Audit: non-operating revenues keep school in black

LSU Eunice had operating revenue of $9.1 million in fiscal year ending last June 30, and operating expenses of $22.9 million, according to the recently released legislative audit of the LSU System.
The operating loss, $13.8 million, at the Eunice campus was offset by non-operating revenues of $9.7 million, almost all of it in state appropriations and federal revenues.
The university loss, before other revenues, expenses, gains and losses, according to the auditors, was $4.1 million.
Capital appropriations ($1.6 million) and capital gifts and grants ($342,000) led to a change in net position from a year earlier of -$2.3 million, leaving the university net position at $16.6 million (total assets of $34.3 million and liabilities of $17.7 million).
The same audit showed LSU Alexandria with a $14.3 million operating loss, the AgCenter with an operating loss of $22.3 million and LSU proper with an operating loss of $221.6 million.
According to the audit, student tuition and fees at LSU Eunice amounted to $6.6 million. Scholarship allowances of $1.8 million left net tuition and fees at $4.8 million.
The school had auxiliary enterprise revenues of $3.4 million.
That sum includes $2 million in Union and Bookstore revenues, which are pledged to secure the debut of auxiliary revenue bonds through 2033.
The largest operating expense for the fiscal year was instruction, a $7.7 million item.
Scholarships and fellowships were logged at $3.6 million value and operating and maintenance of the plant and facilities took $3.2 million.
The Student Housing Foundation had revenues of $1 million and operating expenses of $478,000. Additional, it had $173,000 of depreciation expense and $484,000 of interest expense, creating a $68,000 drop in net position to -$2.4 million at fiscal year’s end.
The Foundation had $288,000 cash on hand at the fiscal year’s close, an increase of $12,000 over a year earlier.
Auditors noted that the bond issue reserve of the foundation was $26,000 below the $610,000 reserve requirement and the matter was being addressed with higher rental rates while refinancing options were being explored.