TCNJ

16 OUR FINANCIALS ASSETS AND LIABILITIES The assets of the college totaled $794 million (net of accumulated depreciation of $251 million) as of June 30, 2015. This balance reflects a $20.4 million, or 2.6 percent, increase compared to fiscal year 2014. This increase in assets resulted primarily from the net addition of capital assets and cash receipts from operations, coupled with appreciation of the investment portfolio. Deferred outflow decreased by $1.2 million, or 5.5 percent, due to the amortization of bond issue costs. Total liabilities decreased by $0.7 million, totaling $436 million as of June 30, 2015. As a result of these changes, the college's net position increased by $20 million, or 5.5 percent, resulting in a year-end balance of $379 million. The change in net position is a measure of whether the overall financial condition has improved or worsened during the year. The consistent increase in net position is one indicator that the college's financial health continues to improve, reflecting sound and careful fiscal management across the institution. STATE SUPPORT After several years of stable funding, the college saw its base state appropriation decline for 2015–16. TCNJ will receive $2.1 million less in institutional operating aid from Trenton. This represents a 7.3 percent cut to the operating budget. This cut is offset by an increase in the non-cash fringe benefit appropriation to cover the expected increase in fringe benefit expenses. The college broke ground on a $75 million STEM project, which is being constructed with $40 million in funding through New Jersey's Building Our Future Bond. An additional $1 million will come from the New Jersey Higher Education Technology Infrastructure Fund. In total, the state provided $57.5 million in support for these and other projects through various bonds. STRATEGIC PARTNERSHIPS TCNJ is committed to seeking innovative approaches to improve the campus without putting additional pressure on the budget. Due to strong student demand, the college and The PRC Group announced in February plans to add two residential buildings to Campus Town. They will bring the total number of beds to 612 and the project cost to $120 million. Thanks to a public- private partnership with The PRC Group, the project will be completed without any state or tuition dollars. In April, the college broke ground on a two-year, $38 million renovation and expansion of Brower Student Center. Thanks to a long-term agreement with the college's food service provider, Sodexo, the majority of this project is being privately funded. The audited financial statements may be found online at treasurer.tcnj.edu. The College of New Jersey has a long tradition of prudent financial planning and thoughtful resource allocation. Moody's Investors Service and Standard & Poor's recognized this in their reviews of the college this year. Moody's cited strong student demand and conservative financial management as the basis for upholding TCNJ's bond rating and assigning a stable rating outlook. S&P took the same action, crediting the college's "strong enterprise profile, steady enrollment, and healthy operations."

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