West Virginia University may forever be steeped in the gold and blue, but its Board of Governors learned Friday at its regular meeting the university is in the black.
Paula Congelio, WVU’s Vice President of Finance and Chief Financial Officer, said revenue for fiscal 2019 decreased by almost 1%, but that loss was offset by increases in non-capital grants, revenue from contracts, other operating revenue and state appropriations.
Items that had an impact on fiscal 2019 revenue include a $10 million signing bonus from Sodexo, which took over student dining services. The university also received $13.4 million in outstanding Medicaid funding, and athletic revenue increased because of additional receipts from the Big 12 Athletic Conference, ticket sales and corporate sponsorships.
The university had expenses of $1.1 billion during fiscal 2019, of which 48% went toward salaries and wages. Revenue was $1.12 billion, the bulk of which (37%) came from tuition and fees. Gifts, grants and non-capital contracts accounted for 22% of the revenue, while the state chipped in 16% and auxiliary enterprises made up 13%.
“It was another strong financial performance,” she said. “We want to continue to try and grow strategically.”
Total assets and deferred outflows (applicable to a future reporting period) came to $2.268 billion, up $2.42 million from 2018.
Other 2019 fiscal highlights included:
- $116.29 million in unrestricted cash, up $30.9 million from last year’s total of $85.2 million.
- $24.5 million in restricted cash — monies earmarked for specific uses. This is up $3.38 million from last year’s total of $21.1 million.
- Pension liability decreased $2.96 million to $6.21 million in 2019.
- Accrued payroll was $29.77 million, up $388,000 from $29.38 million last year.
In other business, the board approved a master of science in athletic training within the School of Medicine, moving the program from the College of Physical Activities and Sport Science to meet certification requirements.
The board also approved a master of health care administration within the School of Public Health, as well as graduate certificates in cybersecurity data analytics, business cybersecurity management and business cybersecurity foundations in the John Chambers College of Business and Economics.
