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2009 - 2010 ESL Annual Report

   






  


FINANCIAL ANAYLSIS

ESL believes providing fiscal transparency and accountability enhances our ability to provide quality education and services to MUSC’s student body.

Assets

In anticipation of a slow economic recovery and recognition that financial stewardship originates from good planning and adequate cash reserves, ESL set aside $2 million in reserve funds over the last couple of years.  Of these reserve funds, $1.4 million is earmarked for deferred maintenance costs to minimize future risks of under-budgeting for the MUSC Wellness Center and the remaining $600k is specifically earmarked
for student health initiatives.

Revenue

At the start of the economic downturn two years ago, 27% of ESL's total revenue sources came from state funding, down to only 17% in 2010. Overall, ESL has experienced a permanent, recurring 27% ($672,057) reduction in state dollars over the preceding thirty-six months. Despite the continued reduction in state support, total revenue for the division increased $454,260 from the prior year.

However, our true revenue was nearly $1.1m when we take into account last year’s one-time student health auxiliary funds of $602,582. This growth can be mainly attributed to the increase in student fee rates of 10% (semester fees increased from $800 to $880 for full-time students and from $400 to $440 for part-time students), MUSC Wellness Center membership growth of 8%, and MUSC Wellness Center program revenue growth of 20%. The Kid's Summer and Holiday Camps, geared to teaching children in the Charleston community healthy lifestyle choices, experienced a remarkable 41% revenue growth compared to last year, with total current annual revenue of nearly $196,000.

ESL was also awarded $174,361 in ARRA funds to create and/or maintain five jobs and yield a five-year return on investment of $430,227.

Expenditures

ESL strategically focuses its resources on the university's core mission and providing the best student experience and academic support as possible. During fiscal year 2009-10, the division provided $424,270     of direct funding to MUSC students through scholarships, employment and Student Government Association support at the university and college levels. With efficiency and cost containment being the target, ESL experienced a number of cost savings.

Through attrition during the year, the division saved nearly $63,000, in personnel costs.  Even after undertaking a number of facility renovations and upgrades, the division managed to control costs with only an overall increase of 3.4%, slightly above the 2.3% Higher Education Price Index (HEPI) rate for 2009.
 




 
 
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