Appalachian State University Receives Additional $4.1 Million Increase to General Fund; 2020 Audit Shows Four Percent Revenue Decrease

Published Friday, February 26, 2021 at 5:09 pm

By Nathan Ham

The UNC Board of Governors approved an increase of $4.1 million to the university’s general fund to help offset some of the revenue shortcomings that can be attributed to the COVID-19 pandemic over the last year.

An audit in June of 2020 by the state showed a decrease of four percent in total revenue for the school compared to 2019 numbers. That total ended up being $19.1 million. The audit states that prorated housing and dining refunds, as well as revenue losses at the University Bookstore, New River Light and Power and additional losses from not being able to hold camps and conferences on campus, were the key areas that resulted in revenue decreases.

Appalachian State’s total operating expenses increased by $6.5 million, which is a change of 1.6 percent from 2019. The audit shows that most of the operating increases came from salary increases for faculty and staff and additional funds for scholarships and fellowships.

The state audit also determined the value of Appalachian State’s assets that include revenue, capital projects and endowment funds. Including the new student housing and the other on-campus assets, the audit shows the university having over $1 billion in total assets ($1,065,348,275). The largest portion of those assets were calculated from the value of the buildings and the land. The land that the university sits on was valued at $61,541,743 according to the audit. The buildings were valued at $746,481,809.

Currently, total operating expenses are roughly $426 million for the university with $134 million of that classified as for instruction purposes (salaries, benefits, supplies and services). Other major expenses are characterized as auxiliary enterprises ($103 million), academic support ($44 million), institutional support ($34 million) operations and maintenance ($27 million), financial aid ($23 million), New River Light and Power ($13 million), student services ($8 million), public service ($8 million) and research ($5 million).

The complete 90-page audit of the university can be found here.

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