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Audited financials showcase fiscal health |
| By
Tobin J. Klinger |
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Oct 18, 2007 |
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“The University of Toledo completed fiscal year 2007 on a high note, ending with nearly $30 million more net revenue than expense,” reported Tom Biggs, interim vice president for finance, during the Finance Committee meeting of the Board of Trustees Oct 15.
In fact, UT ended the fiscal year with a $30 million net change in assets, which is expected to have a positive impact on its Senate Bill six ratio, the standard measure of a university’s fiscal health.
“Our ratio was 3.5 for fiscal year ’06,” Biggs said. “We estimate that our positive results will drive that up to 3.7 for fiscal year ’07.”
In addition, Biggs reported to the board that both the academic and clinical sides of the University’s operations are pointed in the right direction following the first quarter. The academic net change in assets is greater than last year, and the hospitals’ operation margin is above budget.
“I’m cautiously optimistic,” Biggs said.
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