Capital Markets Information

The principal financial information for which the Treasurer is responsible relates to the University's participation in the capital markets.

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:

• Series 2021A Offering Circular
• Series 2021B Offering Circular

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 university timely posts its Offering Circulars and audited financial statements, as well as information required by its Continuing Disclosure Agreements and SEC Rule 15c2-12, on its EMMA home page. 

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:

• Credit Opinion 11-6-2024
• Credit Opinion 6-3-2022

S&P Global Ratings:

• Summary Rating Report 9-28-2023
• Summary Rating Report 6-1-2022

Other Financial Information

The university's fiscal year begins on July 1 and ends on June 30.  The university publishes and makes available certain other financial documents.     

Operating Budget

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.

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 contacting the university directly.