Annual Financial Report 2024 2025

Virginia Tech Financial Report 2024-2025

Operating Revenues Total operating revenues increased by $102.0 million or 6.6% from the prior fiscal year. The growth in operating revenues came mainly from two areas. Total sponsored grants and contracts, including federal appropriations, grew by $54.9 million. Grants and contracts awarded by federal sponsors in creased by $48.8 million, state grants and contracts increased by $4.0 million, and nongovernmental grants and contracts grew by $2.0 million. Revenues from auxiliaries, such as athletics and dorm and dining programs, rose $48.3 million. Student tuition decreased $10.4 million due to the implementation of new NACUBO guidance on the calculation of student discounts and allow ances. The new calculation method resulted in lower tuition and fees, net of discounts and allowances, as well as lower scholarship expense. Finally, other operating revenues rose by $7.6 million. Overall, the university’s operating revenues climbed from $1,537.9 million in fiscal year 2024 to $1,639.9 million in fiscal year 2025. Non-operating and Other Revenues and Expenses Non-operating revenues and expenses totaled $689.4 million, an increase of $77.8 million from the previous year’s total. The revenue increase in this category resulted primarily from growth in state appropriations of $60.3 million, an increase of $9.6 million gift revenue transferred from the Virginia Tech Foundation, a rise of investment income of $4.1 million, as well as a rise in of $6.7 million in federal financial aid. Additionally, there was a decrease of $1.8 million in interest related to long-term debt, leases, and SBITAs. These increases in revenue were partially offset by a decline in other non-operating revenues of $5.1 million largely due to a decrease in the special contributions from the commonwealth for the VRS pension and OPEB programs. Total other revenues, expenses, gains, and losses grew by $84.0 million compared to the prior year. The university received an increase in capital ap propriation funding of $151.1 million for capital projects and the maintenance reserve program. Capital grants and gifts declined $65.7 million largely due to a decrease in capital projects being funded by the VCBA 21st Century Program.

Photo by Craig Newcomb/Virginia Tech

Revenues from all sources (operating, non-operating, and other) for fiscal year 2025 totaled $2,634.7 million, increasing by $263.8 million from the prior year. Operating expenses totaled $2,144.6 million for fiscal year 2025, reflecting a year-over-year increase of $186.5 million. Total revenues less total operating expenses resulted in an increase to net position of $490.1 million.

Summary of Revenues

Total Revenue by Source For the year ending June 30, 2025

Increase (Decrease) in Revenue For the years ending June 30, 2025 and 2024 (all dollars in millions) 2025

2024

Change

Amount

Percent

(restated)

Grants and contracts 19.1%

Operating revenue Student tuition and fees, net Grants and contracts (1) Auxiliary enterprises Other operating revenue (2) Total operating revenue

$

676.0 $

686.4 $ (10.4)

(1.5)% 12.2 % 13.4 % 21.7 % 6.5 %

Student tuition and fees 25.7%

503.8 408.6 51.5

448.9 360.3

54.9 48.3

42.3

9.2

1,639.9

1,537.9

102.0

Non-operating revenue State appropriations

Auxiliary enterprises 15.5%

463.5 225.9 689.4

403.1 208.5 611.6

60.4 17.4 77.8

15.0 % 8.3 % 12.7 %

Other non-operating revenue (3) Total non-operating revenue

Other revenue 11.6%

Other revenue

Other operating revenue 1.9%

Capital appropriations Capital grants and gifts

266.5

115.5 105.6

151.0

130.7 %

Other non-operating revenue 8.6%

40.0

(65.6) (62.1)% (1.4) (466.4)%

Gain (loss) on disposal of capital assets

(1.1)

0.3

State appropriations 17.6%

Total other revenue

305.4

221.4

84.0

37.9 % 11.1 %

$ 2,634.7 $ 2,370.9 $ 263.8

Total revenue

(1) Includes federal appropriations. (2) Includes sales and services of educational activities. (3) Includes gifts, investment income, interest expense on debt related to capital assets, federal Pell grants, and other non-operating revenue.

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