Amid the economic turbulence gripping markets at home and
abroad, the University earned continued recognition in fiscal 2008
for enhancing the financial strength so vital to our mission.
Moody’s and Standard & Poor’s testified to this sound
management by affirming the University’s bond ratings. Meanwhile,
the University invested in new programs and facilities that support
the quality academic experience our students expect.
Progress continued on our Facilities Master Plan with
groundbreaking for St John’s new $77 million University
Center/Academic Center. The University completed construction of 16
new townhouse-style residences with more than 500 student beds and
a renovated St. Vincent Hall holds nearly 200 additional student
beds. In 2008, the University also began construction on two new
international campuses in Rome and Paris that will be anchors for
St. John’s growing Global Studies programs.
The University’s commitment to economically disadvantaged students
is a hallmark of its mission. In fiscal 2008, the University
boosted the institutional financial aid it provides to $140
million, a 9 percent increase. Also reflecting our mission, 40
percent of entering freshmen in Fall 2007 were students with the
highest level of financial need.
The University’s ongoing success was recognized in 2008 by public
bond ratings of A- and A3 issued by Standard & Poor’s and
Moody’s, respectively. The agencies pointed specifically to the
University’s prudent financial management, successful fundraising
and improved selectivity.
The accompanying statements present the University’s financial
position as of May 31, 2008, and its operating results for the year
then ended. The University’s management prepared these
statements in accordance with reporting and accounting standards
established by the Financial Accounting Standards Board for
As presented in the accompanying Balance Sheet, the University
reported total assets of $1.1 billion as of May 31, 2008. The
Statement of Activities shows total operating revenue of $405.8
million and total operating expenses of $398.7 million for the year
resulting in an operating bottom line of $7.1 million.