Report of the President

This report presents Purdue University’s financial statements for the fiscal years ended June 30, 2016 and 2015. We provide this information on our financial position and the results of operations as part of the University’s commitment to report annually on its fiscal affairs. These financial statements have been audited by the Indiana State Board of Accounts and their report, which is an unmodified opinion, is available.

Consistent with the charge of the Commission for Higher Education’s new strategic plan, Reaching Higher, Delivering Value, Purdue continues to deliver higher education at the highest proven value. Through freezing tuition for four straight years with a fifth year planned, reducing the cost of living on campus, and finding innovative ways to lower textbook costs, Purdue’s total cost of attendance is lower than it was four years ago. Lowering our students’ cost of attendance has contributed to a decrease in the average debt of our undergraduate students, as well as an overall decrease in the number of our students graduating with debt. Purdue’s innovation reaches beyond the classroom and has led to our inaugural Back-A- Boiler program, providing our students a unique, debt-free option to further their education. We will continue our efforts to provide creative solutions to the challenge of student access and affordability.

Within the past two years, we have developed the state’s first competency based degree, consolidated two campuses into a new Purdue Northwest, launched a record number of startup companies, have been issued a record number of utility patents, and secured new levels of research funding. We have received a record number of applications from prospective students, have created new Summer Start programs aligned with state goals of access and completion, and achieved big increases in graduation rates, number of students studying abroad, and number of Hoosier students.

We have never strayed from our land grant charge and continue to invest in those disciplines most crucial to Indiana’s economic future. We are expanding our College of Engineering and our department of Computer Science, have transformed our College of Technology into the Purdue Polytechnic Institute, and are investing in the life sciences to cure disease and develop plant technology to feed a growing population. As it was in our founding, nearly 150 years ago, the State of Indiana is an important partner in our success.

The research of today becomes the education of tomorrow and the pace of innovation is unprecedented. At Purdue, we accept that we are training students for careers that may not yet exist based on technologies that have not yet been developed. In this idea economy where critical thinking, problem solving, technical communication, and entrepreneurism are prized, a Purdue degree is a valuable asset. Providing higher education at the highest proven value is more than a slogan on this campus it represents an unwavering commitment to our mission of developing the next generation of educated citizens, thought leaders, and a competitive and talented workforce.

Though the future remains uncertain, we will continue to invent tomorrow today in our classrooms, our research enterprise, and in our administrative functions. Innovation and strong, financial strategies deployed across all aspects of the University will enable us to meet the challenges of a global economy. I encourage you to read our financial statements, which provide a deeper understanding of the finances of the University, and see firsthand how we are realizing our resource stewardship responsibilities. We are grateful for your continued support of this great University. 

Sincerely,

Mitchell E. Daniels, Jr.
President

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