WVU total revenue at $1.12 billion, total expenses at $1.11 billion
From WVU Today:
MORGANTOWN, W.Va. — West Virginia University ended the fiscal year with a strong financial performance, Paula Congelio, vice president of finance and chief financial officer, said Friday (Nov. 8, 2019).
“We are pleased with our results,” Congelio told the WVU Board of Governors’ Audit Committee. “The University continued to manage expenses and make progress from a financial perspective.”
The University also received a “unmodified” audit opinion, the highest possible, and Don Loberg, with auditor Clifton Larson Allen, congratulated the University on its performance and cooperation. In its subsequent meeting, the full board officially received the reports and audit.
Provost and Vice President for Academic Affairs Maryanne Reed also updated the Board on various academic initiatives, including restructuring of curriculum and efforts at retaining students once they arrive on campus.
However, “retention isn’t just an academic issue because students leave campus for a variety of reasons,” she said. “Access to mental health services has become a major issue for students across the country.”
She said a recent survey to determine why students stay at WVU showed that depression, anxiety and other mental health problems also are having a major impact.
Reed also updated the board on several ongoing dean searches, with the search for a dean at the Benjamin Statler College of Engineering and Mineral Resources in its final stages and searches for deans of the Davis College of Agriculture, Natural Resources and Design and the WVU Extension Services getting organized.
Reed reported that the provost’s office is taking a close look academic programs, both current and potential ones, to make sure the University is serving student needs. Some majors need to be “sunsetted,” she said, others revived with small investments and new ones initiated.
On the financial front, Congelio reported that for the fiscal year ended June 30, 2019, WVU had total revenue of $1.12 billion and total expenses of $1.11 billion.
The largest single portion of the revenue came from tuition and fees, at 37 percent, or $411.25 million. State appropriations were next at 16 percent, or $180.23 million, boosted by a $5 million over the previous year that partially funded state-mandated raises.
Two other items also had a significant impact on the University’s cash, Congelio said: the payment of outstanding Medicaid funding and the receipt of a $10 million signing bonus from Sodexo, which took over student dining services.
Additionally, athletic revenues were up because of additional receipts from the Big 12 Athletic conference, ticket sales and corporate sponsorships.
In other business, the board:
- Approved construction and cost for the relocation and renovation of the WVU Human Gift Registry.
- Renaming of Athletics House 2 to Barrett-Kelley Athletic Hall of Fame at the WVU Institute of Technology.
- Reauthorized the lease of the Neal Baisi Athletic Center in Montgomery to the YMCA of the Kanawha Valley.
- Reauthorized lease of about 112 acres of farmland in Reedsville for the benefit of the Davis College of Agriculture, Natural Resources and Design.
- Approved the following academic programs:
- 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.
- A master of health care administration within the School of Public Health.
- Graduate certificates in business cybersecurity data analytics, business cybersecurity management and business cybersecurity foundations in the John Chambers College of Business and Economics.
The board’s next meeting is Dec. 20 in Morgantown.
CONTACT: John A. Bolt
Office of Communications
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