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FY 13: A Remarkable Year

Dec 13, 2013

The audited financials for the fiscal year ending June 30, 2013, show 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 by the Powells and the other gains in investments and operations, fiscal year 2013 saw 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 our 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 report presented by Patrick D. Cavanaugh, Vice President for Business and Finance, and Kenneth M. Mullen, Associate Vice President/Controller.