funding CAPITAL ASSETS Major capital asset events during the current year include the following:
REVENUES AND EXPENSES
Construction that is about to commence on the new Leonard Spearman Technology building estimated to cost $31.5 million as the architectural services have almost been concluded. Various building improvements were completed at a cost of of $1,939,573.24 during the year, while various building renovations were added to construction in progress at a total cost of $2,635,585.19.
in millions
225 220 215 210 205
Economic Factors TSU experienced a five percent reduction in state funding and a decrease of $3.5 million in capital appropriations received. Federal grant revenues were 22% ($14 million) less that in FY10 at $47.4 million with the economic recession being the major cause.
200 2011
2010 n Total Revenues n Total Expenses
More detailed information about TSU’s financial position is presented in the Annual Financial Report.
STATEMENT OF SOURCES AND USES for fiscal year ended August 31, 2011
2011
% o f T o ta l
74,061,015 57,967,545 59,806,304 18,697,656
35% 28% 28% 9%
210,532,520
100%
USES Salaries and Benefits Operating Expenses Scholarships Non-Operating Expenses
110,238,836 68,230,466 28,029,175 10,953,031
51% 31% 13% 5%
217,451,508
100%
SOURCES Legislative Appropriations $ Tuition and Fees, Net of Discount Gifts, Grants and Contract Revenue Other Sources
Total Sources
Total Uses
$
$
SOURCES OVER USES
6,918,988
Beginning Net Assets $ 146,873,857 ENDING NET ASSETS $ 139,954,869