How is Shenandoah University operating financially over the last 3yrs when compared to other "private" USA-South and ODAC institutions?

This post is in concern of The Winchester Star’s article Shenandoah long-term debt at nearly $46.7million that was in print on September 15, 2008. This story may have illustrated to dark of a cloud on Shenandoah University’s financial position to the local community in the Shenandoah Valley regional area. After much in-depth research, the perception is that the sun is shining much brighter on SU’s financial future.

Bullets to support this position that SU is operating resourcefully over the last 3 years:

>Shenandoah University has averaged $7,150,758 in excess revenue (profit) for this period that ranks them #1 overall in 3-yr comparison to the other USA-South conference academic institutions. SU is ranked #9 out of 23 schools for profitability when the USA-South schools are combined with the 14 ODAC institutions.

>The Spirit of Shenandoah Campaign stood at $49,506,514 on June 30, 2008 that had a target of $65million. That target was surpassed when it was announced on July 17, 2009 @ $65,126,428. The distribution of the monies is described as follows:

• Capital Gifts: Goal - $29.5 million, Raised to Date - $18.3 million
• Endowment: Goal - $32.0 million, Raised to Date - $16.6 million
• Operational: Goal - $3.5 million, Raised to Date - $30.2 million

>Having debt is not always a negative position to be in as long as the institution is being profitable and Shenandoah University has done so over the last 3yrs.

Alvin C. Rodack of Ohio, an executive committee member of the independent Treasury Institute for Higher Education, said university administrators typically work within debt policies that govern under what circumstances they would borrow money. “Using debt is sometimes a good way to allow you not to use all of your cash at once,” Rodack said. “Most universities do go about borrowing, so it is a good idea to have resources. It’s also a good idea to know your financial strength.”

>Shenandoah University currently has 66.357 acres along with improvements in the City of Winchester with a tax exempt value of $72,156,100 and within Frederick County, land/improvements of 71.9 acres with tax exempt value of $5,792,200 as of September 23, 2009.

>Shenandoah University had to cap their enrollment for the fall of 2009

>Shenandoah University Endowment Assets (millions) position over the last 4yrs:

• 07-08: 534 Shenandoah University VA 48,631 – 49,201 - (1.2%)
• 06-07: 532 Shenandoah University VA 49,201 – 44,742 - 10.0%
• 05-06: 513 Shenandoah University VA 44,742 – 42,274 - 5.8%
• 03-04: 514 Shenandoah University VA 38,723 – 32,881 - 17.8%
  

The table below ranks both the Old Dominion Athletic Conference (ODAC) and USA-South Athletic Conference teams by their Excess of Revenue/Deficit (Profit/Loss) that is determined by Total Revenue minus Total Expenses for FY-End 06, 07 and 08.  

"ODAC"	FY-End 08	FY-End 07	FY-End 06	3yr Average
Washington & Lee Univ	127,122,545	$184,900,353	$32,403,488	$114,808,795	1
Catholic University	17,144,707	$34,124,688	$14,707,336	$21,992,244	2
Hampden-Sydney College	$15,100,566	$20,520,812	$11,220,193	$15,613,857	3
Hollins University	$6,090,656	$20,172,258	$3,552,187	$9,938,367	4
Lynchburg College	$1,305,666	$16,248,180	$7,301,474	$8,285,107	5
Randolph Macon College	$11,871,616	$10,759,294	$1,565,145	$8,065,352	6
Randolph (Lynchburg)	$22,788,833	($534,322)	N/A	$7,418,170	7
Roanoke College	$11,770,073	$5,546,326	$4,603,201	$7,306,533	8
Emory & Henry College	$11,674,536	$2,897,077	$4,002,542	$6,191,385	9
Bridgewater College	$5,259,354	$5,523,589	$4,033,675	$4,938,873	10
Sweet Briar Collge	$776,662	$8,644,811	$5,174,999	$4,865,491	11
Virginia Wesleyan	$843,581	$8,122,205	$5,136,017	$4,700,601	12
Guilford College	$4,415,276	$2,916,097	$6,341,848	$4,557,740	13
Eastern Mennonite Univ	1,259,114	$1,915,154	$2,757,827	$1,977,365	14
"USA-South"	FY-End 08	FY-End 07	FY-End 06	3yr Average
Shenandoah University	$4,255,497	$4,159,960	$13,036,816	$7,150,758	1
Methodist University	$3,394,648	$2,496,031	$6,015,602	$3,968,760	2
Meredith Colllege	$6,182,729	$4,270,422	$615,245	$3,689,465	3
Peace College	$1,529,533	$4,311,910	$2,589,098	$2,810,180	4
Ferrum College	($782,769)	$4,950,783	$2,705,238	$2,291,084	5
Averett University	$2,420,671	$1,550,497	$140,505	$1,370,558	6
North Carolina Wesleyan	$1,180,390	($1,749,764)	$3,617,732	$1,016,119	7
Greensboro College	($666,870)	$1,556,330	$1,449,848	$779,769	8
Mary Baldwin College	$811,197	($3,162,211)	($3,788,668)	($2,046,561)	9

Sources:

- Winchester Star September 15, 2008, Shenandoah long-term debt at nearly $46.7million, http://winchesterstar.com/pages/view/Shenandoahdebt_article.html
- The Spirit of Shenandoah Campaign, http://www.spiritofshenandoah.org/Progress/progress.asp
- IRS Form 990 Line#18 for years FY-End 2006, 2007, 2008 (Non-profit's IRS 990's are open to public inspection)
- VAMAT – The Virginia Mass Appraisal Network, http://www.vamanet.com/info/home.jsp
- NACUBO, http://www.nacubo.org/Research/NACUBO_Endowment_Study/Public_NES_Tables_.html
- Shenandoah University, www.su.edu