Audited Financial Statements
Consolidated Financial Reports
Each of the Consolidated Financial Reports provides an overview of the financial position of the University of Dayton with comparative information from the previous year. The overview is prepared by management and should be read in conjunction with the audited financial statements and notes.
The University of Dayton is a private Roman Catholic national research university in Dayton, Ohio. Founded in 1850 by the Society of Mary (the Marianists), it is one of three Marianist universities in the nation and the largest private university in Ohio.
In fiscal year 2018-19, the University of Dayton completed another year of thoughtful financial stewardship by investing in our academic and research missions, advancing mutually beneficial community engagement, and promoting fiscal sustainability in alignment with our vision and Catholic, Marianist identity.
As the entire national higher education sector continues to face market pressures and other challenges, the University of Dayton continues our exceptional growth and development. We welcomed the largest undergraduate student body in University history and attracted an increased number of talented, academically gifted students from around the country and the world. As we work toward higher quality through greater campus diversity and inclusion, we were pleased to see gains in socioeconomic diversity and underrepresented domestic racial and ethnic populations. Our six-year graduation rate reached 81.5%, setting another record. We are incredibly proud of this number as it represents the first class to enroll under the University’s transparent tuition plan and compares favorably with graduation rates from selective national universities. It is evidence that our innovative tuition plan is achieving a key goal — helping our students graduate on time with less debt. The University of Dayton achieved another year of record research in FY19 with $170.5 million in sponsored research revenues. According to the most recent data available from the National Science Foundation, UD performs more sponsored materials research and development than any other college or university in the country and is the top Catholic university in many sponsored research categories, including sponsored engineering expenditures.
The University also completed another successful fundraising year with $45.5 million in gifts, representing a solid vote of confidence in the direction of the University and its future from our alumni, faculty, staff, students, and friends. In addition to several multimillion dollar gifts during the year, on One Day, One Dayton — the first one-day giving campaign in the University’s history — we overwhelmingly exceeded our goals for total number of gifts and dollars.
Those gifts helped boost our endowment to more than $600 million for the first time in University history, increasing our ability to recruit and retain high-achieving students by making a UD education more accessible and affordable to all.
To maintain our reputation as a top-tier Catholic research university, we continued to invest in capital projects to offer premier learning, living, teaching, and working facilities for our faculty, staff, and students.
The long-awaited redevelopment of the historic downtown Dayton Arcade moved closer to reality with our 10-year commitment as anchor tenant to establish a center for entrepreneurship support and education; we expect to begin to occupy that space in the second half of 2020. Plans also continue for the development of onMain: Dayton’s Imagination District, a signature neighborhood adjacent to campus that will attract jobs, economic development, and innovation to the site of the former county fairgrounds.
As the University of Dayton enters its 170th year in 2020, I am proud to collaborate with our talented administration, faculty, and staff, our generous friends and alumni, our community-minded partners, and our amazing, future-focused students in nurturing and supporting this very special University, committed to the common good in the spirit of our Catholic, Marianist mission.
Eric F. SpinaPresident
The University of Dayton continues to maintain strong financial positioning and a continued cycle of investment, even during a time of increasing challenge for private colleges and universities in the United States. I am pleased to report that we have continued to balance our investments in the University with another year of solid operating performance. Our top-line revenues grew by nearly 7% from last year to $595.5 million, while the unrestricted operating margin of 5.2% creates more than $31 million available for reinvestment into our faculty, students and staff.
President Spina highlighted growth in our endowment to more than $600 million at the end of the fiscal year. Along with other favorable changes in unrestricted long-term assets, our net assets grew by over $70 million to $1.23 billion. On the other side of the balance sheet, liabilities contracted in several categories, with overall liabilities decreasing from $614.1 million to $540.2 million. This type of balance sheet strengthening allows more favorable views from the ratings agencies as our wealth and leverage ratios improved.
The following discussion and analysis provides an overview of the financial position of the University of Dayton for the year ended June 30, 2019 with comparative information for the previous year ended June 30, 2018. This overview has been prepared by management and should be read in conjunction with the audited financial statements and the notes that follow this section.
Andrew T. Horner
Executive Vice President for Business &