Board of Visitors Retreat Strategic Plan Financial Overview August 3, 2019
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Board of Visitors Retreat
Strategic Plan Financial Overview
August 3, 2019
Financial Framework -- Agenda
Financing Our Strategic Priorities
Starting Point -- Position of Strength
Ten Key Initiatives (of which many goals underneath)
Next Steps
2
Financing Our Strategic Priorities
Strengthen our FoundationCultivate the Most Vibrant
Community in Higher Education
Enable Discoveries that Enrich and Improve Lives
Make UVA Synonymous with Service
A Great & Good University
SuccessUVA
Citizen Leaders for
the 21st
Century
Third-Century Faculty
Initiative
Pathways to Research Preeminence
Cultivating Staff Success
Good Neighbor Program
Broadening our Horizons
School of Data Science
Open Grounds at Emmet-Ivy
Bachelor’s Completion &
Certificate Programs3
Net Assets: $8.6 billion
UVA’s Financial FrameworkFinancial Strength as of June 30, 2018
4Diverse Revenue Base Strong Philanthropic Tradition
UVA’s Financial Framework: Current State FY2020Academic Division Revenues, $1.9B Academic Division Expenses, $1.9B
Operating & Capital Reserves
CapitalInfrastructure
Strategic Initiatives
Endowment & Annual Giving$381M, 20%2-3% growth
Auxiliaries & Other
$317M, 12%2-3% growth
Tuition & Fees
$623M, 33% 2-3% growth
Research$425M, 22%3-5% growth
State Support $167M, 9%8% growthSIF Return
$70M, 4%2-3% growth
Student, Admin, Facilities $234M, 12%2-3% growth
Auxiliaries & Debt Service$265M, 14%Instruction, Research, &
Academic$1,265M, 66%
3% growth
Student Financial Aid $145M, 8%3% growth
5
Operating Expenses, $1.76B Net Resources Directed To: Capital, Strategic, SOM & ReservesPatient Revenues, $1.70B
Net Resources Directed Toward
Medical Center
UVA’s Financial Framework: Opportunities
New Resources Directed Toward
Organizational Excellence
Savings
Strategic InitiativesMinimize Deferred
Maintenance Enterprise Risk
6
Revenue Opportunities
Capital Campaign & Investment
Return
Public-Private Partnerships &
Asset Utilization
Strategic Investment
Fund
Leverage External Research
Investments
Commonwealth and Tuition
Leverage Debt Capacity
Core Growth, Consolidation, Reallocation
P3
Financing Our Strategic Priorities
Strengthen our FoundationCultivate the Most Vibrant
Community in Higher Education
Enable Discoveries that Enrich and Improve Lives
Make UVA Synonymous with Service
A Great & Good University
SuccessUVA
Citizen Leaders for
the 21st
Century
Third-Century Faculty
Initiative
Pathways to Research Preeminence
Cultivating Staff Success
Good Neighbor Program
Broadening our Horizons
School of Data Science
Open Grounds at Emmet-Ivy
Bachelor’s Completion &
Certificate Programs7
Open Grounds at Emmet-Ivy
8
Hotel & Conference Center
• Project cost: $105M (pending)• Estimated annual cost: $TBD(debt service, O&M, programming)
School of Data Science
• Project cost: $43M• Estimated annual cost: $740,000
(O&M, does not include programming)
Good Neighbor Program
9
Provide a Living Wage to Full-time Employees
• Estimated annual cost included in FY2019-20 operating budget
Contribute to Affordable Housing• Estimated annual cost: TBD
Sustainability Goals• Estimated project cost: TBD
Citizen Leaders for the 21st Century
P3
TBD
10
Current State:• Total housing inventory: 6,632 beds (99% occupancy)
Future State:• House all first- and second-year students and enhance programming• Working group reviewing housing scenarios and developing a range of options
Next Steps
• Further refine ten-year implementation sequencing and financing plan
• Continue conversation with the Commonwealth around Six Year Plan and IPPA
• Optimize structure of and execute debt issuance this fall
• Enhance financial metrics/dashboard
11
Draft Financial Metrics
Leverage External Research
Investments
Organizational Excellence
Savings
First Gen Support, Student
Financial Aid
12
We should strive not simply to be great, but
also to be good...
…both outstanding and ethical
…excellent for a purpose.
We will be the leading public university in
the country in 2030 and one of the very
best in the world, whether public or private.
Jim Ryan
A Great and Good University: The 2030 Plan
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