2

Vision

A top-quality institution of higher education recognized as:

• a national exemplar of excellent, affordable public higher education

• New Jersey’s most selective public college or university, attracting

highly qualified students from the state and beyond

• An engaged, collaborative and inclusive community

• a national leader in retention and graduation rates, with distinction

for underrepresented groups

• a leader in producing the next generation of talent in academia,

business, professions, and civic life

Values

Excellence, Engagement, Integrity,

Inclusiveness, Self-Reflection

Institutional Priority 1

$4.7M investments in:

Institutional Mission: Student

Success

• Teacher-scholar-citizen model -$200K

• Diversity, equity and inclusion capacity

and program - $446K

• Advising and mentoring to close

graduation gaps -$80K

• Disability Support & Prevention

Education - $171K

• Honors program - $30K

• Signature Experiences - $490K

• Planning: master plan, housing,

athletics, P3, space utilization, Trenton

footprint, classroom amenities -$175K

• Targeted financial aid (1st Generation

students, need + merit) - $2.3M

• Academic lab equipment - $458K

• Digital transformation - $322K

Institutional Priority 3

$0.5M investments in:

National Reputation

• Out-of-State marketing -$115K

• Website quality and capacity -$90K

• Communications capacity -$144K

• TCNJ distinction(s) (annual

conference, speakers, etc.) - $$60K

• TCNJ on the Road (presentations,

news making, publications) -$125K

• Strategic partnerships (university,

corporate, government, foundation,

community, international)

Institutional Priority 2$1.2M investments in:

Financial Sustainability/Revenue Diversification

• Increased FTE enrollment (10% over the next six years) -$80K

• Graduate programs in demand – marketing - $310K

• Efficiencies and cost saving initiatives in academic & administrative

units – Goal = $1.3M

• Development and fundraising capacity - $240K

• Planning for new market development (graduate programs) -$130K

• Financial Aid (Out-of-State students) - $460K

1. Targeted enrollment growth of 42 incoming undergraduate, 250 transfers, no growth in graduate and 120 provisional

students, plus a 2.7% tuition and fees increase. Room and board increases projected at 3.0% and 3.5%, respectively.

2. Significant increase in institutional scholarships ($18.5M versus FY19 budgeted allocation of $15.5 million).

3. State operating support increase of $0.52M for outcomes-based funding rationale that is based on:

1. total number of degrees awarded,

2. number of degrees awarded among underrepresented ethnic and racial minority groups, and

3. number of students who qualify for state and federal need-based financial aid awards.

4. Funding for 13 net new positions to address institutional needs. Estimated to add $1.3M to the budget in salary and fringe

benefits. Vacancies & salary savings were used to offset a portion of cost for these new positions.

5. Compensation increase of $2.7M mainly due to the estimated cost of the CBAs and a 2% non-unit merit pool.

6. Consistent with prior years, budgeting salary turnover savings of $0.8M and non-salary turnover savings of $0.4M, for a

total of $1.2M. This strategy allows TCNJ to moderate the annual tuition and fees increase.

7. New cost savings and revenue enhancements target of $1.35M ($1.0 M in cost savings and $0.35M in new revenue

enhancements). This is in-addition to the budgeted turnover savings of $1.2M listed above.

8. $2.0M to fund supplemental projects in the three areas of focus for TCNJ’s Institutional Strategic Priorities.

New Outcomes since April 2019 Tuition Hearing

1. An additional $1.0 million in base state appropriation due to legislative actions.

2. Revised enrollment targets due to strong demand = 62 incoming undergraduate, 257 transfers and 110 provisional students.

3. Tuition and fees increase modeled at 2.25% (the second lowest increase since FY2001).

Full-Time Equivalent (FTE) Enrollment

Undergraduate Enrollment

Over the past 4 years, undergraduate fall FTE enrollment grew

modestly and steadily due to the College’s targeted efforts to

recruit in certain programs that have available capacity.

Freshman FTE enrollment is projected to increase by 62 from

FY2019.

1. Incoming freshmen class target = 1,610 versus the 1,590 initial

goal (deposits at 1,647 as of 7/1/19).

2. Provisional students =110 (49% increase over FY19) versus the

original goal of 120.

3. Transfer students target = 257 versus the 240 initial goal (deposits

at 281 as 7/1/19).

Graduate Enrollment

Graduate FTE enrollment declined slightly since fall 2015.

In an effort to reverse the graduate enrollment negative trend, the

College has adopted a regional graduate tuition rate (in-state

tuition rate) effective FY2018, for Pennsylvania counties within a

40 mile radius of TCNJ’s campus.

Fall 2019 graduate enrollment is projected to remain flat.

6,589 6,608 6,815 6,914 6,976

416 398 384

371 371 7,005 7,006

7,199 7,285 7,347

3,000

3,500

4,000

4,500

5,000

5,500

6,000

6,500

7,000

7,500

8,000

Fall 2015 Fall 2016 Fall 2017 Fall 2018 Fall 2019Projections

Undergraduate Graduate Total

Overarching Goals:

• Decrease admit rate (from 49.5% to

48%)

• Increase yield rate (from 24% to 26%)

• Increase diversity (demographic,

economic, geographic)

• Maintain academic quality

Implementation Strategy:

• Invest additional $1.46 million

(+31%) in institutional aid

• Target aid to 1st gen,

underrepresented groups, OOS, and

low EFC

• Increase discount rate from 12.8% to

14%

Chairman of the Board,

$500,000

Out-of-State,

$460,000

In-State Merit,

$250,000

Need Scholarships,

$250,000

$1,460,000 aid

increase to

entering 2019

class

Targeted to under-represented groups & 1st-

generation students

Improve yield from 19.6% to 24.6%

Increase enrollment by 50 students

Improve ethnic and socio-economic diversity of

entering class

Targeted to Out-of-State students

Prime pipeline from outside NJ

Increase enrollment by 50 students

Improve visibility and national reputation

Broaden geographic diversity of entering class

Targeted to In-State scholars

Improve yield from 17% to 21% (2017 level)

Maintain or improve strength of class by

rewarding top 25% class rank and SAT

1300+/ACT 27+

Targeted to students with $0-$30,000 EFC (low

and middle-income families

Improve yield from 18% to 25% (2017 level)

Note: The plan also commits $1.3M

for continuing undergraduates. The aid

level reflects strong retention of larger

So, Jr, and Sr classes. Combined,

TCNJ’s additional investment in

institutional aid for FY20 is ~$2.4M

above FY19 actuals and $3.0M over

FY19 budget.

$10,370 $10,165 $10,842 $10,534

$11,251

$12,977

$1,816 $1,865

$2,087 $2,678 $2,628

$3,110

$2,350 $2,240

$2,395 $2,304 $2,289

$2,446

$14,536 $14,270

$15,324 $15,516 $16,168

$18,533

2016 Actua l 2017 Actua l 2018 Actua l 2019 Budget 2019 Actua l 2020 Project ion

Institutional Scholarships & Waivers (in thousands)

In-State Scholarships OS Scholarships Tuition Waivers Total

Mission Centric Investments Amount Funding Source

Teacher-scholar-citizen model - Faculty Professional Development 200,000$ Base budget

Diversity, Equity, and Inclusion 371,000 Base budget

Advising and Mentoring - Provisional Students Support 80,000 Base budget

Disability Support & Prevention Education 171,000 Base budget

Staff Professional Development 100,000 Base budget

Mentored Undergraduate Research 310,000 Base budget

Student Leadership Initiatives 180,000 Base budget

Faculty Diversification Fund - Diversity and Inclusion 50,000 Supplemental Allocation

Inclusive Excellence Innovation & Partnership Fund 25,000 Supplemental Allocation

Academic Lab Equipment (Engineering, HHS & Nursing) 458,000 Supplemental Allocation

Honors Program 30,000 Supplemental Allocation

Financial Aid (e.g., 1st Generation students, need +merit, etc.) 2,557,000 Base budget increase

FY2020 Allocation 4,532,000$

Investment in Revenue Generating Initiatives Amount Funding Source

Increased enrollment over six years 80,000$ Base budget

Innovation and entrepreneurship - Supplemental Allocation

Graduate programs in demand - Advertising & Consultants 130,000 Supplemental Allocation

Efficiencies and cost savings - Supplemental Allocation

Development and fundraising 240,000 Base budget

Graduate Programs Marketing Initiatives 310,000 Supplemental Allocation

Out-of-state recruitment 115,000 Base budget

Financial Aid (Out-of-state students) 460,000 Base budget increase

FY2020 Allocation 1,335,000$

One-Time Investments Amount Funding Source

Planning (master, housing,athletics,space,Trenton,classroom, P3, etc) 175,000 Supplemental Allocation

Information Technology 616,000 Supplemental Allocation

Other One-time Requests 206,000 Supplemental Allocation

FY2020 Allocation 997,000$

Needs to be at least 2.0% of operating expenses (BOT approved target) = 4,763,660

Total Allocation 6,864,000

Allocation above 2% Target 2,100,340

FY2020 Strategic Funding Allocation Base Budget Strategic Total

Mission Centric Investments 3,969,000$ 563,000$ 4,532,000$

Investment in Revenue Generating Initiatives 895,000 440,000 1,335,000

One-Time Investments - 997,000 997,000

Total Strategic Allocation 4,864,000$ 2,000,000$ 6,864,000$

Percentage of Operating Expenses 2.04% 0.84% 2.88%

Amount

FINANCIAL MODELING ASSUMPTIONS

Growth AssumptionsFY2019

Actuals

FY2020

Approved

Budget

FY2021

Projection

FY2022

Projection

FY2023

Projection

FY2024

Projection

FY2025

Projection

Operating Budget

Operating Revenues 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%

Tuition & fees increase 2.50% 2.25% 2.50% 2.50% 2.50% 2.50% 2.50%

Undergraduate Tuition discount 13.0% 14.8% 14.8% 14.8% 14.8% 14.8% 14.8%

Operational Excellence - Cost Savings ($ in 000's) -$ 1,000$ 850$ 650$ 300$ 250$ 250$

Revenue Diversification Target ($ in 000's) -$ 350$ 750$ 1,450$ 1,850$ 2,000$ 2,000$

Maximum Capacity (including overflow) 3,867 3,867 3,867 3,867 3,867 3,867 3,867

Occupancy Rate 99.0% 99.5% 99.5% 99.5% 99.5% 99.5% 98.9%

Occupied Beds 3,828 3,846 3,846 3,846 3,846 3,846 3,824

Housing Rental Rate Increases 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%

Other Operating Expenses 1.50% 1.50% 1.75% 1.75% 1.75% 1.75% 2.75%

Salaries & Fringe Benefits 4.20% 4.32% 2.50% 2.50% 2.50% 2.50% 2.75%

Debt Service Savings - bond refinancing ($ in 000's) (4,070)$ (4,067)$ (4,045)$ -$ -$ -$ -$

Nonoperating Revenues 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50%

State of New Jersey appropriations 0.00% 5.60% 0.00% 0.00% 0.00% 0.00% 0.00%

State of New Jersey fringe appropriation 4.25% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Investment Income 9.50% 9.50% 9.50% 9.50% 9.50% 9.50% 9.50%

Contract Food Service 3.50% 3.50% 3.50% 3.50% 3.50% 3.50% 3.50%

Fall Enrollment Projections

In-State Undergraduate FTE 6,489 6,545 6,521 6,506 6,496 6,490 6,490

Out-of-State Undergraduate FTE 425 431 455 470 480 486 486

Total Undergraduate FTE 6,914 6,976 6,976 6,976 6,976 6,976 6,976

In-State Graduate FTE 331 331 371 426 491 566 651

Out-of-State Graduate FTE 40 40 40 40 40 40 40

Total Graduate FTE 371 371 411 466 531 606 691

Total FTE 7,285 7,347 7,387 7,442 7,507 7,582 7,667

UG Enrollment Growth 99 62

Non-Undergraduate Enrollment Growth (13) - 40 55 65 75 85

FTE Enrollment Growth 86 62 40 55 65 75 85

FY2018

Final @

06/30/18

FY2019

Approved

Budget

Preliminary

FY2019

Actuals @

6/30/19

FY2020

Adopted

Budget

FY2021

Projection

FY2022

Projection

FY2023

Projection

FY2024

Projection

FY2025

Projection

Operating Financial PlanOperating Revenues

Undergraduate tuition & fees 117,518 119,682 121,405 125,538 128,677 131,894 135,191 138,571 142,035

Graduate tuition & fees 9,818 10,571 9,213 9,748 10,649 11,854 13,259 14,870 16,692

Less tuition scholarship allowances (15,324) (15,492) (16,312) (18,533) (18,980) (19,454) (19,941) (20,439) (20,950)

Net Student Tuition and Fees 112,012 114,761 114,306 116,753 120,346 124,293 128,509 133,002 137,777

State of New Jersey appropriations 27,177 27,177 27,177 28,698 28,698 28,698 28,698 28,698 28,698

State of New Jersey fringe benefits 26,765 33,227 27,126 33,227 33,227 33,227 33,227 33,227 33,227

Net student housing and board 49,332 51,133 50,026 52,177 53,789 55,403 57,065 58,777 60,199

Auxiliary activities 5,370 5,845 6,267 6,152 6,275 6,400 6,528 6,659 6,792

TCNJ Foundation Support 1,218 1,281 1,198 1,811 1,847 1,884 1,921 1,960 1,999

Revenue Diversification & Cost Savings - - - 1,350 1,600 2,100 2,150 2,250 2,250

Other Revenues 11,551 11,448 12,386 10,475 10,692 10,913 11,139 11,369 11,601

Total Base Financial Plan 233,425 244,872 238,486 250,643 256,473 262,918 269,238 275,941 282,543

Investment Income & Appreciation 5,605 5,571 5,568 6,100 6,680 7,314 8,009 8,770 9,603

TOTAL FUNDING AVAILABLE 239,030 250,443 244,054 256,743 263,153 270,232 277,247 284,711 292,146

FY2018

Final @

06/30/18

FY2019

Approved

Budget

Preliminary

FY2019

Actuals @

6/30/19

FY2020

Adopted

Budget

FY2021

Projection

FY2022

Projection

FY2023

Projection

FY2024

Projection

FY2025

Projection

Operating Financial PlanCompensation 137,466 147,061 141,409 150,410 154,170 158,025 161,975 166,024 170,590

Other Commitments 4,928 5,224 5,526 5,028 5,116 5,206 5,297 5,389 5,538

Maintenance & Utilities 13,353 13,873 13,532 14,123 14,370 14,622 14,878 15,138 15,554

Supplies & General Expenses 13,104 13,231 12,954 13,756 13,997 14,242 14,491 14,744 15,150

Other Expenses 1,479 1,986 1,571 2,188 2,226 2,265 2,305 2,345 2,410

IT Hardware & Software 5,183 6,232 5,401 6,368 6,479 6,593 6,708 6,826 7,013

Library Acquisitions 1,797 2,142 2,128 2,129 2,166 2,204 2,243 2,282 2,345

Contract Food Service 17,252 17,741 17,572 18,147 18,782 19,439 20,120 20,824 21,553

Debt Service (Principal & Interest) 25,001 26,870 26,870 26,034 26,096 30,382 30,471 30,499 27,115

Total Base Expenditure Plan 219,563 234,360 226,963 238,183 243,403 252,977 258,487 264,072 267,268

Operating Surplus before Transfers 19,467 16,083 17,091 18,561 19,750 17,255 18,760 20,639 24,878

Strategic One-Time Projects 2,855 1,500 - 2,000 1,000 - - - -

Asset Renewal Funding 9,663 10,295 10,295 10,295 10,295 10,295 10,295 10,295 10,295

Net Transfers & Carryforward 5,568 3,780 5,705 5,365 6,680 6,814 8,009 8,770 9,603

Total Transfers 18,086 15,575 16,000 17,660 17,975 17,109 18,304 19,065 19,898

Net Operating Surplus (Deficit) 1,381 508 1,091 901 1,775 145 455 1,574 4,980

116,245 119,079 119,079 121,756 121,756 126,365 132,037 139,105 146,277

119,079 120,546 120,546 121,756 126,365 132,037 139,105 146,277 159,1242,018 2,019 2,020 2,021 2,022 2,023 2,024 2,025

Outstanding Principal @ 6/30: 345,732 333,998 333,998 321,240 307,962 289,783 270,778 250,986 233,728

Reserves Ending Balance

Reserves Beginning Balance

FY2018

Final @

06/30/18

FY2019

Approved

Budget

Preliminary

FY2019

Actuals @

6/30/19

FY2020

Adopted

Budget

FY2021

Projection

FY2022

Projection

FY2023

Projection

FY2024

Projection

FY2025

Projection

192,798 201,133 199,837 204,956 210,176 219,750 225,260 230,845 234,041

Eight Key Performance IndicatorsReserves Ratio (50%) 61.8% 59.9% 60.3% 59.4% 60.1% 60.1% 61.8% 63.4% 68.0%

Year-End Operating Margins (2 - 4%) 8.1% 6.4% 7.0% 7.2% 7.5% 6.4% 6.8% 7.2% 8.5%

Net Student Revenue Dependence (66%) 67.5% 66.2% 67.3% 65.8% 66.2% 66.5% 66.9% 67.4% 67.8%

Endowment Power (5 -7% annually) 6.8% 9.0%

Donor Growth and Retention Rates (5% and .90)

Graduate Revenue Stream (15%) 8.8% 9.2% 8.1% 8.3% 8.8% 9.5% 10.3% 11.2% 12.1%

Revenue Diversification (15%) 9.9% 9.6% 10.4% 10.1% 10.3% 10.6% 10.7% 10.9% 11.0%

Debt Ratio (10%) 11.4% 11.5% 11.8% 10.9% 10.7% 12.0% 11.8% 11.5% 10.1%

Other Financial MetricsTuition Discount (10% -16%) 13.0% 12.9% 13.4% 14.8% 14.8% 14.8% 14.8% 14.8% 14.8%

Change in Operating Revenues (%) 4.1% 4.7% 2.1% 2.5% 2.4% 2.7% 2.6% 2.7% 2.6%

Change in Operating Expenses (%) 7.2% 5.6% 3.4% 1.6% 2.0% 3.9% 2.2% 2.2% 1.2%

NJ State Approp. Dependence (%) 22.6% 24.1% 22.3% 24.1% 23.5% 22.9% 22.3% 21.7% 21.2%

E &G Operating

Budget~$193 million

Projected Reserves

Scholarships &

Waivers

FTE Employment

Auxiliary Budget ~$64 million

~$122 million

~$18.5 million

1,198

Increase

from FY19

$1.3M

$3.0M

13

$1.6M

$4.9M

Net Tuition & Fees, $116.8 , 46%

Net Room & Board, $52.2 , 20%

State Appropriations, $61.9 , 24%

Auxiliary Activities, $6.2 , 2%

Investment Income, $6.1 ,

2%

TCNJ Foundation support, $1.8 , 1%

Other, $11.8 , 5%

FY20 Revenues = $256.7M

Compensation, $151.2 , 61%

Contract Food, $18.1 , 7%

Other Commitments,

$5.4 , 2%

Maintenance & Utilities, $14.1 , 6%

General Expenses, $14.9 , 6%

Asset Renewal, $10.3 , 4%

Hardware/Software, $6.4 , 3%

Library Acquisitions,

$2.1 , 1%Debt

Service, $26.0 , 10%

FY20 Expenditures = $248.5M

Invest $7.3M

Strategic Projects, 2.0M

Transfer to Reserves, $5.3M

Δ = $8.2M Surplus

Academic Year Item$ FY2016 FY2017 FY2018 FY2019 FY2020*

Undergrad Tuition & Fees (In-State) $15,446 $15,814 $16,169 $16,571 $16,943

Undergrad Tuition & Fees (Out-of-State) $26,378 $26,991 $27,598 $28,286 $28,921

Room & Board $12,570 $12,881 $13,200 $13,617 $14,048

Total Annual Expenses In-State $28,016 $28,695 $29,369 $30,188 $30,991

Total Annual Expenses Out-of-State $38,948 $39,872 $40,798 $41,903 $42,969

Annual Tuition & Fee Increase 2.95% 2.35% 2.25% 2.50% 2.25%

Annual Room & Board Increase 2.80% 2.50% 2.50% 3.16% 3.16%

Overall Annual Increase 2.90% 2.40% 2.30% 2.79% 2.66%

For every 1% Increase in ChargesAmount per

Student

FY20 Annual Increases

(@2.25% t&f; 3.16% r&b)

Undergrad Tuition & Fees (In-State) $166 $372

Undergrad Tuition & Fees (Out-of-State) $283 $638

Room & Board $136 $430

FY20 Planning:

*Note: This is the second lowest tuition and fees increase since FY2001.

Commonfund Higher Education Price Index (HEPI) was 2.8% for FY2018

and projected at 2.6% for FY2019.

FULL TIME STUDENTS (Flat Rate Over 12 Credits) / 3 Units CHANGE

FY 2019 FY 2020 AMOUNT PERCENT

UNDERGRADUATE - NEW JERSEY RESIDENT

TUITION 12,947.49 13,238.81 291.32 2.25%

GSF/CAPITAL 3,043.22 3,111.69 68.47 2.25%

STUDENT CENTER FEE 266.82 272.82 6.00 2.25%

STUDENT ACTIVITY FEE 293.69 299.56 5.87 2.00%

TOTAL 16,551.22$ 16,922.89$ 371.67$ 2.25%

13,617.21 14,047.61 430.40 3.16%

TOTAL COST 30,168.43$ 30,970.50 802.07$ 2.66%

UNDERGRADUATE - OUT OF STATE RESIDENT

TUITION 24,662.15 25,217.05 554.90 2.25%

GSF/CAPITAL 3,043.22 3,111.69 68.47 2.25%

STUDENT CENTER FEE 266.82 272.82 6.00 2.25%

STUDENT ACTIVITY FEE 293.69 299.56 5.87 2.00%

TOTAL 28,265.88 28,901.13 635.25 2.25%

13,617.21 14,047.61 430.40 3.16%

TOTAL COST 41,883.09 42,948.74 1,065.65 2.54%

CARD SERVICE FEE (FALL AND SPRING) 20.00$ 20.00$ - 0.00%

Pass through annual charge for all students without personal insurance effective August 1, 2019

UNDERGRADUATE STUDENT HEALTH INSURANCE 1,652.00$ 1,797.00$ 145.00 8.78%

GRADUATE STUDENT HEALTH INSURANCE 4,468.00$ 4,468.00$ - 0.00%

ROOM AND BOARD (BASE PLAN: ALA CARTE 1)

ROOM AND BOARD (BASE PLAN: ALA CARTE 1)

Questions?