financial resources strategies implementation team · alignment with nku’s strategic plan;...
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Financial Resources Strategies Implementation Team
March 6, 2014 (updated May 29 with possible intersections with other committees)
Ken Kline, Senior Director, Budget Office (Committee Chair)
Natasha Dempsey, Senior Budget Analyst, Budget Office
Eric Gentry, V.P., University Advancement
Kristian Johnson, Student
Russell Kerdolff, Comptroller, Comptroller’s Office
Rick Kolbe, Dean, College of Business
Karen Zerhusen Kruer, Executive Director, NKU Foundation Inc.
Thomas Lambert, Assistant Professor, Public Administration
James McGuffee, Chair, Computer Science
Bill Thompson, Director, Research, Grants & Contracts
Resource Members
Sue Hodges Moore, V.P., Institutional Effectiveness
Vicki Natale, Executive Director, Planning and Performance
Financial Resources Strategies Implementation Team
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INTRODUCTION
The Financial Resources Strategies Implementation Team was formed to identify strategies for
financing the 2013-18 Strategic Plan. Team members were asked to provide an assessment of the
current financial condition of the institution, establish priorities for maximizing the university’s
resources, and identify approaches to support the following strategies in NKU strategic plan:
a) Increase gifts and grants
b) Create a culture of philanthropy and stewardship among alumni, faculty, staff, and
students
c) Strongly advocate for adequate state support for operations and capital needs
d) Engage in entrepreneurial activities that generate additional revenue
e) Develop an "all-funds" approach to budgeting and ensure budget processes align
resources with strategic goals
f) Steward resources wisely and efficiently to achieve goals
g) Increase private funds for need-based student financial aid
CURRENT ASSESSMENT
Through the most recent economic downturn, NKU has demonstrated positive operating results
despite challenging financial circumstances. Moody’s Investor Service’s annual report stated
“the outlook for Northern Kentucky University's A1 underlying rating is stable, reflecting our
expectation of a return to solid student demand and good operating performance which should
generate sufficient cash flow to cover debt service, as well as healthy balance sheet growth that
provides good coverage of debt."
While recent results have been positive, NKU will continue to face financial challenges with
State funding. Medicaid, the justice system, and other necessary government expenditures
continue to consume a larger share of the Commonwealth’s budget leaving less money for
higher education. The Commonwealth is also addressing its unfunded pension obligation, which
is requiring significant State resources as well as leading to higher contribution requirements for
NKU. At this time, the possibility for new revenue streams necessary to materially expand the
State budget is uncertain in Kentucky.
NKU currently relies on net tuition and fees and state appropriations as its major source of
revenue (70% of its revenue base). The remainder of NKU’s revenues come from other non-
operating (13%), auxiliary enterprises (6%), grants and contracts (4%), sales and services of
other activities (5%), and the NKUF (2%). Moody’s has cited the need for diversification of
NKU’s revenue base to reduce future reliance on tuition and state appropriations.
NKU spends 64% of its money on salaries and benefits, 19% on operating expense, 11% on
depreciation and interest, and 6% on financial aid. Salary and benefits and operating expenses
per FTE student are less than NKU’s benchmarks and the other Kentucky Comprehensive
universities.
Financial Resources Strategies Implementation Team
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Over the past 10 years, NKU has brought in $7-14 million annually in new grant and contract
awards. Federal and federal flow-thru funds have historically been NKU’s most significant
portion of external funds for programming and research. This will likely continue despite
ongoing national budget issues.
As a historically “teaching institution” the largest portion of grant funding at NKU has in the past
been programmatic funding for areas such as instruction and public service (rather than
research). Support for those programs (student support services, STEM, etc.) is essential to
ongoing activities.
NKU Foundation (NKUF)
The Northern Kentucky University Foundation receives deposits and provides financial
management services related to the expenditure and investment of gifts for the exclusive benefit
of NKU. Total NKUF assets exceeded $100M for the first time in its history on December 31,
2013, and the endowment pool assets were $90M at that time (approximately 98% of the
endowment pool is either permanently or temporarily restricted).
In terms of investments, the NKUF has historically been a high performing foundation. June 30,
2013 NACUBO-COMMONFUND survey results show NKUF 1yr. (13.8%), 3yr. (11.2%), and
5yr. (5.8%) out-performance, exceeding the performance of endowments of all sizes. The 10yr.
(7.5%) exceeded endowments of $500M in size.
Over the years, NKUF has supported students, faculty and programs through operating,
scholarships and capital assistance. For the past five year period, total spending in support of
NKU is as follows: as of June 30, 2013 $4.5M; as of June 30, 2012 $4.4M; as of June 30, 2011
$4.3M (plus $6M capital); as of June 30, 2010 $5M; and as of June 30, 2009 $3.4M (plus $4.4M
capital).
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IMPLEMENTATION STRATEGIES
A. Diversify and increase the revenue base, placing greatest emphasis on flexible unrestricted resources
Implementation Strategies Lead
Sponsor
Collaborators Timeline Fuel the
Flame
Priority
Matrix
Resources
Needed
++
Engage in one or more comprehensive undergraduate tuition
pricing studies and assess whether strategic initiatives are
positively impacting enrollment, retention and tuition rates.
AVP,
Enrollment
Management
Budget Office,
Admissions,
Student Financial
Aid, Bursar,
Deans, Student
Account
Services, Tuition
Committee, CPE
2014-15 5.3.b 1 – Easy Impl.
/ High Impact
$$$ ES, SRS
Study optimal graduate tuition rates based on finances and
program mission.
Assoc.
Provost for
Research,
Graduate
Studies and
Regional
Stewardship
Deans, Graduate
Program
Directors,
Comptroller, IR,
Budget Office
2015-16 5.3.b 3 – Difficult
Impl. / High
Impact
$$ ES
Aggressively pursue the development of a rational, state
funding model for higher education in Kentucky.
President Government &
Community
Relations, Budget
Office, CPE,
Provost, IR,
NKUF
2014-15 5.2.c 3 – Difficult
Impl. / High
Impact
$
Develop and implement a framework to support, encourage,
and evaluate entrepreneurial activity that generates additional
revenue for NKU including:
Identify all university hard assets and evaluate their
effectiveness and potential as revenue generators
Provost Exec. Team,
Research
Foundation,
Comptroller’s
Office, Asset
Managers,
Faculty, Staff
2015-16 5.2.d,
5.3.b
3 – Difficult
Impl. / High
Impact
N/A AI
Financial Resources Implementation Strategies
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B. Increase the amount of funds made available through private fundraising
Implementation Strategies Lead
Sponsor
Collaborators Timeline Fuel the
Flame
Priority
Matrix
Resources
Needed
++
Through collaboration with colleges, departments, and units,
develop university-wide fundraising priorities that are in
alignment with NKU’s strategic plan; including need based
student financial aid.
VP,
University
Advancement
President,
Provost, VP’s,
Deans, NKUF
2014-15 5.2.a,
1.5.c,
5.2.b
3 – Difficult
Impl. / High
Impact
N/A
Assess fundraising capacity through benchmarking and other
analysis. Make investments as necessary to reach goals.
VP,
University
Advancement
President,
NKUF
2014-15 5.2.a,
5.3.b
1 – Easy
Impl. / High
Impact
N/A
Explore approaches to build a culture of philanthropy at
NKU.
VP,
University
Advancement
Faculty Senate,
Staff Congress,
Student Affairs
2014-18 5.2.b 3 – Difficult
Impl. / High
Impact
$$
Create an effective participatory model for development that
includes training for faculty and staff.
VP,
University
Advancement
Provost, Deans,
Dept. Chairs
2014-16 5.2.a,
1.5.c,
5.2.b
1 – Easy
Impl. / High
Impact
$$
Plan and implement an aggressive fundraising campaign
focused on capacity building and meeting fundraising
priorities.
VP,
University
Advancement
Executive
Team, Deans
2016-18 5.2.a,
1.5.c,
5.2.b
3 – Difficult
Impl. / High
Impact
$$$$
Reassess and develop university naming guidelines and
endowment minimums in coordination with fundraising
priorities.
VP,
University
Advancement
NKUF, Board
of Regents,
Provost, Deans
2014-15 5.2.a,
1.5.c,
5.2.b
2 - Easy
Impl. / Low
Impact
N/A
Financial Resources Implementation Strategies
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C. Improve financial decision making through increased financial training, better financial information, and improved
budget and financial systems
Implementation Strategies Lead
Sponsor
Collaborators Timeline Fuel the
Flame
Priority
Matrix
Resources
Needed
++
Implement a financial allocation model that allows both
direct and indirect revenues and costs to be tracked and
reported by program / course / unit. Develop a standard pro
forma statement that includes all direct and indirect revenues
and expenses for all revenue units, auxiliary units, and
colleges.
VP, Finance &
Administration
Provost,
College Deans,
Office of the
Comptroller,
Budget Office,
IT, VP’s
2014-16 5.3.a,
5.3.b
3 – Difficult
Impl. / High
Impact
$$$
Develop a new “all funds” budget development process and
implement a new budget system that supports the new
process.
President Budget Office,
Provost, budget
managers,
Comptroller,
IT, NKUF
2014-16 5.3.a 3 – Difficult
Impl. / High
Impact
$$$
Train faculty and staff for improved financial decision
making to ensure that the impact of revenues and costs are
considered. Develop for the training a standard university
decision tree on how to make sound financial decisions.
Through the training, promote a culture of transparency,
individual empowerment and initiative, and approachability.
Training &
Development
Budget Office,
Office of the
Comptroller,
NKUF, RGC,
HR
2016 5.3.b 3 - Difficult
Impl. / High
Impact
$$ HOD
Identify real costs for all decisions and disseminate as
appropriate.
President Exec. Team 2017 5.3.b 1 - Easy
Impl. / High
Impact
N/A
Financial Resources Implementation Strategies
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Reduce costs per student and/or increase revenue per student through innovative practices
Implementation Strategies Lead
Sponsor
Collaborators Timeline Fuel the
Flame
Priority
Matrix
Resources
Needed
++
Create an investment pool for new initiatives that have
significant revenue potentials and low cost structures,
which will be realized within defined time horizons.
President Executive
Team, Budget
Office,
Associate
Provost for
Administration
2015 5.2.d.,
5.3.b
1 – Easy Impl.
/ High Impact
$$$$ AI
Create investment and incentive programs that allow
faculty and staff to experiment with innovative, cost
effective instructional methodologies and operational
activities that are then assessed from a university cost
reduction perspective.
President Executive
Team, Budget
Office,
Associate
Provost for
Administration
2015 5.3.b. 1 – Easy Impl.
/ High Impact
$$$$ AI
Financial Resources Implementation Strategies
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D. Take advantage of opportunities to achieve cost savings and greater efficiencies
Implementation Strategies Lead
Sponsor
Collaborators Timeline Fuel the
Flame
Priority
Matrix
Resources
Needed
++
Explore or examine ways to contain / lower personnel
costs or increase productivity through:
an early retirement program for faculty / staff with a
centralized process to govern replacements.
improved communication and implementation of the
phased faculty retirement program.
an assessment of the levels of management and
average span of control for managers – set a target
percentage overall increase in average span of
control.
expanded use of student employees and/or part-time
staff that work less than 20 hours a week.
Senior
Director, HR
Exec. Team,
HR, Budget
Office,
President,
Campus Budget
Managers
2014 5.3.b 1 – Easy Impl.
/ High Impact
N/A HOD
Promote collaboration on efficiency and resource sharing
through an annual summit on cost savings and
efficiencies with administrative staff across campus.
VP,
Institutional
Effectiveness
Campus
Administrative
Staff
2014 5.3.b 1 – Easy Impl.
/ High Impact
$ HOD
Establish a committee to collect / review cost –savings
suggestions, propose policy changes / process
improvements and methods to develop effective
educational programs for their implementation and
dissemination. Consider including a compliance officer
on the committee to provide expertise on policy
enforcement.
VP,
Institutional
Effectiveness
President,
Executive Team
2014-15 5.3.b 1 – Easy Impl.
/ High Impact
N/A
Implement a university-wide process improvement
methodology such as Six Sigma and train all staff and
administrators in the methodology. Form a process
improvement committee that must approve all major new
processes on campus before they are implemented.
VP,
Institutional
Effectiveness
President,
Executive Team
2016-18 5.3.b 3 – Difficult
Impl. / High
Impact
$$$ HOD
Financial Resources Implementation Strategies
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E. Evaluate service offerings for mission centrality, quality, and necessity
Implementation Strategies Lead
Sponsor
Collaborators Timeline Fuel the
Flame
Priority
Matrix
Resources
Needed
++
Create an inventory of services offered to both internally and
externally and consider if we should continue to offer these
services and whether we are maximizing revenues from these
services.
President Exec. Team,
Service Owners
2016-18 5.3.b 3- Difficult
Impl. / High
Impact
$$
Benchmark all programs and services to evaluate the
university’s level of investment.
President Executive
Team, All
Managers
2017-18 5.3.b 3- Difficult
Impl. / High
Impact
$$
Financial Resources Implementation Strategies
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F. Increase research grants and contracts in support of the strategic plan
Implementation Strategies Lead
Sponsor
Collaborators Timeline Fuel the
Flame
Priority
Matrix
Resources
Needed
++
Continuing to attract new faculty who have experience and
interest in pursuing grant funds.
Provost Deans, Chairs,
Faculty
2014-2018 5.2.a 1- Easy Impl. /
High Impact
$$
Providing clear encouragement and support internally for
faculty to pursue funding; explore possible release time and
recognition for grant submissions during promotion and
tenure.
Provost Deans, Chairs 2014-2018 5.2.a 1- Easy Impl. /
High Impact
$$
Strategically identify existing or potential areas of NKU
strength in which to pursue significant grant funding.
Provost Deans, Chairs,
Faculty
2015 5.2.a 1- Easy Impl. /
High Impact
N/A
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APPENDIX A
Current Financial Condition of NKU
Submitted by: Russell Kerdolff, Comptroller, Comptroller’s Office
Moody’s Review of University’s Financial Position
Moody's Investors Service’s annual review of the University’s credit rating provides an
independent summary of the University’s current financial position and future prospects. They
review the University’s strengths, challenges, market position/competitive strategy, operating
performance and balance sheet position, governance and management, legal security, debt
structure and other credit specific considerations that impact the University’s financial position
and associated credit rating.
In their November 2013 credit rating report Moody’s assigned an A1 rating for NKU’s bonds
based on the University’s established market position in a large metropolitan area, sound
financial resource cushion to debt (for A1 rated schools), and healthy liquidity. The rating also
reflects NKU’s moderate debt profile, including the bonds issued for the Rec Center Expansion
and Northern Terrace, limited fund raising, and the need to manage expenses in light of
limitations on tuition increases and weakened support from the Commonwealth.
The strengths cited by Moody’s include:
Established market position as a regional public university in the Greater-Cincinnati
metro area driven by “program draw and affordable pricing relative to competition”. Past
moderate enrollment growth tempered by recent declines in enrollment.
History of positive operating performance, particularly in FY11 and FY12.
Solid financial resources and liquidity for NKU’s rating level (A1).
The challenges cited by Moody’s include:
The Commonwealth is currently grappling with its pension funding and higher
contribution requirements which may result in a reduction in state funding for
operations. As a result, NKU’s reliance on net student tuition and fees for operating
revenue continues to grow. NKU needs to diversify its revenue base to reduce reliance
on tuition.
Softer operating margins in FY2013 highlight NKU’s need to tightly manage costs in
light of state limitations on tuition rate increases and to maintain moderate tuition levels
within its highly competitive market area.
NKU will be challenged to meet its enrollment targets given the increased competition
and a slight decline in HS graduates in the state of Kentucky and Ohio. Rating could
drop if we have any protracted decline in enrollment or deterioration of operating
performance.
Additional borrowing without offsetting financial improvements could impact the rating.
Financial Resources Implementation Strategies
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Moody’s stated “the outlook for Northern Kentucky University's A1 underlying rating is stable,
reflecting our expectation of a return to solid student demand and good operating performance
which should generate sufficient cash flow to cover debt service, as well as healthy balance
sheet growth that provides good coverage of debt.”
Operating Revenues/Sources (Figure 1, Table 1):
Net Tuition and Fees (49%) – Student tuition and fees have grown from 35% of NKU’s
total revenues in FY03 to 49% in FY13. This growth primarily driven by tuition rate
increases and a growth in graduate level programs and out-of-state/metro enrollment.
Resident undergraduate enrollment and associated tuition revenue has declined in recent
years.
State Appropriations (21%) - State appropriations have declined from 38% in FY03 to
21% in FY13. Our inflation adjusted state general fund appropriation per FTE declined
from $3,839 in FY03 to $2,931 in FY13. We receive the lowest funding per student of
any of the other comprehensive universities in the state based on FTE and degrees
awarded. Our state appropriation per FTE is also less than our Moody’s peer group and
our national benchmarks.
Nonoperating revenue (13%) – The major revenue source in this category is federal and
state financial aid programs. After significant increases in Pell revenue in FY10 and
FY11, Pell declined in FY12 ($17.9 M) and again in FY13 ($17.5M) due to more
stringent eligibility requirements. Pell revenue was up slightly in FY14 through Dec.
2013.
NKU Foundation Inc. Support (2%) - The NKU Foundation, Inc. manages private gifts
made in support of NKU. Over 95% of private gifts made have a restricted purpose (such
as scholarships, professorships and university programs). The Foundation currently
provides approx. $4 million per year to support these purposes.
Other revenues combined (15%) – Grant revenues, excluding federal earmarks, have
averaged $8.333 million from FY09-FY13. This excludes capital earmarks, which
averaged $1.5M for the same period). We received no federal earmark funding in FY13
or FY14 YTD. Revenues from self-supporting auxiliaries (housing, food service, parking,
bookstore) represent 6% of revenues.
Operating Expenses/Uses (Figure 2, Table 2):
Salary and benefits (64%) – Salary and benefits expenses per FTE are less than our
benchmarks and the other Ky. Comprehensive universities. Required KERS contributions
have increased significantly in recent years, with another $4.7 million increase in FY15.
Financial Aid (6%) – Institutionally funded aid increased for fall 2013, in part due to
new freshmen scholarship programs. The institutionally funded tuition and fee discount,
including the metro and Indiana rate discounts, was approximately 20% for fall 2013.
The University also funds $1.6 million each year in faculty, staff and dependent tuition
waivers.
Financial Resources Implementation Strategies
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Operating expenses (19%) – NKU’s operating expenses per FTE are less than
benchmarks and the other Ky. Comprehensive universities. This is due, in part, to the
University’s cost containment efforts.
Depreciation/Interest (11%) – Depreciation and interest expenses have increased from
8% of the University’s operating expenses in FY03 to 11% in FY13 as a result of the
dramatic growth in campus facilities. The campus was transformed with the addition of
Griffin Hall, The Bank of Kentucky Center, the James C. and Rachel M. Votruba Student
Union, a soccer complex, parking facilities and numerous campus beautification projects.
Sources/Uses - Capital for New Facilities/Renovations, Technology/Equip. (Figure 3, Table
3):
The University funded the majority of the capital assets constructed/acquired during the ten-year
period from FY04 – FY13 with NKU issued debt (36%) or institutional funds (25%). During this
period NKU also received state capital appropriations for the Bank of Ky. Center ($54 million)
and Griffin Hall ($35.5). In addition, NKU received federal, state and local governmental capital
grants totaling $18 million and private capital gifts totaling $19 million.
Generating sufficient funds to properly maintain and/or expand the University’s facilities and
technology capacity will continue to be a challenge. The University continues to pursue state
funding for academic buildings, such as the Health Innovations Center. However, the University
has had to rely on other funding sources, such as student fees and private gifts, to
construct/expand other critical facilities, such as the Student Union and the Albright Health
Center expansion.
The University needs to pursue all available avenues, including public/private partnerships, to
meet its capital renewal and replacement needs in the future. As a 501(c)3 nonprofit
organization, the NKU Foundation has the ability to serve as a partner for capital projects.
NKU’s bond capacity is limited and must be allocated based on the University’s strategic goals.
The NKU Foundation has the ability to facilitate Industrial Building Revenue Bonds to assist
with capital projects.
Financial Resources Implementation Strategies
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Figure 1 – Sources of operating funds – FY13
Table 1 – Sources of operating funds trend – FY03 – FY13 (millions)
FY03 FY06 FY09 FY13
Tuition , net 42.0 35% 65.5 40% 88.7 45% 109.6 49%
Sales & services/other 4.9 4% 8.9 6% 13.6 7% 11.9 5%
Grants & contracts 5.8 5% 8.6 5% 8.0 4% 8.5 4%
Auxiliary enterprises 4.2 4% 6.3 4% 11.4 6% 13.4 6%
State appropriations 45.3 38% 51.4 32% 53.9 27% 46.8 21%
Other nonoperating revenues 13.9 12% 18.1 11% 18.6 9% 28.7 13%
Foundation operating support 3.1 2% 3.5 2% 4.9 2% 4.6 2%
119.2 100% 162.3 100% 199.1 100% 223.5 100%
Tuition , net
49%
Sales &
services/other
5%
Grants &
contracts
4%
Auxiliary
enterprises
6%
State
appropriations
21%
Other
nonoperating
13%
Foundation
operating
sources
2%
FY13 operating sources
Financial Resources Implementation Strategies
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Figure 2 – Operating Expenses FY13
Table 2 – Operating Expenses FY03, etc. (millions)
FY03 FY06 FY09 FY13
Salaries & benefits 76.9 64% 94.0 65% 120.6 61% 144.8 64%
Student aid 10.1 8% 10.8 7% 13.0 6% 14.9 6%
Depreciation & interest 9.5 8% 11.8 8% 23.1 12% 24.6 11%
Operating 23.5 20% 28.8 20% 41.9 21% 43.4 19%
120.0 100% 145.4 100% 198.6 100% 227.7 100%
Salaries &
benefits
64%
Student aid
6%
Depreciation &
interest
11%
Operating
19%
FY13 operating uses - all funds
Financial Resources Implementation Strategies
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Figure 3 - Sources of Capital Funding
Table 3 – Sources of Capital Funding
5 yr total 5 yr %
7 yr total 7 yr %
10 yr total 10 yr %
Capital appropriations 35,420 26.9%
89,420 32.0%
89,746 27.6%
Capital grants 16,590 12.6%
17,549 6.3%
17,892 5.5%
NKU debt proceeds 18,029 13.7%
94,852 33.9%
118,170 36.3%
Capital gifts (via NKUF) 9,116 6.9%
13,648 4.9%
18,629 5.7%
Institutional funding 52,428 39.8%
64,011 22.9%
81,178 24.9%
131,583
279,480
325,615
Capital
appropriations
28%
Capital grants
5%
NKU debt
proceeds
36%
Capital Gifts (via
NKUF)
6%
Institutional
funding
25%
Sources of capital, FY04 - FY13
Financial Resources Implementation Strategies
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APPENDIX B
Current Financial Condition of the NKU Foundation, Inc.
Submitted by: Karen Zerhusen Kruer, Executive Director, NKU Foundation, Inc.
The Northern Kentucky University Foundation was incorporated in the Commonwealth
of Kentucky in 1970, with the mission to receive and manage private gifts for the
advancement and benefit of NKU. The Internal Revenue Service has granted it 501(c) 3
tax-exempt status, and it has been recognized by NKU as the primary and preferred entity
to receive for deposit and provide financial management services related to the
expenditure and investment of gifts for the exclusive benefit of NKU.
NKUF has an annual operating budget of $615,000. Revenue sources include an
administrative fee on the endowment pool, a gift fee on non-endowed gifts, a fee on non-
gift deposits, which total 96% of revenue sources. Other sources of support include
interest income on short-term cash investments, in-kind office space and other in-kind
services from NKU. Expenses for salaries and fringe benefits comprise 86% of the annual
operating budget.
NKUF is governed by its Articles of Incorporation, Bylaws and a Board of Directors
made up of 33 community volunteers, President Geoffrey Mearns, VP of Advancement
Eric Gentry, Regent Dennis Repenning and Regent Nathan Smith. The full Board meets
semi-annually, and conducts its work between full Board meetings through its Executive,
Investment, Audit, Finance, Governance, Membership, Development, Advocacy and Real
Estate Committees.
NKUF Consolidated Financial Statements for the year ended June 30, 2013, show total
assets of $96.7M, which included an investments valuation of $84M. Of those
investments, $80M are restricted as to purpose by the donor. Unaudited financial
statements as of December 31, 2013 show that NKUF exceeded $100M in total assets for
the first time in its history.
NKUF participates in the NACUBO-COMMONFUND Study of Endowments. June 30,
2013 results show NKUF 1yr. (13.8%) 3yr. (11.2%) 5yr. (5.8%) out-performance,
exceeding the performance of endowments of all sizes. The 10yr. (7.5%) exceeded
endowments of $500M in size.
Total spending in support of NKU as of June 30, 2013: $4.5M, as of June 30, 2012:
$4.4M, as of June 30, 2011: $4.3M (plus $6M capital), as of June 30, 2010: $5M, as of
June 30, 2009: $3.4M (plus $4.4M capital)
Gifts and bequests as of December 31, 2013 were $1.3M. Contributions receivable
continue to decrease as collections of pledges outpace new gift commitments.
Receivables as of January 31, 2014 are $3.3M.