policies. As in the past, the surplus will be reinvested in the University. This year, it will be used to increase the reserves we have set aside to fund future debt repayments and to finance various capital projects. The endowment rate of return for fiscal year 2010 was 12.4 percent, increasing the endowment fund value to $315 million from a value of $279 million the previous year. The University was able to recover some of its losses from the prior fiscal year that it incurred due to the global economic crisis and market declines. These investment gains contributed to an overall increase to net assets of $149 million for the fiscal year ended June 30, 2010.
even with a $0.4 million operating surplus. This is much improved from the operating loss of $42 million that was recorded in fiscal year 2009. This improvement was driven by a system-wide effort to build patient volumes and reduce overall costs. Patient revenues increased by 11 percent over the prior year, with admissions and surgical cases growing by 1.4 percent and 4.7 percent, respectively. In addition to savings from the reduction in work force in spring 2009, a complete supply-chain redesign saved the system more than $9 million.
T
strengthened by the generosity of our many supporters—faithful alumni, faculty, staff, students, parents, and corporate, foundation, and other friends of Loyola. We appreciate your partnership as we prepare our students to lead extraordinary lives. We look forward to seeing you at events throughout the year and wish you and your family a blessed Christmas season.
T Sincerely,
he continued financial health and success of the University is
he Loyola University Health System ended fiscal year 2010 just over break-
TUITION-FINANCED AID (In millions)
$125 $100 $75 $50 $25
FY04 FY05 FY06 $112.9 *
TOTAL ENROLLMENT
* Only approximately 7 percent funded by endowments, gifts, and grants
FY07 FY08 FY09 FY10
18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000
15,951
FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11
ENDOWMENT VALUE AND RETURNS (In millions)
$400 $300 $200 $100
$373.2 $305.7 $258.4 $228.1 $188.9
-2.8% FY01
-8.3% FY02
0.0% $188.5
FY03 $259.1 $372.5 $278.9 $315.3
20.5% FY04
10.6% FY05
13.7% FY06
19.5% FY07
-5.0% FY08
-26.9% FY09
12.4% FY10
OPERATIONS (In millions)
$500 $400 $300 $200 $100 $0
FY01 FY02
Revenues Expenses
FY03
FY04
FY05
FY06
FY07
FY08
FY09
FY10
CAPITAL EXPENDITURES (In millions)
$140 $120 $100 $80 $60 $40 $20
Michael J. Garanzini, S.J. President
$138.9 $108.1 $90.0 $59.7 $11.0 FY01 $5.4 FY02 $8.8 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 $68.6 $84.1 $61.0
president’s repor t 2010 2
$60.4 $69.3 $79.7 $91.6 $101.1 $108.5
13, 362 13, 909
14,764 15,194 15,545 15,670 15,879
$287.0 $322.2
$291.8 $316.5
$300.3 $309.3
$315.4 $310.4
$354.3 $327.8
$397.5 $354.4
$424.0 $375.3
$448.0 $410.3
$468.5 $421.5
$466.5 $402.7
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