Finance Division officials on Friday launched a website displaying the University’s publicly available financial documents for fiscal year 2023 amid student requests for transparency on GW’s investments and funding.
The website, which University President Ellen Granberg pledged to develop over the summer at a May Board of Trustees meeting, contains nine categories of financial data for FY 2023 — including endowment growth, philanthropy and operating expenses — and financial reports for the last five fiscal years. Granberg in May said the website, which consolidates financial reports and documents already accessible through various GW websites, will offer community members “greater clarity” on the University’s finances and investments.
Officials launched the website after months of pro-Palestinian student protests and discussions with administrators about their demands that the University disclose all financial endowments and investments and divest from companies supplying arms to Israel. Representatives from GW’s Student Coalition for Palestine shared a policy suggestions document with officials earlier this month that outlined potential next steps for the University to disclose investments.
“The website fulfills a commitment university leadership made to community members to provide greater financial transparency and clarity after hearing in recent months a desire to better understand university finances,” Chief Financial Officer Bruno Fernandes said in University release announcing the website.
The website contains information on FY 2023 operating revenues, expenses and margin, research, philanthropy, endowment market value, endowment growth, balance sheet highlights and revenue sources and uses. The website also provides links to endowment stewardship reports for the last five fiscal years, bond issuances and GW’s Moody’s Investors Service ratings.
Officials also included definitions for financial terms, a frequently asked questions section and a space for community members to provide feedback on the website.
The website states that 62 percent of GW’s $1.209 billion operating revenue for FY 2023 comes from student tuition, which University Controller Neena Ali said at a May Faculty Senate meeting makes GW a tuition-dependent institution. According to the website, 27 percent of the revenue from tuition comes from undergraduate students, 24 percent comes from graduate students and 11 percent comes from online tuition. The website states that 8 percent of the operating revenue comes from endowment support and 10 percent comes from auxiliaries — housing and dining revenue.
Employee compensation comprises 56 percent of GW’s $1.197 billion operating expenses for FY 2023, and purchased services — which includes contracts for third party services like grounds maintenance and dining — accounts for 17 percent.
GW’s endowment market value grew from $1.577 billion in FY 2014 to $2.522 billion in FY 2023. The website states in FY 2023 the University invested $1.125 billion in real estate, compared to $634 million in FY 2014. According to the website, the University’s Endowment Market Value — the amount an endowment would be worth if officials sold all of the funds — is $2.522 billion for FY 2023, with 59 percent of the endowment comprising “general support,” which the website states includes University real estate investments.
The website’s 2023 Revenue Sources & Uses tab states GW’s academic schools receive $600 million from the University’s revenue, but does not break down the amounts granted to each school. The website states that $400 million of University revenue goes to an “administration & other” category, but does not provide the breakdown of funds for that section.
The coalition met with Deputy Provost for Academic Affairs Teresa Murphy and Associate Provost for Undergraduate Affairs and Special Programs Jeffrey Brand on Sept. 6 to discuss financial disclosure and divestment from Israel. At the meeting a coalition representative asked Murphy and Brand to look at the coalition’s disclosure requests outlined in their policy suggestions document and come to the next meeting with information on why each point would or would not be included on the website. On Wednesday the coalition said they “walked away” from their second meeting of the academic year with GW officials, who they claimed rejected conversations that would result in “material outcomes,” according to the coalition’s Instagram post.
The coalition requested that officials disclose any donations and academic department funding that totals more than $20,000 and all externally funded research and investments that are processed through Strategic Investment Group — which a coalition representative said handles a “vast majority” of GW’s pooled endowment. The website categorizes but does not name specific investment sources.
GW reports their revenues, expenses, executive compensation and investment income for each fiscal year in the Form 990, which they file as a nonprofit organization. The form does not disclose investment sources.
