Newswise — Saint Joseph’s University finished the 2013-2014 academic year with a net operating margin of $7.2 million, according to the school’s audited financial statements.
Saint Joseph’s posted total operating revenue of $221.7 million against total operating expenses of $214.4 million. Revenue was up more than $6 million, or 2.9 percent over the 2012-2013 year. Expenses were up $4.7 million, or 2.2 percent over the prior year.
“Saint Joseph’s is fortunate to be in such a strong financial position, especially given the level of competition in the region and the overall state of higher education,” said Senior Vice President John W. Smithson.
The university was able to achieve a net operating margin by holding expense growth to the level of projected revenue, Smithson said. The 3.2 percent margin was an increase of 26 percent over the prior year.
Saint Joseph’s main revenue source is net tuition and related revenue at $190 million. Instruction ($80.8 million) and academic and institutional support ($60.4 million) are the largest expense categories. The university ended the academic year with an endowment of $209 million, an increase of 8.3 percent.
In an August report, Standard & Poor’s affirmed Saint Joseph’s long-term A- rating for the 2014-15 academic year, calling the University’s outlook “stable.”
“The rating reflects the University’s strong historical operating surpluses and strong financial management,” stated the S&P report. “The stable outlook reflects Standard & Poor’s expectation that over the next two years the University will maintain strong operating performance and maintain or improve financial resource ratios.”
Saint Joseph’s welcomed 1,350 freshmen in August, the university’s second largest freshman class. The students came from 29 states and 10 countries.
“The quality of our programs and the success of our graduates continue to fuel demand for a Saint Joseph’s education,” said President C. Kevin Gillespie.
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