Report from the
Division of Business and Finance
The audited financials for the fiscal year ending June 30, 2013, show a year of remarkable gains for the University, led by the recognition of more than $110 million from the $125 million estate gift from the late Robert and Jeannette Powell.
With the transformative gift from the Powells and other gains in investments and operations, fiscal year 2013 was a year of great and lasting improvements to the University's financial strength and stability. The year's financial report shows:
- a $5 million increase in net tuition revenue to $219 million
- a $4 million increase in private gifts, bequests and grants to nearly $22 million, before counting the Powell gift
- an increase in net assets from operations of $130.9 million from the previous year
- the endowment's investment return was $16.6 million net of endowment spending distributions
- an increase in net assets from operational and investment gains of $147.1 million, or 31.4 percent, bringing the total net assets to $615.7 million
Other highlights during FY 13 include:
- financing and construction of the new San Francisco campus moved forward, including the sale of the Webster Street building that has been the home of the Arthur A. Dugoni School of Dentistry for nearly 50 years
- the Pacific Tigers rejoined the West Coast Conference as of July 1
- the Regents approved a new strategic plan, Pacific 2020, A Blueprint for the Future, which will position the University to take full advantage of the changes occurring in higher education nationally
Read more about this historic year at Pacific in a letter and report by Patrick D. Cavanaugh, vice president for Business and Finance, and Kenneth M. Mullen, associate vice president/controller.