The university's fiscal year begins on July 1 and ends on June 30. The university publishes and makes available certain financial documents. The financial documents and a description of the documents are shown.
Operating and Capital Budgets
The university's annual operating budget is prepared on a modified-cash basis, presented by natural account class and is unaudited. The annual operating budget is produced by the Office of Budget and Financial Planning and approved by the university's Board of Trustees. Download a PDF version of the 2025 Operating Budget.
Annual Financial Report
The university's financial accounts are maintained in accordance with United States General accepted accounting principles (GAAP). The financial statements are produced by the Controller's Office and audited by an independent auditor. Download a PDF version of the 2024 Financial Report.
Rating Agency Reports
Credit rating agencies provide independent measurements of an issuer's creditworthiness. The university is rated by Moody's Investor Service and S&P Global Ratings.
Download the most recent rating reports:
Moody's Investor Service:
S&P Global Ratings:
Offering Circulars
The university publishes an Offering Circular whenever it issues bonds in the public market. The Offering Circular provides pertinent information about the university and the terms of the bonds. Use the links below to download 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. Official statements, financial statements and other continuing disclosure documents for municipal issuers can be found on the EMMA website.
The university posts its audited financial statements and its Offering Circulars on EMMA.
IRS Form 990
The university supplies its IRS Form 990 (tax-exempt return), simultaneously with its filing with the Internal Revenue Service, to Guidestar. Recent Form 990 filings may be found by visiting Guidestar, or by clicking this link CWRU 2022 Form 990.