JWU sees net assets pass $700M

A MORE THAN 40 PERCENT increase in its unrestricted return on investments - coupled with modest increases in expenses - helped Johnson & Wales University increase its net asset position by the end of fiscal 2014 to $726.4 million. The school also increased scholarship support by 4 percent to $143.1 million. / COURTESY JOHNSON & WALES UNIVERSITY
A MORE THAN 40 PERCENT increase in its unrestricted return on investments - coupled with modest increases in expenses - helped Johnson & Wales University increase its net asset position by the end of fiscal 2014 to $726.4 million. The school also increased scholarship support by 4 percent to $143.1 million. / COURTESY JOHNSON & WALES UNIVERSITY

PROVIDENCE – Johnson & Wales University reported a 1.4 percent increase in total revenue, gains and other operational support for the fiscal year that ended June 30 to $492.9 million, according to its 2013-2014 annual report released Tuesday.

The interactive digital report, which can be accessed HERE, was circulated through an email sent out by JWU Chancellor John J. Bowen. Two pages are dedicated to finances, while the rest of the 48-page document addresses the school’s centennial and development of new programming across the university’s four campuses.

That new programming includes a new, Providence-based Master of Science physician assistant program – Rhode Island’s first.

According to the financial report, spending on scholarships increased by nearly 4 percent to $143.1 million from $137.6 million in fiscal 2013 even as revenue from tuition, fees, and residence and dining charges increased 1.6 percent to $458.2 million. At the same time, efforts to manage costs resulted in a total operating expense increase of 0.7 percent, leaving the school with an decline in unrestricted net assets from operations of 3.7 percent to $19.9 million.

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However, improvements in unrestricted return on investments as well as in actuarial changes in the school’s defined pension liability drove a 74.8 percent increase in non-operational support. With increases in restricted net assets flowing to the university’s benefit as well, JWU saw a 24.6 percent increase in net assets of $46.2 million. As a result, by the end of fiscal 2014, Johnson & Wales had net assets of $726.4 million, a year-over-year increase of 6.8 percent.

Bowen said in his opening letter to the report that experiential education is part of the reason for JWU’s continuing success. The university this year won the William M. Burke Award from the National Society of Experiential Education, reflecting the school’s commitment to student engagement in and beyond the classroom.

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