University. report Economic. University of Navarra
economic report 2023/24
University
This financial report for the 2023/24 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 themteaching, research or health care attendance ).
The 2023-24 academic year was positive, both in terms of results, which surpassed the levels achieved in the 2022-23 academic year, and in the activity Issue , which continued to grow at a good pace, with an increase in income of 42 million euros. The final result the University reached 39.2 million euros, 9.2 million more than the previous year.
This surplus was achieved thanks to the maintenance of the operating result , driven by a 6.3 % increase in revenues, offset by a similar increase in expenses (+6.6 %). Within the latter, the growth in staff costs (+9.8 %) and the relative containment of operating expenses (+6.7 %) were particularly noteworthy .
The operating result was positive, reaching 24.8 million euros, slightly below the 25.3 million euros recorded in the previous year. The financial result achieved a significant surplus of 14.3 million euros, much higher than the 4.7 million obtained in the previous year.
+31%
The final result was 39.2 million, 9.2 million more than in the 2022/23 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.
+24.8 million euros compared to 25.3 million euros in the previous year (-1.7%)
RESULT FINANCIAL
Difference between financial income and expenses derived from the financing of the University's ordinary activities and financial investments.
+14.3 million euros compared to 4.7 million euros in the previous year.
RESULT OF THE FINANCIAL YEAR
Sum of result operating and result financial.
39.2 million euros compared to 29.9 million euros the previous year (+31%).
Revenues and expenses
Operating revenues amounted to 705 million euros, an increase of 42 million euros compared to the 2022/23 academic year (+6.3%). This growth was driven by the sustained development of all the University's activitiesprofessor, care and research). Particularly noteworthy was the activity of the Clinic, which increased its revenues by 21.5 million euros (+6.5%) compared to the previous year.
Significant increases were also recorded both in income from services rendered (+38 million euros) and in grants and donations allocated to the activity (+3.5 million euros).
Revenues from services rendered:
€621.8 million (+6.5%).
Grants and donations received for application to the activity:
€70.1 million (+5.4%).
Other operating income:
€11.6 million (+0.8%).
Operating expenses also increased by EUR 42 million to EUR 680 million (+6.7%), driven by the needs arising from increased activity.
The largest item was staff costs, which amounted to 390 million euros, representing 57.4% of total expenses. This item recorded an increase of 34 million euros compared with the previous year (+9.8%).
Finally, operating expenses rose to 260 million euros, an increase of 6.8 million euros compared to the 2022/23 academic year (+2.7%).
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 2023/24 academic year, the upward trend in interest rates led to good opportunities to monetize Bursar's Office surpluses.
Regarding bank debt, during the 2022/23 academic year, the entire outstanding balance was cancelled at the beginning of the academic year and during 2023/24 no loan were available. The previous debt had been generated mainly by the opening of the Clínica's new headquarters in Madrid and by the effects of the pandemic.
INVERSIÓN CORTO PLAZO
(<12 MESES)
- Immediate availability
-Minimal risk
- Fixedincome (Investment grade)
AVERAGE BALANCE 23/24: 78.9 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.
In the 2023/24 academic year, the Savings Fund obtained a return of 6.70% compared to 3.12% in the previous year.
The strong performance of the financial markets during the 2023/24 year led to a record return for this fund (6.7%), mainly due to the weight of equities (14.8% at the close). The fund's benchmark, a comparable portfolio, returned +6.81%.
By asset subject , equities generated 17.07% (18.54% bench.) and fixed income, 5.14% (4.84% bench.).
MEDIUM INVESTMENT HORIZON deadline
(3-5 YEARS)
- Availability in 3 months
- Moderaterisk
- All treasuriesteaching, CUN, research...)participate.
CLOSING BALANCE 23/24: 65.7 million euros
Portfolio composition as of August 31, 2024:
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 2023/24 academic year with a return of 12.04% after 5.36% in the previous year. The final value amounted to €79.57Mand €0.9Mwas distributed. New contributions to the endowment amounted to €29.5M. The return on the benchmark (comparable investable portfolio) over the same period was 14.04%.
By asset subject , equities generated 15.07% (17.73% benchmark); fixed income, 4.52% (4.78% benchmark); alternatives, -3.73% (8.29% benchmark); and private equity, 12.99% (4.43% benchmark). Monetary assets contributed 2.84% (3.09% benchmark).
23/24
- Initial value: 45,066,764
- Netcontributions: 29,500,000
-Profitability: 5.904.423
-Distribution at end: 900,504
- Finalvalue: 79,570,683
The University Foundation of Navarra manages its own endowment which, as of August 2024, amounted to €123M. During the academic year, it distributed €4M for the fulfillment of the University's purposes. The Manolita Usatorre Foundation, with an endowment of 11.85M €, helped with 429,529 euros for the staff researcher scholarship program.
| ENDOWMENT | Value 08/31/24 | End 23-24 |
| University Foundation | 123.020 | 4.000 |
| UN Endowment | 79.570 | 900 |
| UN IESE | 68.806 | 2.144 |
| Foundation business UN | 597 | 19 |
| Fundac. M. Usatorre | 11.848 | 429 |
| FIMA | 2.445 | 0 |
| TOTAL | 286.286 | 7.492 |
Destination of funds
The University allocated 31.5 million euros to new projects. Among them, the acquisition of medical equipment, such as a scanner and a scanner with the most advanced technology and a mammograph with AI for the Clínica's headquarters in Madrid, as well as a high-precision magnetic resonance and a new gammacamera for Nuclear Medicine in Pamplona. Teaching spaces were also modernized, sports facilities on the Pamplona campus were renovated, and actions were carried out on IESE's various campus to improve the sustainability of the environment.