St. John’s experienced a $22 million loss in excess funds this year as compared to 2001.
Last year St. John’s made more than $23 million in excess after paying $299,475,636 in program services, management and other expenses.
But according to the 2002 IRS-990 form, filed by the University a few weeks ago, St. John’s recorded an overall surplus of $562,914 – 42 percent less from 2001.
“Even though the University received an excess of $562,914 it does not necessarily mean that the cash is available,” Thomas Nedell, vice president of Business Affairs, said. “Much of the revenue comes from donations that may not be available for three or four years.”
Many of the University’s expenses have increased, and may be a reason for the dramatic decrease in surplus between 2001 and 2002. Salaries and wages increased by 7 percent, from more than $111 million to $120 million.
“The numbers are based on the University overall,” Nedell said. “Certain departments received increases based on performance.”
Mike Jarvis, head coach of the men’s basketball team remains one of the highest paid employees at the University with a total compensation of $1,171,255, a $520,000 increase from 2001. Ranking second is the dean of the Law School, Joseph Bellacosa at $293,123, an $81,000 decrease.
Program services have also increased. With approximately 14,485 undergraduate students and 4,138 graduate students enrolled, the University has allotted $299,574,131 towards academic and institutional support.
Of that total, $62,780,788 was financial aid allocated to students, a 12.3 percent increase from 2001.
There was also an increase in the cost of advertising, from $870,179 in 2001 to $1,447,304 in 2002. More than $1 million was spent on independent architect companies in 2002. The cost of land improvements was more than $25 million, $1 million more than 2001 and the cost of building improvements was almost $70 million.
Much of the assets, including more than $326 million from the beginning of the year for grants, loans and payments, along with the surplus made in 2002 was used to pay for expenses.
The University received $269,922,393 in tuition and fees.
“This money is not included in the revenue section because the University is exempt from paying income taxes because we are an educational institution,” Nedell explained.
The tuition money is used to pay for salaries, computers, heat, etc.
“However, it is roughly $300 million to run the University and the rest comes from other sources such as, room and board and donations,” Nedell said.