TCNJ

6 FY 21 ANNUAL FINANCIAL REPORT Net Position Net position represents the residual interest in the college's assets and deferred outflows of resources after all liabilities and deferred inflows are deducted. e change in net position is a measure of whether TCNJ's overall financial condition has improved or worsened during the year. Excluding the impact of GASB 68, the $3.3 million increase for fiscal year 2021, is one indicator that the college's financial health continues to improve, reflecting sound and careful fiscal management across the institution. Revenues Operating revenues which represent resources generated by the college in fulfilling its instruction, research, and public service mandate had a net decrease of $33.1 million in fiscal year 2021 as a result of the significant loss in revenue from auxiliary activities and reduction in tuition and fees charges due to the COVID-19 pandemic. Tuition and fees decreased by $3.4 million due to the college's continued strategic efforts to keep the cost of education affordable during the financial crisis that resulted from the pandemic. Tuition rate was held flat and there was an overall 12.5% reduction in mandatory fees for undergraduate students coupled with targeted reduction in graduate student fees. Student housing revenues decreased by $30.8 million or 78.6% because of the public health crisis that resulted in the migration of instructional modality to online delivery for the fall 2020 semester. Majority of residential students were not permitted to live on campus during the fall 2020 semester and for spring 2021, only a limited number of students were housed due to the continued COVID-19 restrictions. In addition, fiscal year 2021 room rates were held flat and there was a reduction in the meal plan cost. Nonoperating revenues are those not generated by the college's core mission and include such funding sources as investment income, New Jersey state appropriations and COVID-19 stimulus funding. An overall increase of $18.3 million in this revenue category serves to offset the decrease in operating revenues. Scholarship Allowance Scholarship allowance had a net decrease of $0.5 million in fiscal year 2021 primarily due to a decrease in institutional funded scholarships that were offset by increases in state and federal scholarships as reflected in the table below.

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