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University of the Virgin Islands Board of Trustees Meeting March 9th, 2013 1 Entering Students Profile Financial Research Development 2 3 The CIRP Freshman Survey is administered to incoming first-year students every two years. The instrument collects extensive information that allows for a snapshot of what the incoming students are like before they experience college. Key sections of the survey examine: ◦ Established behaviors in high school; ◦ Academic preparedness; ◦ Admissions decisions; ◦ Expectations of college; ◦ Interactions with peers and faculty; ◦ Student values and goals and ◦ Student demographic characteristics; and ◦ Concerns about financing college. Peer group for comparison purposes is constituted of the Public HBCUs participating to the CIRP Freshman Survey. 4 *Cooperative Institutional Research Program at Higher Education Research Institute at UCLA. Responses are self-reporting without collaboration. Freshmen 78% Graduated from a Public HS; 81% for peer group 29% Only apply to UVI 84% Were Accepted by their 1st Choice College, 73% for peer group 45% Identified UVI as their 1st Choice. 54% Were First Generation in College; 32% for peer group Top 4 Reasons for Attending UVI from 2002 to 2012:  Cost  Offered Financial Assistance  Good Academic Reputation of UVI  Wanted to Live Near Home  2012: 39% of Freshmen reported that the economic situation significantly affected their college choice. 5 * Cooperative Institutional Research Program at Higher Education Research Institute at UCLA. Responses are self-reporting without collaboration. % of New Freshmen 2002 2004 2006 2008 2010 2012 Graduated HS from this Year 85% 80% 85% 85% 84% 79% UVI Was Their First Choice 55% 59% 62% 57% 49% 45% Only Apply to UVI 41% 38% 35% 29% 28% 29% Reasons Noted as Very Important for Attending UVI The cost of Attendance 54% 67% 66% 70% 65% 64% Financial Aid Offered 48% 45% 41% 61% 37% 50% 6 7 General Information ◦Parents of students  Fathers (28%/43% peers) and Mothers (38%/63% peers) had College Experience (Ranging from Some College to a Graduate Degree) ◦10% Identified a Disability UVI Freshmen Believe the Federal Government Should Address ◦Gun Control ◦Nationalize Health Care ◦Pollution * Cooperative Institutional Research Program at Higher Education Research Institute at UCLA. Responses are self-reporting without collaboration. 15% Employed 16-20+/week (25% - HBCU public participating in CIRP) 55% from Single Parent household (62% - HBCU public participating in CIRP) 11% One/Both Parents Dead (9% - peers) USVI (2010 Census) 31% of V.I. Families w/ Children Below Poverty (36% in St. Croix and 27% in St. Thomas) 39% of All V.I Families Have an Income Below 35K/year 8 53% 49% 41% 59% 47% 42% 0% 20% 40% 60% 80% 100% UVI HBCU Public 4 Yr. Public Fall 2012 Fall 2010 •Cooperative Institutional Research Program at Higher Education Research Institute at UCLA. Responses are self-reporting without collaboration. •**2010 Census St. Croix Schools Fall 2009 Fall 2010 Fall 2011 Fall 2012 AZ Academy 1 1 1 0 Free Will Baptist School, STC 13 7 6 6 Good Hope 0 3 2 3 Manor School 0 3 4 2 Seventh-Day Adventist, STC 5 8 6 7 St. Croix Educational Complex 104 65 88 66 St. Croix Central High School 73 67 63 69 St. Croix Country Day School 2 10 3 3 St. Joseph's High School 11 15 12 9 The Kingshill School 0 1 1 1 St. Croix Totals 209 180 186 166 St. John and St. Thomas Schools Fall 2009 Fall 2010 Fall 2011 Fall 2012 Gifft Hill School 0 2 1 2 St. John Totals 0 2 1 2 All Saints Cathedral School 6 3 3 6 Antilles School 2 2 3 2 Bridges Academy, Inc. 3 4 3 1 Charlotte Amalie High School 95 123 126 100 Ivanna Eudora Kean High School 49 57 51 45 Seventh-Day Adventist, STT 12 7 7 7 Sts. Peter & Paul School 9 9 3 5 St. Thomas Totals 176 205 197 168 USVI Grand Totals 385 387 384 334 Fall 2009 Fall 2010 Fall 2011 Fall 2012 St. Croix % of Enrolled % of Enrolled % of Enrolled % of Enrolled Central High 33% 31% 24% 27% Educational Complex 40% 26% 30% 23% St. Croix Totals 37% 29% 27% 25% St. Thomas CAHS 33% 39% 41% 30% IEKHS 26% 28% 25% 20% St. Thomas Totals 30% 35% 35% 26% Overall Totals St. Thomas/St. Croix 34% 32% 31% 25% 12 Source: Data obtained from the Virgin Islands Board of Education 780 961 1235 1251 256 350 455 460 524 611 780 791 0 200 400 600 800 1000 1200 1400 2009 2010 2011 2012 Applicants UVI Univ. Off Islands % of Recipients Attending UVI • 2009: 33% • 2010: 36% • 2011: 37% • 2012: 37% 13 Year Scholarship Amount Total students Number / Percent of students who stay in Territory Number / Percent of students who went off island 2009 $ 1500 80 39 49% 41 51% 2010 $ 1500 100 43 43% 57 57% 2011 $ 5000 200 88 44% 112 56% 2012 $ 5000 200 77 39% 123 61% Source: Data obtained from Office of Access Grant (Denise Lake) *Retention Rate. “A measure of the rate at which students persist in their educational program at an institution, expressed as a percentage. For four-year institutions, this is the percentage of first-time bachelors (or equivalent) degree-seeking undergraduates from the previous fall who are again enrolled in the current fall.” (Source: IPEDS) **Continuation Rate. “… is the percentage of first-time, full-time freshmen in a given fall term who returned to the institution in a subsequent fall term. (Source: CSRDE) 15 UVI Based on 2005-2011 Cohorts CSRDE* Based on 2005-2010 Cohorts Retention (Full-Time Freshmen to 2nd year) Fall 2012 to Spring 2013: 91% (preliminary) Fall 2011 70% Fall 2010 70% All - Public 82% By Race/Black 69% Low Selectivity(<990 SAT) 71% Gender Female 73% Male 68% Selective (1045-1100 SAT) 78% Continuation/ Persistence 3rd Year 59% 5th Year 31% 6th Year 17% All - Public 3rd Year 72% 5th Year 30% 6th Year 9.1% Low Selectivity 3rd Year 57% 5th Year 32% 6th Year 15% * Consortium for Student Retention Data Exchange All references to FY 2012 are based on unaudited numbers. 16 Financial Indicators – FY 2012 (unaudited) ◦VI Government Support 11% ◦UVI Revenues from Operations* 11% ◦Total Operating Revenues ** 2% Summary Revenues - FY 2011 (audited) 17 • Unrestricted Revenues • Federal Restricted Revenues • Local Capital Appropriation (Debt Service) • Gifts • Net Investment Income • Total Actual Sources of Funds FY2011 $50,537,754 3% $24,358,367 22% $ 3,992,205 25% $ 3,199,369 850% $ 1,008,951 59% $83,096,646 7% *Revenues from Operations(restricted + unrestricted) = tuition and fees + federal grants and contracts (excluding student grants) + state grants and contracts + auxiliary + miscellaneous income. **Operating revenues (unrestricted) = tuition and fees + government operating appropriations + auxiliary + miscellaneous income. (Source: UVI Administration and Finance) VI Government Support 11% (Appropriations for operations FY 12 - $29,679,039) (Appropriations for operations FY 11 - $33,412,293) UVI Revenues from Operations** 11% (All revenues FY 12 – $44,417,807) (All revenues FY 11 – $39,559,952) * Financial Indicators refer to actual unrestricted operating revenues and not budgeted revenues. (Source: UVI Administration and Finance). FY 2011 numbers are unaudited / FY 2010 Audited Statement **Revenues from Operations(restricted + unrestricted) = tuition and fees + federal grants and contracts (excluding student grants) + state grants and contracts + auxiliary + miscellaneous income. (Source: UVI Administration and Finance) 18 19  VI Appropriations* 13% * Allotment only $31.4 $29.4 $25.7 2010 2011 2012 FY Annual Appropriations Millions $48.9 $52.1 $51.0 2010 2011 2012 FY Annual Revenues 20 *Operating revenues (unrestricted) = tuition and fees + government operating appropriations + auxiliary + miscellaneous income. 2% Millions 21 6 pts (FY 10 to FY 11) 64% 56% 50% 2010 2011 2012 25% 28% 30% 2010 2011 2012 22 2 pts Total revenues for the essential education activities of the institution. Core revenues for public institutions (…GASB standards) include: Tuition and fees Government appropriations (federal, state, and local) Government grants and contracts Private gifts, grants, and contracts Investment income Other operating and non-operating sources Other revenues and additions Core revenues exclude revenues from auxiliary enterprises (e.g., bookstores, residence halls), hospitals, and independent operations. (Source: IPEDS Glossary) 23 SUNY at Purchase College 52 University of Puerto Rico-Aguadilla 50 University of the Virgin Islands 38 Peru State College 38 Kentucky State University 35 Montana State University-Northern 33 University of Guam 33 Eastern Oregon University 32 Savannah State University 31 Lake Superior State University 31 Mississippi University for Women 27 University of Mary Washington 27 Lander University 17 Keene State College 16 Castleton State College 14 24 Castleton State College 64 Keene State College 63 University of Mary Washington 39 Lander University 39 Lake Superior State University 37 Eastern Oregon University 30 SUNY at Purchase College 27 Kentucky State University 25 Peru State College 24 Montana State University-Northern 22 Mississippi University for Women 21 University of the Virgin Islands 18 Savannah State University 16 University of Puerto Rico-Aguadilla 10 University of Guam 10 25 Changes in Net Assets Total Revenues (All sources) $ 83,096,646.00 Total Operating Expense (excluding Depreciation + Interest on Indebtedness) $ (77,263,953.00) Net Revenues before Interest and Depreciation Expenses $ 5,832,693.00 Interest Payment on Indebtedness $ (2,547,324.00) Depreciation Expense $ (2,524,634.00) Total of Interest and Depreciation $ (5,071,958.00) Increase in Net Assets $ 760,735.00 26 *Based on 2011 Audited Financial Statements. Changes in Net Assets Total Revenues (All sources) $ 86,879,226.00 Total Operating Expense (excluding Depreciation + Interest on Indebtedness) $ (77,357,860.00) Net Revenues before Interest and Depreciation Expenses $ 9,521,366.00 Interest Payment on Indebtedness $ (2,463,313.00) Depreciation Expense $ (2,406,715.00) Total of Interest and Depreciation $ (4,870,028.00) Increase in Net Assets $ 4,651,338.00 27 *Based on 2010 Audited Financial Statements. 28 $16 $17 $15 2010 2011 2012 Grants and Contracts 13%* 29 *Based on actual numbers. Calculation: $15,049,301-$17,289,075= -12.9% $ 17,289,075 Millions Awards by Source FY 2011 FY 2012 Federal Direct Awards $14,892,199 $11,547,941 Federal Subcontracts $ 1,826,901 $ 2,561,787 VI Territory $ 552,105 $ 906, 173 Private $ 17,870 $ 33,400 30 • In FY 2012 a total of 71 proposals (same as in FY 11) were submitted for 56 awards (63 in FY 2011). • Of the $15,049,301 received, $14,043,861 were allocated as Direct Costs and $1,005,440 as Indirect Costs. Amount Awarded by Recipients FY 2011 FY 2012 College of Science and Mathematics $ 2,444,411 $ 1,420,061 CLASS $ 7,500 $ 49,000 School of Education $ 165,120 - School of Business $ 29,203 _ School of Nursing $ 1,741,231 $ 1,846,048 Research and Public Service $ 7,718,865 $ 5,100,784 Others (e.g. Athletics, CELL) $ 5,182,745 $ 6,633,408 31 32 Total Contribution: $418,293 14% Cash Contributions 5% Total Alumni Contributions 9% = $15,880 8% Traditional Alumni Contributed 6pts  $ 14,198 Contributions 9% • $30 Average Gift 81% • $2 Median Gift 96% Less 1% Special Alumni Contributed  $1,682 Contributions 6%  56% Cabinet Contributed 10pts  $3,500 Total Contributions 67% • $700 Average Gift 67% • $75 Median Gift 50%  25% Trustees Contributed 10pts  $6,600 Total Contributions 27% • $1,650 Average Gift 10% • $600 Median Gift 20% 33