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A N N U A L R E P O R T 2 0 2 5

Chancellor

GREETINGS FROM THE CHANCELLOR

A Japanese proverb warns, “Those who do not adapt to change will be swept away by it.” How true that rings for higher education. As online learning became the preference among many of our students, we embraced healthy stewardship by rightsizing our facilities usage and redirecting resources toward what best serves our students. Troy University remains committed to being both high tech and high touch, leveraging the best technology to deliver education while ensuring every student still receives the personal attention and support they deserve.

The primary mission at Troy University is to serve students through relevant academic programming. This year, we reorganized our academic colleges and established the College of Science and Engineering, offering a new bachelor’s degree in electrical engineering. We also received ACHE and SACSCOC approval to offer the Doctor of Chiropractic, making us only the second public university in the country to do so.

Among TROY’s most distinctive honors is the media’s designation as “Alabama’s Most Beautiful Campus.” Originally designed in the 1930s by the Olmsted Brothers, the plans were lost for decades before being rediscovered in the 1990s. Our First Lady, Mrs. Janice Hawkins, spearheaded a 2004 campaign to realign the campus with the Olmsted design. That campaign saw early success thanks to a generous gift provided by Earl Johnson. The completion of the campus lake and walking trail furthers our commitment to a beautiful, healthy environment.

TROY Athletics continued to shine at the highest level of collegiate competition. Our football team has competed for a conference championship in three of the past four seasons, and our golf team reached the national championship for the first time in program history at the Division I level. Both basketball programs made postseason runs: our men’s team competed in the NCAA Tournament, and our women’s team played for the NIT Championship.

In closing, this year’s report reflects our commitment to excellence in every respect. Rigorous academics, competitive athletics and strong financial health confirm that Troy University will continue to succeed. I encourage you to take a moment and celebrate our successes with us, and I am confident you will share our pride in Troy University.

Office of the

Jack Hawkins, Jr., Ph.D. Chancellor, Troy University

Chancellor

Dr. Jack Hawkins, Jr.,

ENROLLMENT AND RETENTION

ALWAYS CREATING OPPORTUNITIES

In 2025, Troy University saw strong growth in new student starts, retention and net enrollment across several areas, indicating the University is well positioned to meet the challenges of a competitive higher education marketplace.

The number of new students choosing Troy University increased over the past year. Overall new starts for Fall, Term 1 and Term 2 grew by nearly 2%, with TROY Online increasing by more than 14% and high school dual enrollment rising by more than 86%.

These gains in new starts resulted in net enrollment growth of 12.9% for TROY Online and 73.5% for high school dual enrollment.

TROY is also making progress in retaining students and keeping them on the path toward graduation. In Fall 2025, the University recorded a 70 percent retention rate for first-time, full-time students who began their studies the previous fall, slightly above the national average according to the National Student Clearinghouse Research Center.

These trends reflect growing demand for flexible learning pathways and expanded early college opportunities.

Chancellor Hawkins addresses graduates at commencement. On the cover: Jones Hall, which was recognized with a ribbon cutting ceremony in 2025, is a state-of-the-art facility designed to provide students with cutting-edge resources and immersive learning experiences.

ACADEMICS AND RESEARCH

ALWAYS INNOVATIVE

Throughout 2025, Troy University continued to strengthen its academic profile and research enterprise, introducing new academic programs, implementing strategic organizational changes and securing nearly $30 million in grant funding. These efforts were reflected in TROY’s recognition as a Carnegie Research University.

Academic programs

TROY introduced several new academic programs designed to meet workforce needs and expand opportunities for students. Among them were a new Doctor of Chiropractic program and an Electrical and Electronics Engineering program, both reflecting the University’s focus on applied learning and technological advancement. Additionally, counseling programs transitioned to a fully online delivery, increasing flexibility and access for students while maintaining academic rigor and accreditation standards. The University also completed a reorganization of its academic colleges, a strategic effort aimed at strengthening interdisciplinary collaboration, streamlining operations and aligning academic units with long-term institutional priorities. As part of this continued

emphasis on high-achieving students, TROY launched the University Honors Global Scholars Program, which supports honors students through enriched coursework, research experiences and global engagement opportunities.

Centers and endowments

Further supporting academic excellence, the University established the Sorrell College of Business Artificial Intelligence Center, underscoring TROY’s engagement with emerging technologies and data-driven research. Additionally, Troy Bank & Trust endowed a community banking chair, providing long-term support for teaching, research and outreach in financial services.

Research and grants

Research activity remained a central focus among faculty across the University, with several major grants secured. A $449,000 Mellon Foundation grant was awarded to support a project documenting Alabama’s cultural identity, and the National Science Foundation awarded $394,000 for the development of a student learning application for engineering students, enhancing hands-on education and instructional innovation.

In early 2025, the University announced a college reorganization to strengthen interdisciplinary collaboration and align with long-term priorities.

Dr. Shaoyang Liu was awarded more than $500,000 from the NSF to test the safety of recycled plastics.

The Bachelor of Science in Electrical and Electronics Engineering launched in 2025.

Another faculty-led project received $534,194 from the NSF to conduct safety testing of recycled plastics, supporting sustainability research with real-world industrial implications.

TROY also received $2.8 million in federal grants to expand its rehabilitation counseling programs, strengthening workforce preparation and support services for individuals with disabilities.

Notable grants include:

College of Arts and Humanities

• $10,600, Alabama State Council on the Arts –Artist residency at TROY

• $9,984, Alabama Humanities Alliance – Scholarly symposium on popular arts and media

Sorrell College of Business

• $300,000, Innovate Alabama – Expanding TROY’s IDEA Bank for entrepreneurship

• $69,036, University of AL (Sub. Federal Funds) –Small business development

College of Education and Behavioral Sciences

• $8,748,220, Alabama Department of Education – Alabama Connecting Classrooms, Educators, and Students Statewide Virtual Learning (ACCESS Program)

• $2,500,000, Alabama Department of Education –Alabama Math, Science, and Technology Initiative (AMSTI) to improve STEM teaching

• $293,875, Alabama Department of Education –Southeast Alabama Inservice Center training for public school personnel in critical needs areas

College of Health Sciences

• $4,710,559, Alabama State Department of Rehabilitation Services – Personnel services for field service

• $792,698, Alabama Department of Youth Services – Federal program review and community program monitoring

• $208,904, Alabama Department of Rehabilitation Services – Coordinating and training Children’s Justice Task Force

College of Science and Engineering

• $583,038, Tuskegee University (National Science Foundation S-STEM Sub.) – STEM workforce readiness

• $400,757, Choctawhatchee, Pea and Yellow River Watershed Management Authority (NOAA Sub.) – Recovery and resilience in anadromous Gulf sturgeon

• $60,000, Alabama Department of Rehabilitation Services – SNAP employment and training resource mapping

Academic Affairs:

• $810,853, U.S. Department of Education – Student Support Services (John W. Schmidt Center for Student Success)

• $775,592, Alabama Commission on Higher Education – Alabama Transfers for community college students to four-year institutions

• $366,068, Alabama Department of Human Resources – Judicial Child Welfare Summit (Center for Public Service)

MILITARY

ALWAYS SERVING

Troy University’s long history of support for the military was on full display in 2025 as the University sought to honor and support service members and their families.

In April, Marine combat veteran Joey Jones, now a Fox News contributor and best-selling author, addressed the Helen Keller Lecture underlying the importance of motivation and responsibility.

Jones lost both legs above the knee to an improvised explosive device in Afghanistan, with severe injuries to his right forearm and both wrists. His security detail — Cpl. Daniel Greer — lost his life in the explosion.

“The fact is that when motivation fell short, the one thing that kept me moving was responsibility,” he said. “When I think about responsibility, I think there are things in this world that people look at me, and only me, to do. What an amazing purpose that is. Responsibility is proof that you are doing things that matter. It is motivation on steroids.”

A similar sense of purpose would guide the University at two other junctures during the year. The first in June when the University

expanded its Military and Family Scholarship program to include all Ph.D. programs offered by TROY, academic certificates and all existing undergraduate and graduate degree programs.

Then, when the federal government shut down in October, putting military tuition assistance on hold, TROY was among the first to ensure service members could continue their education without interruption through a tuition assistance scholarship for eligible service members.

“As a Marine, I learned you never leave anyone behind on the battlefield,” said Chancellor Dr. Jack Hawkins, Jr. “This is a time of uncertainty, but Troy University won’t let our military students face this challenge alone. We proudly provided a scholarship equal to tuition assistance so that our service members’ educational goals are not disrupted.”

TROY’s commitment to America’s fighting families earned it the 2025 Best for Vets: Colleges accolade from Military Times and the Best Military Friendly Online Colleges designation by OnlineU.

Marine veteran Joey Jones, wounded in combat, shares his story of survival and resilience during the 2025 Helen Keller Lecture.

Students in the Air Force ROTC program exercise together on the Quad.

Army ROTC students train on the Quad. TROY is widely recognized for its support of military members, veterans and their families. TROY awarded more than 330 Military and Family scholarships last year.

CONSTRUCTION UPDATES

ALWAYS GROWING

Troy University continues to advance campus development with completion of several major projects that enhance student life, athletics and the overall beauty of the University.

Major work on the restoration of the Troy Campus lake was completed in 2025, marking the final element of the Janice Hawkins Cultural Arts Park and fulfilling the vision of the Olmsted Brothers’ campus plan.

With improved landscaping and accessibility, the park now serves as a functional outdoor environment for the campus and community. The new additions include two waterfall features, walking trails, a lighted pedestrian bridge and a fountain feature. The completion reinforces the University’s long-standing commitment to preserving green space while creating inviting areas that support campus culture and engagement.

Another milestone was celebrated with the dedication of Jones Hall in honor of Billy Jones, recognizing his lasting contributions and impact. Jones Hall stands as both a functional academic space and a symbol of the relationships and philanthropy that continue to drive TROY forward. Jones, a member of the University’s Foundation Board, passed away Jan. 23, 2026.

“Billy Jones epitomized the American Dream,” said Dr. Jack Hawkins, Jr., Chancellor. “A self-made man from humble beginnings, Billy built his legacy on the principles of hard work and integrity. His legacy includes Jones Hall on our campus, named in honor of Billy and Francis for their commitment to advancing healthcare in the state. He was a great friend and a committed family man. He will be missed.”

Athletics has also seen significant expansion with the completion of a new indoor practice facility. The 88,000-square-foot structure with a 120-yard turf field has been built behind Trojan Arena on an existing grass practice field along George Wallace Drive. While the primary user will be the football program, the multi-use space will support other athletic teams when weather limits outdoor practice.

Frances and Billy Jones, center, cut the ribbon during the Jones Hall dedication.

Chancellor Dr. Jack Hawkins, Jr., presents Billy Jones with a painting of Jones Hall during the ribbon-cutting ceremony.

The restored campus lake provides a dramatic new look to the campus at night.

Shown are multiple perspectives on the 88,000-square foot indoor practice facility which features a fully covered 120-yard field with turf that replicates the playing surface in The Vet.

DIVISION I ATHLETICS

ALWAYS COMPETITIVE

For TROY athletics, 2025 brought many successes on and off the field, including the introduction of new leadership and Hall of Fame recognition for a Trojan legend.

Kyle George was named Director of Athletics following a three-month tenure as interim director. George previously served as Deputy Director of Athletics for External Operations.

In December, legendary TROY football coach Larry Blakeney, the all-time winningest coach in TROY and Sun Belt Conference history, was inducted into the College Football Hall of Fame.

Also, the new indoor practice facility was completed in the fall. The 88,000-square foot facility features a fully covered 120-yard field with turf that replicates the playing surface in Veterans Memorial Stadium.

TROY saw numerous successes on the field during 2025:

• The TROY men’s golf team made program history, advancing to the NCAA Championship for the first time in the program’s Division I history. Led by Sun Belt Coach of the Year Clay Bounds, the Trojans finished as one of the top 30 men’s golf programs in the country.

• Men’s basketball won both the Sun Belt Conference regular season and tournament championships, earning its first appearance in the NCAA Tournament since 2017. The season marked the fourth straight season that the program has reached 20-plus wins, the most in the Sun Belt.

• TROY women’s basketball made history in 2025, advancing to the WNIT Championship Game. The Trojans finished as a top 4 seed in the Sun Belt Conference for the 10th straight season and led the country in rebounding for the eighth straight season with 49.1 per game.

• TROY baseball reached its highest national ranking in program history with a No. 14 ranking by Baseball America. The Trojans were ranked for 15 consecutive weeks from the preseason through Week 14. With 39 wins, the Trojans reached the 37-plus win plateau for the third consecutive season.

• The 2025 football season saw the Trojans win the west division and return to the Sun Belt Conference Championship Game. In year two under Coach Gerad Parker’s leadership, the Trojans’ win total reached eight games, earning an invitation to the IS4S Salute to Veterans Bowl.

Brooks Bryan bats in the Sun Belt Conference Tournament.

Jake Springer drives a shot in NCAA Regionals.

Offensive lineman Garner Langlo prepares for a game at Veterans Memorial Stadium. Cooper Campbell drives for a shot against Kentucky in the NCAA Tournament.

Forward Zay Dyer drives for a basket.

ATO Brothers dedicate their spring break to walk for those who can’t.

COMMUNITY OUTREACH

ALWAYS GIVING BACK

Troy University continues to advance its mission of excellence through meaningful programs and partnerships that benefit students, faculty and the broader community. These initiatives demonstrate the University’s commitment to educational innovation and community engagement.

• Alpha Tau Omega Fraternity completed its 17th annual “Walk Hard” event, raising $140,000 for wounded veterans through a 128.3-mile, six-day trek from the Troy Campus to Panama City Beach, Florida.

• Troy University inaugurated the Congressman Terry and Barbara Everett Cybersecurity Symposium on the Dothan Campus. The event brought together members of law enforcement, judicial and computer sciences to discuss the role the Alabama Fusion Center plays in combating cybercrime.

• The second annual Trojan Patriot Academy, held in partnership with American Village, allowed rising high school juniors and seniors from across the state to learn about leadership, civics and U.S. history during a week-long

program. Students also engaged with state leaders and immersed themselves in the rich history of Alabama and the U.S. government.

• American Revival, a traveling festival created by filmmaker Nicolas Ma, took place in Montgomery in partnership with the non-profit MAP360. The twoday program combined music, film and community engagement and showcased performances by Yo-Yo Ma, Valerie June, Alfre Woodard and other special guests at the Davis Theatre for the Performing Arts.

• The Jeonnam Glocal Korean Education Center opened on the Troy Campus in partnership with the Jeollanam-do Office of Education in the Republic of Korea. The platform links Jeonnam’s education with the world through exchange programs, career networking and K-culture experiences.

Delegates from

Trojan Patriot Academy students grow as citizens ready to make a positive impact through engaging learning experiences including a visit with Governor Kay Ivey at the Capitol.

the province of Jeollanam-do in South Korea, along with Chancellor Hawkins, cut the ribbon to open the Jeonnam Glocal K-EDU Center on the Troy Campus.

Yo-Yo Ma was among the featured performers during American Revival at the Montgomery Campus.

The inaugural Congressman Terry and Barbara Everett Cybersecurity Symposium was held at the Dothan Campus.

FINANCIAL REPORT

2025 FINANCIAL HIGHLIGHTS

I am honored to present the Troy University Annual Financial Report for Fiscal Year 2025. This year’s results reflect not only the strength of our institution, but also the enduring power of our mission: to educate, to serve and to lead. Throughout FY25, Troy University advanced its commitment to academic distinction, innovative research and meaningful community engagement, even as the landscape of higher education continued to evolve.

In a period marked nationally by economic uncertainty, rising costs and resource constraints, Troy University demonstrated resilience and purpose. Our strategic diversification of revenue — supported by stable enrollment, increased research activity, robust philanthropic partnerships and strengthened state appropriations — positioned TROY for long-term stability. The University’s exceptional 0-out-of-12 Institutional Risk Profile score from Hanover Research places us among the most fiscally sound public, four-year institutions in the nation and affirms the effectiveness of our stewardship.

Despite the challenges facing higher education, TROY continued to invest boldly in programs and facilities that elevate our academic mission. The approval of the Doctor of Chiropractic program by the Alabama Commission on Higher Education in September 2025 marks a historic milestone, making Troy University only the second public institution in the United States to offer this degree. Significant capital improvements — including the new indoor practice facility, the lake project and major infrastructure renewals across campus, reflect our unwavering commitment to providing an exceptional environment for learning, research and student life.

Our financial foundation remains strong. Troy University achieved a 10% increase in net position, rising from $341 million to $377 million, with total assets reaching $764 million. Unrestricted net position grew to $85 million, while state appropriations increased by $8.9 million to a total of $100 million, demonstrating Alabama’s sustained confidence in the value of higher education and in Troy University’s impact.

These accomplishments speak to more than financial prudence; they reflect the shared dedication of the TROY family. Our students, faculty and staff continue to embody the values of this institution with excellence and integrity. Our Board of Trustees and Chancellor Hawkins have provided steadfast leadership, guiding the University with vision and purpose through another remarkable year.

As we look to the future, Troy University stands prepared to meet the challenges ahead with optimism, discipline and a renewed commitment to the ideals that have defined us for generations. Together, we will continue to elevate this institution, expand opportunity and empower the leaders of tomorrow.

Jim Bookout, Ph.D., CPA, CGM, CITP Senior Vice Chancellor for Financial Affairs and Online Education

ALUMNI AND GIVING

ALWAYS MAKING A DIFFERENCE

Troy University alumni and friends continued to make a major impact in 2025 through their dedication and commitment to the University’s mission. Through generous contributions and active engagement, alumni continue to help ensure the growth and success of Troy University.

TROY’s 8th annual Giving Day, centered around the theme “One Day. One Purpose. One TROY,” was the most successful one yet, bringing in $523,610 from 458 donors.

Donors were able to designate gifts for scholarships and academic departments in each of the University’s five colleges, as well as to the Alumni Association, Athletics and other University initiatives.

Alumni Association

In 2025, the Alumni Association Board of Directors officers were Jack Weaver (’85), president; Steve Sanders (’88), vice president; and Jody Singleton (’91), treasurer. Rosemary Elebash (’76) became immediate past president. In addition, the Board welcomed new members Todd Mote (’02, ’03) and Ben Armstrong (‘96, ‘97).

Troy University Alumni Chapters were once again active in providing scholarships for current and future TROY students. Among scholarships presented by the University’s 69 alumni chapters were The Waters Alumni Chapter’s scholarship awarded to Mary Hayden Hargove of Pike Road and the Montgomery Metro Chapter’s presentations to current TROY student Jennifer Serna and Wetumpka High School graduate Kallie Cook.

Alumni of the Year

The 2025 Alumni of the Year award recipients were: Boyd Busby (’99), Forrest Latta (’80), Steve Timberlake (’81) and Randal Ward (’77). The recipients were honored during the Homecoming game on Nov. 1.

Giving and Scholarships

There are currently more than 500 active named scholarship funds for the TROY Foundation. During the 2025 Fred B. Davis Scholarship Brunch, it was announced that TROY was again able to award more than $1 million in Foundation scholarships to over 1,100 individuals. The Alumni Association Board of Directors and alumni chapters raised $55,277 in support of scholarships and academic initiatives.

The 2025 Alumni of the Year receive their awards at the Homecoming game.

William Filmore, Vice Chancellor of Government and External Relations, speaks at the Alumni of the Year Luncheon.

Members of the Waters Alumni Chapter present a scholarship to Mary Hayden Hargrove.

2025 FOUNDATION BOARD

Kevin Walsh

Jack Weaver (‘85) Alumni Board President

John R. Ferguson (‘71)

William Filmore (‘11,’18) Executive Vice-President

Billy Jones Jeffrey Kervin (‘85) David Mallach (‘71)

James R. Andrews Emeritus

Jim Bookout Treasurer

Karen Carter (‘73)

Jeffrey F. Coleman (‘95) Chair Roy Drinkard

Jack Hawkins, Jr. President

Horace Horn (‘68)

Larry Hughes (‘72) Vice-Chair

Earl Johnson (‘70) Manley Johnson (‘73)

Harrel McKinney (‘62)

Doug Mims (‘90) Claudene Nichols (‘69) Lewis Rushing (‘65) Randall Moore (‘78)

ACCOLADES

ALWAYS OUTSTANDING

Troy University earned widespread recognition in 2025, reflecting sustained progress across academics, research, affordability, financial stewardship and student support. Together, these honors underscore TROY’s momentum as a comprehensive University delivering real impact in all ways.

This year, Troy University was designated a Carnegie Research University, marking a significant milestone in the institution’s expanding research enterprise and reaffirming its role in advancing scholarship that serves communities. The University was also recognized as a Doctoral University in the 2025 Carnegie Classifications, aligning with its continued growth in doctoral education and advanced research.

TROY’s commitment to access and quality was further highlighted when Niche ranked Troy University as Alabama’s number one online college and 20th nationally, recognizing excellence in online instruction, affordability and student outcomes. For the 21st consecutive year, The Princeton Review also recognized Troy University among the nation’s best colleges, reflecting consistently strong student satisfaction and academic quality.

Accreditation and financial strength remained key pillars of institutional stability. Troy University achieved its highest degree level with SACSCOC, reinforcing confidence in academic rigor and institutional effectiveness. At the same time, S&P Global Ratings reaffirmed the University’s A+ credit rating, citing sound financial management and long-term stability.

National rankings further affirmed TROY’s broad impact. U.S. News & World Report recognized Troy University among the best regional universities in the South, while Military Times again named TROY among its “Best for Vets” institutions.

Collectively, these accolades reflect a University moving forward with purpose — grounded in quality, strengthened by stability, and committed to serving students in all the ways that matter most.