Board of Visitors Finance Committee February 19, 2016
BOARD OF VISITORS STRATEGIC INVESTMENT FUND P AT H O G A N E X E C U T I V E V I C E P R E S I D E N T A N D C H I E F O P E R AT I N G O F F I C E R
Board of Visitors Strategic Investment Fund • Establishment of a fund for strategic investments that support the vision and aspirations of the highest levels of excellence in the University’s academic, research and healthcare missions. • The Strategic Investment Fund would be carefully managed and designed to grow and provide the means to fund future strategic investments. 3
FACULTY, STAFF AND STUDENT HOUSING RATES 2016-2017 C O L E T T E S H E E H Y S E N I O R V I C E P R E S I D E N T F O R O P E R AT I O N S
UVa Faculty and Staff Property Rents Rents reflect market rate 86 Units 3.75% Average Increase 5
Student Housing Rates Academic College at 2016-2017 Academic Year Division Wise Number of Beds 6,868 760 Occupancy rate (fall 2015) 97% 75% Average increase $195 (3.4%) $90 (1.5%) Average double room charge $5,876 $6,243 (nine-month lease) 6
2015-2016 UVa Student Housing Rates VA Public, Peer & Selected Other Institutions Double Room Rate $10,000 UVa = $5,681 $9,000 Average "Peer" & Selected Others = $7,647 $8,000 $7,000 Average VA Public Schools = $5,630 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 Sources: SCHEV 2014-2015 Public Institutions survey & Business Operations web-based survey 7
2015-2016 UVa-Wise Student Housing Rates VA Public, Peer & Selected Other Institutions Double Room Rate $8,000 UVa-Wise = $6,144 .... Average VA Public Schools = $5,630 $7,000 - - - - Average "Peer" & Selected Others(UMW) = $4,950 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 Sources: SCHEV 2014-2015 Public Institutions survey & Business Operations web-based survey 8
DINING SERVICES RATES 2016-2017 C O L E T T E S H E E H Y S E N I O R V I C E P R E S I D E N T F O R O P E R AT I O N S
2016-2017 Dining Service Rates Academic College at 2016-2017 Academic Year Division Wise Average increase/(decrease) 2.76% (3.4%) Meal Plan Rate Range $200 - $5,190 $165 - $4,112 10
2015-2016 UVa Dining Meal Plan Rates VA Public, Peer & Selected Other Institutions Full Meal Plan Rate $7,000 UVa = $4,720 $6,000 Average "Peer" & Selected Others = $5,221 $5,000 Average VA Public Schools = $4,421 $4,000 $3,000 $2,000 $1,000 $0 Sources: SCHEV 2014-2015 Public Institutions survey & Business Operations web-based survey 11
2015-2016 UVa-Wise Dining Meal Plan Rates VA Public, Peer & Selected Other Institutions Full Meal Plan Rate $7,000 UVa-Wise = $4,322 .... Average VA Public Schools = $4,421 $6,000 - - - - Average "Peer" & Selected Others = $3,460 $5,000 $4,000 $3,000 $2,000 $1,000 $0 Sources: SCHEV 2014-2015 Public Institutions survey & Business Operations web-based survey 12
2016-2017 TUITION AND FEES FOR THE UNIVERSITY OF VIRGINIA AND THE COLLEGE AT WISE M E L O D Y B I A N C H E T T O V I C E P R E S I D E N T F O R F I N A N C E
2016-2017 University of Virginia Tuition and Fee Proposal 14
Tuition Setting Context University of Virginia • In 2016-17, the University will continue to build on the sustainable, multi-year financial plan which features: – Investing in Quality – Improving Affordability and Predictability – Pursuing Organizational Excellence – Leveraging Financial Resources • Continual investment in: – Title IX and Compliance – Student Health, Safety, and Security – IT Security Enhancement 15
Multi-Year (FY17-FY23) Financial Plan Assumptions Category Assumption Inflation • 2.5% (modified HEPI) for the period FY 2106-2023 Tuition • Undergrad tuition: HEPI inflation + 1%; establish optional fixed rate guarantee; reduce need- based debt for Virginians • Grad and SOM tuition: 1.5% - 3.5% annual increase • Law & Darden tuition: 3% annual increase State Appropriations • Maintain approved previously appropriation (i.e. no increase, no cut) Research Funds • Federal funding for grants and contracts remains at current rate Endowment Distribution • 40 basis point spending increase; 7.5% rate of return T&R Faculty Salary and Benefits • Includes estimates to manage intergenerational turnover ($30.6 for FY17) and faculty to support revenue growth • Annual merit pool of 3% ; Base adjusted for anticipated Resignations/Retirements • Fringe rate at 27% of salary, includes funding of VRS at state proposed rates Staff/A&P Faculty Salary and • University staff and A&P: Annual merit pool of 3% from 2015-22 Benefits • Classified staff: 0% in 2015-16; 2% thereafter • Fringe rate at ~38% of salary, includes funding of VRS at state proposed rates Other Than Personnel Services • Annual increase at inflation rate Savings from Organizational • $9-19 million/year; targeted goal of $120 million over FY16-22 Excellence Safety Improvements • Safety improvements of $2.6 million in FY16 + inflation thereafter Cornerstone Plan • Identified funding for implementation ($24.88 for FY17) 16
2016-2017 Tuition and Fees University of Virginia Tuition • In-State Undergraduates entering Fall 2016: $13,220 – Optional Guarantee: $14,378 • Continuing In-State Undergraduates: $328 or 3% increase • All Out-of-State Undergraduates: $1,216 or 3% increase • All Graduate Rates: 0.3% - 3.9% increase • SOM: 0.1% - 0.2% increase • Law and Darden: 2.1% - 4.3% increases Mandatory Fee • $78 increase (3.1% for in-state, 2.4% for out-of-state) 17
2015-2016 Undergraduate Tuition & Fee First Year Undergraduate Tuition Peer Comparison $60,000 $50,000 $14,678 / $43,974 $40,000 Out of State Average - $37,424 Out of State $30,000 In state $20,000 In State Average - $11,554 $10,000 $- . 18
2015-2016 Undergraduate Tuition & Fee Average Undergraduate Tuition In State Comparison $25,000 $20,000 $15,000 $12,347 Average - $11,836 $10,000 Non-E&G Fees Tuition $5,000 $0 19
2016 - 2017 Proposed Price of Attendance First Year, UVa College of Arts & Sciences In-State Out-of-State Tuition & Fees $15,874 $45,058 Orientation Fee $210 $210 Room $5,876 $5,876 Board $4,850 $4,850 Books, Travel, Others $3,914 $5,200 Total Price of Attendance $30,724 $61,194 Expected % Students on Aid 35% 30% For Students on Aid Average Grants $10,174 $16,914 Average Net Price before loans $20,550 $44,280 20
2016-2017 Tuition Resolution University of Virginia • If the University’s 2016-2017 unrestricted state appropriation increases beyond what is assumed in the multi-year financial plan, the proposed 2016-2017 in-state undergraduate tuition rates would be revised downward accordingly. 21
2016-2017 College at Wise Undergraduate Tuition Proposal 22
Tuition Setting Context College at Wise • In 2016-17, continued development of initiatives outlined in Six Year Plan leading to long-term growth and sustainability: o Implementing the Wise Writes Program, the cornerstone of SACSCOC Quality Enhancement Plan o Enhancing the quality and stability of academic faculty o Addressing affordability and debt burden of our students o Cultivating the marketability of the College • Continual investment in: o Title IX and Compliance o Regional Economic Development o STEM-H Initiatives through accreditation 23
2016-2017 Tuition and Fees College at Wise Tuition • In-State Undergraduates: 3% increase to $5,210 • Out-of-State Undergraduates: 3% increase to $21,288 Mandatory Fee • $165 increase (4.0% for in-state, 3.4% for out-of-state) 24
2016 - 2017 Proposed Price of Attendance First Year, College at Wise In-State Out-of-State Tuition & Fees $9,539 $26,249 Room $6,243 $6,243 Board $4,112 $4,112 Total $19,894 $36,604 25
ENDOWMENT REPORT: MARKET VALUE AND PERFORMANCE AS OF DECEMBER 31, 2015 L A R R Y K O C H A R D C H I E F E X E C U T I V E O F F I C E R , U V I M C O
Outline • Performance Review • Asset Allocation • Current Environment • Going Forward 27
Performance Review As o of D Decem ecember er 3 31, 2 2015 Market Value Annualized FYTD $ Millions % 1 YR 3 YR 5 YR 10 YR 20 YR Dec-15 Long Term Pool 7,448 100.0 6.0 11.0 10.9 9.1 11.7 (0.7) Policy Benchmark 100.0 (0.4) 6.5 6.2 5.5 6.6 (1.8) Equity Public 1,750 23.5 1.1 11.9 12.4 10.3 11.5 (5.4) Long / Short 1,676 22.5 6.3 10.5 9.8 8.5 11.1 2.2 Private 1,362 18.3 23.6 22.9 20.4 14.2 20.6 1.3 Total Equity 4,788 64.3 9.0 14.4 13.7 11.0 14.1 (0.8) MSCI All Country World Equity 60.0 (1.8) 8.3 6.7 5.3 6.4 (4.7) Real Assets Real Estate 490 6.6 24.4 16.3 13.1 (2.5) 4.0 4.7 Resources 285 3.8 (25.2) (2.4) 5.4 12.1 -- (8.0) Total Real Assets 775 10.4 2.7 8.8 10.9 6.5 11.0 0.1 MSCI Real Estate 10.0 2.5 7.6 9.4 5.6 8.3 6.1 Fixed Income, Cash & MAC Marketable Alternatives and Credit 741 9.9 (2.2) 6.2 6.3 6.2 6.8 (1.9) Government Bonds 877 11.8 0.4 0.3 0.3 3.8 5.9 (0.2) Cash & Currency 267 3.6 0.0 0.0 0.0 -- -- (0.0) Total Fixed Income, Cash & MAC 1,885 25.3 (0.7) 3.1 3.2 5.0 6.3 (0.9) Barclays Aggregate Bond 30.0 0.8 2.1 3.6 4.4 5.4 1.0 0 28
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