Higher Educationhttp://www.standardandpoors.com 183Income statement ratios Revenue diversity (all numerators divided by adjusted operating revenues)
Net tuition dependence Numerator = net tuition
Student dependence (net tuition + auxiliary rev) Numerator = net tuition + auxiliary revenue
State operating appropriations Numerator = state operating appropriations
Grants and contracts Numerator = state, private, and federal grants
Gifts Numerator = gifts
Auxiliary income Numerator = auxiliary income
Health care income Numerator = total health care income
Total adjusted operating expenses Audited operating expenses plus appropriate nonoperating expenses
considered to be operating expenses, such as interest expense
Total Adjusted Operating Revenues Audited operating revenues plus appropriate nonoperating revenues
considered to be operating revenues such as state appropriations,
investment income, and private gifts
Operating results (all ratios computed relative to adjusted operating expenses
Change in adjusted operating income Change in estimated operating income/adjusted operating expenses
Change in unrestricted net assets Change in UNA/adjusted operating expenses
Change in total net assets Change in total net assets/adjusted operating expenses
Balance sheet ratios Liquidity and debt ratios
Cash and investments/expenses Univ. C&I/adjusted operating expenses
Cash and investments/pro forma debt Univ. C&I/pro forma debt principal
Cash and investments/outstanding debt Univ. C&I/outstanding debt principal
UNA/expenses UNA/adjusted operating expenses
UNA/pro forma debt UNA/pro forma debt principal
UNA/ outstanding debt UNA/pro forma debt principal
Adjusted UNA/expenses Adjusted UNA/adjusted operating expenses
Adjusted UNA/pro forma debt Adjusted UNA/pro forma debt principal
Adjusted UNA/outstanding debt Adjusted UNA/pro forma debt principal
Adjusted UNA UNA, adjusted at analytical discretion to include: foundation quasi
endowment or foundation UNA; debt service reserves; debt service
balances; board-designated reserves or endowment; university-held
quasi endowment not included in UNA
Debt burden
Current debt service burden Current debt service/adjusted operating expenses
MADS burden Current MADS/adjusted operating expenses
Pro forma MADS burden Projected MADS/adjusted operating expenses
Average age of plant (years) Accumulated deprecation/annual depreciation expense
Full-time equivalent measures
Net tuition per FTE ($) Net tuition/total full-time equivalent students
State operating appropriations per FTE ($) Total state operating appropriations/total full-time equivalent students
Outstanding Debt per FTE ($) Outstanding debt/total full-time equivalent students
Pro forma debt per FTE ($) Proforma debt/total full-time equivalent students
Net capital assets per FTE Net capital assets/total full-time equivalent students
Endowment per FTE Endowment (market value)/total full-time equivalent students
Selected Public College/University Financial Ratios (GASB)