of theCapitalfluctuations unit, to promoteavoidin fees charged the physicalreplacement plantliquidating and of equipment.existing activities physicalSuch reservesresponsible plant shall and be sufficientequipmentfor the .repair or significantefficientfor services, fluctuations and and effective minimize in fees the chargedoperation potential for for of seunanticipated rvices,the unit, and financial avoid toSuch promote reservesreplacement the efficient shall be of sufficient andexisting effective to physical promote operation plant the of efficient theand related equipment . shortfalls that may impact other funds of the institution. operating unit. minimizesignificant the fluctuationspotential for in feesunanticipated charged forfinancial services, and and effectiveSuch operatioreservesn shallof the be related sufficient operating to promote unit. the efficient shortfallsminimizeAs athat target may minimum,the impact potential auxiliary other fundsenterprisesfor ofunanticipated the and institution. service departments financial Each operatingand effectiveunit responsible operatio for capitaln of the assets related shall prepareoperating unit. are to hold Working Capital equal to 25% of annual expenditures andEach adhere operating to a Capital unit Reserve responsible funding forplan capital to the satisfaction assets shall As a shortfallstargetexcluding minimum, thatdepreciation. may auxiliary impact otherenterprises funds andof the service institution. ofprepare the Vice and President adhere of Financeto a Capital and Administration Reserve funding or designee. plan to Each operating unit responsible for capital assets shall departments are to hold Working Capital equal to 25% of the satisfaction of the Vice President of Finance and AsFY18 a target saw a $3,542minimum, decrease auxiliary in Working enterprises Capital compared and toservice FY17 FY18 saw preparea $2,058 increaseand adhere in cash to balance a Capital over FY17Reserve with the funding plan to annual withexpenditures the Working ex Capitalcluding on depreciation.hand at 70.9% of the policy required CapitalAdministration Reserve balance or designee at $19,998. deemed sufficient for current departments$23,594 (expressed are to in hold000’s). Working Capital equal to 25% of capital improvementthe satisfaction plans (expressed of the in Vice000’s). President of Finance and FY18 annualsaw a $ expenditures3,542 decrease ex including Working depreciation. Capital compared FY18 sawAdministration a $2,058 increase or designee in cash. balance over FY17 to FY17 with the Working Capital on hand at 70.9% of the with the Capital Reserve balance at $19,998 deemed policyFY18 required saw $a23 $3,542,594 (expressed decrease in in Working 000’s). Capital compared sufficientFY18 for saw current a $2,058 capital increase improvement in cash balance plans over FY17 to FY17 with the Working Capital on hand at 70.9% of the (expressedwith in the000’s) Capital. Reserve balance at $19,998 deemed policy required $23,594 (expressed in 000’s). sufficient for current capital improvement plans 23 PORTLAND STATE UNIVERSITY (expressed in 000’s).

$10,000 $15,000 $20,000 $5,000 required required the FY1 DebtService. Annual Maximum respective to their equal balances cash restrict and a stipulates Policy each i for Service Debt Annual Maximum to the equal balances cash for repository the as acts fund this Additionally, agencies. to outside payment for are processed University Reserve” “Treasury $0 8

Treasury Reserve standi Reserve Treasury

saw a $ saw ndividual DebtEntity. Paying ndividual Y8 a a 41 nrae n ah aac oe F1 wt the with FY17 (expressed in000’s). over balance cash in Treasury increase Reserve standing at 98.8% of the policy required $21,970 $471 a saw FY18 Service. cash balances equal to their respective Maximum Annual Debt Policy stipulates all Debt-Paying Entities shallset aside and restrict Service foreachindividualDebtPaying Entity. repository for cash balances equal to the Maximum Annual Debt payment to outside agencies. Additionally, this fund acts as the Paid Debt service and associated treasury fees are processed for Reserve” “Treasury $10,000 $15,000 $20,000 $5,000 required required the FY1 DebtService. Annual Maximum respective to their equal balances cash restrict and a stipulates Policy each i for Service Debt Annual Maximum to the equal balances cash for repository the as acts fund this Additionally, agencies. to outside payment for are processed University Reserve” “Treasury TreasuryReserves CashBalance Status $ $18,630 $18,630 FY2015 $4,262 $4,262 - 21,970 $0 Paid Debt service and associated treasury fees fees treasury associated and service Debt Paid 8 Treasury Reserve standi Reserve Treasury

471 saw a $ saw ndividual DebtEntity. Paying ndividual TreasuryReserves CashBalance Status $

$18,630 $18,630 increase in cash in increase FY2015 $4,262 $4,262 (thousands) - (expressed in 000’s) in (expressed 21,970 ll Debt ll Paid Debt service and associated treasury fees fees treasury associated and service Debt Paid $20,990 $20,990 FY2016 471 $1,694 $1,694

means the fund through which all all which fund through means the means the fund through which allUniversity-

increase in cash in increase (thousands) (expressed in 000’s) in (expressed Paying Entities Entities Paying Treasury Reserves ll Debt ll TREASURY & RISK MANAGEMENT CLAIMS ng $20,990 $20,990 FY2016 $1,694 $1,694 Cash Balance NeededBalanceCash

(thousands) TREASURY &RISKMANAGEMENTCLAIMSRESERVES means the fund through which all all which fund through means the

$21,236 $21,236 FY2017

at $824

- balance over FY17 over balance

Paying Entities Entities Paying 98.8 TREASURY & RISK MANAGEMENT CLAIMS ng . Cash Balance NeededBalanceCash

% of the policy policy % the of

$21,236 $21,236 FY2017

at shall set aside aside set shall $824

balance over FY17 over balance

$21,707 $21,707 FY2018 $263 98.8 .

% of the policy policy % the of ANNUAL REPORTING REQUIREMENT REQUIREMENT REPORTING ANNUAL shall set aside aside set shall

with with 2018 FINANCE &ADMINISTRATION FINANCIAL DASHBOARD &ANNUAL REPORTING REQUIREMENTS $21,707 $21,707 FY2018 $263 ANNUAL REPORTING REQUIREMENT–RESERVEMANAGEMENTPOLICYSECTIONIV. E.&F. ANNUAL REPORTING REQUIREMENT REQUIREMENT REPORTING ANNUAL

with with required $1,500(expressed in000’s). Risk Management Claims Reserve balance at 121.7% of the FY18 saw a $573 increase in fund balance over FY17 with the claims expenses. years’ claims experience and actuarial forecasts of anticipated in the course of the University’s budgetprocess, based on prior pay estimated claims. This amount shall be determined annually, set funds, aside the within Risk Management Claims Reserve, necessary to sufficient of maintenance the stipulates policy The paid, withinany applicabledeductible. which the University’s property and casualty claim expenses are “Risk ManagementClaims Reserve”means the fund through $1,000 $1,500 $2,000 of the of the the FY1 expenses. claims anticipated forecasts of actuarial and experience claims years’ prior on based process, budget University’s the of the course in annually, determined topay necessary Reserve, Claims Management Riskthe within set aside The policy deductible. any applicable within paid, are expenses claim casualty and property University’s the which through Reserve” Claims Management “Risk $500 Risk Management Reserve Management Risk $0 8 Risk Management Claims Reserve Claims Management Risk

saw a $ saw required Fund Balance Status Balance Fund FY2015 $1,019 $1,019 $1,000 $1,500 $2,000 $481 of the of the the FY1 expenses. claims forecasts of anticipated and actuarial experience claims years’ prior on based process, budget University’s the of the course in annually, determined to pay necessary Reserve, Claims Management Risk the within set aside The policy deductible. any applicable within paid, are expenses claim casualty and property University’s the which through Reserve” Claims Management “Risk stipulates th stipulates $500 Risk Management Reserve Management Risk 573 $0 8 Risk Management Claims Reserve Claims Management Risk

– Risk ManagementReserves $

RESERVE M RESERVE saw a $ saw 1,

required estimated in (thousands) 500 crease in fund balance FY17 over balance crease fund in Fund Balance Status Balance Fund FY2015 $1,019 $1,019 FY2016 $481 $901 $599 stipulates th stipulates

e maintenance of e maintenance (expressed in 000’s) in (expressed (thousands) 573 ANAGEMENT POLICY POLICY ANAGEMENT

– $

RESERVE M RESERVE claims 1,

estimated in (thousands)

500 Fund Balance Needed Balance Fund RESERVES crease in fund balance FY17 over balance crease fund in FY2016 FY2017 $1,252 $1,252 $169 $901 $599

. This amount shall be shall This amount . e maintenance of e maintenance (expressed in 000’s) in (expressed ANAGEMENT POLICY POLICY ANAGEMENT

balance at at balance

claims

means the fund fund the means sufficient funds, funds, sufficient

Fund Balance Needed Balance Fund RESERVES – (000’s) .

F & E. IV. SECTION FY2018 $1,825 $1,825 FY2017 $1,252 $1,252 $169 . This amount shall be shall amount This .

(000’s) 121.7

balance at at balance

with with

means the fund fund the means sufficient funds, funds, sufficient %

– . 24

F & E. IV. SECTION FY2018 $1,825 $1,825

RESERVES (000’s) 121.7

with with %

a a

3 P

P Broadway

CAMPUS PROFILE Market Market Stratford HAR Parkway Helen Gordon Douglas Fir Richard & Lincoln Hall Trailers Maurine Science Building Parkmill Neuberger UH One Center

Parkmill Lot Parkmill

Mill Mill Parking Structure Urban Center Blumel Parking Three Structure Building Two Cramer Hall

11th 10th 12th St.Helens CPS USB PSU Bookstore Science Research Research Science and Teaching Center Teaching and Montgomery Montgomery

King Fourth &

SBH Montgomery Albert Smith Memorial Academic Building

Epler

& Student Student Union Karl Miller (FMB) NGH Montgomery Blackstone Recreation Community Center Center Orchard & HSB SGH

LBG Campus Hoffmann Harrison Harrison Apiary Hall

Parking University 724 Harrison Millar 5th Fourth Ave

4th 6th Center Park Structure Building

Community Recreation Field Library CLOSED One Building

Broadway South Park Blocks Park South Hall

WHP Shattuck East Hall

Viking Ondine Cinema Hall FifthAve Peter W Stott Center Pavilion

CAMPUS AREA Engineering PSU Owned Land 43.52 acres College College Building PSU Owned Buildings 54 University Pointe

Research Greenhouse W. Hemlock

5th

Shattuck Lot CAMPUS SPACE Trailers Broadway Pine Trailers Jackson Ponderosa Owned 5,197,324 sq ft Art Building Native American Leased 172,100 sq ft Center Leased to Others 112,285 sq ft Total 5,481,709 sq ft

Lincoln TechnologyUniversity

405 Services CAMPUS CLASSROOMS ¨§ Education Center Science & PHYSICAL PLANT REVIEW General Purpose 112 (107,761 sq ft) Shared 29 (32,308 sq ft) Departmentally Controlled 42 (32,324 sq ft) [ Total 183 (172,393 sq ft) Grant CAMPUS LABORATORIES Teaching 173 (148,397 sq ft) CAPITAL PROJECTS Research 300 (131,025 sq ft) Dual Purpose 21 (17,279 sq ft) CAPITAL PROJECTS SEEKING APPROVAL FROM HECC Total 494 (296,701 sq ft) PARKING SPACES PSU BUILDINGS Vehicle 3,959 (in 15 facilities or lots) Bicycle 3,043 (725 in secure facilities)

25 PORTLAND STATE UNIVERSITY CAPITAL PROJECTS SEEKING APPROVAL FROMHECC 2018 FINANCE & ADMINISTRATION FINANCIAL DASHBOARD &ANNUAL REPORTING REQUIREMENTS $9,000,000 PROJECT COST (Est.) 251,000 gsf SIZE June 2019(Est.) OCCUPANCY DATE June 2018 GROUNDBREAKING Interface Engineering InSite Group,McKinstry,and ARCHITECT(S) Hydro-Temp Mechanical CM/GC Mark Fujii PROJECT MANAGER CRAMER HALL $71,032,000 PROJECT COST(Est.) 217,000 gsf SIZE August 2019(Est.) OCCUPANCY DATE January 2018 GROUNDBREAKING Hacker Architects ARCHITECT(S) Fortis Construction CM/GC Steve Rounds PROJECT MANAGER BUILDING 724 HARRISON CURRENT CAPITALPROJECTS $111,504,000 PROJECT COST(Est.) 175,000 gsf(Est.) SIZE October 2020(Est.) OCCUPANCY DATE December 2018(Est.) GROUNDBREAKING SRG Partnership ARCHITECT(S) Andersen Construction CM/GC Christopher Tinnin PROJECT MANAGER MONTGOMERY BUILDING FOURTH & $5,960,000 PROJECT COST 38,690 gsf SIZE January 2019 OCCUPANCY DATE June 2018 GROUNDBREAKING Construction PSU CapitalProject& ARCHITECT(S) James E.JohnConstruction CM/GC James Schmidt PROJECT MANAGER RESIDENCE HALL SAINT HELENS

26 PHYSICAL PLANT REVIEW QUALITY OF PLANT 250,000 275,000 300,000 325,000 350,000

27 PHYSICAL PLANT REVIEW based on the financial capabil financial onthe based basis annual an on are addressed DM needs buildings, self funds.In improvement capital allocated state using departments and Construction Facilities the in by leadership overseen process prioritization renovation major through addressed DM is beyond delayed needs replacement and system upgrade “ Deferred Maintenance (DM) Maintenance Deferred Deferred Outstanding Maintenance PORTLAND STATE UNIVERSITY QUALITY OFPLANT QUALITY OF PLANT 250,000 275,000 300,000 325,000 350,000 the financialcapabilitiesofeachparticularunit. DM buildings, needs are addressed on an annual basis based on using state allocated capitalimprovement funds. In self-support by leadership in the Facilitiesand Construction departments major renovations or through a prioritization process overseen system's useful life. In E&G buildings, DM is addressed through upgrade and replacement needs postponed or delayed beyond a (DM)” Maintenance “Deferred 305,000 305,000 FY14 based on the financial capabil financial on based the basis annual an on are addressed DM needs buildings, self funds. In improvement capital allocated state using departments Construction and Facilities the in by leadership overseen process prioritization renovation major through addressed DM is beyond delayed needs replacement and system upgrade “ Deferred Maintenance (DM) Maintenance Deferred Deferred Outstanding Maintenance 305,000 305,000 Deferred MaintenanceOutstanding FY14

a system's useful life. In E&G buildings, buildings, E&G In life. useful system's a 296,000 296,000 FY15

(000's) a system's useful life. In E&G buildings, buildings, E&G In life. useful system's a 296,000 296,000 FY15

322,000 322,000 (000's) FY16 ities of each particular unit. itiesparticular each of (000's)

” 322,000 322,000

FY16 ities of each particular unit. itiesparticular each of consists of building system consists of building of building consists ” 325,000 325,000

FY17 consists of building of building consists s or through a through s or postponed or or postponed 325,000 325,000 FY17 s or through a through s or postponed or or postponed - support support 335,000 335,000 FY18 - support support 335,000 335,000 FY18

x ≤14. Recommended AFRfor publicinstructionalinstitutionsiswhere: x ≤10. Recommended AFRforpublicresearchinstitutionsiswhere: Lower isbetter. Guidance andPolicy: investment intothequality ofphysical plant. facilities and is regularly used to identify the potential need for The AFR is designed to measure the average age of the university’s ofthe foundation university. affiliated the by booked activity depreciation over annual depreciation expense. The measure also includes of Facilities Ratio (AFR)” “Age 20 10 15 where: x ≤ 14. x ≤ where: is institutions instructional for public AFR Recommended 10. x ≤ where: research forpublic AFR Recommended better. Lower is and Policy: Guidance plant. of physical quality the into investment for need potential the identify usedto regularly is and facilities university’s the of age average the to measure designed is AFR The university. of the foundation affiliated measure The expense. depreciation annual over depreciation Ratio ofFacilities “Age 0 5 15 20 10 where: x ≤ 14. x ≤ where: is institutions instructional for public AFR Recommended 10. x ≤ where: research for AFR public Recommended better. Lower is and Policy: Guidance plant. of physical quality the into investment for need potential the identify usedto regularly is and facilities university’s the of age average the to measure designed is AFR The university. of the foundation affiliated measure The expense. depreciation annual over depreciation Ratio ofFacilities “Age 0 5 12.92 12.92

FY14 12.92 12.92

FY14 Age of FacilitiesAgeRatio Age of FacilitiesAgeRatio also includes depreciation activity booked by by booked activity depreciation includes also also includes depreciation activity booked by by booked activity depreciation includes also

Age ofFacilities Ratio

12.99 12.99 FY15 12.99 12.99 FY15

14.47 14.47 FY16 14.47 14.47 FY16

(AFR) is accumulated depreciation (AFR)

15.16 15.16 FY17 ”

15.16 15.16 FY17 ” is is

institutions is is institutions is is accumulate

institutions is is institutions 15.21 15.21 FY18 accumulate 15.21 15.21 FY18 the the d

the the d

2018 FINANCE & ADMINISTRATION FINANCIAL DASHBOARD & ANNUAL REPORTING REQUIREMENTS 28 RATING AGENCY TIERS AND CREDIT WORTHINESS IDENTIFICATION DEBT RELATED DISCLOSURES RATING AGENCY TIERS AND CREDIT WORTHINESS IDENTIFICATION ANNUAL REPORTING REQUIREMENT – DEBT MANAGEMENT POLICY – SECTION VII. D., E., F., & I.

Investment Investment Service Credit Worthiness Grade Moody's S&P Fitch Currently,Currently, only Moody’sonly Prime Aaa AAA AAA An obligor has EXTREMELY STRONG capacity to meet its financial commitments. Aa1 AA+ AA+ An obligor has VERY STRONG capacity to meet its financial commitments. It differs from the highest InvestorMoody’s ServicesInvest ratesor High grade Aa2 AA AA rated obligors only in small degree. PSU’sServices credit rates worthiness. PSU’s Aa3 AA- AA- A1A1 A+ A+ An obligor has STRONG capacity to meet its financial commitments but is somewhat more susceptible The institution currently Upper medium credit worthiness. The A2 A A to the adverse effects of changes in circumstances and economic conditions than obligors in higher- holds no outstanding grade institution currently A3 A- A- rated categories. Baa1 BBB+ BBB+ An obligor has ADEQUATE capacity to meet its financial commitments. However, adverse economic rated debt, but Lower medium holds no outstanding Baa2 BBB BBB conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to grade maintains an issuer’s Baa3 BBB- BBB- meet its financial commitments. rating.rated Ondebt, October but 2, Non-investment Ba1 BB+ BB+ An obligor is LESS VULNERABLE in the near term than other lower-rated obligors. However, it faces grade 2018,maintains Moody’s an issuer’saffirmed major ongoing uncertainties and exposure to adverse business, financial, or economic conditions which Ba2 BB BB speculative could lead to the obligor's inadequate capacity to meet its financial commitments. PSUrating. at theOn ratingOctober of “2,A1 Ba3 BB- BB- B1 B+ B+ An obligor is MORE VULNERABLE than the obligors rated 'BB', but the obligor currently has the capacity Stable.2018, ” Moody’s Highly B2 B B to meet its financial commitments. Adverse business, financial, or economic conditions will likely impair speculative affirmed PSU at the B3 B- B- the obligor's capacity or willingness to meet its financial commitments. A major benefit of a An obligor is CURRENTLY VULNERABLE, and is dependent upon favourable business, financial, and rating of “A1 Stable”. Substantial risks Caa CCC CCC full credit rating review economic conditions to meet its financial commitments. A major benefit of a Extremely is to gain an external Ca CC CC An obligor is CURRENTLY HIGHLY-VULNERABLE. full credit rating speculative In default with The obligor is CURRENTLY HIGHLY-VULNERABLE to nonpayment. May be used where a bankruptcy expert opinion as to C C thereview strengths is to gain of, anor little petition has been filed. Prospect for An obligor has failed to pay one or more of its financial obligations (rated or unrated) when it became C D D challengesexternal andexpert risks recovery due. Expct Preliminary ratings may be assigned to obligations pending receipt of final documentation and legal facing,opinion our as institution. to the e, p pr d opinions. The final rating may differ from the preliminary rating. strengths of, or Rating withdrawn for reasons including: debt maturity, calls, puts, conversions, etc., or business WR challenges and risks reasons (e.g. change in the size of a debt issue), or the issuer defaults. unsolici unsolicit This rating was initiated by the ratings agency and not requested by the issuer. facing, our institution. In default ted ed This rating is assigned when the agency believes that the obligor has selectively defaulted on a specific SD RD issue or class of obligations but it will continue to meet its payment obligations on other issues or classes of obligations in a timely manner.

DEBT PORTFOLIO NR NR NR No rating has been requested, or there is insufficient information on which to base a rating.

Noted credit strengths of Noted considerations for the credit challenges The university’s strategy and mission Noted credit strengths of this year’s Noted considerations for the credit The university’s strategy and mission this year’s ratings review and insight as to what factors could result in a must be the primary drivers of its capital ratings review include: 1. PSU’s sizable challenges and insight as to what must be the primary drivers of its capital scopeinclude: of operations1. PSU’s 2. sizableRole as the soledecline factorsof PSU’s could credit result worthiness in a decline include: of PSU’s 1. investmentinvestment and and useuse ofof debt.debt. AlthoAlthoughugh urbanscope publicof operations university 2. in Role the state Region3. alcredit competition worthiness for students.include: 2.1. GrowthRegional in externalexternal credit credit ratingsratings provideprovide a viewa view on Increasingas the sole state urbansupport public for operations pension competitionexpense 3. Weakfor students. revenue growth2. Growth and softin ondebt debt capacity capacity and and affordability, affordability, the the &university capital 4. Moderatein the state financial 3. leverageenrollment pension trends expense 4. Moderate 3. Weak financial revenue resources growth universityuniversity doesdoes notnot managemanage itsits debt 5.Increasing Minimal borrowingstate support plans. for relative andto softoperations enrollment 5. trends Falling 4. Moderateoperating portfolioportfolio toto achieveachieve aa specific rating. rating. operations & capital 4. performancefinancial or liquidity resources 6. relativeReduced to stateoperations support5. SuccessSuccess in achievingin achieving university universityobjectives Moderate financial leverage 7. IncreasesFalling in operating leverage performancewithout asset or or liquidity revenue willobjectives over time will result over in atime stronger result financial in a 6. Reduced state support 7. Increases in profile and higher ratings. 5. Minimal borrowing plans. growth. stronger financial profile and higher leverage without asset or revenue growth. ratings.

29 PORTLAND STATE UNIVERSITY RATING AGENCY TIERS AND CREDIT WORTHINESS IDENTIFICATION DEBT RELATED DISCLOSURES ANNUAL REPORTING REQUIREMENT – DEBT MANAGEMENT POLICY – SECTION VII. D., E., F., & I.

VARIABLE-RATE DEBT CREDIT ENHANCEMENT DEVICES

The University will not issue more than 20% variable-rate debt As of June 30, 2018, PSU is not engaged in any agreement (including synthetic fixed-rate debt) as a percentage of all or contractual relationship between the university and a University-Paid Debt. bank, trust company, insurance company or other financial institution or entity providing additional credit on, or security As of June 30, 2018, the total PSU University-Paid Debt portfolio for, a Revenue Bond. is composed of 0.0% variable-rate debt.

SHORT-TERM DEBT REFINANCING OPPORTUNITIES

As of June 30, 2018, the University-Paid Debt portfolio of PSU As of June 30, 2018, there are no debt restructuring or DEBT PORTFOLIOS does not contain any Short-Term Financing instruments such refinancing opportunities identified within the university’s

as Commercial Paper, Floating Rate Notes (FRNs), Lines of Debt Portfolio through June 30, 2019. DEBT PORTFOLIO Credit (LOC), or Short-Term Notes. As such, presentation of the Modified Current Ratio is not required. Should opportunities arise however within debt programs administered by the State, the university will adhere to the requirements set forth by the State of Oregon, and recognize that the Oregon State Treasury Debt Management Division retains authority to refinance debt issued as part of these programs—if such action serves the best interests of the State. Should the Treasurer identify restructuring or refinancing opportunities impacting the institution's University-Paid or State-Paid Debt portfolio, PSU will assist such activity as necessary.

2018 FINANCE & ADMINISTRATION FINANCIAL DASHBOARD & ANNUAL REPORTING REQUIREMENTS 30 PROGRAM DESCRIPTIONS PROGRAM DESCRIPTIONS

ARTICLE XI-F(1) BONDS "F BONDS"

PSU’s debt portfolio is largely general obligation XI-F(1) Bonds are self-support general obligation Bonds Bonds issued under Article XI of the State of Oregon issued with the full faith and credit of the State of Oregon. Constitution. At June 30, 2018, the aggregate of PSU’s XI-F(1) Bonds are issued to acquire, construct, improve, seven different debt programs total over $456 million dollars repair, equip and furnish buildings, structures, land and in outstanding principal and carry an annual debt service other projects, or parts thereof, that the legislative assembly requirement for fiscal year 2019 of over $42 million in principal determines will benefit higher education institutions or and interest due. Of the total debt service required for the activities. The payment of debt service resulting from coming year, the State of Oregon will directly pay a full 50%, the issuance XI-F(1) Bonds is the responsibility of the the auxiliary departments of the university will pay 32.5%, university. The Bonds shall not be issued for the institution with the general fund of the university paying the remaining unless the university demonstrates sufficient revenues to pay 17.5%. The following pages provide a complete description of the indebtedness and operate the financed projects. the university’s debt portfolio. 100% of the debt service is paid by the university for XI- F(1) Bonds issued for the benefit of the university.

ARTICLE XI-G BONDS "G BONDS" ARTICLE XI-Q BONDS "Q BONDS"

XI-G Bonds are general obligation Bonds issued with the full XI-Q Bonds are general obligation Bonds issued with the full faith and credit of the State of Oregon. XI-G Bonds are issued faith and credit of the State of Oregon. XI-Q Bonds are issued

DEBT PORTFOLIO to acquire, construct, improve, repair, equip and furnish for acquiring, constructing, remodeling, repairing, equipping buildings, structures, land and other projects, or parts thereof, or furnishing real or personal property that is or will be that the legislative assembly determines will benefit higher owned or operated by the State of Oregon, including, without education institutions or activities. The amount of any XI-G limitation, facilities and systems including any infrastructure Bond issuance must be matched by the university in an related to the real or personal property. The issuance of amount that is at least equal. The matching amount must XI-Q Bonds does not require a matching contribution be used for the same or similar purposes as the XI-G Bond by the university, as is required for the XI-G Bond proceeds and may consist of any other moneys available to program. the university for such purposes except other debt incurred under Article XI of the State Constitution. 100% of the debt service is paid by the State of Oregon for XI-Q Bonds issued for the benefit of the university. 100% of the debt service is paid by the State of Oregon for XI-G Bonds issued for the benefit of the university.

31 PORTLAND STATE UNIVERSITY PROGRAM DESCRIPTIONS PROGRAM DESCRIPTIONS

LOTTERY BONDS CERTIFICATE OF PARTICIPATION (COPs)

Article XV of the Constitution of the State of Oregon created An Appropriation Bond, managed by the State of Oregon the State Lottery Commission in order to establish and operate Department of Administration (DAS), COPs are special limited the State Lottery. All proceeds from the State Lottery, including obligations financing real or personal property or infrastructure interest, but excluding costs of administration and payment the state will own and operate. COPs indebtedness is not a of prizes, shall be used for select public purposes including general obligation of the state. Depending on the financing financing public education in Oregon. A portion of net cash flow agreements with DAS, repayment responsibilities for generated through the State Lottery is pledged as a revenue outstanding COPs may fall either to the university or to stream for an associated revenue bond program. On occasion, the State of Oregon. Beginning in 2011, DAS discontinued PSU has received the proceeds of Lottery Bonds issued by the issuing COPs in the majority of circumstances, instead issuing State of Oregon for the benefit of the university. As lottery Article XI-Q Bonds. revenues defease Lottery Bonds, PSU is not responsible for their repayment.

STATE ENERGY LOAN PROGRAM (SELP) LOCAL IMPROVEMENT DISTRICT ASSESSMENTS

The Oregon Department of Energy manages Oregon’s Small- Local Improvement Districts (LID) Assessments are a DEBT PORTFOLIOS Scale Energy Loan Program, or State Energy Loan Program mechanism to fund capital infrastructure projects. LIDs are

(SELP). Established in 1980 as a fixed rate, long-term financing managed by the City of Portland as property liens levied DEBT PORTFOLIO mechanism for qualified projects directing investment towards upon property owners directly benefiting from the financed energy conservation, renewable energy, alternative fuels, or the improvements. Repayment of a LID Assessment can be creation of products from recycled materials. Depending on the lump sum, or over a contractually stipulated timeframe. As loan agreements with the Department of Energy and the State all established and outstanding LID assessments financed of Oregon, repayment responsibilities for the outstanding alternative transportation projects benefiting the campus, project loans may fall either to the university or to the the PSU Transportation and Parking department is the State of Oregon. designated debt paying entity.

2018 FINANCE & ADMINISTRATION FINANCIAL DASHBOARD & ANNUAL REPORTING REQUIREMENTS 32 STATUSSTATUSSTATUS OFOF OF INTERNALINTERNAL INTERNAL FINANCING FINANCINGFINANCING FY 2019 TOTAL UNIVERSITY & STATE-PAID DEBT BY TYPE, ANNUALANNUALANNUAL REPORTING REPORTING REPORTING REQUIREMENT REQUIREMENT – DEBT –– DEBTDEBT MANAGEMENT MANAGEMANAGEMENTMENT POLICY POLICYPOLICY – SECTION –– SECTIONSECTION VII. H. VII.VII. HH.. PURPOSE, & REPAYMENT SOURCE (000’s) ANNUAL REPORTING REQUIREMENT – DEBT MANAGEMENT POLICY – SECTION VII. A., B. INTERNAL FINANCING LIMITS InternalInternal FinancingFinancing Limits:Limits: InternalInternal FinancingFinancing LimtsLimts FiscalFiscal YearYear 2015 to Present As per the Debt Management Policy, Time-LineTime-Line Limit Section IV., unless previously authorized AsAs perper thethe DebtDebt ManagementManagement Policy,Policy, SectionSection by the Board, the total value of Internal FiscalFiscal YearYear 20152015 projectedprojected limit: $ 7,540,970 FinancingsIV.,IV., unless unless shall previouslypreviously not exceed authorizedauthorized 10% of byby thethe Board,Board, April 2015 limit established by Board Action: thethethe core total total cash valuevalue balance ofof InternalInternal of the university’s FinancingsFinancings shallshall notnot April 2015 limit established by Board Action: $ 8,700,000 general operating bank account, as exceed 10% of the core cash balance of the Fiscal Year 2016 projected limit: projectedexceed annually. 10% of the core cash balance of the Fiscal Year 2016 projected limit: $ 10,490,845 university’suniversity’s generalgeneral operatingoperating bankbank account,account, FiscalFiscal YearYear 20172017 projectedprojected limit: $ 12,287,701 asas projectedprojected annually.annually. FebruaryFebruary 20172017 limitlimit establishedestablished by Board Action:* $ 16,000,000

Fiscal Year 2018 projected limit: Fiscal Year 2018 projected limit: $ 14,826,697

Fiscal Year 2019 projected limit: Fiscal Year 2019 projected limit: $ 14,687,550 * We are currently operating at the limit established by Board action in February * We are currently operating at the limit established by Board action in February of 2017, and will continue to do so through the Neuberber Hall project of 2017, and will continue to do so through the Neuberber Hall project fundraising if necessary. fundraising if necessary.

Internal Loans - Balances Outstanding Internal Loans - Balances Outstanding Balances - June 30, Balances - June 30, Balances - June 30, Balances - June 30, Balances - June 30, Balances - June 30, Loan Description 2016 2017 2018 Loan Description 2016 2017 2018 DEBT PORTFOLIO Viking Pavilion -Peter Stott Center: $ 3,709,462 $ 1,683,455 $ 1,868,505 Viking Pavilion -Peter Stott Center: $ 3,709,462 $ 1,683,455 $ 1,868,505 Viking Pavilion Operations $ - $ - $ 350,000 Viking Pavilion Operations $ - $ - $ 350,000 Lincoln Hall Tower Project: $ 300,048 $ 201,311 $ 101,301 Lincoln Hall Tower Project: $ 300,048 $ 201,311 $ 101,301 Perkins Loan Fund - Commercial Account: $ - $ 150,001 $ 300,001 Perkins Loan Fund - Commercial Account: $ - $ 150,001 $ 300,001 Neuberger Hall: $ - $ 10,000,000 $ 8,950,000 Neuberger Hall: $ - $ 10,000,000 $ 8,950,000 Karl Miller Center / School of Business: $ - $ - $ 1,253,777 Karl Miller Center / School of Business: $ - $ - $ 1,253,777 Total Internal Loans Outstanding $ 4,009,510 $ 12,034,767 $ 12,823,584 Total Internal Loans Outstanding $ 4,009,510 $ 12,034,767 $ 12,823,584

33 PORTLAND STATE UNIVERSITY FY 2019 FYTOTAL 2019 UNIVERSITY TOTAL UNIVERSITY & STATE- PAID& STATE-PAID DEBT BY TYPE,DEBT PURPOSE,BY TYPE, & PURPOSE, & REPAYMENTREPAYMENT SOURCE SOURCE (000’s) (000’s) ANNUAL ANNUALREPORTING REPORTING REQUIREMENT REQUIREMENT – DEBT MANAGEMENT – DEBT MANAGEMENT POLICY – POLICY SECTION – SECTION VII. A., VII.B. A., B.

Annual Auxiliary Funded Generally Funded State Funded Debt Department Debt Principal Interest Program Service Amount % Share Amount % Share Amount % Share Transportation & Parking Services (TAPS) XI-F (1) 1,723 1,017 705 1,723 100.00% - 0.00% - 0.00% Housing & Residence Life XI-F (1) 4,329 2,188 2,141 3,836 88.61% 493 11.39% - 0.00% Planning, Construction & Real Estate Managed Bldgs XI-F (1) 4,540 2,531 2,009 1,497 32.97% 3,043 67.03% - 0.00% Peter Stott Center XI-F (1) 287 230 57 - 0.00% 287 100.00% - 0.00% University Place Hotel XI-F (1) 1,312 711 601 1,312 100.00% - 0.00% - 0.00% Center for Student Health & Counseling (SHAC) XI-F (1) 62 42 20 62 100.00% - 0.00% - 0.00% Academic & Student Recreation Center (ASRC) XI-F (1) 2,617 1,219 1,398 2,441 93.27% 176 6.73% - 0.00% Student Building Fee XI-F (1) 2,329 1,347 982 2,329 100.00% - 0.00% - 0.00% TOTAL XI-F(1) XI-F (1) 17,199 9,286 7,913 13,200 76.75% 3,999 23.25% - 0.00% L00500 Urban Center SELP 420 401 19 - 0.00% 420 100.00% - 0.00% L00594 PSC/UCB SELP 1 1 0 - 0.00% 1 100.00% - 0.00% L00685 Ondine SELP 170 153 16 170 100.00% - 0.00% - 0.00% L00760 Shattuck Hall Deferred Maintenance SELP 519 306 213 - 0.00% 76 14.55% 444 85.45% L00761 Campus Loop (phase I) SELP 438 258 181 - 0.00% 398 90.79% 40 9.21% L00807 Campus Loop (phase II) SELP 762 420 342 - 0.00% 653 85.71% 109 14.29% L00808 Lincoln Hall SELP 927 533 394 - 0.00% 109 11.76% 818 88.24% L00809 Science Building 2/SRTC SELP 835 488 347 - 0.00% 64 7.64% 771 92.36% TOTAL SELP SELP 4,073 2,561 1,511 170 4.17% 1,721 42.25% 2,182 53.58% Local Improvement District (LIDS) Parking LIDS 397 284 113 397 100.00% - 0.00% - 0.00% TOTAL LIDS LIDS 397 284 113 397 100.00% - 0.00% - 0.00% Aggregated PSU Projects XI-Q 6,991 2,318 4,673 - 0.00% - 0.00% 6,991 100.00% TOTAL XI-Q XI-Q 6,991 2,318 4,673 - 0.00% - 0.00% 6,991 100.00% Aggregated PSU Projects LOTTERY 1,729 975 755 - 0.00% - 0.00% 1,729 100.00% TOTAL LOTTERY LOTTERY 1,729 975 755 - 0.00% - 0.00% 1,729 100.00% DEBT PORTFOLIO Aggregated PSU Projects XI-G 9,408 4,139 5,269 - 0.00% - 0.00% 9,408 100.00% TOTAL XI-G XI-G 9,408 4,139 5,269 - 0.00% - 0.00% 9,408 100.00% 2009A SB338 Deferred Maint Campus Steam Loop Ph II COPs 899 865 34 - 0.00% - 0.00% 899 100.00% 2010BC Market Center Building COPs 1,597 795 802 13 0.83% 1,583 99.17% - 0.00% 2009A non SB338 COPs 126 121 5 - 0.00% 126 100.00% - 0.00% TOTAL COPs COPs 2,621 1,781 840 13 0.51% 1,709 65.20% 899 34.29% AGGREGATE TOTAL ALL TYPES 42,418 21,344 21,074 13,780 32.49% 7,429 17.51% 21,210 50.00%

2018 FINANCE & ADMINISTRATION FINANCIAL DASHBOARD & ANNUAL REPORTING REQUIREMENTS 34 TOTAL DEBT / BEGINNING PRINCIPAL BALANCES (000’s) TOTAL DEBT / ANNUAL PAYMENT SCHEDULES (000’s) ANNUALTOTAL REPORTING DEBT REQUIREMENT / BEGINNING – DEBT MANAGEMENT PRINCIPAL POLICY – SECTION BALANCES VII. A., B. (000’s) ANNUAL REPORTING REQUIREMENT – DEBT MANAGEMENT POLICY – SECTION VII. A., B. ANNUAL REPORTING REQUIREMENT – DEBT MANAGEMENT POLICY – SECTION VII. A., B.

Local Certificate of State Energy Total Debt Article XI-F(1) Article XI-G Article XI-Q Improvement Lottery Bonds Participation - Loan Program - Programs Bonds Bonds Bonds District Fiscal Year COPs SELP Assessments Beginning Beginning Beginning Beginning Beginning Beginning Beginning Beginning Balance Balance Balance Balance Balance Balance Balance Balance

2017 - 2018 476,190 183,950 118,999 95,454 16,384 21,912 36,368 3,123 2018 - 2019 456,548 175,396 115,142 93,725 15,405 20,116 33,913 2,850 2019 - 2020 435,204 166,110 111,003 91,407 14,430 18,335 31,352 2,566 2020 - 2021 414,223 157,224 106,801 88,093 13,339 17,505 28,938 2,322 2021 - 2022 392,436 147,939 102,411 84,644 12,036 16,635 26,652 2,120 2022 - 2023 370,180 138,676 97,857 81,032 10,636 15,720 24,349 1,909 2023 - 2024 347,027 129,141 93,090 77,236 9,169 14,765 21,936 1,689 2024 - 2025 323,294 119,690 88,079 73,248 7,629 13,775 19,413 1,460 2025 - 2026 298,358 109,699 82,818 69,088 6,014 12,750 16,768 1,221 2026 - 2027 272,573 99,498 77,293 64,720 4,408 11,685 13,997 972 2027 - 2028 245,808 89,076 71,488 60,135 2,723 10,580 11,096 712 2028 - 2029 220,909 79,896 65,935 55,291 1,859 9,430 8,058 441 2029 - 2030 196,021 70,817 60,163 50,206 1,520 8,235 4,923 158 2030 - 2031 174,530 62,003 55,726 46,254 1,167 6,995 2,385 2031 - 2032 154,921 54,572 51,189 42,554 797 5,705 104 2032 - 2033 136,768 46,890 46,433 38,677 408 4,360 2033 - 2034 120,027 40,529 41,933 34,600 2,965 2034 - 2035 103,889 34,913 37,152 30,313 1,510 2035 - 2036 88,663 30,550 32,297 25,817 2036 - 2037 52,768 25,977 26,791 2037 - 2038 42,773 21,189 21,585

DEBT PORTFOLIO 2038 - 2039 32,549 16,239 16,310 2039 - 2040 22,030 11,053 10,976 2040 - 2041 13,096 6,895 6,201 2041 - 2042 6,394 3,535 2,859 2042 - 2043

35 PORTLAND STATE UNIVERSITY TOTAL DEBT / ANNUAL PAYMENT SCHEDULES (000’s) TOTAL DEBT / BEGINNING PRINCIPAL BALANCES (000’s) TOTAL DEBTANNUAL / ANNUAL REPORTING REQUIREMENT PAYMENT – DEBT MANAGEMENT SCHEDULES POLICY – SECTION (000’s) VII. A., B. ANNUAL REPORTING REQUIREMENT – DEBT MANAGEMENT POLICY – SECTION VII. A., B. ANNUAL REPORTING REQUIREMENT – DEBT MANAGEMENT POLICY – SECTION VII. A., B.

Local Improvement State Energy Loan Total Debt Programs Article XI-F(1) Bonds Article XI-G Bonds Article XI-Q Bonds Lottery Bonds Certificate of Participation - COPs District Assessments - Program - SELP Liens Fiscal Year Debt Debt Debt Debt Debt Debt Debt Debt Interest BABS Interest Interest Interest Interest Interest BABs Interest Interest Principal Service Principal Service Principal Service Principal Service Principal Service Principal Service Principal Service Principal Service

FY18 Average Interest Rate 4.68% 4.57% 4.32% 5.51% 4.89% 4.18% 4.48% 3.96%

2017 - 2018 19,642 22,593 (313) 41,921 8,555 8,404 16,958 3,856 5,142 8,998 1,728 5,264 6,992 979 801 1,780 1,796 1,228 (313) 2,711 2,454 1,630 4,085 273 124 397 2018 - 2019 21,344 21,386 (312) 42,418 9,286 7,913 17,199 4,139 5,269 9,408 2,318 4,673 6,991 975 755 1,729 1,781 1,152 (312) 2,621 2,561 1,511 4,073 284 113 397 2019 - 2020 20,981 20,546 (312) 41,216 8,886 7,603 16,489 4,201 5,106 9,307 3,315 4,557 7,871 1,091 707 1,799 830 1,076 (312) 1,595 2,414 1,396 3,810 244 102 346 2020 - 2021 21,787 19,530 (312) 41,005 9,286 7,128 16,414 4,391 4,926 9,316 3,449 4,408 7,857 1,303 654 1,957 870 1,037 (312) 1,595 2,287 1,284 3,570 202 93 296 2021 - 2022 22,256 18,798 (312) 40,742 9,262 6,904 16,166 4,553 4,812 9,365 3,612 4,234 7,846 1,400 591 1,990 915 994 (312) 1,597 2,303 1,179 3,482 211 85 296 2022 - 2023 23,153 17,521 (331) 40,342 9,535 6,250 15,786 4,767 4,602 9,370 3,796 4,054 7,850 1,467 522 1,989 955 947 (331) 1,570 2,412 1,070 3,482 220 76 296 2023 - 2024 23,733 16,438 (314) 39,857 9,451 5,838 15,289 5,011 4,365 9,376 3,988 3,864 7,852 1,540 450 1,989 990 896 (314) 1,573 2,524 958 3,482 229 66 296 2024 - 2025 24,936 15,306 (295) 39,947 9,991 5,407 15,398 5,261 4,127 9,388 4,159 3,662 7,822 1,615 374 1,989 1,025 842 (295) 1,573 2,645 837 3,482 239 57 296 2025 - 2026 25,785 14,117 (275) 39,627 10,202 4,956 15,157 5,525 3,870 9,395 4,368 3,455 7,822 1,606 294 1,900 1,065 785 (275) 1,575 2,770 711 3,482 249 46 296 2026 - 2027 26,765 12,869 (252) 39,381 10,422 4,487 14,909 5,806 3,596 9,402 4,586 3,236 7,822 1,685 213 1,898 1,105 720 (252) 1,573 2,901 580 3,482 260 36 296 2027 - 2028 24,899 11,597 (228) 36,267 9,180 4,015 13,195 5,553 3,324 8,877 4,844 3,007 7,850 864 129 993 1,150 652 (228) 1,574 3,038 444 3,482 271 25 296 2028 - 2029 24,889 10,395 (204) 35,080 9,079 3,600 12,679 5,772 3,050 8,822 5,085 2,765 7,850 339 86 425 1,195 582 (204) 1,573 3,135 300 3,435 283 13 296 2029 - 2030 21,491 9,246 (178) 30,559 8,813 3,190 12,003 4,437 2,796 7,233 3,952 2,510 6,462 353 73 425 1,240 508 (178) 1,570 2,538 167 2,705 158 2 161 2030 - 2031 19,103 8,269 (151) 27,220 7,431 2,832 10,263 4,537 2,575 7,112 3,700 2,313 6,012 370 55 425 1,290 432 (151) 1,571 1,775 61 1,836 2031 - 2032 18,659 7,363 (123) 25,899 7,682 2,482 10,165 4,756 2,352 7,108 3,877 2,128 6,005 389 37 425 1,345 353 (123) 1,574 610 12 622 2032 - 2033 16,740 6,547 (94) 23,193 6,361 2,188 8,549 4,499 2,139 6,638 4,077 1,934 6,011 408 17 425 1,395 269 (94) 1,570 2033 - 2034 16,138 5,648 (64) 21,722 5,616 1,806 7,422 4,781 1,929 6,709 4,286 1,730 6,016 1,455 183 (64) 1,574 2034 - 2035 15,226 4,893 (33) 20,086 4,364 1,578 5,942 4,855 1,706 6,561 4,497 1,516 6,013 1,510 93 (33) 1,571 2035 - 2036 14,661 4,140 - 18,801 4,573 1,384 5,957 5,506 1,465 6,971 4,582 1,291 5,872 2036 - 2037 14,574 3,454 - 18,029 4,788 1,185 5,973 5,206 1,208 6,414 4,580 1,062 5,642 2037 - 2038 14,290 2,725 - 17,014 4,950 945 5,895 5,274 947 6,222 4,065 833 4,898 2038 - 2039 14,784 1,999 - 16,783 5,185 688 5,873 5,334 682 6,016 4,265 630 4,895 2039 - 2040 8,934 880 - 9,814 4,159 451 4,609 4,775 429 5,205 2040 - 2041 6,702 487 - 7,189 3,360 261 3,621 3,342 227 3,569 2041 - 2042 5,809 160 - 5,969 3,535 88 3,623 2,274 71 2,346 2042 - 2043 Total 467,280 256,905 (4,102) 720,083 183,950 91,583 275,533 118,414 70,713 189,126 87,129 63,123 150,252 16,384 5,756 22,140 21,912 12,750 (4,102) 30,560 36,368 12,142 48,510 3,123 838 3,961 DEBT PORTFOLIO

2018 FINANCE & ADMINISTRATION FINANCIAL DASHBOARD & ANNUAL REPORTING REQUIREMENTS 36 UNIVERSITY-PAID DEBT / BEGINNING PRINCIPAL BALANCES (000’s) UNIVERSITY-PAID DEBT / ANNUAL PAYMENT SCHEDULES (000’s) ANNUALUNIVERSITY REPORTING REQUIREMENT-PAID – DEBT MANAGEMENT DEBT POLICY / BEGINNING – SECTION VII. A., B. PRINCIPAL BALANCES (000’s) ANNUAL REPORTING REQUIREMENT – DEBT MANAGEMENT POLICY – SECTION VII. A., B. ANNUAL REPORTING REQUIREMENT – DEBT MANAGEMENT POLICY – SECTION VII. A., B. Total Local Certificate of State Energy University- Article XI-F(1) Improvement Participation - Loan Program - Paid Debt Bonds District Fiscal Year COPs SELP Programs Assessments Beginning Beginning Beginning Beginning Beginning Balance Balance Balance Balance Balance

2017 - 2018 221,150 183,950 20,217 13,859 3,123 2018 - 2019 210,213 175,396 19,251 12,716 2,850 2019 - 2020 198,538 166,110 18,335 11,527 2,566 2020 - 2021 187,548 157,224 17,505 10,496 2,322 2021 - 2022 176,301 147,939 16,635 9,607 2,120 2022 - 2023 165,053 138,676 15,720 8,747 1,909 2023 - 2024 153,442 129,141 14,765 7,847 1,689 2024 - 2025 141,830 119,690 13,775 6,905 1,460 2025 - 2026 129,588 109,699 12,750 5,917 1,221 2026 - 2027 117,038 99,498 11,685 4,883 972 2027 - 2028 104,168 89,076 10,580 3,800 712 2028 - 2029 92,433 79,896 9,430 2,666 441 2029 - 2030 80,733 70,817 8,235 1,523 158 2030 - 2031 69,625 62,003 6,995 627

DEBT PORTFOLIO 2031 - 2032 60,277 54,572 5,705 2032 - 2033 51,250 46,890 4,360 2033 - 2034 43,494 40,529 2,965 2034 - 2035 36,423 34,913 1,510 2035 - 2036 30,550 30,550 2036 - 2037 25,977 25,977 2037 - 2038 21,189 21,189 2038 - 2039 16,239 16,239 2039 - 2040 11,053 11,053 2040 - 2041 6,895 6,895 2041 - 2042 3,535 3,535 2042 - 2043

37 PORTLAND STATE UNIVERSITY UNIVERSITY-PAID DEBT / BEGINNING PRINCIPAL BALANCES (000’s) UNIVERSITY-PAIDUNIVERSITY- PAIDDEBT DEBT / ANNUAL / ANNUAL PAYMENT PAYMENT SCHEDULES SCHEDULES (000’s) (000’s) ANNUAL REPORTING REQUIREMENT – DEBT MANAGEMENT POLICY – SECTION VII. A., B. ANNUAL REPORTING REQUIREMENT – DEBT MANAGEMENT POLICY – SECTION VII. A., B. ANNUAL REPORTING REQUIREMENT – DEBT MANAGEMENT POLICY – SECTION VII. A., B.

Local Improvement Total University-Paid Debt Certificate of Participation State Energy Loan Article XI-F(1) Bonds District Assessments - Programs - COPs Program - SELP Liens Fiscal Year Debt Debt Debt Debt Debt Interest BABs Interest Interest BABs Interest Interest Principal Service Principal Service Principal Service Principal Service Principal Service

FY18 Average Interest Rate 4.44% 4.57% 4.18% 5.48% 3.96%

2017 - 2018 10,937 10,132 (313) 21,069 8,555 8,404 16,958 966 1,159 (313) 1,812 1,143 759 1,902 273 124 397 2018 - 2019 11,675 9,534 (312) 21,209 9,286 7,913 17,199 916 1,118 (312) 1,722 1,189 702 1,890 284 113 397 2019 - 2020 10,991 9,066 (312) 20,057 8,886 7,603 16,489 830 1,076 (312) 1,595 1,031 596 1,627 244 102 346 2020 - 2021 11,247 8,445 (312) 19,692 9,286 7,128 16,414 870 1,037 (312) 1,595 889 499 1,388 202 93 296 2021 - 2022 11,248 8,111 (312) 19,359 9,262 6,904 16,166 915 994 (312) 1,597 860 440 1,300 211 85 296 2022 - 2023 11,610 7,341 (331) 18,951 9,535 6,250 15,786 955 947 (331) 1,570 900 399 1,300 220 76 296 2023 - 2024 11,613 6,845 (314) 18,457 9,451 5,838 15,289 990 896 (314) 1,573 942 358 1,300 229 66 296 2024 - 2025 12,242 6,324 (295) 18,566 9,991 5,407 15,398 1,025 842 (295) 1,573 987 312 1,300 239 57 296 2025 - 2026 12,550 5,778 (275) 18,328 10,202 4,956 15,157 1,065 785 (275) 1,575 1,034 266 1,300 249 46 296 2026 - 2027 12,870 5,207 (252) 18,077 10,422 4,487 14,909 1,105 720 (252) 1,573 1,083 217 1,300 260 36 296 2027 - 2028 11,735 4,630 (228) 16,365 9,180 4,015 13,195 1,150 652 (228) 1,574 1,134 166 1,300 271 25 296 2028 - 2029 11,700 4,101 (204) 15,801 9,079 3,600 12,679 1,195 582 (204) 1,573 1,144 109 1,253 283 13 296 2029 - 2030 11,107 3,581 (178) 14,688 8,813 3,190 12,003 1,240 508 (178) 1,570 896 59 955 158 2 161 2030 - 2031 8,842 3,118 (151) 11,960 7,431 2,832 10,263 1,290 432 (151) 1,571 121 4 126 2031 - 2032 9,533 2,722 (123) 12,255 7,682 2,482 10,165 1,345 353 (123) 1,574 506 10 516 2032 - 2033 7,756 2,363 (94) 10,119 6,361 2,188 8,549 1,395 269 (94) 1,570 2033 - 2034 7,071 1,925 (64) 8,996 5,616 1,806 7,422 1,455 183 (64) 1,574 2034 - 2035 5,874 1,638 (33) 7,512 4,364 1,578 5,942 1,510 93 (33) 1,571 2035 - 2036 4,573 1,384 5,957 4,573 1,384 5,957 2036 - 2037 4,788 1,185 5,973 4,788 1,185 5,973 2037 - 2038 4,950 945 5,895 4,950 945 5,895 2038 - 2039 5,185 688 5,873 5,185 688 5,873

2039 - 2040 4,159 451 4,609 4,159 451 4,609 DEBT PORTFOLIO 2040 - 2041 3,360 261 3,621 3,360 261 3,621 2041 - 2042 3,535 88 3,623 3,535 88 3,623 2042 - 2043 Total 221,150 105,862 (4,102) 327,012 183,950 91,583 275,533 20,217 12,646 (4,102) 28,762 13,859 4,897 18,756 3,123 838 3,961

2018 FINANCE & ADMINISTRATION FINANCIAL DASHBOARD & ANNUAL REPORTING REQUIREMENTS 38 STATE-PAID DEBT / BEGINNING PRINCIPAL BALANCES (000’s) STATE-PAID DEBT / ANNUAL PAYMENT SCHEDULES (000’s) ANNUAL REPORTING REQUIREMENT – DEBT MANAGEMENT POLICY – SECTION VII. A., B. (000’s) ANNUAL REPORTING REQUIREMENT – DEBT MANAGEMENT POLICY – SECTION VII. A., B. – –

Total State- Certificate of State Energy Article XI-G Article XI-Q Paid Debt Lottery Bonds Participation - Loan Program - Bonds Bonds Fiscal Year Programs COPs SELP

Beginning Beginning Beginning Beginning Beginning Beginning Balance Balance Balance Balance Balance Balance

2017 - 2018 255,040 118,999 95,454 16,384 1,695 22,509 2018 - 2019 246,335 115,142 93,725 15,405 865 21,197 2019 - 2020 236,665 111,003 91,407 14,430 19,825 2020 - 2021 226,675 106,801 88,093 13,339 18,442 2021 - 2022 216,135 102,411 84,644 12,036 17,045 2022 - 2023 205,127 97,857 81,032 10,636 15,601 2023 - 2024 193,585 93,090 77,236 9,169 14,090 2024 - 2025 181,464 88,079 73,248 7,629 12,508 2025 - 2026 168,770 82,818 69,088 6,014 10,850 2026 - 2027 155,535 77,293 64,720 4,408 9,114 2027 - 2028 141,640 71,488 60,135 2,723 7,295 2028 - 2029 128,476 65,935 55,291 1,859 5,392 2029 - 2030 115,288 60,163 50,206 1,520 3,400 2030 - 2031 104,904 55,726 46,254 1,167 1,758

DEBT PORTFOLIO 2031 - 2032 94,644 51,189 42,554 797 104 2032 - 2033 85,518 46,433 38,677 408 2033 - 2034 76,533 41,933 34,600 2034 - 2035 67,466 37,152 30,313 2035 - 2036 58,114 32,297 25,817 2036 - 2037 48,026 26,791 21,235 2037 - 2038 38,240 21,585 16,655 2038 - 2039 28,900 16,310 12,590 2039 - 2040 19,301 10,976 8,325 2040 - 2041 11,886 6,201 5,685 2041 - 2042 5,769 2,859 2,910 2042 - 2043 585 585

39 PORTLAND STATE UNIVERSITY STATE-PAID DEBT / BEGINNING PRINCIPAL BALANCES (000’s) STATE-PAID DEBT / ANNUAL PAYMENT SCHEDULES (000’s) (000’s) ANNUAL REPORTING REQUIREMENT – DEBT MANAGEMENT POLICY – SECTION VII. A., B. ANNUAL REPORTING REQUIREMENT – – DEBT MANAGEMENT POLICY – – SECTION VII. A., B.

Certificate of Total State-Paid Debt State Energy Loan Article XI-G Bonds Article XI-Q Bonds Lottery Bonds Participation Programs Program - SELP - COPs Fiscal Year Debt Debt Debt Debt Debt Debt Interest Interest Interest Interest Interest Interest Principal Service Principal Service Principal Service Principal Service Principal Service Principal Service

FY18 Average Interest Rate 4.76% 4.32% 5.51% 4.89% 4.10% 3.87%

2017 - 2018 8,705 12,147 20,852 3,856 5,142 8,998 1,728 5,264 6,992 979 801 1,780 830 70 900 1,311 871 2,182 2018 - 2019 9,670 11,540 21,210 4,139 5,269 9,408 2,318 4,673 6,991 975 755 1,729 865 34 899 1,372 810 2,182 2019 - 2020 9,990 11,169 21,159 4,201 5,106 9,307 3,315 4,557 7,871 1,091 707 1,799 1,383 800 2,182 2020 - 2021 10,540 10,773 21,312 4,391 4,926 9,316 3,449 4,408 7,857 1,303 654 1,957 1,397 785 2,182 2021 - 2022 11,008 10,375 21,384 4,553 4,812 9,365 3,612 4,234 7,846 1,400 591 1,990 1,444 739 2,182 2022 - 2023 11,542 9,849 21,391 4,767 4,602 9,370 3,796 4,054 7,850 1,467 522 1,989 1,512 671 2,182 2023 - 2024 12,121 9,279 21,400 5,011 4,365 9,376 3,988 3,864 7,852 1,540 450 1,989 1,582 601 2,182 2024 - 2025 12,694 8,687 21,381 5,261 4,127 9,388 4,159 3,662 7,822 1,615 374 1,989 1,658 524 2,182 2025 - 2026 13,235 8,064 21,300 5,525 3,870 9,395 4,368 3,455 7,822 1,606 294 1,900 1,736 446 2,182 2026 - 2027 13,895 7,409 21,304 5,806 3,596 9,402 4,586 3,236 7,822 1,685 213 1,898 1,818 364 2,182 2027 - 2028 13,164 6,739 19,903 5,553 3,324 8,877 4,844 3,007 7,850 864 129 993 1,904 279 2,182 2028 - 2029 13,188 6,091 19,279 5,772 3,050 8,822 5,085 2,765 7,850 339 86 425 1,992 190 2,182 2029 - 2030 10,383 5,487 15,870 4,437 2,796 7,233 3,952 2,510 6,462 353 73 425 1,642 108 1,750 2030 - 2031 10,261 5,000 15,260 4,537 2,575 7,112 3,700 2,313 6,012 370 55 425 1,654 57 1,711 2031 - 2032 9,126 4,518 13,644 4,756 2,352 7,108 3,877 2,128 6,005 389 37 425 104 2 106 2032 - 2033 8,984 4,090 13,074 4,499 2,139 6,638 4,077 1,934 6,011 408 17 425 2033 - 2034 9,067 3,659 12,726 4,781 1,929 6,709 4,286 1,730 6,016 2034 - 2035 9,352 3,221 12,574 4,855 1,706 6,561 4,497 1,516 6,013 2035 - 2036 10,088 2,756 12,844 5,506 1,465 6,971 4,582 1,291 5,872 2036 - 2037 9,786 2,269 12,056 5,206 1,208 6,414 4,580 1,062 5,642 2037 - 2038 9,339 1,780 11,119 5,274 947 6,222 4,065 833 4,898 2038 - 2039 9,599 1,312 10,910 5,334 682 6,016 4,265 630 4,895

2039 - 2040 7,415 846 8,261 4,775 429 5,205 2,640 416 3,056 DEBT PORTFOLIO 2040 - 2041 6,117 511 6,628 3,342 227 3,569 2,775 284 3,059 2041 - 2042 5,184 217 5,401 2,274 71 2,346 2,910 146 3,056 2042 - 2043 585 29 614 585 29 614 Total 255,040 147,816 402,856 118,999 70,742 189,741 95,454 63,969 159,423 16,384 5,756 22,140 1,695 104 1,799 22,509 7,245 29,754

2018 FINANCE & ADMINISTRATION FINANCIAL DASHBOARD & ANNUAL REPORTING REQUIREMENTS 40 ANTICIPATED DEBT ISSUANCES / BEGINNING PRINCIPAL BALANCES (000’s) ANTICIPATED DEBT ISSUANCES / ANNUAL PAYMENT SCHEDULES (000’s) ANTICIPATEDANNUAL REPORTING REQUIREMENT DEBT – DEBT MANAGEMENT ISSUANCES POLICY – SECTION / BEGINNINGVII. G. PRINCIPAL BALANCES (000’s) ANNUAL REPORTING REQUIREMENT – DEBT MANAGEMENT POLICY – SECTION VII. G. ANNUAL REPORTING REQUIREMENT – DEBT MANAGEMENT POLICY – SECTION VII. G.

FMB Project, FMB Project, FMB Project, Est. DM Total University- State-Paid State-Paid Projects, State- Anticipated Paid Article XI- Article XI-G Article XI-Q Paid Article XI- Fiscal Year Debt Issuance F(1) Bonds Bonds Bonds Q Bonds Beginning Beginning Beginning Beginning Beginning Balance Balance Balance Balance Balance

2019 - 2020 63,212 6,000 36,485 9,145 11,582 2020 - 2021 62,060 5,924 35,936 9,007 11,193 2021 - 2022 60,854 5,844 35,359 8,863 10,789 2022 - 2023 59,591 5,758 34,754 8,711 10,368 2023 - 2024 58,268 5,668 34,118 8,552 9,930 2024 - 2025 56,883 5,572 33,451 8,384 9,475 2025 - 2026 55,431 5,471 32,750 8,209 9,002 2026 - 2027 53,911 5,363 32,014 8,024 8,510 2027 - 2028 52,319 5,249 31,241 7,831 7,998 2028 - 2029 50,651 5,128 30,430 7,627 7,466 2029 - 2030 48,904 5,000 29,578 7,414 6,912 2030 - 2031 47,073 4,864 28,683 7,190 6,337 2031 - 2032 45,156 4,720 27,744 6,954 5,738 2032 - 2033 43,147 4,567 26,758 6,707 5,115 2033 - 2034 41,042 4,405 25,722 6,447 4,468 2034 - 2035 38,838 4,234 24,635 6,175 3,794 2035 - 2036 36,527 4,052 23,493 5,889 3,094 DEBT PORTFOLIO 2036 - 2037 34,107 3,859 22,295 5,588 2,365 2037 - 2038 31,571 3,655 21,036 5,273 1,607 2038 - 2039 28,913 3,438 19,714 4,941 820 2039 - 2040 26,129 3,208 18,327 4,594 2040 - 2041 24,063 2,965 16,870 4,228 2041 - 2042 21,892 2,707 15,340 3,845 2042 - 2043 19,609 2,433 13,733 3,442 2043 - 2044 17,210 2,144 12,047 3,020 2044 - 2045 14,687 1,836 10,276 2,576 2045 - 2046 12,036 1,511 8,416 2,109 2046 - 2047 9,249 1,165 6,463 1,620 2047 - 2048 6,319 799 4,413 1,106 2048 - 2049 3,238 411 2,260 567 2049 - 2050

41 PORTLAND STATE UNIVERSITY ANTICIPATED DEBT ISSUANCES / BEGINNING PRINCIPAL BALANCES (000’s) ANTICIPATED DEBT ISSUANCES / ANNUAL PAYMENT SCHEDULES (000’s) ANNUAL REPORTING REQUIREMENT – DEBT MANAGEMENT POLICY – SECTION VII. G. ANTICIPATED DEBT ISSUANCES /ANNUAL ANNUAL REPORTING REQUIREMENT PAYMENT – DEBT MANAGEMENT SCHEDULES POLICY – SECTION (000’s) VII. G. ANNUAL REPORTING REQUIREMENT – DEBT MANAGEMENT POLICY – SECTION VII. G.

Total Anticipated Debt FMB Project, University FMB Project, State-Paid FMB Project, State-Paid Est. DM Projects, State- Issuances Paid Article XI-F(1) Bonds Article XI-G Bonds Article XI-Q Bonds Paid Article XI-Q Bonds Fiscal Year Debt Debt Debt Debt Debt Interest Interest Interest Interest Interest Principal Service Principal Service Principal Service Principal Service Principal Service

FY20 Est. Interest Rate 4.91% 6.00% 5.00% 5.00% 4.00%

2019 - 2020 1,152 3,105 4,256 76 360 436 549 1,824 2,373 138 457 595 389 463 852 2020 - 2021 1,206 3,050 4,256 80 355 436 577 1,797 2,373 145 450 595 405 448 852 2021 - 2022 1,263 2,993 4,256 85 351 436 605 1,768 2,373 152 443 595 421 432 852 2022 - 2023 1,323 2,933 4,256 90 346 436 636 1,738 2,373 159 436 595 438 415 852 2023 - 2024 1,386 2,871 4,256 96 340 436 667 1,706 2,373 167 428 595 455 397 852 2024 - 2025 1,451 2,805 4,256 102 334 436 701 1,673 2,373 176 419 595 473 379 852 2025 - 2026 1,520 2,736 4,256 108 328 436 736 1,637 2,373 184 410 595 492 360 852 2026 - 2027 1,592 2,664 4,256 114 322 436 773 1,601 2,373 194 401 595 512 340 852 2027 - 2028 1,668 2,588 4,256 121 315 436 811 1,562 2,373 203 392 595 532 320 852 2028 - 2029 1,747 2,509 4,256 128 308 436 852 1,521 2,373 214 381 595 554 299 852 2029 - 2030 1,830 2,426 4,256 136 300 436 895 1,479 2,373 224 371 595 576 276 852 2030 - 2031 1,917 2,339 4,256 144 292 436 939 1,434 2,373 235 359 595 599 253 852 2031 - 2032 2,009 2,248 4,256 153 283 436 986 1,387 2,373 247 348 595 623 230 852 2032 - 2033 2,105 2,152 4,256 162 274 436 1,036 1,338 2,373 260 335 595 648 205 852 2033 - 2034 2,205 2,051 4,256 172 264 436 1,087 1,286 2,373 273 322 595 674 179 852 2034 - 2035 2,310 1,946 4,256 182 254 436 1,142 1,232 2,373 286 309 595 700 152 852

2035 - 2036 2,420 1,836 4,256 193 243 436 1,199 1,175 2,373 300 294 595 728 124 852 DEBT PORTFOLIO 2036 - 2037 2,536 1,720 4,256 204 232 436 1,259 1,115 2,373 315 279 595 758 95 852 2037 - 2038 2,657 1,599 4,256 217 219 436 1,322 1,052 2,373 331 264 595 788 64 852 2038 - 2039 2,785 1,472 4,257 230 206 436 1,388 986 2,373 348 247 595 820 33 852 2039 - 2040 2,066 1,339 3,404 243 193 436 1,457 916 2,373 365 230 595 2040 - 2041 2,171 1,233 3,404 258 178 436 1,530 843 2,373 383 211 595 2041 - 2042 2,283 1,122 3,404 273 162 436 1,606 767 2,373 403 192 595 2042 - 2043 2,399 1,005 3,404 290 146 436 1,687 687 2,373 423 172 595 2043 - 2044 2,522 882 3,404 307 129 436 1,771 602 2,373 444 151 595 2044 - 2045 2,651 753 3,404 326 110 436 1,860 514 2,373 466 129 595 2045 - 2046 2,787 617 3,404 345 91 436 1,953 421 2,373 489 105 595 2046 - 2047 2,930 474 3,404 366 70 436 2,050 323 2,373 514 81 595 2047 - 2048 3,080 324 3,404 388 48 436 2,153 221 2,373 540 55 595 2048 - 2049 3,238 166 3,404 411 25 436 2,260 113 2,373 567 28 595 2049 - 2050 Total 63,212 55,958 119,170 6,000 7,077 13,077 36,485 34,717 71,202 9,145 8,702 17,847 11,582 5,463 17,045

2018 FINANCE & ADMINISTRATION FINANCIAL DASHBOARD & ANNUAL REPORTING REQUIREMENTS 42 VIABILITY & PRIMARY RESERVE RATIOS DETAILED VIABILITY && PRIMARYPRIMARY RESERVE RESERVE RATIO RATIOSS DETAILED DETAILED DEBT BURDEN & DEBT SERVICE COVERAGE RATIOS DETAILED VIABILITYVIABILITY & VIABILITY& PRIMARY PRIMARY R RESERVEA RESERVETIO RATIO RATIO SS DETAILED DETAILED PRIMARY RESERVE RATIO VIABILITY RATIOVIABILITY RATIO PRIMARY RESERVEPRIMARY RATIO RESERVE RATIO As perVIABILITY VIABILITYAudited Financial StatementsR RAATIOTIO PRIMARY PRIMARYAs per RESERVEAudited RESERVE Financial RATIO StatementsRATIO How much of t he t ot al debt could be coveredAs per wit h Audited Financial Statements How long t he Inst it ut ion could f unctAs ion per using itAudited s Financial Statements Expendable Net A sset s should t he inst it ut ion need t o set t le 0.376 0.360 0.339 0.409 0.404 Expendable Net s A sset s t o cover Operat ing Expenses and How much of t he t ot al debt could be covered wit h How long t he Inst it ut ion could f unct ion using it s 0.194 0.177 0.140 0.169 0.152 its obligations immediately As per Audited Financial Statements Expendable Net A sset s should t he inst it ut ionAs need per t o set Audited t le 0.376 Financial 0.360 Statements 0.339 0.409 0.404 ExpendableInt erest Net due s A if sset revenue s t o cover generat Operat ionAs ceases ingAs per Expenses per Audited Audited and Financial Financial 0.194 Statements Statements 0.177 0.140 0.169 0.152 itsHow obligationsHow much much of timmediately heof t othe alt otdebt al debt could could be coveredbe covered wit hwit h FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 HowIntHow erest long long due t he tifInst he revenue Inst it ut it ion ut iongeneratcould could f unction f unct ceases ion ion using using it s it s FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 ExpendableExpendable Net NetA sset A sset s should s should t he tinst he inst it ut ionit ut ionneed need t o set t o tset le t le 0.376 0.376 0.360 0.360 0.339 0.339 0.409 0.409 0.404 0.404 ExpendableExpendable Net Net s A s sset A sset s t os tcover o cover Operat Operat ing ing Expenses Expenses and and 0.194 0.194 0.177 0.177 0.140 0.140 0.169 0.169 0.152 0.152 Expendable Net Assets (Numerator) FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 Expendable Net Assets (Numerator) FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 its obligationsits obligations immediately immediately Int erestInt erest due due if revenue if revenue generat generat ion ion ceases ceases Expendable Net Assets (Numerator) PSU Gif t Grant s and Cont ract s 2,042 2,290 1,446 989 1,049 ExpendablePSU Gif t NetGrant Assets s and Cont (Numerator) ract s 2,042 2,290 1,446 989 1,049 FY FY2014 2014 FY FY2015 2015 FY FY2016 2016 FY FY2017 2017 FY FY2018 2018 FYFY 2014 2014 FYFY 2015 2015 FYFY 2016 2016 FYFY 2017 2017 FYFY 2018 2018 PSU Gif t Grant s and Cont ract s 2,042 2,290 1,446 989 1,049 PSU St udent Loans 8,444 8,320 8,543 8,376 511 PSU GifPSU t Grant St udent s and Loans Cont ract s 2,042 2,290 1,446 989 1,049 ExpendableExpendable Net Net Assets Assets (Numerator) (Numerator) ExpendableExpendable Net Net Assets Assets (Numerator) (Numerator) 8,444 8,320 8,543 8,376 511 PSU St udent Loans 8,444 8,320 8,543 8,376 511 PSU DebtPSU Gif t Grant s and Cont ract s 14,526 1 - - - PSU StPSU udent Debt Loans 8,444 8,320 8,543 8,376 511 PSU Gif t Grant s and Cont ract s 2,042 2,042 2,290 2,290 1,446 1,446 989 989 1,049 1,049 PSUPSU Gif Gif t Grant t Grant s and s and Cont Cont ract ract s s 2,042 2,042 14,526 2,290 2,290 1 1,446 1,446 - 989 989 - 1,049 1,049 - PSU Debt 14,526 1 - - - PSU PostPSU employment St udent Loans B enef it A sset - - - - 491 PSU Debt 14,526 1 - - - PSU St udent Loans 8,444 8,444 8,320 8,320 8,543 8,543 8,376 8,376 511 511 PSUPSU StPSU udentSt udent Post Loans Loans employment B enef it A sset 8,444 8,444 - 8,320 8,320 - 8,543 8,543 - 8,376 8,376 - 511 511 491 PSU Post employment B enef it A sset - - - - 491 PSUPSU UnrestPSU Debt Debt rict ed 32,369 45,214 24,715 22,121 15,721 PSU Post employment B enef it A sset - - - - 491 14,526 14,526 1 1 ------PSUPSU DebtPSU Debt Unrest rict ed 14,526 14,526 32,369 1 1 45,214 - - 24,715 - - 22,121 - - 15,721 PSU Unrest rict ed 32,369 45,214 24,715 22,121 15,721 FoundatPSUPSU Post ion Post employmentUnrest employment rict ed B Net enef B enefA it ssetA itsset A s sset 1,945 - 3,000 - 3,399 - 4,271 - 4,738491 PSU Unrest rict ed 32,369 45,214 24,715 22,121 15,721 - - - - 491 PSUPSU PostFoundat Post employment employment ion Unrest B enef B rict enef it edA it sset ANet sset A sset s - - 1,945 - - 3,000 - - 3,399 - - 4,271 491 491 4,738 Foundat ion Unrest rict ed Net A sset s 1,945 3,000 3,399 4,271 4,738 FoundatPSUPSU Unrest ion Unrest Temporarily rict ed rict ed Rest rict ed Net A sset s 32,369 45,214 24,715 22,121 15,721 Foundat ion Unrest rict ed Net A sset s 1,945 3,000 3,399 4,271 4,738 32,369 42,908 45,214 35,283 24,715 41,645 22,121 55,959 15,721 63,467 PSUPSU UnrestFoundat Unrest rict rict edion ed Temporarily Rest rict ed Net A sset s 32,369 32,369 42,908 45,214 45,214 35,283 24,715 24,715 41,645 22,121 22,121 55,959 15,721 15,721 63,467 Foundat ion Temporarily Rest rict ed Net A sset s 42,908 35,283 41,645 55,959 63,467 FoundatFoundat ion Net ion Invest Unrest ment rict edin PlantNet A & sset Cumul s Endow Loss (4,819) (4,363) 21 13 9 ( 1) Foundat ion Temporarily Rest rict ed Net A sset s 42,908 35,283 41,645 55,959 63,467 Foundat ion Unrest rict ed Net A sset s 1,945 1,945 3,000 3,000 3,399 3,399 4,271 4,271 4,738 4,738 FoundatFoundat ion ionUnrest Unrest rict rict ed edNet Net A sset A sset s s 1,945 3,000 3,399 4,271 4,738 Foundat ion Net Invest ment in Plant & Cumul Endow Loss (4,819) (4,363) 21 13 9 ( 1) Foundat ion Net Invest ment in Plant 1,945 (4,819) 3,000 (4,363) 3,399 21 4,271 13 4,738 9 ( 1) TotalFoundat Expendable ion Temporarily Net Assets Rest rict ed(Numerator) Net A sset s 42,908 35,283 41,645 55,959 63,467 Foundat ion Net Invest ment in Plant (4,819) (4,363) 21 13 9 ( 1) Foundat ion Temporarily Rest rict ed Net A sset s 42,908 97,415 35,28389,745 41,645 79,769 55,959 91,855 63,467 85,976 FoundatFoundat ion ionTemporarily Temporarily Rest Rest rict rict ed edNet Net A sset A sset s s 42,908 35,283 41,645 55,959 63,467 Total Expendable Net Assets (Numerator) 97,415 89,745 79,769 91,855 85,976 Total Expendable Net Assets (Numerator) 42,908 97,415 35,283 89,745 41,645 79,769 55,959 91,855 63,467 85,976 FoundatFoundat ion Net ion NetInvest Invest ment ment in Plant in Plant & Cumul & Cumul Endow Endow Loss Loss (4,819) (4,819) (4,363) (4,363) 21 21 13 9 13 9 ( 1) ( 1) Total Expendable Net Assets (Numerator) 97,415 89,745 79,769 91,855 85,976 FoundatFoundat ion ionNet Net Invest Invest ment ment in Plantin Plant (4,819) (4,819) (4,363) (4,363) 21 21 13 913 9 ( 1) ( 1) TotalTotal Expendable Expendable Net Net Assets Assets (Numerator) (Numerator) 97,415 89,745 79,769 91,855 85,976 Out st anding D ebt ( D enominat or) 97,415 89,745 79,769 91,855 85,976 Total Expendable Net Assets (Numerator) 97,415 89,745 79,769 91,855 85,976 Out st anding D ebt ( D enominat or) TotalExpense Expendable (Denominator) Net Assets (Numerator) 97,415 89,745 79,769 91,855 85,976 PSU XI-F Principal 167,834 161,837 193,360 183,950 175,396 Expense (Denominator) PSU XI-F Principal 167,834 161,837 193,360 183,950 175,396 OutOut st anding st anding D ebt D ebt ( D enominat( D enominat or) or) PSU Inst it ut ional COPs 23,334 22,107 2 1, 14 6 20,217 19,251 ExpenseExpense (Denominator) (Denominator) PSU Inst it ut ional COPs 23,334 22,107 2 1, 14 6 20,217 19,251 PSUPSU XI-F XI-F Principal Principal 167,834 167,834 161,837 161,837 193,360 193,360 183,950 183,950 175,396 175,396 PSU Inst it ut ional SELP 17,020 16,035 14,971 13 , 9 13 12 , 716 PSU InstPSU it utInst ional it ut ionalSELP COPs 17,020 16,035 14,971 13 , 9 13 12 , 716 PSU Inst it ut ional COPs 23,334 23,334 22,107 22,107 2 1, 142 1, 6 14 6 20,217 20,217 19,251 19,251 PSU Tot al Operat ing Expense 465,581 449,907 525,769 504,295 526,415 PSU LID A ssessment s 3,882 3,640 3,387 3,124 2,850 PSU Tot al Operat ing Expense 465,581 449,907 525,769 504,295 526,415 PSU LIDPSU A Inst ssessment it ut ional s SELP 3,882 3,640 3,387 3,124 2,850 PSU Inst it ut ional SELP 17,020 17,020 16,035 16,035 14,971 14,971 13 , 913 13 , 9 13 12 , 71612 , 716 PSU IntPSU erest Int Expense erest Expense (From (FromNon Operat Non Operat ing, Only ing, Debt Only Debt Foundat ion Not es Payable 2,459 2,367 2,379 3 , 155 2,692 PSUPSU TotRelat Tot al Operat al ed) Operat ing ingExpense Expense 465,581 449,907 525,769 504,295 526,415 FoundatPSU ion LID Not A ssessmentes Payable s 2,459 3,882 2,367 3,640 2,379 3,387 3 , 1553,124 2,692 2,850 Relat ed) 465,581 10,281 10,281 449,907 10,062 10,062 525,769 9,664 9,664 504,295 11, 179 11, 526,415 179 10 , 13 2 10 , 13 2 PSU LID A ssessment s 3,882 3,640 3,387 3,124 2,850 PSU Int erest Expense (From Non Operat ing, Only Debt Foundat ion B onds Payable 44,210 43,105 - - - PSU Int erest Expense (From Non Operat ing, Only Debt FoundatFoundat ion B iononds Not Payable es Payable 44,210 2,459 43,105 2,367 - 2,379 - 3 , 155 - 2,692 FoundatRelatFoundat ed) ion Tot ion al UniversitTot al Universit y Support y Support and Expenses and Expenses 25,108 25,108 45,947 45,947 34,897 34,897 27,873 27,873 30,442 30,442 Foundat ion Not es Payable 2,459 2,367 2,379 3 , 155 2,692 Relat ed) 10,281 10,281 10,062 10,062 9,664 9,664 11, 17911, 179 10 10 , 13 , 132 2 Total Outstanding Debt (Denominator) TotalFoundat Outstanding ion B onds DebtPayable (Denominator) 258,739 258,739 44,210 249,091 249,091 43,105 235,243 235,243 - 224,359 224,359 - 212,905 212,905 - TotalFoundatTotal Expense ion ExpenseTot al (Denominator) Universit (Denominator) y Support and Expenses 500,970 505,916 570,330 543,347 566,989 Foundat ion B onds Payable 44,210 43,105 - - - Foundat ion Tot al Universit y Support and Expenses 500,970 25,108 25,108 505,916 45,947 45,947 570,330 34,897 34,897 543,347 27,873 27,873 566,989 30,442 30,442 Total Outstanding Debt (Denominator) 258,739 249,091 235,243 224,359 212,905 Total Expense (Denominator) 500,970 505,916 570,330 543,347 566,989 Total Outstanding Debt (Denominator) 258,739 249,091 235,243 224,359 212,905 Total Expense (Denominator) 500,970 505,916 570,330 543,347 566,989

GASBGASB 68 68 & & 75 75 Impact Impact Removed Removed GASBGASB 68 & 68 75 &Impact 75 Impact Removed Removed HowHow much much ofof t he t ot al debt could bebe covered coveredGASB wit witGASB h h 68 68 & &75 75 Impact Impact Removed Removed How longHow tlong he Inst t he it utInst ion it could ut ion fcould unct ion f unct using ionGASB it using s it s68 & 75 Impact Removed ExpendableHowExpendable long t Net he Inst s ANet it sset ut sion sA tssetcould o cover s tf ounct Operatcover ion using GASBOperat ing it s ing 68 & 75 Impact Removed APPENDIX ExpendableExpendableHow much NetNet of A ssett he t s ot should al debt tt hecould he instinst be it it ut utcovered ion ion need need wit t ot oh 0.376 0.376 0.407 0.407 0.563 0.563 0.726 0.726 0.862 0.862 How long t he Inst it ut ion could f unct ion using it s 0.194 0.194 0.190 0.190 0.250 0.250 0.310 0.310 0.335 0.335 How much of t he t ot al debt could be covered wit h Expenses and Int erest due if revenue generat ion settlesettle Expendableits its obligationsobligations Net immediatelyA sset s should t he inst it ut ion need t o 0.376 0.407 0.563 0.726 0.862 ExpendableExpenses Net and s A Int sset erest s t o due cover if revenueOperat ing generat ion Expendable Net A sset s should t he inst it ut ion need t o 0.376 0.407 0.563 0.726 0.862 Expendable Net s A sset s t o cover Operat ing 0.194 0.190 0.250 0.310 0.335 settle its obligations immediately ceasesExpensesceases and Int erest due if revenue generat ion 0.194 0.190 0.250 0.310 0.335 settle its obligations immediately FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 Expenses and Int erest due if revenue generat ion FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 ceases FY 2014FY 2014 FY 2015FY 2015FY 2016 FY 2016FY 2017 FY 2017FY 2018 FY 2018 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 ceases ExpendableExpendable Net Assets (Numerator)(Numerator) FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 ExpendableExpendable Net AssetsNet Assets (Numerator) (Numerator) FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 PSU GifExpendable t Grant s and Net Cont Assets ract s (Numerator) 2,042 2,290 1,446 989 1,049 Expendable Net Assets (Numerator) PSUExpendable Gif t Grant s andNet Cont Assets ract s(Numerator) 2,042 2,290 1,446 989 1,049 ExpendablePSU Gif t Grant Net s and Assets Cont ract (Numerator) s 2,042 2,290 1,446 989 1,049 PSU Gif t Grant s and Cont ract s 2,042 2,290 1,446 989 1,049 PSU Gif t Grant s and Cont ract s 2,042 2,290 1,446 989 1,049 PSUPSU St Gif udent t Grant Loans s and Cont ract s 8,444 8,320 8,543 8,376 511 PSU Gif t Grant s and Cont ract s 2,042 2,290 1,446 989 1,049 PSU St udent Loans 2,042 8,444 2,290 8,320 1,446 8,543 989 8,376 1,049 511 PSUPSU Gif St tudent Grant Loans s and Cont ract s 8,444 8,320 8,543 8,376 511 PSU St udent Loans 8,444 8,320 8,543 8,376 511 PSU St udent Loans 2,042 8,444 2,290 8,320 1,446 8,543 989 8,376 1,049 511 PSUPSU Debt St udent Loans 14,526 1 - - - PSU St udent Loans 8,444 8,320 8,543 8,376 511 PSU Debt 8,444 14,526 8,320 1 8,543 - 8,376 - 511 - PSU Debt 14,526 1 - - - PSU Debt 14,526 1 - - - PSU StPSU udent Debt Loans 8,444 14,526 8,320 1 8,543 - 8,376 - 511 - PSUPSU Unrest Debt rict ed 32,369 56,833 77,422 93,128 113 , 74 9 PSU Debt PSU Unrest rict ed 14,52632,369 56,833 1 77,422- - 93,128 - 113 , 74 9 PSU Unrest rict ed 14,526 1 - - - PSU Unrest rict ed 32,369 56,833 77,422 93,128 113 , 74 9 PSU Debt 14,526 32,369 56,833 1 77,422 - 93,128 - 113 - , 74 9 Foundat ion Unrest rict ed Net A sset s 1,945 3,000 3,399 4,271 4,738 PSU Unrest rict ed 32,369 56,833 77,422 93,128 113 , 74 9 FoundatPSU Unrest ion Unrest rict ed rict ed Net A sset s 32,369 56,833 77,422 93,128 113 , 74 9 PSU Unrest rict ed 32,369 56,833 77,422 93,128 113 , 74 9 Foundat ion Unrest rict ed Net A sset s 1,945 1,945 3,000 3,000 3,399 3,399 4,271 4,271 4,738 4,738 PSUFoundat Unrest ion rict Unrest ed rict ed Net A sset s 32,369 1,945 56,833 3,000 77,422 3,399 93,128 4,271 113 , 74 4,738 9 FoundatFoundat ion ion Temporarily Unrest rict ed Rest Net rict A sset ed Net s A sset s 42,908 1,945 35,283 3,000 41,645 3,399 55,959 4,271 63,467 4,738 FoundatFoundat ion Unrest ion Unrest rict ed rict Net ed A Net sset A s sset s 1,945 3,000 3,399 4,271 4,738 Foundat ion Temporarily Rest rict ed Net A sset s 42,908 35,283 41,645 55,959 63,467 1,945 3,000 3,399 4,271 4,738 FoundatFoundat ion Net ion Invest Temporarily ment in RestPlant rict & Cumul ed Net Endow A sset s 42,908 35,283 41,645 55,959 63,467 FoundatFoundat ion ion Unrest Temporarily rict ed Net Rest A rict sset ed s Net A sset s 42,908 1,945 3,000 35,283 3,399 41,645 4,271 55,959 4,738 63,467 FoundatFoundat ion ion Net Temporarily Invest ment Rest in Plant rict ed & Net Cumul A sset Endow s 42,908 35,283 41,645 55,959 63,467 FoundatFoundat ion Temporarily ion Temporarily Rest rictRest ed rict Net ed A Net sset sA sset s 42,908 42,908 35,283 35,283 41,645 41,645 55,959 55,959 63,467 63,467 Loss Foundat ion Net Invest ment in Plant & Cumul Endow (4,819) (4,363) 21 13 9 ( 1) Foundat ion Net Invest ment in Plant Foundat ion Net Invest ment in Plant & Cumul Endow Foundat ion Temporarily Rest rict ed Net A sset s 42,908 (4,819) 35,283 (4,363) 41,645 21 55,959 13 9 63,467 ( 1) Loss Loss (4,819) (4,819) (4,363) (4,363) 21 13 13 9 9 ( 1) ( 1) FoundatFoundat ion Net ion InvestNet Invest ment mentin Plant in Plant (4,819) (4,819) (4,363) (4,363) 21 21 13 9 13 9 ( 1) ( 1) Loss (4,819) (4,363) 21 13 9 ( 1) Foundat ion Net Invest ment in Plant (4,819) (4,363) 21 13 9 ( 1) Total Expendable Net Assets (Numerator) 97,415 101,364 132,476 162,862 18 3 , 513 Total Expendable Net Assets (Numerator) 97,415 101,364 132,476 162,862 18 3 , 513 TotalTotal Expendable Expendable Net NetAssets Assets (Numerator) (Numerator) 97,415 97,415 101,364 101,364 132,476 132,476 162,862 162,862 18 18 3 3, 513 , 513 TotalTotal Expendable Expendable Net NetAssets Assets (Numerator) (Numerator) 97,415 97,415 101,364 101,364 132,476 132,476 162,862 162,862 18 3 , 513 18 3 , 513 Total Expendable Net Assets (Numerator) 97,415 101,364 132,476 162,862 18 3 , 513 Total Expendable Net Assets (Numerator) 97,415 101,364 132,476 162,862 18 3 , 513 Out st anding D ebt ( D enominat or) Expense (Denominator) Out stOut anding st anding D ebt D ebt( D enominat ( D enominat or) or) Expense (Denominator) PSUOut XI-F st anding Principal D ebt ( D enominat or) 167,834 161,837 193,360 183,950 175,396 Expense (Denominator) PSU XI-F Principal Expense (Denominator) PSU XI-F Principal 167,834 167,834 161,837 161,837 193,360 193,360 183,950183,950 175,396 175,396 PSUPSU Inst XI-F it ut Principal ional COPs 23,334 167,834 161,837 22,107 193,360 2 1, 14 6 183,950 20,217 175,396 19,251 PSU Inst it ut ional COPs 23,334 22,107 2 1, 14 6 20,217 19,251 PSU Inst it ut ional COPs 23,334 22,107 2 1, 14 6 20,217 19,251 PSUPSU Inst Inst it utit ut ional ional SELP COPs 23,33417,020 16,035 22,107 214,971 1, 14 6 20,21713 , 9 13 19,251 12 , 716 PSU Inst it ut ional SELP 17,020 16,035 14,971 13 , 9 13 12 , 716 PSU Inst it ut ional SELP PSU Tot al Operat ing Expense 465,581 476,208 484,681 485,996 507,791 PSUPSU LID Inst A it ssessment ut ional SELP s 3,88217,020 17,020 16,0353,640 16,035 14,9713,387 14,971 13 3,124 , 9 13 13 , 9 13 12 2,850 , 716 12 , 716 PSU Tot al Operat ing Expense 465,581 476,208 484,681 485,996 507,791 PSU LID A ssessment s 3,882 3,640 3,387 3,124 2,850 PSU IntPSU erest Tot Expense al Operat (From ing Expense Non Operat ing, Only Debt 465,581 476,208 484,681 485,996 507,791 PSU LID A ssessment s 3,882 3,640 3,387 3,124 2,850 PSUPSU Tot Int al erestOperat Expense ing Expense (From Non Operat ing, Only Debt 465,581 476,208 484,681 485,996 507,791 FoundatPSU LID ion A Not ssessment es Payable s 2,459 3,882 2,367 3,640 2,379 3,387 3,124 3 , 155 2,850 2,692 Relat ed)PSU Int erest Expense (From Non Operat ing, Only Debt 10,281 10,062 9,664 11, 179 10 , 13 2 Foundat ion Not es Payable 2,459 2,367 2,379 3 , 155 2,692 PSURelat Int erest ed) Expense (From Non Operat ing, Only Debt 10,281 10,062 9,664 11, 179 10 , 13 2 FoundatFoundatFoundat ion ion ion NotB Not onds es es Payable Payable Payable 44,210 2,459 43,105 2,367 - 2,379 - 3 , 155 - 2,692 Foundat ion B onds Payable 2,459 2,367 2,379 3 , 155 2,692 RelatFoundat ed)Relat ion ed) Tot al Universit y Support and Expenses 10,281 25,108 10,281 10,062 45,947 10,062 9,664 34,897 9,664 11, 27,873 179 11, 179 10 30,442 , 13 2 10 , 13 2 44,210 43,105 - - - Foundat ion Tot al Universit y Support and Expenses 25,108 45,947 34,897 27,873 30,442 FoundatTotalFoundat Outstanding ion ion B ondsB onds Payable Payable Debt (Denominator) 258,739 44,210 44,210 249,091 43,105 43,105 235,243 - - 224,359 - - 212,905 - - Total Outstanding Debt (Denominator) 258,739 249,091 235,243 224,359 212,905 FoundatTotalFoundat ionExpense Tot ion al Universit Tot (Denominator) al Universit y Support y Support and Expenses and Expenses 500,970 25,108 25,108 532,217 45,947 45,947 529,242 34,897 34,897 525,048 27,873 27,873 548,36530,442 30,442 Total Expense (Denominator) 500,970 532,217 529,242 525,048 548,365 TotalTotal Outstanding Outstanding Debt Debt (Denominator)(Denominator) 258,739 258,739 249,091 249,091 235,243 235,243 224,359 224,359 212,905 212,905 TotalTotal Expense Expense (Denominator) (Denominator) 500,970 500,970 532,217 532,217 529,242 529,242 525,048 525,048 548,365 548,365

43 PORTLAND STATE UNIVERSITY VIABILITY & PRIMARY RESERVE RATIOS DETAILED DEBT BURDEN & DEBT SERVICE COVERAGE RATIOS DETAILED

DEBTDEBTDEBT BURDEN BURDEN BURDEN & DEBT && DEBTDEBT SERVICE SERVICE COVERAGE COVERAGECOVERAGE RATIO RATIO RATIOS DETAILEDS SDETAILED DETAILED DEBTDEBT BURDEN BURDEN & RATIO DEBT SERVICE COVERAGEDEBT RATIO SERVICES DETAILED COVERAGE RATIO DEBTDEBTDEBT BURDEN BURDEN BURDEN RATI RATI RATIO OO DEBT DEBTDEBT SERVICE SERVICE SERVICE COVERAGE COVERAGE COVERAGE RATIO RATIO RATIO DEBT BURDEN RATIO DEBT SERVICE COVERAGE RATIO As per AuditedAs per FinancialAudited Financial Statements Statements As per AuditedAs per Audited Financial Financial Statements Statements As per Audited Financial Statements As per Audited Financial Statements A nnual Debt Service as a percent age of Tot al Expenses M easures t he netM easures income t available he net income t o cover available annual t odebt cover annual debt A nnual Debt Service as a percent age of TotAs al Expensesper Audited4.75% Financial4.75%4.87% Statements4.87%4.22% 4.22%3.97% 3.97%3.87% 3.87% M easures t he net incomeAs available per t oAudited cover annual debtFinancial 0.51 Statements 0.51 2.44 2.44 0.59 0.59 1. 3 9 1. 3 0.45 9 0.45 A nnual Debt Service as a percent age of Tot al Expenses 4.75% 4.87% 4.22% 3.97% 3.87%service pmts service pmts 0.51 2.44 0.59 1. 3 9 0.45 M easures t he netservice income pmts available t o cover annual debt DebtA nnual Service Debt Service Debt- Principal as Servicea percent & age-Interest Principal of Tot al Expenses & Interest FY4.75% 2014 FYFY4.87% 2014 2015 FYFY4.22% 2015 2016 FY3.97%FY 2016 2017 FYFY3.87% 2017 2018 FY 2018 FY 2014 0.51 FY FY2014 2015 2.44 FY FY2015 2016 0.59 FY 2016FY 2017 1. 3 9 FY 2017FY 2018 0.45 FY 2018 service pmts (Numerator)Debt Service(Numerator) - Principal & Interest FY 2014 FY 2015 FY 2016 FY 2017 FY 2018Adjusted ChangeAdjusted in Unrestricted Change in Unrestricted Net Assets Net Assets FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 PSUDebt X I-FService(Numerator) Int erestPSU - Principal X I-F Int erest & Interest FY 2014 8,076 FY 20158,076 7,892 FY 2016 7,892 7,635 FY 20177,635 9,254 FY 20189,254 8,404 8,404(UNA) from(UNA)Adjusted Operations from Change Operations(Numerator) in Unrestricted (Numerator) Net Assets 1. 19 1. 19 1. 6 1 1. 6 10.82 0.82 Adjusted Change(UNA) in from Unrestricted Operations Net (Numerator) Assets PSU(Numerator) XI-FPSU Principal X I-FPSU Int XI-F erest Principal 6,206 8,076 6,206 7,177 7,892 7,177 7,342 7,635 7,342 7,241 9,254 7,241 8,555 8,404 8,555 1. 19 1. 6 1 0.82 PSU X I-F Int erest (UNA) from Operations (Numerator) 1. 19 1. 6 1 0.82 PSU Inst itPSU ut ional XI-FPSU COPs Principal Inst Int it erestut ional COPs Int erest 8,0761,023 6,206 1,023 7,892 973 7,177 7,635 973 920 7,342 9,254 920 882 7,241 8,404882 846 8,555 846 PSU XI-FPSU Principal InstPSU it ut Inst ional it utCOPs ional COPsInt erest Principal 6,206 1,023 1,283 7,177 973 1,227 7,342 920 7,241 961 882 9298,555 846 966 PSU Inst it ut ional COPs Principal 1,283 1,227 961 929 966 PSU Net Operat ing Income (Loss) (121,668) ( 9 8 , 115) (173,838) ( 151, 19 1) ( 171, 13 6 ) PSU Inst it ut ional COPs Int erest PSU Net Operat ing Income (Loss) (121,668) ( 9 8 , 115) (173,838) ( 151, 19 1) ( 171, 13 6 ) PSU SELPPSU Int erestInstPSU it ut SELP ional COPsInt erest Principal 1,023 1,283 1,023 1,047 973 1,227 1,047 920 965 961 965 882 9 10 929 9 846 10759 966 759 PSU Net NonoperatPSU Net ing NonoperatRevenueOperat ing ingIncome Revenue (Loss) 94,410 (121,668) 114 , 50 ( 9 3 8 , 115) 144,197 (173,838) 14 1, 74 ( 7 151, 19 1) 142,609 ( 171, 13 6 ) PSU Inst itPSU ut ional SELPPSU COPs Int SELP erest Principal Principal 1,283 1,227897 985 961 1,063 929 1, 0 59966 1, 14 3 94,410 114 , 50 3 144,197 14 1, 74 7 142,609 PSU SELP Principal 897 1,023 985 1,047 1,063 965 1, 0 59 9 10 1, 14 3 PSU 759 Net OperatPSU ing IntIncome erest (Loss)Expense (121,668) ( 9 8 , 115) (173,838) ( 151, 19 1) ( 171, 13 6 ) PSU SELP Int erest PSU Int erest ExpensePSU Net Nonoperat ing Revenue 10,281 10,281 10,062 94,410 10,062 114 9,664 , 50 3 9,664 144,197 11, 179 11, 179 10 14 , 13 1, 742 7 10 , 13 142,609 2 PSU LID APSU ssessment SELPPSU Principal sLID Int erestA ssessment s Int erest 1,023 1,047 159 150 965 14 9 4 10 13 759 4 12 3 159 897 150 985 14 4 1,063 13 4 1, 0 59 12 3 1,PSU 14 3 Net NonoperatPSU Depreciat ing Revenue ion Expense 94,410 24,442 114 , 50 3 26,256 144,197 25,884 14 1, 74 7 26,063 142,609 26,898 PSU SELP PrincipalPSU LID A ssessment s Principal 897 233 985 1,063242 2531, 0 59 263 1, 14 3 PSU 273 DepreciatPSU ion Expense Int erest Expense 24,442 26,256 10,281 25,884 10,062 26,063 9,664 26,898 11, 179 10 , 13 2 PSU LID APSU ssessment LID A ssessment s Principal s Int erest 233 159 242 150 253 14 4 263 13 4 273 PSU 12 3 Int erest ExpenseFoundat ion Change in UNA & Invest ment in Plant 10,281 10,062 9,664 11, 179 10 , 13 2 PSU LID A ssessment s Int erest Foundat ion ChangePSU Depreciatin UNA & ionInvest Expense ment in Plant 338 24,442 1, 26,256 511 4,783 25,884 990 26,063 327 26,898 Foundat ionPSU Int LID erestFoundat A ssessmenton Capit ion Int al serestDebt Principal on Capit al Debt 159 2,997 150 2,944 14 4 2,881 13 4 150 12 3 14 3 338 1, 511 4,783 990 327 2,997 233 2,944 242 2,881 253 150 263 14 3 PSU 273 DepreciatFoundat ion Expense ion Int erest Expense 24,442 2,997 26,256 2,944 25,884 2,881 26,063 26,898 150 14 3 PSU LID A ssessmentFoundat s Principal ion Principal on Capit al Debt 233 1, 14242 6 1, 19 253 7 1,264 263 10 273 5 Foundat 112 ion IntFoundat erest Expense ion Change in UNA & Invest ment in Plant 2,997 2,944 338 2,881 1, 511 4,783 150 14 990 3 327 Foundat ionFoundat Principal ion onInt erestCapit alon Debt Capit al Debt 1, 14 6 2,997 1, 19 7 2,944 1,264 2,881 10 5 150 112 Foundat 14 3 ion ChangeFoundat in UNA ion Depreciat & Invest ment ion Expense in Plant 338 1, 511 4,783 990 327 Foundat ion Int erestTotal on CapitDebt al ServiceDebt (Numerator) 2,997 2,944 2,881 150 14 3 Foundat ion DepreciatFoundat ion ion Expense Int erest Expense 893 9 19 2 10 243 658 Total DebtFoundat Service ion Principal (Numerator) on Capit al Debt 23,043 23,834 23,428 20,927 21,324 893 2,997 9 19 2,944 2 10 2,881243 658 150 14 3 23,043 1, 23,834 14 6 23,4281, 19 7 1,26420,927 21,324 10 5 Foundat 112 ion Int erestTotal Expense Change in UNA (Numerator) 2,997 11, 6 92,944 3 58,080 2,881 13,781 150 29,181 14 3 9,631 Foundat ion PrincipalTotal on Expenditures Capit al Debt (Denominator) 1, 14 6 1, 19 7 1,264 10 5 112 Total ChangeFoundat in UNA ion Depreciat(Numerator) ion Expense 11, 6 9 3 58,080 893 13,781 9 19 29,181 2 10 9,631 243 658 Total ExpendituresTotal Debt Service(Denominator) (Numerator) 23,043 23,834 23,428 20,927 21,324Foundat ion DepreciatDebt Service ion Expense - Principal & Int (Denominator) 893 9 19 2 10 243 658 Total Debt ServicePSU Tot (Numerator) al Operat ing Expenses 23,043 23,834 465,581 449,90723,428 525,769 20,927 504,295 21,324 526,415Debt Service - Principal & Int (Denominator) PSU Tot alTotal Operat Expenditures ing Expenses (Denominator) 465,581 449,907 525,769 504,295 526,415 Total Change in UNA (Numerator) 11, 6 9 3 58,080 13,781 29,181 9,631 Total ExpendituresPSU Tot al(Denominator) Nonoperat ing Expenses (Int erest , Only Debt Relat ed) 10,281 10,062 9,664 11, 18 0 10 Total , 13 2 Change in UNA (Numerator) 11, 6 9 3 58,080 13,781 29,181 9,631 PSU Tot alPSU Nonoperat Tot al Operat ing Expenses ing Expenses (Int erest , Only Debt Relat ed) 10,281 465,581 10,062 449,907 9,664 525,769 11, 18 0 504,295 10 , 13 2 526,415 Debt Service - Principal & Int (Denominator) PSU Tot al Operat(PSU ing ExpensesDepreciat ion) 465,581 (24,442) 449,907 (26,256) 525,769 (25,884) 504,295 (26,063) 526,415 (26,898)Debt ServicePSU - Principal XI-F Debt Service& Int (Denominator) 14,282 15,069 14,977 16,495 16,959 (PSU DepreciatPSU Tot ion) al Nonoperat ing Expenses (Int erest , Only Debt Relat (24,442) ed) 10,281 (26,256) 10,062 (25,884) 9,664 (26,063) 11, (26,898) 18 0 10 PSU , 13 2 XI-F Debt Service 14,282 15,069 14,977 16,495 16,959 PSU Tot al NonoperatPSU Principal ing Expenses Payment (Int serest , Only Debt Relat ed) 10,281 10,0628,619 9,631 9,664 9,619 11, 18 0 9,492 10 , 13 2 10,937 PSU Inst it ut ional COPs Debt Service 2,306 2,200 1,881 1, 8 11 1, 8 12 PSU Principal(PSU Payment Depreciat s ion) 8,619 9,631 9,619 9,492 10,937 PSU Inst it ut ionalPSU COPs XI-F Debt Debt Service Service 2,306 14,282 2,200 15,069 1,881 14,977 1, 8 11 1,16,495 8 12 16,959 (PSU Depreciat ion)Foundat ion Tot al Universit y Support and Expenses (24,442) (24,442) (26,256)25,108 (26,256) 45,947 (25,884) (25,884) 34,897 (26,063) (26,063) 27,873(26,898) (26,898) 30,442 PSU XI-F DebtPSU Service SELP Debt Service 14,282 1,920 15,069 2,032 14,977 2,028 16,495 1,969 16,959 1,902 Foundat ionPSU Tot Principal al Universit Payment y Support s and Expenses 25,108 45,947 34,897 27,873 30,442 PSU SELP DebtPSU Service Inst it ut ional COPs Debt Service 1,920 2,0322,306 2,028 2,200 1,969 1,881 1,902 1, 8 11 1, 8 12 PSU Principal Payment(Foundat s ion Depreciat ion) 8,619 8,619 (893) 9,631 9,631 (919)9,619 9,619 9,492(210) 9,492 10,937(243) 10,937 PSU (658) Inst it ut ionalPSU COPs LID ADebt ssessment Service s Debt Service 2,306 392 2,200 392 1,881 397 1, 8 11 397 1, 8 12 396 (FoundatFoundat ion Depreciat ion Tot ion) al Universit y Support and Expenses (893) (919) (210) (243) (658) PSU LID A ssessmentPSU SELP s Debt Debt Service Service 392 392 397 397 396 Foundat ion Tot alFoundat Universit ion y PrincipalSupport Paymentand Expenses s 25,108 25,108 45,947 1, 14 6 45,947 34,897 1, 19 7 34,897 1,26427,873 27,873 30,442 10 5 30,442 PSU 112 SELP DebtFoundat Service ion Debt Service Corbet t 1,920 255 2,032 1,920 255 2,028 2,032 255 1,969 2,028 255 1,902 1,969 255 1,902 Foundat ion(Foundat Principal ion Payment Depreciat s ion) 1, 14 6 1, 19 7 1,264 10 5 112 Foundat ion Debt Service Corbet t 255 255 255 255 255 (Foundat ion DepreciatTotal ion)Expenditures (Denominator) (893) 485,400 (893) (919) 489,569 (919) (210) 555,119 (210) (243) 526,639 (243) (658) 550,482 PSU(658) LID A ssessmentFoundatPSU LID s Debt ion Assessment Debt Service Service s Debt B roadway Service 392 3,888 392 392 3,886 397 392 3,890 397 397 - 396 397 - 396 Total Expenditures (Denominator) 485,400 489,569 555,119 526,639 550,482 Foundat ion Debt Service B roadway 3,888 3,886 3,890 - - Foundat ionFoundat Principal ion PrincipalPayment s Payment s 1, 14 6 1, 14 6 1, 19 7 1, 19 1,264 7 1,264 10 5 10 5 112 Foundat 112 ion DebtFoundat Service ion Corbet Debt tService Corbet t 255 255 255 255 255 Total Debt Service (Denominator) 255 23,043 255 23,834 255 23,428 255 20,927 255 21,324 Total ExpendituresTotal Expenditures (Denominator) (Denominator) 485,400 485,400 489,569 489,569 555,119 555,119 526,639 526,639 550,482 550,482FoundatTotal Debt ion Debt FoundatService Service ion (Denominator)B roadwayDebt Service B roadway 23,043 3,888 23,834 3,886 3,888 23,428 3,890 3,886 20,927 3,890- 21,324 - - - Total Debt ServiceTotal Debt (Denominator) Service (Denominator) 23,043 23,83423,043 23,42823,834 20,927 23,428 21,324 20,927 21,324 GASB 68 & 75 Impact Removed GASB 68 & 75 Impact Removed GASB 68 & 75 Impact Removed GASB 68 & 75 Impact Removed A nnual Debt Service as a percent age of Tot al M easures t he net income available t o cover annual 0.51 1. 3 3 2.34 2.27 1. 3 3 A nnual Debt Service as a percent age of TotGASB al 68 & 75 Impact4.75% Removed4.62% 4.56% 4.12% 4.01%M easures t he netdebt income service available pmts t o coverGASB annual 68 &GASB 75 Impact 68 & 75Removed Impact Removed Expenses GASB4.75% 68 & 754.62% Impact Removed4.56% 4.12% 4.01% 0.51 1. 3 3 2.34 2.27 1. 3 3 Expenses debt service pmts A nnual DebtA nnual Service Debt as Service a percent as agea percent of Tot age al of Tot al M easures t he netM easuresincome availablet he net income t o cover available annual t o cover annual Debt Service - Principal & Interest 4.75% FY4.62% 2014 FY4.56% 2015 FY4.12% 2016 FY4.01% 2017 FY 2018 0.51 FY 2014 1. 0.51 3 3 FY 2015 2.34 1. 3 3 FY 2016 2.27 2.34 FY 2017 1. 32.27 3 FY 2018 1. 3 3 Expenses 4.75% 4.62% 4.56% 4.12% 4.01%debt service pmtsdebt service pmts FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 APPENDIX Debt ServiceExpenses(Numerator) - Principal & Interest FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 Adjusted Change in Unrestricted Net (Numerator) Adjusted ChangeAssets in (UNA) Unrestricted from Operations Net Debt ServicePSU - Principal X I-F Int erest & Interest FY 2014 FY 8,076 2015 FY 7,892 2016 FY 7,6352017 FY 9,254 2018 8,404 FY 2014 FY 20152014 FYFY 2016 2015 FYFY 2017 2016 FYFY 2018 2017 FY 2018 Debt Service - Principal & Interest FY 2014 FY 2015 FY 2016 FY 2017 FY 2018Assets (UNA)(Numerator) from Operations 0.91 1. 4 0 2 . 14 2.04 PSU X I-F Int erestPSU XI-F Principal 8,076 7,892 7,635 9,254 8,404 Adjusted Change in Unrestricted Net (Numerator)(Numerator) 6,206 7,177 7,342 7,241 (Numerator)8,555 Adjusted Change in Unrestricted Net Assets (UNA) from Operations 0.91 1. 4 0 2 . 14 2.04 PSUPSU XI-FX I-F PrincipalInt erestPSU Inst it ut ional COPs Int erest 6,2068,076 1,023 7,892 7,177 973 7,3427,635 9209,254 7,241 882 8,404 8,555 846 Assets (UNA) from Operations PSU X I-F Int erest 8,076 7,892 7,635 9,254 8,404(Numerator) 0.91 1. 4 0 2 . 14 2.04 PSU Inst it ut ionalPSU COPs Inst Int it ut erest ional COPs Principal 1,023 973 920 882 846 (Numerator) 0.91 1. 4 0 2 . 14 2.04 PSU XI-FPSU Principal XI-F Principal 6,206 1,283 7,177 1,227 7,342 9617,241 929 8,555 966 6,206 7,177 7,342 7,241 8,555 PSU Net Operat ing Income (Loss) (121,668) (124,416) (132,750) (132,892) ( 152 , 512 ) PSUPSU InstInst it it ut ut ional ionalPSU COPsCOPs SELP PrincipalInt erestInt erest 1,2831,023 1,023 1,227 973 1,047 920 961 965 882 929 9 10846 966 759 PSU Inst it ut ional COPs Int erest 1,023 973 920 882 PSU 846 Net Operat ing Income (Loss) (121,668) (124,416) (132,750) (132,892) ( 152 , 512 ) PSUPSU SELPInst it utInt ional erestPSU COPs SELP Principal Principal 1,023 8971,047 985 965 1,063 9 10 1, 0 59 759 1, 14 3 PSU Net Nonoperat ing Revenue 94,410 114 , 50 3 144,197 14 1, 74 7 142,609 PSU Inst it ut ional COPs Principal 1,283 1,227 961 929 966 1,283 1,227 961 929 PSU 966 Net OperatNonoperat ing Income ing Revenue (Loss) (121,668) 94,410 (124,416) 114 , 50 3 (132,750) 144,197 (132,892) 14 1, 74 7 ( 142,609 152 , 512 ) PSUPSU SELPSELP PrincipalInt erestPSU LID A ssessment s Int erest 1,023 897 1,047159 985 1,063150 965 14 1, 09 4 5910 13 1, 4759 14 3 12 3 PSU IntNet erest Operat Expense ing Income (Loss) 10,281 10,062 9,664 11, 179 10 , 13 2 PSU SELP Int erest 1,023 1,047 965 9 10 759 (121,668) (124,416) (132,750) (132,892) ( 152 , 512 ) PSUPSU LIDSELP A ssessmentPrincipalPSU LID s Int A erest ssessment s Principal 897 159 233 985 150 242 1,063 14 4 253 1, 013 59 4 263 1, 1412 3 PSU 273 NetInt erest Nonoperat Expense ing Revenue 94,410 10,281 114 10,062 , 50 3 144,197 9,664 14 1,11, 74 179 7 142,609 10 , 13 2 PSU DepreciatNet Nonoperat ion Expense ing Revenue 24,442 94,410 26,256 114 , 503 25,884 144,197 26,063 14 1, 74 7 26,898 142,609 PSU LID PSUA ssessment SELP Principal s Principal 897 985 1,063 1, 0 59 1, 14 3 PSU LID A ssessmentFoundat s Int ion erest Int erest on Capit al Debt 233 159 2,997 242 150 2,944 25314 4 2,881 263 13 4 150 27312 3 PSU 14 3IntDepreciat erest Expense ion Expense 24,44210,281 10,062 26,256 25,884 9,664 26,063 11, 179 26,898 10 , 13 2 PSU LID A ssessment s Int erest 159 150 14 4 13 4 12 3 FoundatPSU Int erest ion Change Expense in UNA & Invest ment in Plant 338 1, 511 4,783 990 327 FoundatPSU LID ion A ssessment Int erestFoundat on s PrincipalCapit ion Principal al Debt on Capit al Debt 2,997 1, 2,944 14 6 1, 2,881 19 7 1,264 150 10 14 5 3 112 10,281 10,062 9,664 11, 179 10 , 13 2 233 242 253 263 273 PSUFoundat Depreciat ion Change ion Expense in UNA & Invest ment in Plant 24,442 26,256 25,884 26,063 26,898 PSU LID A ssessment s Principal 233 242 253 263 273 Foundat ion Int erest Expense 338 2,997 1, 511 2,944 4,783 2,881 990 150 327 14 3 FoundatFoundat ion ion PrincipalInt erestTotal on on DebtCapit Capit al alService Debt Debt (Numerator) 2,997 1, 14 6 23,043 2,944 1, 19 7 23,834 2,8811,264 23,428 15010 5 20,927 14 112 3 21,324 PSU Depreciat ion Expense 24,442 26,256 25,884 26,063 26,898 Foundat ion Change in UNA & Invest ment in Plant Foundat ion Int erest on Capit al Debt 2,997 2,944 2,881 150 Foundat 14 3 ion Int erestFoundat Expense ion Depreciat ion Expense 2,997 338 2,944 1, 511 4,783 2,881 990 150 327 14 3 TotalFoundat Debt ion Principal ServiceTotal on Expenditures (Numerator)Capit al Debt (Denominator) 23,043 1, 14 6 23,834 1, 19 7 23,428 1,264 20,927 10 5 21,324 112 Foundat ion Change in UNA & Invest ment in Plant 893 338 9 19 1, 511 2 10 4,783 243 990 658 327 Foundat ion Principal on Capit al Debt 1, 14 6 1, 19 7 1,264 10 5 Foundat 112 ion Int erest Expense 2,997 2,944 2,881 150 14 3 TotalTotal ExpendituresDebt ServicePSU Tot al(Denominator)(Numerator) NonoperatOperat ing Expenses ing Expenses (Int erest , Only 23,043 Debt 465,58123,834 476,208 23,428 484,681 20,927 485,996 21,324 507,791 Foundat ion DepreciatTotal ionChange Expense in UNA (Numerator) 893 11, 6 9 3 9 19 31,779 2 10 54,869 243 47,480 658 28,255 Foundat ion Int erest Expense 2,997 2,944 2,881 150 14 3 PSUTotal Tot Expenditures alTotal NonoperatOperat RelatDebt ing ed)Expenses ing Service (Denominator)Expenses (Numerator) (Int erest , Only Debt 465,581 23,043 476,20810,281 23,834 10,062 484,681 23,428 485,996 9,664 20,927 11,507,791 179 21,324 10 FoundatTotal , 13 2 Change ion DepreciatDebt in UNA ionService Expense (Numerator) - Principal & Int 11, 6893 9 3 31,779 9 19 54,869 2 10 47,480 243 28,255 658 (Foundat D enominat ion Depreciat or) ion Expense 893 9 19 2 10 243 658 RelatPSU ed)TotTotal al NonoperatOperat (PSUExpenditures ing DepreciatExpenses ing Expenses ion) (Denominator) (Int erest , Only Debt 465,581 10,281 (24,442) 476,208 10,062 (26,256) 484,681 9,664 (25,884) 485,996 11, 179 (26,063) 507,791 10 , 13 2 (26,898)TotalDebt ServiceChange -in Principal UNA (Numerator) & Int 11, 6 9 3 31,779 54,869 47,480 28,255 PSU TotPSU al NonoperatOperat Principal ing Payment Expenses ing Expenses s (Int erest , Only Debt 465,581 476,208 484,681 485,996 507,791 Debt( D enominat Service or)Total - Principal Change & inInt UNA (Numerator) 11, 6 9 3 31,779 54,869 47,480 28,255 (PSURelat ed)Depreciat ion) (24,442) 10,281 (26,256) 8,61910,062 (25,884) 9,631 9,664 (26,063) 9,619 11, 179 9,492(26,898) 10 , 13 2 10,937 PSU XI-F Debt Service 14,282 15,069 14,977 16,495 16,959 ( D enominat or)Debt Service - Principal & Int PSU(PSU Principal DepreciatRelat ed)PaymentFoundat ion) s ion Tot al Universit y Support and Exp. (24,442) 8,619 10,281 25,108 (26,256) 9,631 10,062 45,947 (25,884) 9,619 9,664 34,897 (26,063) 9,492 11,27,873 (26,898) 179 10,937 30,442 10 , 13 2 PSU XI-F DebtPSU( Service D enominat Inst it ut ional or) COPs Debt Service 14,282 2,306 15,069 2,200 14,977 1,881 16,495 1, 816,959 11 1, 8 12 FoundatPSU Principal ion(PSU Tot PaymentDepreciat al(Foundat Universit s ion)ion y SupportDepreciat and ion) Exp. 25,108 8,619 (24,442) 45,947 (893) 9,631 (26,256) 34,897 (919) 9,619 (25,884) 27,873(210) 9,492 (26,063) 30,442 (243) 10,937 (26,898) (658) PSU XI-FInst it Debt ut ionalPSU Service COPs SELP Debt Debt Service Service 14,282 2,306 15,069 2,200 14,977 1,881 16,495 1, 8 11 16,959 1, 8 12 (FoundatFoundatPSU ion ion TotDepreciat PrincipalFoundat al Universit ion)Payment ion yPrincipal Support s Payment and Exp. s 1, 14 6 1, 19 7 1,264 10 5 112 1,920 2,032 2,028 1,969 1,902 25,108 (893) 8,619 45,947 (919) 9,631 34,897 (210) 9,619 27,873 (243) 9,492 30,442 (658) 10,937 PSU XI-F Debt Service 14,282 15,069 14,977 16,495 16,959 PSU InstSELP it ut Debt ional ServiceCOPs Debt Service 2,306 2,200 1,881 1, 8 11 1, 8 12 Foundat(Foundat ionFoundat ion Principal DepreciatTotal ion TotPayment ion)Expenditures al Universit s y Support (Denominator) and Exp. 1,(893) 14 6 485,400 25,108 1, (919) 19 7 45,947 515,870 1,264 (210) 514,03134,897 (243) 10 5 508,339 27,873 (658) 112 531,858 30,442 PSU LID A ssessment s Debt Service 1,920 392 2,032 392 2,028 397 1,969 397 1,902 396 PSU SELP DebtPSU Service Inst it ut ional COPs Debt Service 1,920 2,032 2,306 2,028 2,200 1,969 1,881 1,902 1, 8 11 1, 8 12 TotalFoundat Expenditures(Foundat ion Principal ion PaymentDepreciat (Denominator) s ion) 485,400 1, 14 6 (893) 515,870 1, 19 7 514,031(919) 1,264 508,339 (210) 10 5 531,858 (243) 112 PSU(658) LID A ssessmentFoundat s Debt ion Debt Service Service Corbet t 392 255 392 255 397 255 397 255 396 255 PSU LID A ssessmentPSU SELP s Debt Debt Service Service 1,920 2,032 2,028 1,969 1,902 Total ExpendituresFoundat ion Principal (Denominator) Payment s 485,400 1, 515,870 14 6 1, 514,031 19 7 508,339 1,264 531,858 10 5 Foundat 112 ion DebtFoundat Service ion Corbet Debt Service t B roadway 392 255 3,888 392 255 3,886 397 255 3,890 397 255 - 396 255 - Total Expenditures (Denominator) Foundat ion DebtPSU Service LID A Corbet ssessment t s Debt Service 392 392 397 397 396 485,400 515,870 514,031 508,339 531,858Foundat ion DebtTotal Service Debt B roadway Service (Denominator) 3,888 255 23,043 3,886 255 23,834 3,890 255 23,428 255 - 20,927 255 - 21,324 Foundat ion DebtFoundat Service ion B roadwayDebt Service Corbet t 255 255 255 255 255 Total Debt Service (Denominator) 23,043 3,888 23,834 3,886 23,428 3,890 20,927 - 21,324 - Total Debt ServiceFoundat ion(Denominator) Debt Service B roadway 23,043 23,834 3,888 23,428 3,886 20,927 3,890 21,324 - - Total Debt Service (Denominator) 23,043 23,834 23,428 20,927 21,324

2018 FINANCE & ADMINISTRATION FINANCIAL DASHBOARD & ANNUAL REPORTING REQUIREMENTS 44 DEBT TO CASH FLOW & MODIFIED CURRENT RATIOS DETAILED RETURN ON NET ASSETS & NET OPERATING REVENUE RATIOS DETAILED DEBTDEBT TO TOCASH CASH FLOW FLOW & &MODIFIED MODIFIED CURRENT CURRENT RATIOSS DETAILEDDETAILED

DEBT TO CASHDEBT FLOWDEBT TO RATIOCASH TO CASH FLOW FLOW RATIO RATIO MODIFIED MODIFIEDMODIFIED CURRENT CURRENTRATIOCURRENT RATIORATIO

As per Audited Financial Statements As per Audited Financial Statements AsAs per per Audited Audited FinancialFinancial StatementsStatements M easures capabilit of t he Universit y t o repay it s debt wit h M easures capabilit of t he Universit y t o repay it s debt wit h 43.983 5.913 8.696 4.549 6.746 How much of t he short -t erm debt could be covered wit h cash f low generat ed f rom it s operat ions 43.983 5.913 8.696 4.549 6.746 How much of t he short -t erm debt could be covered wit h Not Available (No Short-term Debt Outstanding) cash f low generat ed f rom it s operat ions Expendable Net A sset s Not Available (No Short-term Debt Outstanding) Expendable Net A sset s FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 Outstanding Debt (Numerator) Expendable Net Assets (Numerator) Outstanding Debt (Numerator) Expendable Net Assets (Numerator) PSU XI-F Principal 167,834 161,837 193,360 183,950 175,396 PSU Gif t Grant s and Cont ract s PSU XI-F Principal 167,834 161,837 193,360 183,950 175,396 PSU Gif t Grant s and Cont ract s PSU Inst it ut ional COPs 23,334 22,107 2 1, 14 6 20,217 19,251 PSU St udent Loans PSU Inst it ut ional COPs PSU St udent Loans PSU Inst it ut ional SELP 23,334 17,927 22,107 16,941 2 1, 14 6 14,971 20,217 13 , 9 13 19,251 12 , 716 PSU Debt PSU Inst it ut ional SELP PSU LID A ssessment s 17,927 3,826 16,941 3,584 14,971 3,387 13 , 9 13 3,124 12 , 716 2,850 PSU DebtPSU Unrest rict ed PSU LID A ssessment s Foundat ion Not es Payable 3,826 2,459 3,584 2,367 3,387 2,379 3,124 3 , 155 2,850 2,692 PSU UnrestFoundat rict ion ed Unrest rict ed Net A sset s Foundat ion Not es FoundatPayable ion B onds Payable 2,459 44,210 2,367 43,105 2,379 - 3 , 155 - 2,692 - FoundatFoundat ion Unrest ion Temporarily rict ed Net Rest A sset rict s ed Net A sset s Foundat ion B ondsTotal Payable Outstanding Debt (Numerator) 259,590 249,941 235,243 224,359 212,905 44,210 43,105 - - - FoundatFoundat ion Temporarily ion Net Invest Rest ment rict in edPlant Net A sset s Total OutstandingCash Debt Flow (Numerator)(Denominator) 259,590 249,941 235,243 224,359 212,905 FoundatTotal ion NetExpendable Invest ment Netin Plant Assets (Numerator) - - - - - Cash Flow (Denominator)Net Cash Provided (used) by Operat ing A ct ivit ies (112,708) (82,434) ( 116 , 2 13 ) (96,296) (120,258) Total( DExpendable enominat or) Net Assets (Numerator) - - - - - Government Appropriations 59,371 67,431 82,706 87,734 94,344 Net Cash Provided (used) by Operat ing A ct ivit ies (112,708) (82,434) ( 116 , 2 13 ) (96,296) (120,258) Debt wit h Liquidit y Event Triggers Financial A id Grant s 52,938 53,176 52,372 49,803 52,539 ( D enominat or) Government Appropriations 59,371 67,431 82,706 87,734 94,344 Current M at urit ies Ot her Gif t s and Privat e Cont ract s 352 5,510 5,807 2,091 2,310 Debt wit h Liquidit y Event Triggers Financial A id Grant s 52,938 53,176 52,372 49,803 52,539 M aximum Collat eral Requirement s PSUF Net Cash Provided (used) in operat ing A ct ivit ies 5,949 ( 1, 4 15) 2,381 5,993 2,627 Current M at urit ies Ot her Gif t s and Privat e Cont ract s 352 5,510 5,807 2,091 2,310 Ninet y (90) Days Operat ing Expenses Total Cash Flow (Denominator) 5,902 42,268 27,053 49,325 31,562 M aximum Collat eral Requirement s PSUF Net Cash Provided (used) in operat ing A ct ivit ies 5,949 ( 1, 4 15) 2,381 5,993 2,627 Ninet y (90) Days Operat ing Expenses Total Cash Flow (Denominator) 5,902 42,268 27,053 49,325 31,562 Total (Denominator) - - - - -

Total (Denominator) - - - - - APPENDIX

45 PORTLAND STATE UNIVERSITY DEBT TO CASH FLOW & MODIFIED CURRENT RATIOS DETAILED RETURN ON NET ASSETS & NET OPERATING REVENUE RATIOS DETAILED

RERERETURNTURNTURN ONON ON NETNETRETURN NET ASSETSASSETS ASSETS ON NET & &ASSETS & NET NET NET OPERATING RATIO OPERATINGOPERATING REVENUE REVENUEREVENUE RATIORATIO RATIONET OPERATINGS SDETAILEDDETAILED DETAILED REVENUE RATIO RETURN ON NET ASSETS & NET OPERATING REVENUE RATIOS DETAILED RETURNRETURNRETURN ONON ON NENE NETT TASSETS ASSETS ASSETS RATIO RATIORATIO NETNETNET OPERATINGOPERATING OPERATING REVENUE REVENUE RATIORATIO RATIO AsAs RETURNper perAs Audited perAudited Audited Financial Financial ONFinancial Statements NEStatements StatementsT ASSETS RATIO NET OPERATINGAsAs As perper per Audited Audited REVENUE Financial Financial StatementsStatements Statements RATIO MM easures easuresM t t he easureshe t t ot ot al al economic teconomic he t ot al economic ret ret urn urn t ot ret ot het urnhe inst instt o itt utitheAs ut ion inst ion overper itover ut ion Audited over Financial Statements HowHowHow much much much surplus surplus surplus or or (loss) or(loss) (loss) $1.00 $1.00 $1.00 of of Unrestricted Unrestrictedof Unrestricted OperatingOperating Operating 3.79%3.79%3.79% 1515 . 9 . 1% 915 1% . 9 1% 3.67%3.67%3.67% 26.92%26.92%26.92% 2.49%2.49%2.49% As per Audited Financial (0.059)(0.059) (0.059) Statements 0.033 0.033 0.033 (0.050) (0.050) (0.050) (0.013) (0.013) (0.013) (0.049) (0.049) (0.049) tt he he currentcurrentt he f f iscal iscalcurrent year year f iscal year IncomeIncomeIncome generat generat generat es es in es inUnrest inUnrest Unrest rict rict ed rict ed Net edNet ANet A sset sset A s sset s s M easures t he t ot al economic ret urn t o t he inst it ut ion over How much surplus or (loss) $1.00 of Unrestricted Operating 3.79% 15 . 9 1% 3.67% 26.92% 2.49% t he current f iscal year FY 2014FY 2014 FY 2015FY 2015 FY 2016FY 2016 FY 2017FY 2017 FY 2018FY 2018 (0.059) 0.033 (0.050) (0.013) (0.049) FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 Income generat es in Unrest rict ed Net A sset s FY 20142014FY 2014 FYFY 2015 2015FY 2015 FYFY 2016 2016FY 2016 FYFY 2017 2017FY 2017FYFY 2018 2018FY 2018 NOINOI +Net +Net Nonoperating Nonoperating Revenues Revenues ++ FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 NOI +Net Nonoperating Revenues + FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 Foundation Change in Unrestricted Net Assets Change Changein Net Assets in Net Assets(Numerator) (Numerator) FoundationFoundation Change Change in Unrestricted in Unrestricted Net NetAssets Assets Change in Net Assets (Numerator) NOI(Numerator) +Net Nonoperating Revenues + (Numerator)Foundation(Numerator) Change in Unrestricted Net Assets Change in Net Assets (Numerator) PSU Net Operat ions Income (Loss) PSU(Numerator) Net Operat ions Income (Loss) (121,668) ( 9 8 , 115) (173,838) ( 151, 19 1) ( 171, 13 6 ) PSU Net Operat ions Income (Loss) (121,668) (121,668) ( 9 8 , 115) ( 9 8 , 115) (173,838) (173,838) ( 151, 19 ( 1) 151,19 1) ( 171, 13 ( 6 171, ) 13 6 ) PSU Net Nonoperat ing Revenue (Expenses) 94,410 114 , 50 3 144,197 14 1, 74 7 142,609 PSUPSU Net Net Nonoperat Operat ions ing Income Revenue (Loss) (Expenses) (121,668) 94,410 ( 9 8 114 , 115) , 50 3 (173,838) 144,197 ( 151, 19 14 1) 1, 74 7 ( 171, 13 142,609 6 ) (PSUPSU InvestNet Nonoperat ment A ct ivit ing ies Revenue - Int ernal (Expenses)B ank & Endowment s 94,410 114 , 50 3 144,197 14 1, 74 7 142,609 (PSUPSU NetInvest Nonoperat ment A ct ing ivit Revenue ies - Int ernal (Expenses) B ank & Endowment s 94,410 114 , 50 3 144,197 14 1, 74 7 142,609 PSU Change in Net A sset s ( 3 , 12 1) 36,715 (8,128) 47,403 (5,838) only)(PSU Invest ment A ct ivit ies - Int ernal B ank & Endowment s (991) (610) ( 2 , 117) 1,294 1,429 PSU Change in Net A sset s ( 3 , 12 1) 36,715 (8,128) 47,403 (5,838) only)(PSU Invest ment A ct ivit ies - Int ernal B ank & Endowment s (991) (610) ( 2 , 117) 1,294 1,429 PSU ChangeFoundat in Net ion A Change sset s in Net A sset s ( 3 , 12 1) 36,715 (8,128) 47,403 (5,838) Foundatonly) ion Tot al Change In Unrest rict ed A sset s (991) (610) ( 2 , 117) 1,294 1,429 12 , 18 3 (3,270) 17,060 20,584 13,820 only) 338 1, 511 4,783 990 327 Foundat ionPSU Change Change in Netin Net A ssetA sset s s 12 , 18 3 ( 3 , 12 1) (3,270) 36,715 17,060 (8,128) 20,584 47,403 13,820 (5,838) Foundat ion Tot al Change In Unrest rict ed A sset s (991) 338 (610) 1, 511 ( 2 , 117) 4,783 1,294 990 1,429 327 Foundat ionTotal Change Change in Net in A ssetNet sAssets (Numerator) 12 ,18 9,062 3 (3,270) 33,445 17,060 8,932 20,584 67,987 13,820 7,982 TotalFoundat Change ion Tot in al ChangeOperating In Unrest net rictAssets ed A sset s 338 1, 511 4,783 990 327 Foundat ion Change in Net A sset s 12 , 18 3 (3,270) 17,060 20,584 13,820 Foundat ion Tot al Change In Unrest rict ed A sset s 338 1, 511 4,783 990 327 Total Change in Net Assets (Numerator) 9,062 33,445 8,932 67,987 7,982 Total(Numerator) Change in Operating net Assets ( 2 7, 9 11) 17,289 (26,975) (7,160) (26,771) Total Change in Net Assets (Numerator) Total Change in Operating net Assets Total Change in Net Assets (Numerator) 9,062 9,062 33,445 33,445 8,932 8,932 67,987 67,987 7,9827,982 (Numerator)TotalTotal Change Unrestricted in Operating Operating net Assets Income ( 2 7, 9 11) 17,289 (26,975) (7,160) (26,771) (Numerator) Net Assets (Denominator) Total(Numerator)( D enominat Unrestricted or) Operating Income ( 2 7, 9 11) ( 2 7, 9 11) 17,289 17,289 (26,975) (26,975) (7,160) (7,160) (26,771) (26,771) Net Assets (Denominator) TotalTotal Unrestricted Unrestricted Operating Operating Income Income ( DPSU enominat Operating or) Revenues 343,913 351,792 351,931 353,104 355,279 Net AssetsNet Assets(Denominator) (Denominator) ( D( enominat D enominat or) or) PSUPSU Operat Non Operat ing Revenues ing Revenues 343,913 94,410 114 351,792 , 50 3 144,197 351,931 14 353,104 1, 74 7 142,609 355,279 PSUPSU Operat Operat ing ingRevenues Revenues 343,913 343,913 351,792 351,792 351,931 351,931 353,104 353,104 355,279 355,279 PSUPSU Non (Gain) Operat Loss ing on Revenues Sale of A sset s 94,410 1,084 114 , 5052 3 144,197 13 1 141, 176 1, 74 7 1,226 142,609 PSUPSU Non Non Operat Operat ing Revenues ing Revenues 94,410 94,410 114 , 50 3 114 , 50 3 144,197 144,197 14 1, 74 7 14 1, 142,609 74 7 142,609 PSUPSU (Gain) Int erest Loss Expense on Sale of A sset s 10,281 1,084 10,062 52 9,664 13 1 11, 179 1, 176 10 , 13 1,226 2 PSU Net A sset s " B eginning" 169,280 128,240 164,955 156,827 204,230 PSU (Gain) Loss on Sale of A sset s 1,084 52 13 1 1, 176 1,226 (PSUPSU Invest(Gain) ment Loss A cton ivit Sale ies -of Int A ernal sset B s ank & Endowment s 1,084 52 13 1 1, 176 1,226 PSU Int erest Expense 10,281 10,062 9,664 11, 179 10 , 13 2 PSU Net AFoundat sset s " ionB eginning" Net A sset s " B eginning" 169,280 69,762 128,240 81,949 164,955 78,680 156,827 95,740 204,230 116,324 PSUonly) Int erest Expense 10,281 (991) 10,062 (610) 9,664 ( 2 , 117) 11, 179 1,294 10 , 13 1,429 2 PSU Net A sset s " B eginning" 169,280 128,240 164,955 156,827 204,230 (PSUPSU Invest Int erest ment ExpenseA ct ivit ies - Int ernal B ank & Endowment s 10,281 10,062 9,664 11, 179 10 , 13 2 PSU Net TotalA sset sNet " B eginning" Assets (Denominator) 169,280 239,042 128,240 210,189 243,635164,955 252,567 156,827 320,554 204,230 (PSU Invest ment A ct ivit ies - Int ernal B ank & Endowment s Foundat ion Net A sset s " B eginning" 69,762 81,949 78,680 95,740 116,324 only)Foundat(PSU Invest ion Unrest ment rictA ct ed ivit Revenues ies - Int ernal B ank & Endowment s 25,447 (991) 47,459 (610) 39,679 ( 2 , 117) 28,862 1,294 30,769 1,429 Foundat ion Net A sset s " B eginning" 69,762 81,949 78,680 95,740 116,324 only) (991) (610) ( 2 , 117) 1,294 1,429 Foundat ion Net A sset s " B eginning" 69,762 81,949 78,680 95,740 116,324 Total Net Assets (Denominator) 239,042 210,189 243,635 252,567 320,554 FoundatTotalonly) ion Unrestricted Unrest rict ed RevenuesIncome (Denominator) 474,144 (991) 523,258 (610) 543,485 ( 2 , 117) 537,362 1,294 541,444 1,429 Total Net Assets (Denominator) 239,042 210,189 243,635 252,567 320,554 Foundat ion Unrest rict ed Revenues 25,447 25,447 47,459 47,459 39,679 39,679 28,862 28,862 30,769 30,769 Total Net Assets (Denominator) 239,042 210,189 243,635 252,567 320,554 Foundat ion Unrest rict ed Revenues 25,447 47,459 39,679 28,862 30,769 TotalTotal UnrestrictedUnrestricted Income (Denominator)(Denominator) 474,144 474,144 523,258 523,258 543,485 543,485 537,362 537,362 541,444 541,444 Total Unrestricted Income (Denominator) 474,144 523,258 543,485 537,362 541,444 GASB 68 & 75 Impact Removed GASB 68 & 75 Impact Removed How much surplus or (loss) $1.00 of Unrestricted M easures t he t ot al economic ret urn t o t he inst it ut ion 3.79% 2.88% 19.60% 28.27% 8.81% Operat ing Income generat es in Unrest rict edGASB Net 68 & (0.059)75 Impact (0.017) Removed 0.026 0.021 (0.015) over t he current f iscal year GASBGASB 68 & 68 75 & Impact 75 Impact Removed Removed GASB 68 & 75 Impact Removed HowHowA sset much much s surplussurplus or (loss) $1.00$1.00 of of Unrestricted Unrestricted M easuresM t he easures t ot al teconomic he t ot al economic ret urn t oret t he urn inst tGASB o itt he ut ioninst it ut68 ion & 75 Impact Removed GASB 68 & 75 Impact Removed 3.79%3.79%FY 2014 2.88%2.88%FY 2015 19.60%19.60%FY 2016 28.27%28.27%FY 2017 8.81%8.81%FY 2018 OperatOperat ing ing IncomeIncome generat es es inin Unrest Unrest rict rict ed ed Net Net FY(0.059) (0.059) 2014 FY(0.017) (0.017)2015 FY 0.026 2016 0.026 FY 0.021 2017 0.021 (0.015)FY 2018 (0.015) over t he currentover t he f iscalcurrent year f iscal year How much surplus or (loss) $1.00 of Unrestricted M easures t he t ot al economic ret urn t o t he inst it ut ion AA ssetNOI sset s s +Net Nonoperating Revenues + APPENDIX 3.79% 2.88% 19.60% 28.27% 8.81% Operat ing Income generat es in Unrest rict ed Net (0.059) (0.017) 0.026 0.021 (0.015) over t he current f iscal year FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 Foundation Change in Unrestricted Net FYFY 2014 2014 FY FY2015 2015 FY 2016FY 2016 FY 2017FY 2017 FY 2018FY 2018 Change in Net Assets (Numerator) FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 A sset s NOINOIAssets +Net+Net (Numerator) NonoperatingNonoperating RevenuesRevenues + + FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FoundationFoundationPSU Net Operat Change ions Income inin UnrestrictedUnrestricted (Loss) Net Net (121,668) (124,416) (132,750) (132,892) ( 152 , 512 ) Change Changein Net Assetsin Net Assets (Numerator) (Numerator) NOI +Net Nonoperating Revenues + AssetsAssets (Numerator)(Numerator) PSUFoundation Net Nonoperat Change ing Revenue in Unrestricted (Expenses) Net 94,410 114 , 50 3 144,197 14 1, 74 7 142,609 Change in Net Assets (Numerator) PSU Net Operat ions Income (Loss) (121,668) (124,416) (132,750) (132,892) ( 152 , 512 ) PSU(PSUAssets Net Invest Operat (Numerator) ment ions A ctIncome ivit ies -(Loss) Int ernal B ank & (121,668) (124,416) (132,750) (132,892) ( 152 , 512 ) PSU Change in Net A sset s ( 3 , 12 1) 10 , 4 13 32,960 65,703 20,692 PSUEndowment Net Nonoperat s only) ing Revenue (Expenses) 94,410 (991) 114 , 50 (610) 3 144,197 ( 2 , 117) 14 1, 74 1,294 7 142,609 1,429 PSUPSU Net Net Nonoperat Operat ionsing Revenue Income (Loss)(Expenses) 94,410 114 , 50 3 144,197 14 1, 74 7 142,609 (PSU Invest ment A ct ivit ies - Int ernal B ank & (121,668) (124,416) (132,750) (132,892) ( 152 , 512 ) Foundat ion Change in Net A sset s 12 , 18 3 (3,270) 17,060 20,584 13,820 (PSUFoundat Invest ion ment Tot A al ctChange ivit ies -In Int Unrest ernal rictB ank ed &A sset s 338 1, 511 4,783 990 327 PSU Change in Net A sset s ( 3 , 12 1) 10 , 4 13 32,960 65,703 20,692 EndowmentTotalPSU Net Change sNonoperat only) in Operating ing Revenue net (Expenses) Assets (991) 94,410 (610) 114 , 50 3 ( 2 , 117) 144,197 1,294 14 1, 74 7 1,429 142,609 PSU ChangeTotal in Net Change A sset sin Net Assets (Numerator) ( 3 , 12 9,062 1) 10 ,4 13 7, 14 3 32,960 50,020 65,703 86,287 20,692 34,512 Endowment s only) (991) (610) ( 2 , 117) 1,294 1,429 Foundat ion Change in Net A sset s 12 , 18 3 (3,270) 17,060 20,584 13,820 Foundat(Numerator)(PSU ionInvest Tot ment al Change A ct ivit In iesUnrest - Int rict ernal ed AB sset ank s& ( 2 7,338 9 11) (9,012) 1, 511 4,783 14 , 113 11, 990 13 9 (8,147) 327 Foundat ion Change in Net A sset s 12 , 18 3 (3,270) 17,060 20,584 13,820 Foundat ion Tot al Change In Unrest rict ed A sset s 338 1, 511 4,783 990 327 PSU Change in Net A sset s ( 3 , 12 1) 10 , 4 13 32,960 65,703 20,692 TotalTotalEndowment Change Unrestricted s only)in Operating Operating net AssetsIncome (991) (610) ( 2 , 117) 1,294 1,429 NetTotal Assets Change (Denominator) in Net Assets (Numerator) 9,062 7, 14 3 50,020 86,287 34,512 Total Change in Net Assets (Numerator) 9,062 7, 14 3 50,020 86,287 34,512 Total( D enominat Change or) in Operating net Assets Foundat ion Change in Net A sset s 12 , 18 3 (3,270) 17,060 20,584 13,820 (Numerator)Foundat ion Tot al Change In Unrest rict ed A sset s ( 2 7, 9 11) (9,012) 14 , 113 11, 13 9 (8,147) (Numerator) ( 2 7, 9 11) 338 (9,012) 1, 511 14 , 113 4,783 11, 13 9 990 (8,147) 327 TotalPSU Operat Unrestricted ing Revenues Operating Income 343,913 351,792 351,931 353,104 355,279 Total ChangeNet Assets in Net (Denominator) Assets (Numerator) 9,062 7, 14 3 50,020 86,287 34,512 TotalTotal Unrestricted Change in Operating Incomenet Assets ( DPSU enominat Non Operat or) ing Revenues Net Assets (Denominator) ( D enominat(Numerator) or) 94,410 ( 2 7, 9 11) 114 , 50 (9,012) 3 144,197 14 , 113 14 1, 74 7 11, 13 9 142,609 (8,147) PSU Operat ing Revenues PSUTotal (Gain) Unrestricted Loss on Sale of Operating A sset s Income 343,913 1,084 351,792 52 351,931 13 1 353,104 1, 176 355,279 1,226 PSU Operat ing Revenues 343,913 351,792 351,931 353,104 355,279 Net Assets (Denominator) PSU Non Operat ing Revenues PSU( D enominatInt erest Expense or) 94,410 10,281 114 10,062 , 50 3 144,197 9,664 14 1, 74 11, 7 179 142,609 10 , 13 2 PSU Net A sset s " B eginning" PSU Non Operat ing Revenues 94,410 114 , 50 3 144,197 14 1, 74 7 142,609 169,280 16 6 , 159 176,572 209,532 275,235 PSU(PSUPSU (Gain) InvestOperat Loss ment ing on A Revenues Sale ct ivit of ies A - sset Int ernal s B ank & 1,084 343,913 52 351,792 13 1 351,931 1, 176 353,104 1,226 355,279 PSUEndowment (Gain) Loss s only) on Sale of A sset s Foundat ion Net A sset s " B eginning" 69,762 81,949 78,679 95,739 116,323 PSU Int erest Expense 1,084 (991) (610) 52 ( 2 , 117) 13 1 1,294 1, 176 1,429 1,226 PSU Non Operat ing Revenues 10,281 94,410 10,062 114 , 50 3 9,664 144,197 11, 179 14 1, 74 10 7 , 13 2 142,609 TotalPSU Net Net A sset Assets s " B eginning" (Denominator) 239,042 169,280 248,108 16 6 , 159 255,251 176,572 305,271209,532 391,558 275,235 PSU(PSUFoundat Int Invest erest ion ment Expense Unrest A ct rict ivit iesed Revenues- Int ernal B ank & 25,447 10,281 47,459 10,062 39,679 9,664 28,862 11, 179 30,769 10 , 13 2 PSU Net A sset s " B eginning" PSU (Gain) Loss on Sale of A sset s 1,084 52 13 1 1, 176 1,226 Foundat ion Net A sset s " B eginning" 169,280 69,762 16 6 , 159 81,949 176,572 78,679 209,532 95,739 275,235 116,323 (PSUEndowmentTotal Invest Unrestricted ment s only) A ct ivit ies Income - Int ernal (Denominator) B ank & 474,144 (991) 523,258 (610) 543,485 ( 2 , 117) 537,362 1,294 541,444 1,429 Endowment s only) Foundat ionTotal Net ANet sset Assets s " B eginning" (Denominator) 69,762 239,042 81,949 248,108 78,679 255,251 95,739 305,271 116,323391,558 FoundatPSU Int ion erest Unrest Expense rict ed Revenues 25,447 (991) 10,281 47,459 (610) 10,062 39,679 ( 2 , 117) 9,664 28,862 1,294 11, 179 30,769 1,429 10 , 13 2 PSU Net A sset s " B eginning" 169,280 16 6 , 159 176,572 209,532 275,235 (PSU Invest ment A ct ivit ies - Int ernal B ank & Total Net Assets (Denominator) 239,042 248,108 255,251 305,271 391,558 FoundatTotal Unrestricted ion Unrest rict ed Income Revenues (Denominator) 474,144 25,447 523,258 47,459 543,485 39,679 537,362 28,862 541,444 30,769 Foundat ion Net A sset s " B eginning" Endowment s only) (991) (610) ( 2 , 117) 1,294 1,429 69,762 81,949 78,679 95,739 116,323 Total Unrestricted Income (Denominator) 474,144 523,258 543,485 537,362 541,444 Total Net Assets (Denominator) 239,042 248,108 255,251 305,271 391,558 Foundat ion Unrest rict ed Revenues 25,447 47,459 39,679 28,862 30,769 Total Unrestricted Income (Denominator) 474,144 523,258 543,485 537,362 541,444

2018 FINANCE & ADMINISTRATION FINANCIAL DASHBOARD & ANNUAL REPORTING REQUIREMENTS 46 COMPOSITE FINANCIAL INDEX (CFI) DETAILED COMPOSITE FINANCIAL INDEX (CFI) DETAILED COMPOSITE FINANCIAL INDEX COMPOSITE(CFI) DETAILED FINANCIAL INDEX (CFI) DETAILED CFI STRENGTHCFI STRENGTH FACTORS FACTORS CFI CFI CFI STRENGTH FACTORS CFI CFI STRENGTH FACTORS CFI

As per Audited FinancialAs per Statements Audited Financial Statements As per Audited Financial StatementsAs per Audited Financial Statements As per Audited Financial Statements Advised Advised Advised Weighted CFI Strength Factors FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 M in As per Audited Financial Statements Advised Weighted CFI Strength Factors FY 2014 FY 2015 AdvisedFY 2016 FY 2017 FY 2018 M in CFI Strength Factors FY 2015 FY 2016 FY 2017 FY 2018 M in CFI Strength Factors AdvisedFY 2015 FY 2016 FY 2017 FY 2018 M in PrimaryWeighted Reserve CFI Rat Strength io Factors FY 2014 0.51 FY 2015 0.47 FY 2016 0.37 FY 2017 0.44 FY 2018 0.40 M in 1. 0 5 Primary Reserve Rat io 0.51 0.47 0.37 0.44 0.40 1. 0 5 PrimaryCFI Strength Reserve RatFactors io FY 2015 1. 3 3 FY 2016 1. 0 5 FY 2017 1. 2 7 FY 2018 1. 14 M 3.01 in PrimaryViability Reserve Ratio Rat io 0.32 0.51 0.300.47 0.280.37 0.440.34 0.400.34 1. 0 5 Primary Reserve Rat io 1. 3 3 1. 0 5 1. 2 7 1. 14 3.01 Viability Ratio 0.32 0.30 0.28 0.34 0.34 1. 0 5 NetPrimary Operat Reserve ing Revenue Rat io Rat io 4.72 1. 3 3 (7.09) 1. 0 5 (1.90) 1. 2 7 (7.06) 1. 14 3.003.01 ViabilityRet urn on Ratio Net A sset s 0.320.38 0.30 1. 59 0.280.37 0.342.69 0.340.25 0.60 1. 0 5 Net Operat ing Revenue Rat io 4.72 (7.09) (1.90) (7.06) 3.00 Ret urn on Net A sset s 0.38 1. 59 0.37 2.69 0.25 0.60 Net Operat ing Revenue Rat io 4.72 (7.09) (1.90) (7.06) 3.00 NetRet urnOperat on Net ing ARevenue sset s Rat io (0.84) 0.38 0.471. 59 (0.37 0 . 71) (0.19) 2.69 (0.25 0 . 71) 0.300.60 Viability Ratio 0.86 0.81 0.98 0.97 3.00 Viability Ratio 0.86 0.81 0.98 0.97 3.00 CFINet Operat ing Revenue Rat ioNet Operat ing Revenue Rat 0.37(0.84) io 2.83 0.47 0.31 ( 0 . 71) (0.84) 3.29 (0.19) 0.28 0.47 ( 0 . 71) 3.00 0.30 ( 0 . 71) (0.19) ( 0 . 71) 0.30 RetViability urn on Ratio Net s A sset s 0.867.96 1.0.81 8 3 13.46 0.98 0.971. 2 5 3.00 CFI CFI 0.37 2.83 0.31 0.37 3.29 2.83 0.28 3.00 0.31 3.29 0.28 3.00 Ret urn on Net s A sset s Ret urn on 7.96 Net s A sset 1. s 8 3 13.46 1. 2 5 3.00 7.96 1. 8 3 13.46 1. 2 5 3.00

GASB 68 Impact Removed GASB 68 Impact Removed Advised GASB 68 Impact Removed Advised Weighted CFI Strength Factors FY 2014 FY 2015GASBFY 2016 68FY Impact 2017 FY 2018RemovedM in GASB 68 Impact Removed Advised CFI Strength Factors FY 2015 FY 2016 FY 2017 FYGASB 2018 68M in Impact Removed WeightedPrimary Reserve CFI Rat Strength io Factors FY 2014 FY 2015 0.50 FY 2016 0.66 FY 2017 0.82 FY 2018 0.88 M in 1. 0 5 Advised Advised CFI Strength Factors FY 2015 FY 2016 FY 2017 FY 2018 Weighted CFI Strength Factors FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 M in Primary Reserve Rat io 1. 4 3 1. 8 8 2.33 2.52 M 3.01 in Advised PrimaryViability Reserve Ratio Rat io 0.340.50 0.660.47 0.82 0.61 0.880.72 1. 0 5 CFI Strength Factors FY 2015 FY 2016 FY 2017 FY 2018 M in Primary Reserve Rat io 0.50 0.66 0.82 0.88 1. 0 5 PrimaryNet Operat Reserve ing Revenue Rat io Rat io (2.46) 1. 4 3 1.3.71 8 8 2.332.96 (2.52 2 . 15) 3.003.01 Viability Ratio 0.34 0.47 0.61 0.72 1. 0 5 Ret urn on Net A sset s 0.29 1. 9 6 2.83 0.88 0.60 Primary Reserve Rat io 1. 4 3 1. 8 8 2.33 2.52 3.01 Viability Ratio 0.34 0.47 0.61 0.72 1. 0 5 Net Operat ing Revenue Rat io (2.46) 3.71 2.96 ( 2 . 15) 3.00 RetNet urnOperat on Net ing ARevenue sset s Rat io (0.25) 0.29 0.371. 9 6 2.830.30 (0.21) 0.88 0.300.60 Viability Ratio 0.98 1. 3 5 1. 74 2.07 3.00 Net Operat ing Revenue Rat io (2.46) 3.71 2.96 ( 2 . 15) 3.00 CFINet Operat ing Revenue Rat ioRet urn on Net A sset s - 0.88 (0.25) 3.46 0.37 4.55 0.30 2.27 0.29(0.21) 3.00 0.30 1. 9 6 2.83 0.88 0.60 ViabilityRet urn on Ratio Net s A sset s 0.98 1. 4 4 9.80 1. 3 5 14 1. . 74 13 2.07 4.41 3.00

CFI Net Operat ing Revenue Rat - io 0.88 3.46 4.55 2.27(0.25) 3.00 0.37 0.30 (0.21) 0.30 Ret urn on Net s A sset s Viability Ratio 1. 4 4 9.80 14 . 13 4.41 3.00 0.98 1. 3 5 1. 74 2.07 3.00 CFI - 0.88 3.46 4.55 2.27 3.00 Ret urn on Net s A sset s 1. 4 4 9.80 14 . 13 4.41 3.00 APPENDIX

47 PORTLAND STATE UNIVERSITY COMPOSITE FINANCIAL INDEX (CFI) DETAILED

NOTES

2018 FINANCE & ADMINISTRATION FINANCIAL DASHBOARD & ANNUAL REPORTING REQUIREMENTS 48 49 PORTLAND STATE UNIVERSITY REFERENCES & GUIDANCE Krawitz, N. (2015). The Board’s Role in Financial Oversight, Washington, DC: AGB and the Association of Governing Boards of Universities and Colleges

Moody's - credit ratings, research, tools and analysis for the global capital markets. (n.d.). from https://www.moodys.com/

NACUBO. (n.d.). from http://www.nacubo.org/ Tahey, P., Salluzzo, R., Prager, F., Mezzina, L., Cowen, C. (2010). Strategic Financial Analysis for Higher Education Identifying, Measuring & Reporting Financial Risks 7th Edition, USA: Prager, Sealy & Co., LLC; KPMG LLP; Attain LLC Tahey, P., Salluzzo, R., Prager, F., Mezzina, L., Cowen, C. (2016). Update to the 7th Edition of Strategic Financial Analysis for Higher Education, USA: Prager, Sealy & Co., LLC; KPMG LLP; Attain LLC

DATA SOURCES PHOTOS COURTESY OF Higher Education Coordinating Commission University Archives, Portland State University Library Oregon Department of Administrative Services Oregon State Treasury Oregon Historical Society Portland State University, Office of Institutional Research & Planning City of Portland Archives & Records Center

Portland State University, Planning, Construction & Real Estate Portland State University, Treasury Portland State University, University Budget Office Portland State University, University Financial Services

Portland State University, Banner ERP University Shared Services Enterprise

Portland State University Foundation

2018 FINANCE & ADMINISTRATION FINANCIAL DASHBOARD & ANNUAL REPORTING REQUIREMENTS 50 ACKNOWLEDGMENTS

TREASURY Donald V. Forsythe, Treasurer

Gergana Petcova, Treasury Analyst

UNIVERSITY FINANCIAL SERVICES Jennifer Kahl, University Controller

Jason Abbott, Assistant Controller

CAMPUS PLANNING Jason Franklin, Director of Campus Planning

Lucius Shields, Space Management Analyst

Julia Michel, GIS & Planning Analyst

Brittany Quale, Graphic Designer

PORTLAND STATE UNIVERSITY FOUNDATION Stacey Henriquez, Sr. Director of Finance & Accounting

51 PORTLAND STATE UNIVERSITY For information about the financial data included in this report, contact:

Donald V. Forsythe Treasurer

Gergana Petcova Treasury Analyst

Office of Finance & Administration Portland State University Richard & Maurine Neuberger Center, Suite 501 1600 SW 4th Avenue Portland, OR 97210

503-725-4444 www.pdx.edu/fadm

November 2018

2018 FINANCE & ADMINISTRATION FINANCIAL DASHBOARD & ANNUAL REPORTING REQUIREMENTS 52