University. report Economic. University of Navarra
report economic 2022/23
University
This economic report for the 2022/23 academic year sample the evolution of the accounts of the University and its associated research centers, Ceit and Cima.
The University of Navarra is a non-profit institution. In fiscal years with economic surpluses, these are reinvested in the University's own activity that generated them (teaching, research or attendance health).
In the 2022/23 academic year, the University's financialstatus remained balanced for the third consecutive year. There was a sustained growth in revenues in all its activities, with a slightly lower increase in expenses.
Previously, these were years of volatility due to the status healthcare and the project opening of the campus in Madrid, which is already at full capacity both in terms of healthcare activity and professor.
+4,4%
The operatingresult was positive and reached 25.3 million euros compared to 24.4 million euros the previous year. This 4.4% increase was due both to the increase in the professor and research activity and to the increase in healthcare activity. The financialresult obtained a surplus of 4.7 million euros compared to a loss of 2.4 million euros the previous year.
+35%
The final result amounted to 29.9 million, 7.8 million more than in the 2021/22 academic year.
RESULTS
RESULT OF OPERATION
Difference between income and operating expenses derived from the activities of teaching, research or attendance developed at the University.
+25.3 million compared to 24.4 million euros in the previous year (+4%).
RESULT FINANCIAL
Difference between financial income and expenses derived from the financing of the University's ordinary activities and financial investments.
+4.7 million euros compared to a loss of 2.4 million euros in the previous year.
RESULT OF THE FINANCIAL YEAR
Sum of result operating and result financial.
30 million euros compared to 22.1 million euros the previous year (+35%).
Revenues and expenses
Operating income amounted to 663 million euros, an increase of 48 million euros compared to the 2021/22 academic year (+7.8%). This was due to the growth of all the University's activities (professor, assistance and research). A highlight of this improvement was the activity at IESE, which obtained 11.8 million euros more in revenue than in the previous academic year (+10.7%).
In addition, income from the provision of services(up 44 million euros), as well as grants and donations received for application to the activity (+3.3 million), and other ancillary income (+1 million), all grew.
Revenues from services rendered:
€583.8 million (+8%).
Grants and donations received for application to the activity:
66.5 million euros (+6.7%).
Other operating income:
€11.6 million (+9.5%).
Operating expenses also increased by 47 million euros to 638 million euros (+8%) due to the needs arising from the increase in activity.
staff 356 million (56% of total expenses), an increase of 30 million euros compared to the previous year (+9.2%).
Finally, operating expenses grew to 253 million (16 million more than in the 2021/22 academic year, up 6.7%).
REVENUES (IN MILLIONS OF EUROS)
EXPENSES (IN MILLIONS OF EUROS)
EVOLUTION OF RESULT (IN MILLIONS OF EUROS)
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The financial portfolios of the University are divided into two main groups: on the one hand, the Bursar's OfficeThe University's financial portfolios are divided into two main groups: on the one hand, the Ordinary (T.O.) and Savings Fund (FAHUN), subdivided into the Endowment( Bursar's Office ), and on the other hand, the Endowment.
WHAT IS IT?
Bursar's Office Ordinary
It organizes short term operating receipts and payments deadline. It is composed of the funds necessary for the ordinary activity of the current fiscal year. It is generated with the resources obtained from the activity: tuition fees, patient care, contracts and subsidies for research, etc. It is used to cover the ordinary expense : payroll, suppliers, general expenses, equipment, etc. The available balances of Bursar's Office are invested in fixed income products with minimum risk (bank deposits and monetary investment funds) following a very conservative investment policy.
During the 2022/23 academic year, the upward trend in interest rates made it possible to find opportunities to monetize the Bursar's Office peaks of the academic year. In previous years, with negative interest rates, banks maintained a policy of charging for account balances.
With regard to bank debt, during the 22/23 academic year, the entire outstanding balance was cancelled at the beginning of the year. The debt had been generated mainly by the opening of the Clinic's new headquarters in Madrid and by the effects of the pandemic.
INVERSIÓN CORTO PLAZO
(<12 MESES)
Immediate availability
Minimal risk
Fixed income (Investment grade)
AVERAGE BALANCE 22/23: 63.9 million euros
WHAT IS IT?
Savings Fund (FAHUN)
This is a fund for investing surpluses from Bursar's Office. It was set up to manage more efficiently the Bursar's Office, which can be considered as the "university's savings" and is earmarked for projects whose payments are not expected in the current fiscal year but in the following years. The fund's investment policy is conservative, although to a lesser extent than Bursar's Office Ordinary. It invests primarily in fixed income products, with a small portion in equities (maximum 15%) and alternative products (maximum 10%). It has a currency limit of 10% for exhibition and the maximum volatility allowed is 3%.
The management is carried out with a time horizon of 3 to 5 years and seeks to preserve capital and obtain a return at least one point above the Bursar's Office Ordinary. The most important reference letter for the profitability analysis are the annualized figures for average periods such as 3 and 5 years.
The Savings Fund obtained a return of +3.12% in 2022/23 compared to -1.22% in the previous year. After a 2021/22 with declines affecting all types of assets, in the second part of the 2022/23 academic year the good performance of the markets made it possible to close a positive year. The fund's benchmark, a comparable portfolio, returned +5.56% .
By subject , equities generated 15.49% (26.15% bench.) and fixed income 1.71% (2.06% bench.).
MEDIUM INVESTMENT HORIZON deadline
(3-5 YEARS)
Availability in 3 months
Moderate risk
All treasuries participate (teaching, CUN, Invest, IESE...).
CLOSING BALANCE 22/23: 54.8 million euros
Portfolio composition as of August 31, 2023:
WHAT IS IT?
Endowment
Long-term financial portfolio deadline, constituted mainly thanks to donations, which allocates the returns obtained to support the purposes for which it was endowed (scholarship programs, research, Chairs, etc.). There are two internal endowments: Academic Centers/Clinical and IESE. In addition, several collaborating foundations have endowments that allocate funds to various University scholarship programs and research through annual contributions.
The University's endowment closed the 2022/23 academic year with a yield of 5.36% after -3.80% in the previous year. The final value amounted to €45.06M and €0.88M was distributed. New contributions to the endowment amounted to €5.45M. The return on the benchmark (comparable investable portfolio) over the same period was 2.99%.
By subject of assets, Equities generated 7.17% (6.45% benchm.), Fixed Income -6.38% (-7.47% benchm.), Alternatives -0.84% (-9.98% benchm.) and Private Equity 7.95% (4.59% benchm.). Monetary assets contributed 0.22% (1.58% benchm.).
22/23
Initial value: 38,397,124
Net contributions: 5,457,000
Profitability: 2,094,745
Distribution at end of year: 882,105
Initial value: 45,066,764
Distribution 23/24: 900,504
The University Foundation of Navarra manages its own endowment which, as of August 2023, amounted to €112M. During the academic year, it distributed €3.93M for the fulfillment of the University's purposes. The Manolita Usatorre Foundation, with an endowment of 10.67M €, helped with 411,000 euros for the scholarship program of staff researcher .
| ENDOWMENT | Value 08/31/23 | End 22-23 |
| University Foundation | 112.296 | 3.934 |
| UN Endowment | 45.067 | 882 |
| UN IESE | 60.500 | 1.840 |
| Foundation business UN | 542 | 18 |
| Fundac. M. Usatorre | 10.675 | 412 |
| TOTAL | 229.079 | 7.086 |