The Year in Review
Revenue from Tuition and Fees decreased in FY24 by 1.56% as a result of a 1.33% decline in enrollment. Although overall enrollment was slightly down, revenue from Auxiliary Services increased by 4.70% in part because of a larger first-year class living on campus and more students taking advantage of larger meal plans. SU’s state appropriation increased by 16.76%, largely as a result of state-funded cost of living adjustments (COLA) and merit increases as well as fringe-related benefit cost increases. In total, the state allocation included an additional $8.8 million for the COLA/merit increases and $3.6 million more for fringe related benefits.
In terms of expenses, the areas with the largest expense increases were Auxiliary Services (primarily attributed to rising costs of goods and inflation) and Instruction, as SU prioritized the needs of the classroom above all else. As a result, SU experienced a 6.08% increase in Instruction costs and 10.55% increase in Auxiliary Services costs from the year prior.
The $4 million increase in the Fund Balance is attributed to an end-of-year distribution of funds by the state to SU. Included in SU’s budget for State Appropriation from the beginning of FY24, the state did not release funds (in the amount of $4.6 million) to the University until June 2024. With only several weeks remaining in the fiscal year in which to spend the money, SU was able to strategically spend some of the late allocation.
Revenue Distribution
Fiscal Year 2024
Expenditure Summary
Fiscal Year 2024
University Financial Report
Fiscal Year 2024
| Revenues | |
| Tuition & Fees | $46,169,069 |
| State Appropriation | $91,823,737 |
| Government Grants & Contracts | $11,276,604 |
| Non-Governmental Grants & Contracts | $1,264,417 |
| Sales & Services of Educational Departments | $231,042 |
| Other Revenues | $14,913,444 |
| Auxiliary Services | $53,301,563 |
| Total Revenues | $218,979,876 |
| Expenses | |
| Education & General: | |
| Instruction | $70,128,974 |
| Research | $1,408,127 |
| Public Service | $13,374,556 |
| Academic Support | $20,280,838 |
| Student Services | $10,503,613 |
| Institutional Support | $22,568,914 |
| Operation & Maintenance of Plant | $31,207,876 |
| Scholarships & Fellowships, Net* | $397,494 |
| Auxiliary Services | $43,765,004 |
| Interest on Indebtedness | $1,323,569 |
| Total Expenses | $214,958,965 |
| Net Increase (Decrease) in Fund Balance | $4,020,911 |
* SU’s gross scholarships and fellowships are $24.4M
Please note: The financial information displayed is based on the University’s submission to the University System of Maryland (USM) and is published prior to either the USM’s or the external auditor’s final review. As such, any subsequent changes that may have been requested and/or made are not reflected.