Dear Members of the SUNY Oswego Community-
I am delighted to share some excellent news regarding our university's financial health.
Fundraising Successes:
In the first half of our fiscal year, we experienced remarkable success in fundraising and the growth of our endowment. Our alumni, friends, and partners have demonstrated unwavering confidence and pride in SUNY Oswego, resulting in more than $8.7 million raised thus far. Notable contributions include a generous $2 million gift from Frank Maraviglia ('58) supporting enrichment opportunities for our School of Education, and a future bequest intention of $4.5 million from an anonymous couple, dedicated to advancing scholarship support for future generations of students.
Under the diligent oversight and management of our foundation’s board of directors, our endowment reached an all-time high of $66.1 million at the close of 2023. Impressively, it returned more than six percent during the same period, marking a substantial turnaround from the market challenges faced in late summer and early fall.
Budget Milestones:
In addressing the challenges faced at the start of the fiscal year—a $5.4 million operating deficit, which includes a recurring structural deficit—our senior leadership implemented measures to mitigate both the current year operating and ongoing structural deficits and reduce the need to deploy reserves to balance the budget. I am pleased to report that these efforts have paid off, resulting in a projected deficit of $1.6 million. You can read our Mid-Year Financial Update as well as our Enrollment and Financial Sustainability submission to SUNY Central. I commend the collaborative spirit of our university community, which has significantly improved our financial situation.
As we look ahead to FY2024-25, budget development is well underway, with initial summary reports set for review by leadership by February 1, 2024. The use of our enhanced budget development toolkits encourages broad divisional input and facilitates thorough decision-making. Throughout this process, our goal is to achieve a balanced budget that aligns with the university's mission and vision of growth and innovation.
These achievements are a testament to the resilience and dedication of the SUNY Oswego community. Together, we are navigating challenges and putting our university on a path of financial strength and sustainability. This is important not just for short-term viability; careful fiscal stewardship will enable us to make strategic investments in initiatives and programs that will bolster our region’s economy, create career pathways for our students, and make our Vision 4040 a reality.
Thank you for all you do on behalf of our outstanding university!
Remain well,
Peter O. Nwosu, Ph.D.
President