Ma n a g eme n t ’ s D i s c u s s i o n a n d A n a l y s i s J u n e 3 0 , 2 0 2 3 a n d 2 0 2 2 Auxiliary Operations Auxiliary operations revenue totaled $57.0 million in fiscal 2023, representing an approximately $6.8 million or 13.4 percent increase from fiscal 2022. The growth was driven by increased campus housing and meal plan revenues, as well as clinical revenues. Other Revenues Other revenues increased $14.3 million to $37.4 million in fiscal 2023 from $23.1 million in fiscal 2022. The increase includes NSU’s proportionate share of a gain recognized on the sale of property by an equity-method investee, along with certain claim-related proceeds received in fiscal 2023. Expenses Financial Position The university has total assets of $2.0 billion, total liabilities of $875.5 million and resulting net assets of $1.1 billion as of June 30, 2023. Total assets increased $36.5 million or 1.9 percent from the prior year. Total cash and investments (including foundation assets) increased $49.4 million or 5.8 percent. Cash and investments that were previously categorized as foundation assets on the consolidated statement of financial position are part of cash and investments as of June 30, 2023, following dissolution of the foundation during fiscal 2023. The increase in total cash and investments, coupled with a $5.0 million collective increase in receivables (pledges, tuition and other), was partially offset by a $17.6 million decrease in right-of-use assets associated with operating leases. The university has continued to strengthen its financial resources with sustained growth in total cash and investments. At $894.0 million at June 30, 2023, the total has more than doubled over the last five years. Contributing to the increase are net proceeds received from bond issuances in fiscal 2020 ($12.9 million) and fiscal 2022 ($148.6 million). Unspent bond proceeds are anticipated to be utilized for future capital projects spanning multiple years. TOTAL CASH AND INVESTMENTS[ ] $838 $416 $447 $530 $679 (in millions) 0 400 600 800 FY 2022 $894 FY 2023 FY 2021 FY 2020 FY 2019 FY 2018 [1]Includes endowment and other restricted funds. Excludes Foundation assets (FY 2018 through FY 2022). Includes net proceeds received from bond issuances in FY 2020 of $12.9 million and FY 2022 of $148.6 million. 1,000 $ $ $ 200 $ $ $ FY 2023 COMPOSITION OF EXPENSES Salaries and Wages—45.1% Depreciation—6.2% Employee Benefits—10.6% Interest—3.2% Supplies and Services—17.4% Other—7.6% Space and Occupancy—9.9% Expenses totaled $749.8 million in fiscal 2023 compared to $686.0 million in fiscal 2022, representing an increase of $63.8 million, or 9.3 percent. Salaries and wages, along with employee benefits, increased from merit and other salary adjustments coupled with new positions in certain programs. Supplies and services grew across various areas as respective revenues increased. Space and occupancy rose from additional leased student housing and increased cleaning, utilities, and maintenance costs. Incremental interest expense was incurred for the 2022 Series bonds, which were issued in the latter part of fiscal 2022. Other expenses reflect a decrease associated with fiscal 2022 student emergency grant expenditures supported by HEERF allocations, partially offset by rising costs in other areas, such as insurance and travel. 5
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