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ANNUAL REPORT

2012 2013

THE RIGHT PATH


20122013 ANNUAL REPORT

Table of Contents

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A Path for Our Future: Introduction from President McCarthy A Summary of the Strategic Plan Strategic Imperatives Afterword: Where Does the Path Take Us? Financial Statements

20122013 ANNUAL REPORT

A Path for Our Future

As we always tell prospective students, one of the great reasons to come to Suffolk University is our location right in the heart of Boston. The Freedom Trail cuts through our campus and is a perfect example of the synergy between Suffolk and the city. Its also a wonderful metaphor, particularly when you look at whats been happening at Suffolk since October 2012, when we presented a new strategic plan to the entire University community. Since that time, faculty, students, staff, administrators, and alumni have logged countless hours executing the vision laid out in that plan. Now, its time for a progress report. How are we doing on this path weve mapped out for ourselves?

As youll see, we are doing extremely well implementing the many mandates included in the Strategic Plan. There is much still to do, but I want to share some details of our progress in this Annual Report. There are far too many updates to list them all, but the following pages provide some highlights. Also included are University financial statements for the most recently completed fiscal year. On behalf of the administration, I thank the entire University community for working so hard to keep us on the right path and to ensure our success for the future.

James McCarthy President

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A Summary of the Strategic Plan STRATEGIC IMPERATIVES


On October 11, 2012, we unveiled the Universitys new strategic plan to the entire Suffolk community. Titled Charting the Future: A Plan for Suffolk University 20122017, this document outlines our mission, vision, core values, and seven strategic imperatives. The focus of this annual report is the progress weve made on the strategic imperatives.

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Enhancing Student Success Developing Innovative Global Thinkers Forging Partnerships in Boston and Around the World Promoting Rigorous Teaching and Scholarship Building a Cohesive University Strengthening Professional Governance and Fiscal Responsibility Looking Forward

A full copy of the Strategic Plan may be found at www.suffolk.edu/strategicplan.

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STRATEGIC IMPERATIVE #1

ENHANCING STUDENT SUCCESS

When our students succeed, the entire University community succeeds. There has been a great deal of hard work on this important front over the past year.

STUDENT SUCCESS: OUR REASON FOR BEING


As part of the restructuring of the Office of the Provost, the University tapped Professor Sebastin Royo to be our new vice provost for student success. His role is to ensure that existing resources are allocated in the most effective manner and that new resources are identified to achieve all of the Strategic Plans goals associated with student success, retention and achievement, and career development. Toward that end, we created the Division of Student Success, which brings together the key groups that have a major influence on successful student outcomes. This new division comprises: Center for Learning and Academic Success Undergraduate Academic Advising Center Career Development Center Center for International Programs & Services Center for Academic Access & Opportunity Bringing these groups together allows us to operate more effectively and collaboratively as we support our students throughout their Suffolk careers.

Provide an integrated, student-centered experience, highlighted by strong mentoring relationships that develop students full potential.

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Suffolk is creating an innovative and focused shared core curriculum for all undergraduates.

Because health and wellness directly correlate to student success, the Office of Health and Wellness was restructured to integrate physical and mental health services and to provide round-the-clock access to emergency services. The University hired licensed psychologist Jean Joyce-Brady as the new director of the Health, Wellness, and Counseling office; she is leading this new integrated department in delivering quality physical and mental health care for our students.

A NEW SHARED CURRICULUM


The University established a joint Sawyer Business School/College of Arts & Sciences task force for the creation of the new general education curriculum. This task force set out to redesign the core curriculum and determine a shared set of skills and knowledge that all undergraduate students must demonstrate upon graduation. The task force developed goals and objectives for this core curriculum that have been approved by both schools. The task force also met regularly during summer 2013 to finish the core curriculums design and definition. This is a first for the University and demonstrates the new spirit and effectiveness of cross-school efforts.

Professor Sebastin Royo from the College of Arts & Sciences is leading the new Division of Student Success.

The curriculum task force demonstrates a new spirit and effectiveness of cross-school efforts.
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A Suffolk student enjoys a calming visit with therapy dogs, provided by the Center for Learning & Academic Success.

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STRATEGIC IMPERATIVE #2

DEVELOPING INNOVATIVE GLOBAL THINKERS


Offer an education that blends theory and practice and prepares students to be innovative thinkers who can succeed in a rapidly evolving employment landscape and in an increasingly global community.

Whether our students learn with us in Boston, Madrid, or online, they need an education that prepares them for the real world. Toward that end, were making sure our offerings are infused with the spirit of innovation and globalization.

FROM BOSTON TO THE WORLD


Studying abroad is an ideal way to gain intercultural understanding. The newly renamed Center for International Programs & Services, now part of the Division of Student Success, offered 60 studyabroad programs on five continents in 20122013. Our global partner institutions are located in Japan, the United Kingdom, Mexico, Taiwan, South Africa, and New Zealand. Twenty-one of these programs were new, and additional agreements are pending. Increasingly, our programs feature an internship component, allowing students to gain work experience in foreign countries. The Suffolk University Madrid Campus continues to thrive, welcoming both traditional study-abroad participants and select freshmen who can complete up to two years of their Suffolk undergraduate degrees in Spain. Like their peers in Boston and elsewhere, Suffolk Madrid students participate in internships. Suffolk Madrid students enjoy experiential learning opportunities throughout Spain, such as field trips that take Environmental Biology students to explore the rich biodiversity of the Sierra de Guadarrama region.
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Suffolk Madrid continues to provide a uniquely intercultural education to select freshman and study-abroad students.

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A VARIETY OF GLOBAL EXPERIENCES


The Colleges New England School of Art & Design (NESAD) continues to offer summer courses in Europe in art history, painting, and photojournalism. The Business Schools popular Global Travel Seminar Program gives students international business exposure through short-term, faculty-led visits to business centers around the world. Suffolk Law students take part in the Summer Global Internship Program, offered through our partnership with the Austria-based Center for International Legal Studies. The Law School is launching its new International and Comparative Law and Legal Practice Fellowship program, featuring a specialized training course geared toward students interested in pursuing public interest-oriented international internships. Plus, the Suffolk Public Interest Law Group International Fellowship sends students abroad each summer. A partnership with Banco Santander provides scholarships for Suffolk University students studying abroad in international academic programs. The Santander Universities Scholar Program at Suffolk University has provided study-abroad opportunities to well over 100 students in the College and the Business School in the past two academic years. Suffolk Law students also were able to gain critical international legal experience through Santander International Law Scholarships.

AN INNOVATIVE AND ENTREPRENEURIAL APPROACH


The Law School launched the Institute on Law Practice Technology and Innovation in spring 2013. The Institute is dedicated to studying how technology is transforming legal practice and preparing law students for the 21st-century workplace.

AND A CROSS-DISCIPLINARY METHOD


Knowledge and experience are being shared across the University. Students in the Law Schools Intellectual Property Clinic have teamed up with the Sawyer Business Schools Entrepreneurship program in a multidisciplinary approach to solving IP issues. And as microhousing units gain a foothold in Boston, students from the Business School and NESAD teamed up to explore the viability of these tiny but more affordable apartments. Design students even built a to-scale floor plan of a micro-unit that was displayed in a forum hosted at the Modern Theatre.

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Like many of his colleagues at Suffolk, Shahriar Khaksari, professor of nance in the Sawyer Business School, feels that teaching our students how to be prepared for global challenges is an essential part of a Suffolk education. 11 20122013 ANNUAL REPORT

STRATEGIC IMPERATIVE # 3

Partnerships are an essential component of a Suffolk education.

FORGING PARTNERSHIPS IN BOSTON AND AROUND THE WORLD


Leverage our borderless campus located in Boston to develop local, national, and global experiential learning and career opportunities for our students.

One key component to Suffolks success is our location right in the heart of downtown Boston. Thanks to this geographical advantage, our students benefit from partnerships with some of the most interesting and exciting organizations in Boston and beyond.

UNIVERSITY POLL WORKERS CIVIC ENGAGEMENT PROJECT


Started in 2006 and directed by Government Department Chair Rachael Cobb, this program partners with Bostons Election Department to recruit and train students to serve as poll workers on Election Day. In 2012, a presidential election year, more than 100 students took part, distributing ballots, checking in voters, translating for non-English speakers, and assisting voters with disabilities.

BUILD
The Sawyer Business Schools Center for Entrepreneurship partnered with BUILDa program that engages underserved high school students through entrepreneurial projectsto sponsor a three-day entrepreneurship boot camp. Led by Entrepreneurship Programs Director George Moker and BUILD faculty, the program offered practical consulting experience with a local startup that turns t-shirts into quilts.

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HOUSING DISCRIMINATION TESTING PROGRAM


The US Department of Housing and Urban Development recently announced two grants totaling $275,000 for Suffolk University Law Schools Housing Discrimination Testing Program, which follows a $150,000 grant received in 2012. More than 70 fair housing testers, most of them students, have been trained and have conducted more than 70 fair housing tests in the past year.

Suffolks 73 Tremont Street broadcast studio and airing on www.bostonherald.com. The program provides an opportunity for students to work and learn alongside seasoned Herald journalists.

THE WASHINGTON CENTER


Dating back to 1978, one of Suffolks oldest partners is the Washington Center, which matches students with full-time internships and short-term academic seminars in Washington, DC. This past year, interns were placed in the southern Africa bureau of the State Department, dealt with the government shutdown in the Department of the Interior, and translated Haitian-Creole news stories for the Voice of America. Former interns have gone on to leadership positions in Massachusetts, Washington, and around the world.

JUDICIAL INTERNSHIP PROGRAM


Each year, dozens of first-year Suffolk Law students get the chance to work with judges around New England and gain invaluable experience. Suffolk is one of the only law schools to offer such a robust judicial internship for first-year law students. This past summer, a record 120 students participated.

RADIATION SCIENCE
The Medical Dosimetry and Radiation Therapy clinical programs are a collaboration between the Suffolk University Physics Department and several top hospitals: Massachusetts General Hospital, Brigham and Womens Hospital, Dana-Farber Cancer Institute, and others. This year, we have a new link to Beth Israel Deaconess Medical Center (BIDMC) through a Suffolk Physics alumna, who will teach a course called Radiation Biology in the spring. She also has offered three of our Radiation Science students internships at BIDMC.

INTERNSHIP AFFILIATIONS
The newly renamed Career Development Center has developed relationships with hundreds of employers who hire Suffolk students for internships and fulltime jobs. Internship developments of note over the past 1824 months include: Fidelity InvestmentsSuffolk is working with Fidelitys college recruiting staff to support the highprofile LEAP Program, designed to provide internships and full-time rotational opportunities for information systems students. DeloitteThrough our alumni network, Deloitte is now interviewing Suffolk accounting and tax students for internship and full-time opportunities. HubSpotStudents representing the marketing and IT fields participated in a spring site visit to marketing software company HubSpot. The Center is working to form a career development relationship with HubSpot through our alumni network. Government Department Chair Rachael Cobb (inset right) arranged for her students to ask questions of the candidates during the mayoral forum.
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BOSTON HERALD
The University worked with the Herald and broadcast partner New England Cable News to present the only televised Boston mayoral forum with the 12 candidates before Septembers preliminary election. The forum provided an opportunity for Suffolk students to gain valuable practical experience. The University also partnered with the Herald to launch Press Party, a weekly roundtable analysis of how the media covers the news, produced out of

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STRATEGIC IMPERATIVE # 4

PROMOTING RIGOROUS TEACHING AND SCHOLARSHIP


Develop, recognize, and reward excellence in teaching and in scholarship.

A curriculum thats serving students well should exist in several states. On one hand, it needs to be solid: replete with knowledge, scholarship, and foundational learning. On the other hand, it needs to be fluid: constantly adapting and evolving to meet the needs of students as they head into an ever-changing work world. At Suffolk, we strive for both.

ENSURING THE SUCCESS OF OUR PROGRAMS


Last year, the University chose Professor Jeff Pokorak to take on the newly created position of vice provost of faculty and curriculum development. In January 2012, he began providing strategic leadership and oversight for academic program review; graduate and undergraduate curriculum efficiency and effectiveness; and faculty development in the areas of research, scholarship, and teaching excellence. Weve begun regular review of our programs to ensure that all of our academic offerings are directly relevant to our mission and are operating with maximum effectiveness and efficiency. The vice provost for faculty and curriculum development worked with the Faculty Senate to consider program review options and drafted a program review process, which is being implemented in 20132014. He also is working with the associate provost for institutional research and assessment and the senior vice president for finance and administration and treasurer to develop metrics we can apply to program review to ensure like-analysis procedures.
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George C. Moker is an instructor of management and entrepreneurship and director of Suffolks Entrepreneurship Programs.

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SUPPORTING FACULTY RESEARCH AND SCHOLARSHIP


External support, including grants, is a key indicator of the quality of our faculty. As University programs draw greater outside funding, their reputations improve; with enhanced reputations, these programs will attract even more funding. At the same time, grant funding has the potential to become a critical alternative source of revenue to ease the Universitys dependence on tuition. Under the direction of Mary Pat Wohlford, the Office of Research & Sponsored Programs has dramatically increased proposal development. The office has engaged faculty, staff, and others in thinking about outside funding opportunities. In addition, the office has begun working with senior development staff, including the senior vice president for advancement, to accelerate proposal development and ensure a more fully orchestrated and integrated institutional extramural funding portfolio. Since January 2013, more than 46 proposals have been submitted, more than doubling the number submitted last year. To date, 24 of those proposals have been awardeda funded rate of 56 percent compared to 17 proposals for all of last year. The University in calendar year 2013 is on target to request nearly $25 million, compared to just over $6 million requested last year.

In addition, the Center for Teaching Excellence launched a new program called Alternative Spring Break: Faculty Edition. Faculty attended a series of workshops over two days with topics such as using research assistants, finding and applying for grant funding, using reference software, and understanding the Institutional Review Board system at Suffolk. This program was collaboratively planned with the provosts office, the associate deans from all three schools, the Office of Research & Sponsored Programs, and the Sawyer Library.

Some of the grant requests that were awarded this year include:
The Moakley Center for Public Management received funding to provide certificate training in local government leadership. In the Psychology Department, a National Institutes of Health grant will fund the examination of the role of spiritual and religious processes in adolescents recovery from substance abuse disorders. The Sawyer Business Schools Strategy and International Business Department received a grant to examine methodologies for periodic tariff review for energy distribution utilities. The Law School received a series of three grants from the US Department of Housing and Urban Development to study housing discrimination. The Massachusetts Executive Office of Public Safety awarded the College of Arts & Sciences funding to support a research project aimed at reducing gang and youth violence. The National Science Foundation provided an award for a scholarship program for Boston Public High School students to study electrical engineering at Suffolk University. A National Endowment for the Humanities award funds an Enduring Question Course within the Philosophy Department on What is the meaning of life? Suffolk has begun regular review of our programs to ensure that all of our academic offerings are directly relevant to our mission and are operating with maximum effectiveness and efficiency.

As vice provost for faculty and curriculum development, Jeff Pokorak provides strategic leadership and oversight for academic program review; graduate and undergraduate curriculum efficiency and effectiveness; and faculty development in the areas of research, scholarship, and teaching excellence.

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STRATEGIC IMPERATIVE #5

Our new brand identity rolled out University-wide. Communication and transparency are key to Suffolks success, and the strategic plan outlines the goal of improving communications and unity across the Suffolk community. type, imagery, design, and core messaging that tie the University together. Marketing and communication materials are now instantly recognizable as Suffolk Universitys. Schools, centers, and programs retain their identity but now fit into a larger whole. We also developed and launched a dynamic and robust new website that serves to unite the schools and elevate the brand. The website is a critical recruitment tool. It also is a storytelling vehicle that spotlights our success and excellence as well as a functional tool designed to quickly get users to the information theyre seeking. The new website launched in phases, starting with the main University site in November 2012, followed by the Sawyer Business School, the College of Arts & Sciences, and the Law School. The entire University now uses one content management system, which allows for shared content and ease of use.

BUILDING A COHESIVE UNIVERSITY


Integrate the Suffolk University community to build unity among students, faculty, staff, and alumni across the University.

OPEN FORUMS
President McCarthy has held regular town hall meetings to discuss strategic direction, operations, and finances; plans for the 20 Somerset Street academic building; and even this annual report. He regularly meets with members of the faculty and administration in both formal and informal settings. The University continues to communicate student and faculty successes, events, and news through the website; email newsletters to employees, students, and alumni; social media; alumni publications; and many other channels.

New Suffolk Logo

BRAND AND WEB INITIATIVES


Another improvement on the communication front was the creation of an integrated Suffolk brand to be used consistently across the University. Working with brand strategy firm Sametz Blackstone, the Office of Marketing & Communications led that implementation in fall 2012. The Universitys communications previously had reflected the historical divides and organizational silos that existed across the University, with many disconnected logos, designs, and messages. That disorder has been replaced by a strong and dynamic brand system with approaches to color,

SEEING THE BIG PICTURE


Since joining Suffolk in March 2013, Associate Provost for Institutional Research & Assessment Melanie Jenkins has been developing a comprehensive data dashboard. This strategic planning tool will serve as a centralized warehouse for metrics and indicators on areas including undergraduate and graduate enrollment, Advancement giving rates, retention, and grants. Publication of this dashboard is anticipated at the end of the 201314 academic year.

New suffolk.edu home page

Brand identity applied

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STRATEGIC IMPERATIVE #6

STRENGTHENING PROFESSIONAL GOVERNANCE AND FISCAL RESPONSIBILITY


Professionalize the governance of Suffolk University to include consultation with stakeholders about major decisions and transparency in management and operations. Manage resources and operations with the utmost scal prudence to support the goal of providing educational excellence at a reasonable cost.
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OPERATING SURPLUSES
Through careful management of finances and operations and tight expense controls, the University finished FY12 with a 4.9 percent operating margin. The University finished FY13 with a 6.2 percent operating surplus. This was achieved even with one of the smallest tuition increases in decades.

operating performance, healthy liquidity, conservative debt structure, and market position.

AFFORDABILITY
Total costs for undergraduate residential students, including tuition, room, and board, rose 2.3 percent for the 201314 academic year, which is close to the 2.1 percent inflation rate. This was the smallest tuitionand-cost increase among the 10 Boston colleges and universities surveyed by the Boston Business Journal. This reflected the Universitys strong financial management and expense-control efforts, including our ability to keep housing costs nearly flat for a fourth consecutive year. Tuition for graduate programs and the Law School increased 2.25 percent.

Senior Vice President Steve Morin immediately set forth a plan to create a system for sustainable success, with a sharp focus within the Advancement Office on raising funds. Under his direction, we are building a culture of fund-raising across the University and are encouraging the creation of a habit of philanthropy among alumni and stakeholders. Within three months of Senior Vice President Morins arrival, the Advancement and Alumni Engagement offices were restructured to put people in positions of strength and, importantly, create a team of frontline fund-raisers to directly attack the Universitys historic deficit of fund-raising results. Through realignment of occupied and open positions, nine new hires were put in place without increasing the Advancement budget.

MULTI-YEAR FINANCIAL PROJECTIONS


The senior vice president for finance and administration and treasurer developed and proposed to the Board of Trustees Finance Committee a multi-year financial plan that provides for continued positive operating surpluses.

CREDIT RATINGS
Credit rating agencies Standard & Poors, Moodys, and Fitch Ratings all affirmed the Universitys bond ratings with a stable outlook over the past year, citing the Strategic Plan, consistently positive operating surpluses, and expense controls. In its most recent report, Standard & Poors stated that the University has done a very good job of controlling expense increases and cited Suffolks consistently positive operating surplus including its strong performance in 2012. In a recently released report, Fitch cited the Universitys proactive management team, conservative budgeting, and proactive marketing and program initiatives. In a report last year, Moodys noted Suffolks consistently solid

A STRONG FOCUS ON ADVANCEMENT


For a long time, it has been clear that we needed to do a significantly better job at engaging with our alumni and the external community to begin raising consistently higher donation amounts for the University. Suffolks rate of alumni giving had been in a steady decline since FY04. We halted that steady downward trend in FY13. A critical element of this necessary change was our recruitment of a senior vice president for advancement to build our capabilities and to more fully integrate the Universitys advancement, marketing and communications, and external relations efforts.

REACHING OUT TO ALUMNI


We are reconnecting with our alumni through faceto-face meetings, gatherings, receptions, and events. The University held its first Homecoming weekend in October 2013 to welcome back alumni from near and far with a packed schedule of events and celebrations.

Steve Morin joined the University in January 2013 as senior vice president for advancement, with oversight for the offices of Advancement and Alumni Engagement, Marketing and Communications, and Government Community 23 20122013 and ANNUAL REPORT Affairs.

The University has focused on increasing participation rates and is beginning to raise those rates in almost all categories. For FY13: Overall alumni participation rose 8 percent, to 6.1 percent Participation is up 20 percent for College of Arts & Sciences alumni Sharon Britton, Sawyer Library director Gerard Chip Coletta, chief of Suffolk University Police and Security Melanie Jenkins, associate provost for institutional research and assessment Participation is up 22 percent for Sawyer Business School alumni Alumni participation among recent University graduates jumped nearly 70 percent The number of employees giving rose more than 48 percent We have set a target of $2.5 million for FY14, which would be a significant percentage increase over both last year and the year before. We are projecting that

the alumni participation rate will increase in the coming year, from 6.1 percent to 7.0 percent. An advancement implementation plan targets areas of fund-raising promise, namely, alumni in the $1,000-to-$25,000 giving range. And it identifies four untapped areas: International alumni/parents Current parents Faculty and staff Planned giving

The University made several key leadership appointments this year.


Bernard Keenan, interim provost Tom Lynch, chief information officer Nicole Price, chief diversity and inclusion officer

OTHER INITIATIVES
We worked with the Boards Compensation Committee to launch a comprehensive effort to develop a system for evaluating all senior leaders at the University, including the president, the three senior vice presidents, and the three academic deans.

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Katherine Whidden, chief human resources officer

Mary Pat Wohlford, director, Office of Research & Sponsored Programs

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STRATEGIC IMPERATIVE # 7

LOOKING FORWARD
Maintain the traditional nature of a Suffolk education while strategically advancing the use of new technology and innovative pedagogy.

Suffolk has long exhorted its students to get out of the classroom and complement their in-class learning with experiential, immersive education. Now were beginning to take the classroom out of the classroom, too.

A NEW KIND OF PEDAGOGICAL EXPERIENCE


The Strategic Plan calls for advancing the use of innovative pedagogy and expanding the number of courses, majors, and academic degree programs that include online formats and hybrid platforms. Hybrid courses, which rely on a combination of online and face-to-face learning, offer significant benefits, especially when it comes to cost. With the hybrid approach, instructional cost drops because the overall class size goes up, with instruction taking place partly online. Yet students still get the benefit of smaller classes in face-to-face course sections. This style of learning is particularly appropriate for Suffolk students, many of whom have to work to pay for their educations and thus enjoy the convenience of taking the online part of their courses outside of normal class times. And hybrid courses are effective; research shows that they produce outcomes that match or exceed traditional face-to-face courses. The University first offered an experimental hybrid version to about 60 students in the introductory Statistics course, with the goal of expanding hybrid education in this area to most or all students.

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Suffolk Law School professor Andrew Perlman using Google Glass to further interactive learning by taking student questions by text message.

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We have outlined a goal for the University to offer up to 20 percent of undergraduate education in hybrid form within five years. To that end, in fall 2012, the Center for Teaching Excellence created a six-week Hybrid Course Design Institute, one of the first institutes of its kind in the United States. The program was piloted in spring 2013 with 12 participants representing faculty members, administrators, and instructional technologists from all three schools. They learned best practices for creating an online structure for a hybrid course, as well as techniques for designing online assignments and assessment tools. To date, three sessions of the Hybrid Course Design Institute have trained 30 faculty and administrators in hybrid teaching and learning. Thus far, faculty response to this program has been very positive. Departments that now offer hybrid courses include Computer Science, English, Government, History, Math, Physics and other science courses, and Statistics.

are well on our way to completing a major new 112,000-square-foot academic building at 20 Somerset Street. The project will address two important University goals: It will provide state-of-the-art, flexible, and technology-enhanced instructional space for science and general study. It will consolidate classroom space, allowing the University to remove all academic classroom activity from the residential part of Beacon Hill. The 20 Somerset academic building will be designed with innovative classroom space, including electronic whiteboards and active learning pods where students can work in teams and project materials onto screens around the classrooms. It will have indoor and outdoor lounging and study areas and a light-filled cafeteria/function space fully visible from Somerset Street. A renovated Roemer Plaza adjacent to the new building will act as the Universitys first quad with green space and will provide a visual link to the Sawyer Building.

The new 20 Somerset building will include a light-lled caf, studentsupport services, and indoor and outdoor lounging areas.

A NEW APPROACH TO TEACHING


Suffolk is planning our first Massive Open Online Course (MOOC): History Flows Through Boston. The online course, to be taught by History Department Chair and noted historian Robert Allison, is particularly suited to community involvement in education and will enhance our local, regional, national, and international reputation and visibility.

ADDITIONALLY:
The University successfully renegotiated a lease extension for the New England School of Art & Design at its current 75 Arlington Street location. The University launched a comprehensive review of Suffolks complete property portfolio, aimed at further reducing operating costs and deferred maintenance.

BUILDING FOR THE FUTURE


Working closely with the Suffolk Board of Trustees and members of its Building Committee, we

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Where Does the Path Take Us?

We have built a stronger organization that will allow us to address major challenges and opportunities ahead of us. With that solid structure now in place, we are preparing to make strategic investments in our future. Investments in signature programs that provide distinction for Suffolk University will be key, as will strategic marketing efforts that elevate the Universitys reputation, boost enrollment, and drive alumni engagement and fund-raising. The stage is set to begin diversifying our revenue base by finding additional funding sources through gifts, grants, and contracts that will ease the Universitys historic overreliance on tuition revenue. We are building an organization and culture that embrace faculty scholarship and support it by seeking grants and other external funding sources. At the same time, we are deepening our commitment

to effective philanthropy, with much more extensive outreach to alumni and donors. We are confident that the foundation laid this year will begin to pay off next year and even more dramatically in the future. As we seek new funding to help launch the new programs and initiatives that will secure the Universitys long-term future, we must continueand enhance the fiscal discipline that has characterized recent years at Suffolk. We must ensure that every new dollar raised through philanthropy or sponsored programs and every tuition dollar paid are used with the greatest possible efficiency. We are building an organization that supports stronger student outcomes, from academic success to retention to health and wellness to career guidance and job placement. We are investing in our future through the use of new teaching technology, courses that correlate to changing career opportunities, and

the construction of a state-of-the-art academic building. And we have structured our financial operations for sustainable success. In short, Suffolk University is robust, and we are poised to make strategic investments that will build an even more vigorous University going forward. Suffolk has more than 100 years of experience as an effective University that transforms the lives of students and their families. Through careful stewardship, our finances remain secure. We believe that we are well equipped to weather the storms currently blowing through higher education and that we can emerge from these challenging times as a stronger, more focused, and sustainable institution.

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FINANCIAL STATEMENTS Statements of Financial Position June 30, 2013, and 2012
Assets Cash and cash equivalents Student, notes, and pledges receivable, net Deferred charges and other assets Investments Deposits with bond trustees Property, buildings, and equipment, net Total Assets Liabilities and Net Assets Liabilities: Accounts payable and accrued expenses Deferred revenue and student deposits Bonds and mortgage payable Refundable US government grants Total Liabilities Net Assets: Unrestricted Temporarily restricted Permanently restricted Total Net Assets Total Liabilities and net assets $ 2013 5,017,116 18,764,246 6,068,495 220,716,407 82,695,861 319,770,169 653,032,294 2012 789,586 20,538,453 6,455,149 195,154,461 85,383,200 315,950,121 624,270,970 Temporarily restricted (304,767) (304,767) (304,767) 3,670,843 (1,143,408) 35,281 2,562,716 2,257,949 2,977,323 5,235,272 Permanently restricted 548,430 548,430 548,430 29,077,242 29,625,672 2013 Total 281,717,865 20,763,205 (77,451,245) 225,029,825 1,486,755 3,375,000 372,518 1,256,959 979,394 4,305,505 236,805,956 78,632,786 3,415,619 54,460,151 30,985,615 40,123,874 14,448,456 222,066,501 14,739,455 15,102,678 (3,375,000) 1,000,057 1,172,279 13,900,014 28,639,469 228,345,953 256,985,422

FINANCIAL STATEMENTS Statement of Activities Year ended June 30, 2013

Operating: Revenues: Tuition and fees Residence halls and dining Less scholarship aid Net tuition and fees Contributions Endowment spending for operatons Other investment income Building rental income Other sources Federal, state, and other grants and contracts Net assets released from restrictions Total operating revenues Expenses: Instruction Public service Academic support Student services Institutional support Residence halls and dining Total expenses Increase (decrease) in net assets from operating activities Nonoperating: Long-term investment return Endowment spending for operatons Net assets released from restrictions Contributions Postretirement benefit obligation changes other than net periodic costs Increase in net assets from nonoperating activities Change in net assets Net assets at beginning of year Net assets at end of year

Unrestricted $ 281,717,865 20,763,205 (77,451,245) 225,029,825 1,486,755 3,375,000 372,518 1,256,959 979,394 4,305,505 304,767 237,110,723 78,632,786 3,415,619 54,460,151 30,985,615 40,123,874 14,448,456 222,066,501 15,044,222 11,431,835 (3,375,000) 1,143,408 416,346 1,172,279 10,788,868 25,833,090 196,291,388 $ 222,124,478

26,998,429 8,582,690 355,478,323 4,987,430 396,046,872 222,124,478 5,235,272 29,625,672 256,985,422 653,032,294

24,736,169 8,733,478 357,403,508 5,051,862 395,925,017 196,291,388 2,977,323 29,077,242 228,345,953 624,270,970

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FINANCIAL STATEMENTS Statement of Activities Year ended June 30, 2012


Temporarily restricted (106,767) (106,767) (106,767) 304,967 (1,629,843) 1,253,003 (71,370) (143,243) (250,010) 3,227,333 2,977,323 Permanently restricted 598,191 71,370 669,561 669,561 28,407,681 29,077,242 2012 Total 278,733,752 20,960,100 (70,387,121) 229,306,731 1,728,322 3,094,780 420,896 1,072,765 1,163,417 4,756,392 241,543,303 79,905,724 3,745,770 53,953,397 32,242,849 44,486,156 15,372,321 229,706,217 11,837,086 1,136,861 (3,094,780) 3,461,915 (1,780,114) (276,118) 11,560,968 216,784,985 228,345,953 2013 $ 28,639,469 10,474,225 (1,172,279) (11,881,230) (901,809) 1,774,207 234,137 2,312,700 (150,788) 29,328,632 (12,955,102) 2,687,339 (14,906,344) 1,225,628 (23,948,479) (1,990,000) 901,809 (64,432) (1,152,623) 4,227,530 789,586 $ $ 5,017,116 20,656,310 2,578,249 2012 11,560,968 10,157,130 1,780,114 1,647,221 (755,329) 1,951,573 484,356 (835,909) (614,576) 25,375,548 (11,979,337) 110,998 (51,323,888) 38,857,427 (24,334,800) (1,890,000) 755,329 (84,671) (1,219,342) (178,594) 968,180 789,586 20,730,333 1,456,410

FINANCIAL STATEMENTS Statement of Cash Flows Year ended June 30, 2013, and 2012

Operating: Revenues: Tuition and fees Residence halls and dining Less scholarship aid Net tuition and fees Contributions Endowment spending for operatons Other investment income Building rental income Other sources Federal, state, and other grants and contracts Net assets released from restrictions Total operating revenues Expenses: Instruction Public service Academic support Student services Institutional support Residence halls and dining Total expenses Increase (decrease) in net assets from operating activities Nonoperating: Long-term investment return Endowment spending for operatons Net assets released from restrictions Contributions Postretirement benefit obligation changes other than net periodic costs Reclassification of net assets Increase (decrease) in net assets from nonoperating activities Change in net assets Net assets at beginning of year Net assets at end of year

Unrestricted $ 278,733,752 20,960,100 (70,387,121) 229,306,731 1,728,322 3,094,780 420,896 1,072,765 1,163,417 4,756,392 106,767 241,650,070 79,905,724 3,745,770 53,953,397 32,242,849 44,486,156 15,372,321 229,706,217 11,943,853 831,894 (3,094,780) 1,629,843 1,610,721 (1,780,114) (802,436) 11,141,417 185,149,971 $ 196,291,388

Cash flows from operating activities: Change in net assets Adjustments to reconcile change in net assets to net cash provided by operating activities: Depreciation and amortization Postretirement benefit obligation changes other than net periodic costs Net realized and unrealized losses (gains) on investments Contributions for long-term purposes Change in students, notes, and pledges receivable Change in deferred charges and other assets Change in accounts payable and accrued expenses Change in deferred revenue and student deposits Net cash provided by operating activities Cash flows from investing activities: Purchases of property, buildings, and equipment Change in deposits with bond trustees Purchase of investments Proceeds from sales of investments Net cash used in investing activities Cash flows from financing activities: Payments on borrowings Contributions designated for long-term purposes Change in refundable US government grants Net cash used in financing activities Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year Supplemental: Interest paid Noncash investing activity accounts payable attributed to fixed assets

To view the complete, audited financials, visit www.suffolk.edu/annualreport.


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