Audited Financial Statements

Consolidated Financial Reports

Each of the Consolidated Financial Reports provides an overview of the financial position of the University of Dayton with comparative information from the previous year. The overview is prepared by management and should be read in conjunction with the audited financial statements and notes.

The University of Dayton is a private Roman Catholic national research university in Dayton, Ohio. Founded in 1850 by the Society of Mary (the Marianists), it is one of three Marianist universities in the nation and the largest private university in Ohio. 

2016-2017 Financial Report
A Message From the President
During my first year as president, I felt every day the mission of this values driven institution, values that are deeply held, broadly lived, and give form to our excellence as a university. Those values were the foundation of a yearlong visioning process in which the notion of “the common good” — long an essential characteristic of our Catholic, Marianist university — became elevated as a way of animating our teaching, research, scholarship, and community engagement.

Even as the strategic vision was forming, the University community made bold moves toward achieving our dreams. We developed new academic programs, hired outstanding new faculty and staff, implemented efficient new enterprise business processes, and continued to modernize and maintain our physical plant.
We set new records in sponsored research and first-year enrollment, most rewardingly enrolling the most racially and socio-economically diverse class in the history of the University. With great intentionality, we are becoming a more diverse, equitable, inclusive campus. This, in turn, makes us a stronger, more innovative campus community.

Looking to the future, we partnered locally to begin the revitalization of the former Montgomery County fairgrounds, a 38-acre site adjacent to campus with outstanding potential for community partnerships and economic development. We began planning a dynamic entrepreneurship and innovation center to anchor the redevelopment of the historic downtown Dayton Arcade.
Our annual sponsored research volume climbed to nearly $135 million — a new record — through the research and scholarship of faculty, staff, and researchers across campus. We’re proud of our national rankings: first among all Catholic universities for sponsored engineering research and development; second in the nation in federally sponsored materials R&D; and ninth in the nation for sponsored research among private research universities without medical schools.

We embarked on a $72 million, three-year renovation of the iconic University of Dayton Arena to transform it into a state-of-the-art facility that will dramatically improve the nearly 50-year-old infrastructure. We continue to be one of the best in the nation at fostering academic achievement for student-athletes, leading all Ohio Division I universities and ranking 36th nationally for graduating student-athletes.
Our students are the heart of all that we do. They are the living embodiment of our commitment to the common good. They use their talents and gifts in service to others — whether it’s launching a fair trade campaign on campus, transforming a former public school site into an urban farm, or traveling to India to work on solar refrigeration that will keep vaccines cool during electricity blackouts. They are not here solely to get a degree to become rich or achieve personal fame or glory. They are here to become educated so that they can make a difference.

Making a difference through building community is the thread that is woven throughout our strategic vision and all that we do. As we embark on the broader realization of that vision, our commitment to the common good is igniting the imagination, the creativity, and the drive of the students, faculty, staff, and alumni of the UD community.
Eric F. Spina
A Message from the Executive Vice President for Business and Administrative Services
In addition to the programmatic successes President Spina described, I am pleased to report that our operating and financial results were very strong. Of particular note, leading indicators highlight continued growth in our fiscal strength. These include an overall University operating margin of 8.0% driven by continued revenue expansion combined with appropriate fiscal stewardship and cost controls. Through

strong long term investment performance, our assets grew by more than $120 million while our overall liabilities decreased with the retirement of nearly $15 million in long-term debt.

The following discussion and analysis provides a more detailed, in-depth overview of the financial position of the University of Dayton for the year ended June 30, 2017 with comparative information for the previous year ended June 30, 2016. This overview has been prepared by management under my direction and should be read in conjunction with the audited financial statements and the notes that follow this section.
Andrew T. Horner
Executive Vice President for Business &
Administrative Services