RU unrestricted reserves increased to $708 million in FY 2014.
The increase in unrestricted reserves and other RU financial information are available in an updated report by Dr. Howard Bunsis for Fiscal Year 2014.
This increase in RU's unrestricted reserves is over $100 million above the $600 million in unrestricted reserves reported by RU management for the previous fiscal year, which we highlighted in the April 2014 financial report prepared by Dr. Bunsis. We cannot emphasize enough that these figures are not union numbers. Dr. Howard Bunsis used data from independently audited financial statements.
Who is Dr. Howard Bunsis? He is a professor of Accounting at Eastern Michigan University who has a B.A. in Accounting from the Wharton School as well as advanced degrees from the University of Chicago and Fordham. He is one of the nation’s leading accounting sleuths for public universities and is an elected member of the Executive Committee of the National AAUP.
Also included in the Bunsis updated report are charts that show RU's 2014 report of profits, current cash surplus of $35.5 million, rising enrollment numbers, tuition increases, and reports to RU investors.
Rutgers University defines "unrestricted" reserves as money that is available "for any lawful purpose" at Rutgers University. Final conclusion? 2014 was a very good year for Rutger University financially. In fact, Rutgers wrote in their 2014 audited financial statement: "The university continues to maintain a strong financial position without additional direct support from the state."
Only 21 percent of Rutgers’ funding comes from the State of New Jersey. Why is this final fact significant? RU management refuses to guarantee salary increases they should be negotiating with us in good faith by refusing to eliminate the language in the contract that says that all salary increases are "subject to" sufficient funding from the State of New Jersey. We stand firm that this language must be eliminated.