Fiscal year 2014 saw The New School open the doors to the University Center, complete the sale of our midtown building, and sustain damage to three of our buildings, including the University Center, resulting from a water main break on Fifth Avenue. The New School’s fiscal year 2014 financial data reflect all of these events and others.
The university’s net assets increased by $82.4 million, driven by a $59 million gain on the building sale and a $32.4 million endowment return. Total assets topped $1 billion for the first time in The New School’s history.
Operations before the gain on the building sale added $2.2 million to net assets on revenues of $332.8 million, a 0.7% return against last year’s 2.0%. The decline reflects continuing investment in support, services, and improved facilities for students.
The endowment posted a 14.7% gain for the fiscal year. This positive performance, together with the addition of the proceeds from the building sale, pushed the endowment to $300.1 million.
The fiscal 2014 financial results continue the university’s overall trend of financial stability. Both Moody’s Investor Services and Standard & Poor’s affirmed the university’s A3 and A- ratings, respectively. With only fixed-rate, long-term debt, no outstanding derivative instruments with counterparty or market risk, and ready access to cash, our financial position remains strong.
Steve StabileVice President for Finance and BusinessTreasurer
Financial Statement 2013-2014 (PDF)