EXPLANATION OF TABLE

Tuition and fees  – Because of greater-than-anticipated credit-hour production in summer and fall (4.4 percent above the forecast), tuition and fee revenues exceeded budget estimates by more than $5 million. Undergraduate collections were above our projections, but graduate revenues were slightly below.

State appropriations – We estimate that our state share of instruction will come in close to the budget. Economic Growth Challenge funds of $190,000 were received in the first quarter. (These dollars are allocated by the state based on a university's success in generating external research support.) These funds will be matched with institutional funds and invested in yet-to-be-determined science, technology, engineering and math (STEM) programs.

Departmental sales and workforce development – While revenues in the sales and service areas are less than budgeted in the first quarter, the expenses are also less than expected. The sales areas regularly experience deficits resulting from timing differences. In most instances, resources are used up front to generate future revenue.

Indirect cost recovery – Revenue in this category is generated by externally funded grant activity. For instance, a grant may include funding to support indirect costs, which are incidental costs required to conduct the research or supported activity (such as office staff time). In the first quarter, these revenues were 6 percent less than budgeted. The receipts are often related to spending and vary greatly from quarter to quarter. 

Earnings from investments and endowments – The earnings from investments and endowments exceeded the forecast by 24.2 percent, thanks to favorable interest rates and market performance.

Miscellaneous income – This line reflects a $42,000 credit to the University. This category includes any income source that is not included in the above-referenced categories, such as unrestricted gifts or any refunds from the prior fiscal year.