The Office of Public Accountability (OPA) has released the University of Guam’s (UOG) financial statements and report on compliance and internal control.
According to the audit, UOG’s operating expenses totaled $102.7 million (M) in FY 2020, a 13% or $11.6M increase from $91.1M in FY 2019. The increase in operating expenses was largely due to the implementation of GASB 75 and awarding of CARES ACT Higher Education Emergency Relief Fund to students.
As a result, the following operating expenses increased: (1) student services by $4.1M or 159%; (2) institutional support by $3.5M or 50%; (3) instruction by $2M or 10%; and (4) research by $1.2M or 8%.
According to OPA, rhese increases were offset by the $918,000 (K) or 10% decrease in scholarships and fellowships and $449K, or 17% decrease in auxiliary enterprises.
In FY 2020, UOG’s Schedule of Expenditures of Federal Awards showed 91 grant activities
totaling $32.6M. The largest federal expenditure was $7.6M for the Pell Grant Program, followed by $5.2M for the Direct Student Loans.
UOG Endowment Foundation
The UOG Endowment Foundation (Foundation) is a legally separate, tax-exempt entity that is a discretely presented component unit of UOG. In calendar year (CY) 2019, the Foundation reported $3.2M in net assets (net income), which is a $4.1M increase compared to its reported net loss of $892K in CY 2018.
The Foundation reported $2.4M in net investment income, which is a $3.3M increase compared to the $828K loss in CY 2018. Revenue from fundraising activities also increased by $377K, going from $200K in CY 2018 to $577K in CY 2019. However, there was
$155K decrease in contributions in CY 2019.
UOG entered into promissory notes with the Foundation in the amount of $1.4 million to pay for the construction of a new water line.
For a more detailed discussion on UOG’s operations, refer to the Management’s Discussion and Analysis or view the reports in their entirety on OPA’s website at www.opaguam.org.