University Financial Information

The University's fiscal year begins on July 1 and ends on June 30. The documents below are in pdf form. If you have any questions about these documents, please contact the Office of the Treasurer.

University Budget

The Office of Budget & Financial Planning develops and monitors the annual budget which is approved by the Board.

Audited Financial Statements

Offering Circulars

The University publishes an Offering Circular whenever it issues bonds. The Offering Circular provides pertinent information about the University and the terms of the bonds. Please use the links below to access the university's Offering Circulars for recent financings:

Municipal Disclosures

The Electronic Municipal Market Access system, or EMMA, is a comprehensive, centralized online source for free access to municipal disclosures, market transparency data and educational materials about the municipal securities market. The official statements, financial statements, and other continuing disclosure documents for municipal issuers can be found on the EMMA website.

Form 990

The University supplies its Form 990, simultaneously with its filing with the Internal Revenue Service, to Guidestar. Recent Form 990 filings may be found by visiting

Rating Agency Reports

Rating agencies provide independent measurements of an issuer's creditworthiness. CWRU is rated by Moody's and Standard & Poor's.

Moody's Investor Service

Standard & Poor's

Operating Fund Investment Policy

The University's operating funds are invested according to a policy approved by the Board in 2009.