Management’s Discussion and Analysis June 30, 2024 and 2023 NSU attained new, multiyear grant awards in fiscal 2024, addressing topics of national significance. For example, the Halmos College of Arts and Sciences was awarded nearly $4 million from the National Oceanic and Atmospheric Association supporting research and mitigation efforts to preserve and restore Florida and the U.S. Caribbean’s coral reefs. The College of Computing and Engineering was awarded two U.S. Department of Education grants totaling a combined $3.7 million to implement strategies and supports leading to improved academic success, retention, and outcomes in STEM disciplines for underrepresented students. The Ron and Kathy Assaf College of Nursing was awarded funding from the Florida Department of Education and its healthcare partners to collaboratively build capacity for nursing education and address the growing nursing shortage in Florida. NSU Health received continued funding from the Florida Department of Health supporting expanded access to healthcare services for veterans and their families. Financial Performance Total revenues were $894.5 million in fiscal 2024, up 8.7 percent from $823.1 million in fiscal 2023 as a result of improved investment market conditions and increases in various categories, including tuition, contributions, grants, and auxiliary operations. Total expenses increased by 6.3 percent to $796.8 million in fiscal 2024 from $749.8 million in fiscal 2023. The resulting increase in total net assets was $97.7 million or 8.8 percent. Revenues As depicted in the following chart, when excluding net realized and unrealized investment gains and losses, total revenues were $847.6 million in fiscal 2024, increasing $47.7 million or 6.0 percent from $799.9 million in fiscal 2023, and up $193.8 million or 29.6 percent over the last five years. Net Tuition and Fees Fiscal 2024 total tuition and fees (reported net of scholarships and discounts) approximated $648.4 million, increasing $29.2 million or 4.7 percent from fiscal 2023. Per the chart, although net tuition and fees have steadily increased, as non-tuition sources have grown in line with strategic goals, tuition and fee proportion has progressively lessened, comprising 76.5 percent of fiscal 2024 revenues compared to 79.6 percent in fiscal 2019, a full three-percentage point decrease. Diversification Within Tuition Revenue NSU’s academic programs are as diverse as its student body; accordingly, there are several components of enrollment and resulting tuition revenue. • 15 different colleges and schools • over 150 academic degree programs with varying tuition rates • 65 percent graduate and professional students; 35 percent undergraduate students • C ourses are offered in multiple locations and modalities The following section includes graphs depicting fall enrollment composition. NSU’s preschool through grade 12 programs include approximately 2,000 students who are not included in reported university enrollment data. FY 2024 COMPOSITION EXCLUDING NET INVESTMENT GAINS/LOSSES (in millions) REVENUES Net tuition and fees Government grants and contracts Auxiliary operations Interest and dividends Contributions and private grants Other revenues - $ 100 $ 200 $ 300 $ 400 $ 500 $ 600 $ 700 $ 800 $ 900 $ FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 $ 848 million 76% 7% 6% 4% 3% 4% 2
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