FY16 Final Audited Financial Results Analysis and Comparisons · 2017-04-04 · FY2016 Audited Financials w 4 Year Comparison: University University-only Operating Results declined

FY16 Final Audited Financial Results

Analysis and Comparisons

Office of the Chief Financial Officer

March 3, 2017

FY16 Audited Financial Statements

Consolidated Results

With Comparison to Budget and Prior Years

2

FY2016 Audited Financials w 4 Year Comparison: Consolidated

Consolidated operating revenues declined substantially from FY12 to FY16, from $849M to $783M, with the largest declines in patient service revenue.

While operating expenses did not grow from FY12 through FY15, they also did not decrease, which led to significant operating deficits of ($45M) in FY14 and ($55M) in FY15.

Positive operating results of $11.6M were achieved in FY16 despite stagnant revenues, as multiple cost containment measures began to bear fruit and operating expenses were reduced by 9% compared to FY15.

3

$ %

HOWARD UNIVERSITY

FY12 - FY 16

Actual Audited Results

FY12

Actual

FY13

Actual

FY14

Actual

FY15

Actual

FY16

Actual

REVENUES

GROSS TUITION AND FEES 228,207$ 243,857$ 257,366$ 264,307$ 256,887$ (7,420)$ -3%

less: FINANCIAL AID/EMPLOYEE TUITION REMISSION (81,738) (85,002) (94,734) (110,239) (101,434) 8,805$ -8%

NET TUITION AND FEES 146,469 158,855 162,632 154,068 155,453 1,385$ 1%

FEDERAL APPROPRIATION 230,567 233,691 222,751 212,035 221,821 9,786$ 5%

PATIENT REVENUE 299,555 275,441 245,756 258,766 256,681 (2,085)$ -1%

ROOM & BOARD 34,338 35,678 42,692 38,058 37,764 (294)$ -1%

GRANTS AND CONTRACTS 59,766 58,284 57,048 64,450 56,379 (8,071)$ -13%

ALL OTHER 80,219 78,447 71,151 59,571 54,978 (4,593)$ -8%

OPERATING REVENUES (net of Financial Aid) 850,914$ 840,396$ 802,030$ 786,948$ 783,076$ (3,872)$ -0.5%

EXPENSES

SALARIES, WAGES, AND BENEFITS 488,716$ 465,930$ 472,964$ 455,904$ 411,415$ (44,489)$ 11%

OTHER OPERATING EXPENSES 267,402 279,503 286,085 300,557 281,098 (19,459) 7%

TOTAL OPERATING EXPENSES (before IDA) 756,118 745,433 759,049 756,461 692,513 63,948 9%

OP. REVENUES less OP. EXPENSES (before IDA) 94,796 94,963 42,981 30,487 90,563 60,076 197%

Interest / Depreciation / Amortization (85,073) (85,448) (87,597) (85,687) (78,943) 6,744 9%

OPERATING RESULTS 9,723$ 9,515$ (44,616)$ (55,200)$ 11,620$ 66,820$ -121%

FY16 results do not include income from real estate development transactions, which are included in non-operating income. 0

FY16 Actual Better /

(Worse) FY15 Actual

Consolidated

FY2016 Audited Financials: Consolidated - w Comp to Bgt & Pr Year

On a consolidated basis (University and Hospital), Howard experienced a $11.6 million operating gain in FY16, compared to a ($55.2) million operating loss in FY2015 – a 121% improvement.

Howard’s FY16 total operating revenues of $783.1 million were $3.9 million (<1%) lower than in FY15. Howard’s FY16 total operating expenses of $771.5 million were $70.7 million (9%) lower than in FY15.

4

Consolidated $ %

HOWARD UNIVERSITY

FY16 Audited Results

w Comp to FY15 Actual and FY16 Budget

FY15

Actual

FY16

Budget

FY16

Actual

REVENUES

GROSS TUITION AND FEES $264,307 $264,197 $256,887 (7,310)$ -3%Less: FINANCIAL AID/EMPLOYEE TUITION REMISSION (110,239) (98,489) (101,434) (2,945)$ -3%

NET TUITION AND FEES 154,068 165,708 155,453 (10,255)$ -6%

FEDERAL APPROPRIATION $212,035 $221,820 $221,821 1$ 0%

PATIENT REVENUE $258,766 $265,989 $256,681 (9,308)$ -3%

ROOM & BOARD $38,058 $40,000 $37,764 (2,236)$ -6%

GRANTS AND CONTRACTS $64,450 $60,500 $56,379 (4,121)$ -7%

ALL OTHER $59,571 $79,310 $54,978 (24,332)$ -31%

OPERATING REVENUES (net of Financial Aid) 786,948$ 833,327$ 783,076$ (50,251)$ -6%

EXPENSES

SALARIES, WAGES, AND BENEFITS 455,904$ 458,525$ 411,415$ 47,110$ 11%

OTHER OPERATING EXPENSES 300,557 287,710 281,098 6,612 2%

TOTAL OPERATING EXPENSES (before IDA) 756,461 746,235 692,513 53,722 8%

OP. REVENUES less OP. EXPENSES (before IDA) 30,487 87,092 90,563 3,471 4%

Interest / Depreciation / Amortization (85,687) (87,658) (78,943) 8,715 11%

OPERATING RESULTS (55,200)$ (566)$ 11,620$ 12,186$ 2153%

BALANCE SHEET ADJUSTMENTS (56,543) (70,710)

CHANGE IN NET ASSETS (111,743)$ (59,090)$


(Worse) FY16 Budget


University Only Results


5

FY2016 Audited Financials w 4 Year Comparison: University

University-only Operating Results declined in FY15 to ($36.0M) due to significant declines in revenue. Significant cost containment was implemented in FY16 and results improved, but were still negative

($8.3M) because operating revenues did not recover in FY16. Operating results do not include net cash proceeds from FY16 real estate transactions, which

contributed over $22M to non-operating revenue.

6

$ %

HOWARD UNIVERSITY

FY12 - FY 16


FY12

Actual

FY13

Actual

FY14

Actual

FY15

Actual

FY16

Actual

REVENUES

GROSS TUITION AND FEES 228,207$ 243,857$ 257,366$ 264,307$ 256,887$ (7,420)$ -3%

Less: FINANCIAL AID/EMPLOYEE TUITION REMISSION (80,670) (83,429) (92,644) (107,997) (99,622) 8,375$ -8%

NET TUITION AND FEES 147,537 160,429 164,722 156,310 157,265 955$ 1%


PATIENT REVENUE 33,841 34,305 36,004 27,851 28,606 755$ 3%

ROOM & BOARD 34,338 35,678 42,692 38,058 37,764 (294)$ -1%

GRANTS AND CONTRACTS 59,766 58,284 57,048 64,450 56,379 (8,071)$ -13%

ALL OTHER 59,650 64,997 62,508 51,473 44,510 (6,963)$ -14%

OPERATING REVENUES (net of Financial Aid) 536,866$ 558,905$ 559,025$ 524,156$ 519,299$ (4,857)$ -1%

EXPENSES

SALARIES, WAGES, AND BENEFITS 309,009$ 285,499$ 292,878$ 292,139$ 270,868$ 21,271$ 8%

OTHER OPERATING EXPENSES 170,341 179,692 190,248 207,363 199,047 8,316 4%


OP. REVENUES less OP. EXPENSES (before IDA) 57,516 93,714 75,899 24,654 49,384 24,730 100%


OPERATING RESULTS (5,537)$ 32,256$ 13,566$ (36,027)$ (8,307)$ 27,720$ -77%

University


(Worse) FY15 Actual

FY2016 Audited Financials: University - w Comp to Bgt & Pr Year

The University experienced a $8.3 million operating loss in FY16, compared to a $36.0 million operating loss in FY15 – a 77% improvement in performance. Earnings before IDA were $49.4 million, compared to $24.7 million in FY15.

Howard’s FY16 total operating revenues of $519.3 million were $4.9 million (1%) lower than in FY15. Howard’s FY16 total operating expenses of $527.6 million were $32.6 million (6%) lower than in FY15.

7

University $ %

HOWARD UNIVERSITY



FY15

Actual

FY16

Budget

FY16

Actual

REVENUES

GROSS TUITION AND FEES 264,307$ 264,197$ 256,887$ (7,310)$ -3%Less: FINANCIAL AID/EMPLOYEE TUITION REMISSION (107,997) (96,384) (99,622) (3,238)$ 3%NET TUITION AND FEES 156,310 167,813 157,265 (10,548)$ -6%

FEDERAL APPROPRIATION 186,014 194,915 194,775 (140)$ 0%

PATIENT REVENUE 27,851 39,440 28,606 (10,834)$ -27%

ROOM & BOARD 38,058 40,000 37,764 (2,236)$ -6%

GRANTS AND CONTRACTS 64,450 60,500 56,379 (4,121)$ -7%

ALL OTHER 51,473 72,036 44,510 (27,526)$ -38%

OPERATING REVENUES (net of Financial Aid) 524,156$ 574,704$ 519,299$ (55,405)$ -9.6%

EXPENSES

SALARIES, WAGES, AND BENEFITS 292,139$ 304,506$ 270,868$ 33,638$ 12%-

OTHER OPERATING EXPENSES 207,363 191,215 199,047 (7,832) -4%-


OP. REVENUES less OP. EXPENSES (before IDA) 24,654 78,983 49,384 (29,599) -37%

Interest / Depreciation / Amortization (60,681) (63,551) (57,691) 5,860 -9%

TOTAL OPERATING EXPENSES 560,183 559,272 527,606 (31,666) -6%

OPERATING RESULTS (36,027)$ 15,432$ (8,307)$ (23,739)$ -154%


CHANGE IN NET ASSETS (70,651)$ (58,639)$

NOTE: The FY16 Budget included $15M in anticipated proceeds from real estate development. Actual proceeds were $22M but were assigned by the

University's auditors to non-operating revenue. If these proceeds had been recorded as operating revenue, the FY16 year-end result would have been a positive $13.7M


(Worse) FY16 Budget

8

FY2016 Audited ResultsCompared to FY15 Actual & FY16 Budget

Highlights:

• University Operating Results: ($8.3M)

• Operating Revenue: $519.3M

• Operating Expenses Excl IDA: $469.9M

• Interest/Deprec./Amort.: $57.7M

Compared to FY16 Budget:

• Operating Revenues - $55.4M lower (10%)

• Operating Expenses - $31.7M lower (6%)

• Revenues less Expenses - $23.7M lower

Compared to FY15 Actual:

• Operating Revenues - $4.9M lower (<1%)


• Revenues less Expenses - $27.7M higher

HOWARD UNIVERSITY

University

FY16

YTD Actual

as of Jun 2016

University

FY16

Budget

as of Jun 2016

University

FY15

YTD Actual

as of Jun 2015

ENROLLMENT

1 ENROLLMENT- FALL HEADCOUNT - TOTAL 10,002 10,274 10,265

OPERATING REVENUES

2 GROSS TUITION $240,682 $247,697 $254,4583 FEES 16,205 16,500 9,849 4 TUITION AND FEES - TOTAL 256,887 264,197 264,307 5 Less: Financial Aid - Unrestricted (89,122) (85,000) (93,000)

6 Less: Financial Aid - Endowment & Gift Restricted (5,689) (6,684) (10,333)

7 Less: Financial Aid - Total (94,811) (91,684) (103,333)

8 NET TUITION AFTER FINANCIAL AID - TOTAL 162,076 172,513 160,974

8 Less: Tuition Remission - HU Faculty / Staff + Dependents (4,811) (4,700) (4,664)

9 TUTION AND FEES - NET 157,265 167,813 156,310

10 Discount Rate - Total 39% 37% 41%

11 FEDERAL APPROPRIATION 194,775 194,915 186,014

12 Grants and Contracts - Direct Costs 48,324 53,000 55,608

13 Grants and Contracts - Indirect Costs 8,055 7,500 8,842

12 GRANTS & CONTRACTS - TOTAL 56,379 60,500 64,450

13 Room & Board 37,764 40,000 38,058

14 Other Auxiliary Income 14,717 19,750 15,940

15 AUXILARY SERVICES (Housing, Dining, Bookstore, Other) 52,481 59,750 53,998

16 NET PATIENT SERVICE REVENUE 28,606 39,440 27,851

17 ENDOWMENT - SPENDING RULE TRANSFER 14,274 14,286 13,718

18 CONTRIBUTIONS (Operating) 10,555 15,000 12,442

19 OTHER INCOME 5,979 21,500 8,407

20 OP. INVESTMENT INCOME (1,015) 1,500 966

21 TOTAL OPERATING REVENUES 519,299 574,704 524,156

OPERATING EXPENSE & OTHER ADJUSTMENTS

22 SALARY & WAGES - TOTAL 225,841 240,477 232,111

23 EMPLOYEE BENEFITS 45,027 64,029 60,028

24 TOTAL COMPENSATION / BENEFITS 270,868 304,506 292,139

25 EB Rate % 20% 27% 26%

26 Professional and Administrative Services 98,398 99,001 102,225

27 Utilities and Telecommunications 22,922 20,169 19,755

28 Grant Subcontracts 17,682 19,000 20,194

29 Repairs and Maintenance 13,158 14,392 17,059

30 Insurance and Risk Management 15,883 15,485 16,942

31 Food Service Costs 12,713 11,371 11,439

32 Medical and Office Supplies 8,942 8,553 10,266

33 Provision for Bad Debts - Students and Other 9,349 3,244 9,483

34 NON-PERSONNEL OPERATING EXPENSES 199,047 191,215 207,363

35 TOTAL OPERATING EXPENSES 469,915 495,721 499,502

36 OP. RESULTS BEFORE INT., DEPREC., AMORT. 49,384 78,983 24,654

37 Interest Expense (20,718) (19,551) (19,931)

38 Amortization of Retirement Plan Actuarial Losses (6,254) (6,000) (6,436)

39 Depreciation (30,719) (38,000) (34,314)

40 TOTAL INTEREST, DEPRECIATION, AMORTIZATION (57,691) (63,551) (60,681)

41 OP. RESULTS AFTER INT., DEPREC., AMORT. ($8,307) $15,432 ($36,027)

BALANCE SHEET ADJUSTMENTS

56 BALANCE SHEET ADJUSTMENTS - TOTAL (50,332) (34,624)

CHANGE IN NET ASSETS57 Change in unrestricted net assets

Change in unrestricted restricted net assets (61,436) (66,950)

57 Change in temporarily restricted net assets (14,566) (5,864)

58 Change in permanently restricted net assets 3,030 2,163

59 CHANGE IN NET ASSETS - TOTAL ($58,639) ($74,352)

9

FY16 University Audited Financial ResultsMajor Variances from FY15 Actual – FY16 YTD Better / (Worse) FY15

FY16 YTD Better / (Worse) FY15 YTD

UNIVERSITY

amounts in 000's

Reduction - Compensation Expense 21,271$ 7% reduction

Increase - Federal Appropriation 8,761 5% increase

Reduction - Repairs and Maintenance 3,901 23% decrease

Reduction - Professional & Administrative Services 3,827 4% reduction

Reduction - Grant Subcontracts Expense 2,512 12% reduction due to expiration of FY15 grants and gaps between

renewals resulting in no grant expense

Reduction - Medical and Office Supplies 1,324 13% reduction due to change in classification for certain expenditures

now recorded in P&A in FY16

Reduction - Insurance & Risk Management 1,059 6% reduction

Increase - Net Tuition/Fee Revenue 955 1% increase

Increase - Net Patient Service Revenue 755 3% increase

Reduction - Auxiliary Enterprise Income (1,517) 3% reduction due to closure of dormitories, decrease in revenue from

Howard Plaza and WHUR, offset by increases in revenue from meal

plans, parking fees, and the preschool.

Reduction -Contributions (1,887) 15% decrease

Reduction - Operating Investment Income (1,981) Compared to prior year gain of $0.9M vs current year loss of $1.0M

Increase - Utilities and Telecommunications (3,167) 16% increase

(8,071) Reduction - Grants & Contract Revenue (8,071) 13% reduction due to FY15 grant expirations and slow startup for new

grantsAll Other - Net (22)

Change in Op. Revenue less Op. Expense (before IDA) 27,720$ 77% increase

Accounting Treatment for Howard’s Real Estate Transactions

10

In FY16 Howard’s external auditors determined that the $22M in cash proceeds from the long-term lease of the former Meridian Hill Hall building should be treated as a “non-operating” gain for the University.

Most of Howard’s non-operating events are balance sheet adjustments (i.e., increases or decreases in Howard’s assets and liabilities) that do not have an immediate impact on Howard’s cash position. The major annual non-operating adjustments are changes in the market value of Howard’s endowment and changes in Howard’s long-term pension and post-retirement benefit obligations. These adjustments affect the University’s long-term financial condition but do not have an immediate impact on University cash.

HU Finance is engaged in discussions with the auditors as to the treatment of Howard’s pending FY17 real estate transactions. These transactions could have a significant impact on the University’s cash proceeds this fiscal year. The transactions are somewhat different in their structure than the Meridian Hill Hall lease and may be treated differently.

Until the pending transactions have actually been closed and a final determination made as to the appropriate accounting treatment for them, they are not being included in projections of University Operating Budget results but if they occur they will have a major positive impact on FY17 cash receipts.


HUH Results


11

FY2016 Audited Financials w 4 Year Comparison : HUH

The Hospital’s operating results declined significantly in FY13 and worsened further in FY14 as patient revenues declined and expenses were not adjusted to align with the lower revenue base.

Beginning in FY15 and accelerating in FY16, the Hospital rebuilt revenues and also significantly reduced expenses, yielding a $20.0M positive FY16 operating result.

12

$ %

HOWARD UNIVERSITY

FY12 - FY 16


FY12

Actual

FY13

Actual

FY14

Actual

FY15

Actual

FY16

Actual

REVENUES

GROSS TUITION AND FEES -$ -$ -$ -$ -$ -$ 0%

Less: FINANCIAL AID/EMPLOYEE TUITION REMISSION (1,068) (1,574) (2,090) (2,242) (1,812) 430$ -19%

NET TUITION AND FEES (1,068) (1,574) (2,090) (2,242) (1,812) 430$ -19%


PATIENT REVENUE 265,714 241,136 209,752 230,915 228,075 (2,840)$ -1%

ROOM & BOARD - - - - - -$ 0%

GRANTS AND CONTRACTS - - - - - -$ 0%

ALL OTHER 20,569 13,450 8,643 8,098 10,468 2,370$ 29%

OPERATING REVENUES (net of Financial Aid) 314,048$ 281,491$ 243,005$ 262,792$ 263,777$ 985$ 0.4%

EXPENSES

SALARIES, WAGES, AND BENEFITS 179,707$ 180,431$ 180,086$ 163,765$ 140,547$ 23,218$ 17%

OTHER OPERATING EXPENSES 97,061 99,811 95,837 93,194 82,051 11,143 14%


OP. REVENUES less OP. EXPENSES (before IDA) 37,280 1,249 (32,918) 5,833 41,179 35,346 606%


OPERATING RESULTS 15,260$ (22,741)$ (58,182)$ (19,173)$ 19,927$ 39,100$ 204%

Hospital


(Worse) FY15 Actual

FY2016 Audited Financials: HUH – w Comp. to Bgt and Pr Yr

The Hospital experienced a $19.9 million operating gain in FY16, compared to a ($19.2) million operating loss in FY2015 – a $39.1 (204%) improvement.

Hospital’s FY16 total operating revenues of $263.8 million were $5.2 million (2%) higher than in FY15.

Hospital’s FY16 total operating expenses of $243.9 million were $38.1 million (14%) lower than in FY15.

13

HUH $ %

HOWARD UNIVERSITY



FY15

Actual

FY16

Budget

FY16

Actual

REVENUES

GROSS TUITION AND FEES -$ -$ -$ -$

Less: FINANCIAL AID/EMPLOYEE TUITION REMISSION (2,242) (2,105) (1,812) 293$ -14%

NET TUITION AND FEES (2,242) (2,105) (1,812) 293$ -14%

FEDERAL APPROPRIATION 26,021 26,905 27,046 141$ 1%

PATIENT REVENUE 230,915 226,549 228,075 1,526$ 1%

ROOM & BOARD - - - -$ #DIV/0!

GRANTS AND CONTRACTS - - - -$ #DIV/0!

ALL OTHER 8,098 7,274 10,468 3,194$ 44%

OPERATING REVENUES (net of Financial Aid) 262,792$ 258,623$ 263,777$ 5,154$ 2.0%

EXPENSES -

SALARIES, WAGES, AND BENEFITS 163,765$ 154,019$ 140,547$ 13,472$ 10%-

OTHER OPERATING EXPENSES 93,194 96,495 82,051 14,444 18%-


OP. REVENUES less OP. EXPENSES (before IDA) 5,833 8,109 41,179 33,070 408%

Interest / Depreciation / Amortization (25,006) (24,107) (21,252) 2,855 -12%

OPERATING RESULTS (19,173)$ (15,998)$ 19,927$ 35,925$ -225%


CHANGE IN NET ASSETS (41,092)$ (451)$


(Worse) FY16 Budget

14

FY2016 HUH Audited Financials Compared to FY15 Actual & FY16 Budget

Highlights:

• Hospital Operating Results: $19.9M

• Operating Revenue: $263.8M

• Operating Expenses Excl IDA: $222.6M

• Int./Deprec./Amort.: $21.3M

Compared to FY16 Budget:

• Operating Revenues - $5.2M higher (2%)



Compared to FY15 Actual:

• Operating Revenues - $1.0M higher (1%)



HOWARD UNIVERSITY

HUH

FY16

YTD Actual

as of Jun 2016

HUH

FY16

Budget

as of Jun 2016

HUH

FY15

YTD Actual

as of Jun 2015

OPERATING REVENUES

2 GROSS TUITION 3 FEES4 TUITION AND FEES - TOTAL5 Less: Financial Aid - Unrestricted

6 Less: Financial Aid - Endowment & Gift Restricted

7 Less: Financial Aid - Total

8 NET TUITION AFTER FINANCIAL AID - TOTAL - - -

8 Less: Tuition Remission - HU Faculty / Staff + Dependents (1,812) (2,105) (2,242)

9 TUTION AND FEES - NET (1,812) (2,105) (2,242)

10 Discount Rate - Total

11 FEDERAL APPROPRIATION 27,046 26,905 26,021

12 Grants and Contracts - Direct Costs

13 Grants and Contracts - Indirect Costs

12 GRANTS & CONTRACTS - TOTAL - - -

13 Room & Board

14 Other Auxiliary Income

15 AUXILARY SERVICES (Housing, Dining, Bookstore, Other) - - -

16 NET PATIENT SERVICE REVENUE 228,075 226,549 230,915

17 ENDOWMENT - SPENDING RULE TRANSFER -

18 CONTRIBUTIONS (Operating) -

19 OTHER INCOME 10,468 7,274 8,098

20 OP. INVESTMENT INCOME -

21 TOTAL OPERATING REVENUES 263,777 258,623 262,792

OPERATING EXPENSE & OTHER ADJUSTMENTS

22 SALARY & WAGES - TOTAL 121,909 124,908 133,015

23 EMPLOYEE BENEFITS 18,638 29,111 30,750

24 TOTAL COMPENSATION / BENEFITS 140,547 154,019 163,765

25 EB Rate % 15% 23% 23%

26 Professional and Administrative Services 33,000 33,443 30,218

27 Utilities and Telecommunications 7,896 8,502 8,805

28 Grant Subcontracts - - -

29 Repairs and Maintenance 10,493 10,545 11,208

30 Insurance and Risk Management 6,149 14,003 11,237

31 Food Service Costs 3,162 3,242 3,255

32 Medical and Office Supplies 21,351 26,760 28,471

33 Provision for Bad Debts - Students and Other - -

34 Provision for Bad Debts - Other - - -

34 NON-PERSONNEL OPERATING EXPENSES 82,051 96,495 93,194

35 TOTAL OPERATING EXPENSES 222,598 250,514 256,959

36 OP. RESULTS BEFORE INT., DEPREC., AMORT. 41,179 8,109 5,833

37 Interest Expense (4,415) (4,417) (4,799)

38 Amortization of Retirement Plan Actuarial Losses (2,673) (2,700) (2,925)

39 Depreciation (14,164) (16,990) (17,282)

40 TOTAL INTEREST, DEPRECIATION, AMORTIZATION (21,252) (24,107) (25,006)

41 OP. RESULTS AFTER INT., DEPREC., AMORT. $19,927 ($15,998) ($19,173)

BALANCE SHEET ADJUSTMENTS

56 BALANCE SHEET ADJUSTMENTS - TOTAL (20,378) (21,919)

CHANGE IN NET ASSETS57 Change in unrestricted net assets

Change in unrestricted restricted net assets (451) (41,092)

57 Change in temporarily restricted net assets - -

58 Change in permanently restricted net assets - -

59 CHANGE IN NET ASSETS - TOTAL ($451) ($41,092)

15

FY16 HUH Audited Financial ResultsMajor Variances from FY15 Actual – FY16 Better / (Worse) FY15

FY16 YTD Better / (Worse) FY15 YTD

HOSPITAL

amounts in 000's

Reduction - Compensation / Benefits 23,218$ 14% reduction

Reduction - Medical and office supplies 7,120

25% reduction

Reduction - Insurance and Risk Management 5,088 45% reduction

Increase - Other Income 2,370 29% increase

Increase - Federal Appropriation 1,025 4% increase

Reduction - Utilities and Telecommunications 909 10% reduction

Reduction - Repairs and Maintenance 715 6% reductrion

Reduction - Tuition remission 430 19% reduction

Reduction - Food Service Costs 93 3% reduction

Increase - Professional & Administrative Services (2,782) 9% increase

Reduction - Net Patient Service Revenue (2,840) 1% decline

All Other - Net -$

Change in Op. Revenue less Op. Expense (before IDA) 35,346$ 606% improvement

Documents

FY16 Final Audited Financial Results Analysis and Comparisons · 2017-04-04 · FY2016 Audited Financials w 4 Year Comparison: University University-only Operating Results declined