UNIVERSITY OF NORTHERN IOWA CEDAR FALLS, IOWA · 2016. 12. 14. · UNI’s FY2014-15 rate ($8,046) is $444 under the average rate of $8,490. Apartment rental rates for Hillside Courts,

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UNIVERSITY OF NORTHERN IOWA CEDAR FALLS, IOWA

UNIVERSITY RESIDENCE SYSTEM ANNUAL REPORT

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Prepared for the Board of Regents, State of Iowa September 19, 2014

Glenn Gray Executive Director of Residence

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University of Northern Iowa Residence System Annual Report

Table of Contents

Page Executive Summary………………………………………………………………………………………3 University Enrollment…………………………………………………………………………………….4 Residence Occupancy………………………………………………………………………...…………5 Residence Occupancy as a Percent of Enrollment Residence Occupancy and Academic Classification Residence Occupancy Compared to Housing Capacity Residence Occupancy Participation in the 2-Year Advantage Plan Residence Rates………………………………………………………………………………………….6 Ten Year Room and Board Rate Comparison Peer Group Rate Comparison University Apartment Rates Meal Plan Rates for Students Residing in Apartments Facilities Summary…………………………………………………………………………………….....8 Improvement and Repair Expenditures Financial Statement………………………………………………..……………………………………10 Bond Principal and Interest………………………………………………………………………..……11 Appendix A…………………………………………………………………………………………..…...12 Resident Assessment

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EXECUTIVE SUMMARY Mission The Department of Residence (DOR) serves as an extension of the University’s mission to educate – to recruit, retain and graduate students. Core services include marketing of on-campus housing and dining; administration of housing and dining contracts; supervision of residence life; provision of dining, retail and catering services; maintenance and cleaning of facilities; and administration of campus identification cards. The DOR contributes to the success of students and the university by providing exceptional hospitality and creating dynamic communities. Annual assessment, measured longitudinally and benchmarked nationally, affirms incredibly high levels of student satisfaction with UNI housing facilities, dining services, and the residential experience provided (see appendix A).

University Enrollment Total enrollment at the University of Northern Iowa for fall 2014 is 11,928 students; including 2,047 freshmen, 1,928 sophomores, 2,437 juniors, 3,322 seniors, 1,786 graduates, and 260 unclassified students. Fall 2013 enrollment was 12,159 students; including 2,037 freshmen, 1,902 sophomores, 2,662 juniors, 3,393 seniors, 1,779 graduates, and 386 unclassified students. Fall 2012 enrolment was 12,273 students; including 2,091 freshmen, 2,096 sophomores, 2,737 juniors, 3,589 seniors, 1,618 graduates, and 142 unclassified students. Residence Occupancy Unlike many colleges and universities in the state of Iowa and across the country, UNI has no student residency requirement policy in practice. Approximately 36.8% of all students currently enrolled at UNI reside on campus; including 92.7% of new freshmen (83% of all freshmen), 55.1% of sophomores, 28% of juniors, and 17.4% of seniors. Total student occupancy on campus for fall 2014 is 4,386 students; or 36.8% of enrollment occupying 89.6% of housing capacity. Fall 2013 occupancy was 4,355 students; or 35.8% of enrollment occupying 83.8% of housing capacity. Fall 2012 occupancy was 4,413 students; or 33.6% of enrollment occupying 89.1% of housing capacity. The 2-Year Advantage Plan provides students with the opportunity to freeze their housing and dining rates for two years and avoid the $200 pre-payment requirement for the second year of the contract. The Department of Residence is currently studying the effectiveness of the program. Residence Rates Residency rates rose by 2.9% in FY2013-14 and will raise 2.8% in FY2014-15. UNI ranks 7th among its peers for double occupancy with full meal plans. UNI’s FY2014-15 rate ($8,046) is $444 under the average rate of $8,490. Apartment rental rates for Hillside Courts, Jennings Courts and Panther Village increased just 1.5% for FY2014-15, while rates for ROTH were slightly higher due to two additional weeks added to the housing contract. Meal plan rates rose 1.7% - 2.1% depending on the meal plan. Facilities Summary The Department of Residence accounts for approximately one-third of the total square footage at UNI (1,606,040 sq. ft.). DOR facilities include eight residence halls with a design capacity of 4,164 beds; two apartment-style halls with a design capacity of 774 beds; 319 apartments for nontraditional students and students in need of family housing; and two dining centers with a combined seating capacity of 1,730 seats.

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Programmatic capacity reduces the design capacity available for occupancy. For example, Shull Hall has a maximum design capacity of 420 beds, but is currently marketed as 209 single rooms for transfer students. Furthermore approximately 100 live-in staff are provided single rooms as part of their compensation for various responsibilities including community development, policy enforcement and emergency response. Construction of both Panther Village phase II and an addition on the Redeker Center were completed during FY14. Plans will be developed for the modernization of Lawther Hall during FY15. Lawther Hall is the oldest residence hall on campus with the most deferred maintenance. Modernization will include updating mechanicals, installing air conditioning and a fire suppression system, and making the facility ADA accessible. The project will be funded with reserves. Financial Statement The Department of Residence is an auxiliary operation funded entirely from self-generated revenues. No state appropriation, tuition revenue or general fund dollars are allocated to support housing. For the year ending June 30, 2014, total revenues for the Residence System exceeded budget by $866,174 or 2.35% and expenditures were under budget by $1,767,724 or 6.49%. This resulted in a $2,633,898 increase in net revenues and a 39% increase in the debt service coverage ratio. Fund balances increased by $4,581,210 or 32.38% over budget. Increase in revenue was due in part to additional housing contracts (63) compared to budget (4,292) in FY14. This includes a 4.7% increase in new freshman contracts and a 6.9% increase in senior contracts. FY15 saw a similar increase netting 31 additional contracts over FY14 for a total of 4,386. Investment income was over budget by $298,095 or 75.28%. This was due to the recovery of the market and value on treasury and agency securities and a strong return on investment on University of Iowa operating and intermediate portfolios. Other income was down $262,767 or 4.41%. This was partially due to a reduction in retail sales. Expenditures were down by $1,767,724 or 6.49% from budget. This was due in part to salary and fringe benefit savings and other operating expenses. Utilities were up $293,401 or 12.52% over budget due to increases in utility costs. Food costs were down $137,244 or 2.93% compared to budget. This was due to the decrease in retail sales.

UNIVERSITY ENROLLMENT

Student Enrollment

Classification Fall 2012 Fall 2013 Fall 2014 Change 13 to 14

New freshmen 1,704 1,722 1,797 75 4.4%

All freshmen 2,091 2,037 2,047 10 0.5%

Sophomores 2,096 1,902 1,928 26 1.4%

Juniors 2,737 2,662 2,437 (225) -8.5%

Seniors 3,589 3,393 3,322 (71) -2.1%

Graduates & Unclassified 1,760 2,165 2,194 29 1.3%

Lower Division (FR & SO) 4,187 3,939 3,975 36 0.9%

Upper Division (JR & SR) 6,326 6,055 5,759 (296) -4.9%

All Undergraduate 10,513 9,994 9,734 (260) -2.6%

Total Enrollment 12,273 12,159 11,928 (231) -1.9%

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RESIDENCE OCCUPANCY

Residence Occupancy as a Percent of Enrollment

Classification Fall 2012 Fall 2013 Fall 2014 Change 13 to 14

New freshmen 94.2% 92.4% 92.7% 0.3%

All freshmen 84.5% 83.1% 83.0% -0.2%

Sophomores 58.3% 58.5% 55.1% -3.3%

Juniors 23.3% 26.7% 28.0% 1.3%

Seniors 13.3% 15.9% 17.4% 1.5%

Graduate & Unclassified 17.6% 13.8% 16.6% 2.9%

Lower Division (FR & SO) 71.4% 71.2% 69.5% -1.8%

Upper Division (JR & SR) 17.6% 20.7% 21.9% 1.2%

All Undergraduate 39.0% 40.6% 41.3% 0.7%

Total Occupancy 33.6% 35.8% 36.8% 1.0%

Residence Occupancy and Academic Classification

Classification Fall 2012 Fall 2013 Fall 2014 Change 13 to 14

New freshmen 1,605 1,591 1,666 75 4.7%

All freshmen 1,766 1,693 1,698 5 0.3%

Sophomores 1,223 1,112 1,063 (49) -4.4%

Juniors 638 712 683 (29) -4.1%

Seniors 476 540 577 37 6.9%

Graduates & Unclassified 310 298 365 67 22.5%

Lower Division (FR & SO) 2,989 2,805 2,761 (44) -1.6%

Upper Division (JR & SR) 1,114 1,252 1,260 8 0.6%

All Undergraduate 4,103 4,057 4,021 (36) -0.9%

Total Occupancy 4,413 4,355 4,386 31 0.7%

Residence Occupancy Compared to Housing Capacity

Fall 2012 Fall 2013 Fall 2014

Capacity Occupancy Capacity Occupancy Capacity Occupancy

Residence Halls

Bender 595 573 595 530 598 491

Campbell 582 551 582 502 577 519

Dancer 595 564 595 512 598 520

Hagemann 398 299 398 347 401 329

Lawther 432 357 432 308 432 318

Noehren 711 678 711 604 713 609

Rider 423 379 423 315 425 344

Shull 419 225 419 224 420 237

Apartments

Hillside Courts 277 253 277 259 279 260

Jennings Courts 40 37 40 35 40 38

Panther Village 204 201 450 442 451 444

ROTH 278 296 278 277 323 277

TOTAL 4,954 4,413 5,200 4,355 5,257 4,386

Occ/Cap % 89.1% 83.8% 83.4%

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RESIDENCE OCCUPANCY

Residence Occupancy Participation in the 2-Year Advantage Plan

Fall 2012 Fall 2013 Fall 2014 2013 to 2014

First Year Participants 1,150 1,217 1,177 (40) -3.3%

Second Year Participants 1,072 928 966 38 4.1%

Total 2,222 2,145 2,143 (2) -0.1%

RESIDENCE RATES

Ten Year Room and Meal Rates

Double Room / 19-Meal Contracts – Academic Year

Year Rate * $ Increase % Increase

2005-06 $5,519

2006-07 $5,740 $221 3.9%

2007-08 $6,268 $528 8.4%

2008-09 $6,790 $522 7.7%

2009-10 $6,980 $190 2.7%

2010-11 $7,120 $140 2.0%

2011-12 $7,426 $306 4.1%

2012-13 $7,597 $171 2.3%

2013-14 $7,820 $223 2.9%

2014-15 $8,046 $226 2.8%

* Students participating in 2-Year Advantage Plan pay previous year's rates

Comparable Peer Universities Rate Comparison

Double Occupancy, Full Meal Plan

Institution 2012-13 2013-14 2014-15 Meal Plan

1 Ohio University $11,672 $10,230 $10,478 20 Meals per week

2 Illinois State University $9,364 $9,624 $9,754 Unlimited

3 Northern Arizona University $8,726 $8,854 $9,054 Unlimited

4 Central Michigan University $8,376 $8,544 $8,780 Unlimited

5 Indiana State University $8,619 $8,500 $8,747 Standard Plan

6 California State, Fresno $10,705 $8,498 $8,624 14 Flex/19 plan

7 University of Northern Iowa $7,597 $7,820 $8,046 All Access

8 University of North Carolina at Greensboro $7,412 $7,408 $7,884 Unlimited

9 University of North Texas $7,345 $7,355 $7,717 7 day meal plan

10 University of Minnesota Duluth $7,194 $6,956 $7,004 19 Meals per week

11 University of Wisconsin-EauClaire $6,182 $6,466 $6,855 All Access

Average (mean) without UNI $8,560 $8,244 $8,490

UNI under (over) average $963 $424 $444

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RESIDENCE RATES

Apartment Rental Rates per Academic Year

2012-13 2013-14 2014-15

Hillside Courts

One Bedroom $3,850 $3,927 $3,986

Two Bedroom $4,915 $5,012 $5,087

Townhouse $5,416 $5,524 $5,607

Jennings Courts

Two Bedroom $5,400 $5,508 $5,591

ROTH

Suite - Double $3,280 $3,374 $3,610

Suite - Single $4,540 $4,670 $4,801

6 Person apt - Double $3,863 $3,974 $4,252

4 Person apt - Double $3,863 $3,974 $4,252

2 Person apt - Double $4,743 $4,880 $5,221

Panther Village

Studio Apartment $7,140 $7,346 $7,456

2 Person apt $6,540 $6,730 $6,831

4 Person apt $5,940 $6,112 $6,204

Meal Plan Rates for Students Residing in University Apartments and Off Campus

Meal Plans 2013-14 2014-15 $ Increase % Increase

Gold Plan (All access & $250 DD per semester) $4,360 $4,434 $74 1.7%

Purple Plan (All access & $50 DD per semester) $4,010 $4,084 $74 1.8%

Panther Block (200 meals & $250 DD per semester) $4,160 $4,230 $70 1.7%

Basic Block (160 meals per semester) $3,120 $3,180 $60 1.9%

Any 5 $1,706 $1,735 $29 1.7%

Any 100 Meal Deal $930 $948 $18 1.9%

Any 60 Meal Deal $570 $581 $11 1.9%

Any 20 Meal Deal $194 $198 $4 2.1%

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FACILITIES SUMMARY

Improvement and Repair Expenditures for Facilities Operations

2008-09 2009-10 2010-11 2011-12 2012-13 2013-14

Total Gross Square Footage 1,487,830 1,487,830 1,487,830 1,487,830 1,443,072 1,606,040

Total Building Insurance $308,015,174 $308,852,999 $316,574,324 $307,050,944 $315,789,478 $427,694,201

Total Improvement and Repair Expenditure $5,606,303 $7,287,881 $8,064,222 $5,282,969 $4,330,970 $5,248,974

Expenditure Per Gross Square Foot $3.77 $4.90 $5.42 $3.55 $3.00 $3.27

Expenditure as a Percent of Replacement Value 1.82% 2.36% 2.55% 1.72% 1.37% 1.23%

HALLS Year Built Design

Capacity Gross SF Cost per SF Replacement Cost Construction Only Contents Extra Expense Bus Income Total

Lawther 1938, 50 432 107,085 266.03 28,487,361 1,780,460 250,594 1,434,444 31,952,859

Campbell 1953, 56,

64 577 132,442 240.30 31,825,666 1,989,104 269,245 1,888,790 35,972,805

Rider 1961 425 85,938 240.94 20,705,742 1,294,109 182,305 1,352,640 23,534,796

Shull 1964 420 85,283 242.79 20,705,742 1,294,109 182,305 1,229,183 23,411,339

Hagemann 1965 401 87,246 237.33 20,705,742 1,294,109 182,305 1,301,415 23,483,571

Noehren 1967 713 149,764 230.53 34,525,708 2,157,857 304,249 2,247,059 39,234,873

Bender 1969 598 109,687 265.59 29,132,189 1,820,762 256,676 1,289,082 32,498,709

Dancer 1969 598 109,711 265.54 29,132,189 1,820,762 256,676 1,298,798 32,508,425

Commons 19,280 254.34 4,903,625 637,471 45,693 4,182,369 9,769,158

Piazza 81,566 267.97 21,856,981 2,841,408 155,335 7,215,422 32,069,146

Rialto 58,229 228.70 13,316,815 1,731,186 124,378 4,053,527 19,225,906

4,164 1,026,231 255,297,760 18,661,337 2,209,761 27,492,729 303,661,587

APARTMENTS

HS Courts 1972 279 206,247 158.52 32,695,177 2,043,449 288,555 1,753,431 36,780,612

Jennings Courts 1972 40 28,946 166.66 4,824,103 301,506 42,329 254,456 5,422,394

Office 1972 0 7,093 166.59 1,181,648 73,853 9,859 - 1,265,360

ROTH 1993 323 96,245 271.91 26,170,282 1,635,643 231,093 1,360,501 29,397,519

PVI 2012 205 107,535 198.90 21,388,958 1,336,810 218,403 1,496,712 24,440,883

PVIII 2013 246 133,743 173.42 23,194,080 1,472,824 262,093 1,796,849 26,725,846

Total 1,093 579,809 109,454,248 6,864,085 1,052,332 6,661,949 124,032,614

Grand Total 5,257 1,606,040 364,752,008 25,525,422 3,262,093 34,154,678 427,694,201

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Improvement Expenses 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14

Operations Fund 1,463,410 1,665,152 1,510,984 1,633,617 1,458,376 1,589,275

Other DOR Funds 723 662 388 100 70 213

Improvement Fund 4,142,170 5,622,067 6,552,850 3,649,252 2,872,524 3,659,486

Subtotal 5,606,303 7,287,881 8,064,222 5,282,969 4,330,970 5,248,974

Construction Expenses

System Surplus Fund 798,293 685,872 3,484,644 2,382,128 1,443,982

Construction Funds 9,808,113 20,474,576 11,604,790 700,914

Subtotal - 798,293 10,493,985 23,959,220 13,986,918 2,144,896

Total 5,606,303 8,086,174 18,558,207 29,242,189 18,317,888 7,393,870

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FINANCIAL STATEMENT

Budget

Board Approved Board Approved

2013-2014 2013-2014 2014-2015

Operations

Revenues 36,879,901 37,746,075 38,621,165

Expenditures for Operations 27,226,419 25,458,695 26,706,578

Net Revenues 9,653,482 12,287,380 11,914,587

% of Revenues 26.20% 32.60% 30.80%

Debt Service (due July 1) 6,769,415 6,769,415 6,749,590

Mandatory Transfers 330,000 330,000 330,000

Net After Debt Service & Mandatory Transfers 2,554,067 5,187,965 4,834,997

% of Revenues 6.90% 13.70% 12.50%

Debt Service Coverage Ratio 143% 182% 177%

University Overhead Payment 730,660 686,467 717,664

Overhead as % of Expenditures 2.70% 2.70% 2.70%

Fund Balances (June 30)

Operation & Maintenance Fund - 124,133 -

Improvement Fund 4,081,356 4,301,089 3,290,575

System Fund 3,950,591 8,187,935 10,012,829

Subtotal--Voluntary Reserves 8,031,947 12,613,156 13,303,404

Sinking Fund - -

Bond Reserve Fund 6,115,950 6,115,951 6,115,951

Bond Construction Fund -

- -

Subtotal--Mandatory Reserves 6,115,950 6,115,951 6,115,951

Total Fund Balances (June 30) 14,147,897 18,729,107 19,419,355

Revenues and Expenditures Detail

Revenues

Contracts 30,521,239 31,352,086 32,452,710

Interest 396,000 694,095 455,894

Other Income 5,962,662 5,699,895 5,712,561

Total Revenues 36,879,901 37,746,075 38,621,165

Expenditures for Operations

Salaries, Wages & Benefits 15,084,771 14,037,373 14,466,673

Cost of Food or Goods Sold 4,685,800 4,548,556 4,710,335

Other Operating Expense 3,495,073 2,647,490 2,854,599

Utilities 2,342,600 2,636,001 2,854,054

Repairs & Maintenance 1,618,175 1,589,275 1,820,917

Total Expenditures 27,226,419 25,458,695 26,706,578

Estimated FTE 369 384 385

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BOND PRINCIPAL AND INTEREST

Bond Principal and Interest

Due in FY15 Principal Due

Series Interest Principal Future Years (FY16-33)

2010 73,325 415,000 2,275,000

2010A 617,658 670,000 13,630,000

2010B 238,835 960,000 6,435,000

2011 716,081 1,395,000 22,095,000

2012 208,691 1,455,000 9,965,000

Total 1,854,590 4,895,000 54,400,000

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Appendix A

RESIDENT ASSESSMENT Annual assessment, measured longitudinally and benchmarked nationally, affirms incredibly high levels of student satisfaction with UNI housing facilities, dining services, and the residential experience provided.

Resident Satisfaction Factors

Five Year Comparison of Overall Satisfaction

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Institutional Comparison

Overall Program Effectiveness