TCNJ

7 FY 21 ANNUAL FINANCIAL REPORT New Jersey State Appropriations e state appropriations include amounts appropriated by the State Legislature and employees' fringe benefits paid by the state. In fiscal year 2021, New Jersey state appropriations represented approximately 23.1% of the total revenues, therefore, the level of state support is a key factor influencing the college's overall financial condition. e college reimburses the state for the fringe benefit costs for the number of employees who exceed the state authorized position count of 859 for TCNJ. In fiscal year 2021, the operating state support to the college increased by $5.4 million due to the restoration of the college's budgeted appropriation to pre-COVID- levels, however, this was offset by a reduction in fringe benefit appropriations allocated for the state authorized positions. e breakdown of the state appropriations at June 30, 2021 and 2020 are as follows: Government Grants and Contracts e college recognizes revenues associated with the direct costs of grants and contracts as the related expenditures are incurred. In fiscal year 2021, government grants and contracts had a net increase of $0.5 million primarily due to an increase in federal financial aid grants. COVID-19 Stimulus Funding In fiscal year 2021, the college recognized $13.5 million in revenue from various COVID-19 stimulus funding sources, including Higher Education Emergency Relief Fund (HEERF), Governor's Emergency Education Relief Fund (GEERF), and Coronavirus Relief Fund (CRF). ese funds were used to provide $1.6 million in grants directly to students and to reimburse the college for $11.9 million in lost revenues and COVID-19 related expenses.

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