Rutgers University · 2019. 12. 20. · Rutgers Post Integration_201404 v5.ppt \16 APR 2014\ 2:49 PM \1. Rutgers University . General Obligation Refunding Bonds 2016 Series M (Tax

Rutgers Post Integration_201404 v5.ppt\16 APR 2014\2:49 PM\1

Rutgers University General Obligation Refunding Bonds 2016 Series M (Tax Exempt)

Investor Presentation February 26, 2016

J. Michael Gower Executive Vice President for Finance and Administration and University Treasurer

Richard Aks Vice President for Finance & Associate Treasurer

This document and any other materials accompanying this document (collectively, the “Materials”) are provided for your information. By accepting any Materials, the recipient acknowledges and agrees to the matters set forth below.

The Materials are not part of the preliminary official statement or the final official statement as those terms are defined in SEC rule 15c2-12, and are qualified in all respects by reference to the Preliminary Official Statement. Prospective purchasers of the General Obligation Refunding Bonds 2016 Series M should rely only on the Preliminary Official Statement, and not the Materials, in making an investment decision. The Materials and statements contained in this presentation do not constitute an offer to sell or a solicitation of any offer to buy any securities of Rutgers University to any person in any jurisdiction, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. To the extent there are conflicts between statements made in the Preliminary Official Statement and this presentation, the information contained in the Preliminary Official Statement should be deemed more reliable.

The Materials are not intended as investment advice or as a confirmation of any transaction. Externally sourced information contained in the Materials has been obtained or derived from sources believed to be reliable, but Wells Fargo Securities makes no representation or warranty, express or implied, with respect thereto, and does not represent or guarantee that such information is accurate or complete. Such information is subject to change without notice and Wells Fargo Securities accepts no responsibility to update or keep it current. Wells Fargo Securities does not assume or accept any liability for any loss which may result from reliance thereon. Wells Fargo Securities and/or one or more of its affiliates may provide advice or may from time to time have proprietary positions in, or trade as principal in, any securities or other financial products that may be mentioned in the Materials, or in derivatives related thereto.

Any opinions or estimates contained in the Materials represent the judgment of Rutgers at this time, and are subject to change without notice.

The Materials are not intended to provide, and must not be relied on for, accounting, legal, regulatory, tax, business, financial or related advice or investment recommendations and does not constitute advice within the meaning of Section 15B of the Securities Exchange Act of 1934. No person providing the Materials is acting as fiduciary or advisor with respect to any transaction described or contemplated therein unless expressly agreed to in a written financial advisory or similar agreement. You must consult with your own advisors as to the legal, regulatory, tax, business, financial, investment and other aspects of the Materials.

This presentation may contain statements that, to the extent they are not recitations of historical fact, may constitute “forward-looking statements.” In this respect, the words “estimate”, “project”, “anticipate,” “expect, “intend,” “believe” and similar expressions are intended to identify forward-looking statements. Any forward-looking statements made herein are subject to a variety of risks and uncertainties that could cause actual results to differ materially from those that have been projected. Such risks and uncertainties which could affect the revenues and obligations of Rutgers include, among others, changes in economic conditions, mandates from other governments, reduced governmental allocations, and various other events, conditions and circumstances, many of which are beyond the control of [name of issuer]. Such forward-looking statements speak only as of the date of the Preliminary Official Statement of February 25, 2016. The Rutgers University disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any changes in the Rutgers University’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Given these uncertainties, readers are cautioned not to rely on forward-looking statements.

IRS Circular 230 Disclosure:

To ensure compliance with requirements imposed by the IRS, we inform you that any tax advice contained in the Materials is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding tax penalties or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.

Wells Fargo Securities is the trade name for certain securities-related capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including Wells Fargo Bank, N.A., acting through its Municipal Products Group.

.

Agenda

• New Issue Summary

• Recent Initiatives

• Financial Information

• Enrollment and Demand

Advance Refunding of Series 2009F Callable Maturities from 2020-2039 Amounts *

Par Amount Refunded with Tax-Exempt Fixed Rate Debt: $163.6 million

Par Amount Refunded with Taxable Commercial Paper: $2.6 million

Total Par Amount to be Refunded: $166.2 million

Rutgers Investor Presentation 8.29.2014.ppt\01 SEP 2014\2:06 PM\5

Aa3 (negative) from Moody’s/ A+ (stable) from S&P/ AA- (stable) from Fitch Ratings

Schedule

1

Advisor Prager & Co., LLC

May 1, 2020 to May 1, 2039* Principal Maturities

Plan of Finance

Underwriters Wells Fargo Securities (Senior); Morgan Stanley (Co-Senior);

BofA Merrill Lynch, Citigroup, Janney Montgomery Scott, Raymond James (Co-Managers)

* Preliminary and subject to change; when, as, and if issued 1Upon issuance of the bonds, Bond Counsel is expected to deliver an opinion that interest on the bonds is excludable from gross income for Federal and New Jersey state income tax purposes, and is not includable for purposes of computing the federal alternative minimum tax. The form of Bond Counsel’s opinion is available in the Preliminary Official Statement. Before purchasing bonds, you should consult with your tax advisor concerning your particular tax situation

New Issue Summary: GO Ref Bonds 2016 Series M1 Exempt from Federal Income Tax and Certain New Jersey Taxes1

Tuesday, March 1: Price Series 2016 Series M Bonds*

Thursday, March 31: Close Series 2016 Series M Transaction*

Covenant – Payment of Obligations

The University shall at all times charge and collect tuition, fees, rents, charges and other revenues which, together with other legally available funds, shall be sufficient to make all payments as the same become due of principal, interest and Sinking Fund Installments with respect to any and all Indebtedness of the University and to meet all other obligations of the University.

Callable May 1, 2026* Call Provision

Recent Initiatives


• Rutgers is celebrating its 250th anniversary in November 2016

• The year-long celebration highlights Rutgers’ tradition of revolutionary teaching, research and service and is embodied in our logo: RevolUtionary

250th Anniversary

2

• The Honors College of Rutgers opened in Fall 2015 to create a living-learning community that supports academic achievement and encourages engagement in campus life and in larger communities.

• The inaugural class is currently 530 students with an average SAT score of 2160 out of 2400

• 19% of Honors College students are from out-of-state

Honors College of Rutgers

• The University completed a comprehensive strategic plan in 2014 combining an assessment of Rutgers’ institutional strengths with a vision of the opportunities for improvement to create a five-year roadmap for excellence

• In 2015 the University completed its Physical Master Plan, Rutgers 2030, which envisions development over a 15-year time frame

• Strategic plans have been completed for each of the four academic units and master plans for three of the four units

Strategic and Master Plans Rutgers Biomedical and Health Sciences (RBHS)

• RBHS was created following the 2013 integration with the University of Medicine and

Dentistry of New Jersey (UMDNJ)

• RBHS is the umbrella organization for the UMDNJ schools and clinical units, several pre-existing Rutgers units with health-related missions, and two research units that historically were jointly operated by Rutgers and UMDNJ

• A key RBHS initiative is the creation of a health care faculty practice plan that will combine service delivery at 12 separate schools, practices, divisions, and institutes into an integrated statewide practice that is aiming to be the market leader in delivering healthcare throughout the region


• The University works with 29 separate unions covering over 18,000 employees

• The University has completed negotiations with unions representing over 98% of staff with overall salary and wage increases in the 2% range

Union Contracts

Capital Projects

• $1 billion of capital projects, including $387 million of funding from the State of New Jersey, are progressing on time and on budget

3

FY2015 Results • The University achieved positive operating results in FY2015 with net tuition revenue increasing over 5%, net patient revenue increasing over 6% and a record $187.9 million in gifts and pledges received

• Overall debt declined by $81 million since 6/30/2014 and $285 million is scheduled to be paid off over the next five years

Recent Initiatives (Continued)

Management Initiatives

• The University is undertaking a wide range of initiatives to improve management and performance including:

– Responsibility Center Management budgeting procedures implemented in July 2015 in order to enhance accountability for financial performance throughout the University’s units and central administration

– Appointment of a Chief Enterprise Risk, Ethics and Compliance officer in December 2015 to identify critical risks and develop tools and techniques to manage risks

– A new consolidated Administrative Information Systems for financial management, procurement, human resources, grants management and budgeting with the first modules expected to be on line in October 2016

Growth in Net Assets

Source Rutgers Audited Financial Statements

• Post integration, Rutgers net assets increased by approximately $404 million in FY 2014

• Net assets increased by approximately $195 million in FY 2015

1,126 1,202 1,2301,351 1,458

374375 429

548564453

446 383

460471683

669 622

709771

2,637 2,691 2,664

3,068

3,263

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2011 2012 2013 2014 2015Invested in Capital Restricted - Nonexpendable Restricted - Expendable Unrestricted

Historical Net Assets(1) FY 2011 – FY 2015 ($MM)

Notes 1. Includes component units of the University. FY 2011– FY 2013 data is pre-integration with UMDNJ. FY 2015 is

net of GASB 68 impact; see next page 4

Chart1

20112011201120112011

20122012201220122012

20132013201320132013

20142014201420142014

20152015201520152015

Invested in Capital

Restricted - Nonexpendable

Restricted - Expendable

Unrestricted

Total

1126.302

373.633

453.428

683.406

2636.769

1201.661

374.811

446.126

668.543

2691.141

1230

429

383

622

2664

1351.416

548.115

460.048

708.775

3068.354

1457.539

563.89

470.931

770.597

3262.957

zzz_Worksheet

Warning: If you are using Excel 2003, do not make formatting changes to the chart on this sheet. Make all formatting changes to the chart on the Chart1 sheet.

Invested in CapitalRestricted - NonexpendableRestricted - ExpendableUnrestrictedTotalTotal

20101103.033313.804427.35582.4132426.64853.2

20111126.302373.633453.428683.4062636.7695273.538

20121201.661374.811446.126668.5432691.1415382.282

20131230.0000429.0000383.0000622.000026645328

20141351.4160548.1150460.0480708.77503068.35406136.708

20151457.5390563.8900470.9310770.59703262.95706525.914

0

0

0

0

0

0

0

0

0

zzz_Worksheet

Invested in Capital

Restricted - Nonexpendable

Restricted - Expendable

Unrestricted


Source Rutgers Audited Financial Statements

• In FY 2015, Rutgers recorded $1.35 billion in GASB 68 pension liabilities • Unrestricted net assets changed from $770 million to ($578 million) • GAAP margin reduced from $195 million to $127 million

5

GASB 68 Implementation

Statement of Net Position 2015 GASB 68

Adjustment 2015 Net of

GASB 68 Assets

Total Assets 5,952,672 - 5,952,672

Deferred Outflows 171,594 (73,845) 97,749

Total Assets and Deferred Outflows 6,124,266 (73,845) 6,050,421

Liabilities

Current Liabilities 598,164 - 598,164

Noncurrent Liabilities 3,543,956 (1,354,656) 2,189,300

Total Liabilities 4,142,120 (1,354,656) 2,787,464

Deferred Inflows 67,660 (67,660) -

Net Position

Net investment in capital assets 1,457,539 - 1,457,539

Restricted - nonexpendable 563,890 - 563,890

Restricted - expendable 470,931 - 470,931

Unrestricted (577,874) 1,348,471 770,597

Total Net Position 1,914,486 1,348,471 3,262,957

Statement of Revenues, Expenses and Changes in Net Position

2015 GASB 68

Adjustment 2015 Net of

GASB 68 Operating revenues 2,402,636 - 2,402,636

Operating expenses 3,411,728 (67,973) 3,343,755

Operating loss (1,009,092) 67,973 (941,119)

Nonoperating revenues 1,002,007 - 1,002,007

Other revenues 133,715 - 133,715

Increase in Net Position 126,630 67,973 194,603

Net Position, beginning 1,787,856

1,280,498

3,068,354

Net Position, end 1,914,486

1,348,471

3,262,957

Growth and Diversity of Revenues

Source Rutgers Audited Financial Statements and FY 2016 Budget

1,045 1,112 1,1601,345 1,418 1,414

495535 345

580 585 530438

429433

777 782 783

488518 565

199 99 351

480432 489

2,177 2,1752,289

3,670 3,7353,781

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

2011 2012 2013 2014 2015 2016(Budget)

Tuit ion and Auxiliaries Grants and Contracts State Appropriat ions Healthcare and Professional Services Other

Operating and Non-Operating Revenues(1,2) FY 2011 – FY2015 Actual; FY 2016 Budgeted ($MM)

Notes 1. Includes State-Paid Fringe Benefits 2. FY 2011 – FY 2013 data is pre-integration with UMDNJ 3. Other category includes other operating revenue, federal and state student aid appropriations, contributions, investment income,

fair value adjustments, and other non-operating revenue

• Post integration, revenues became more diverse – Tuition & Auxiliaries declined from 51% in 2013 to 37% in 2014 (and 38% in 2015)

• Rutgers total revenues increased by $1.38 billion in FY 2014

• The integration of RBHS with Rutgers has provided a significant increase in

– Tuition – State Appropriations – Healthcare – Research grants and

contracts

6

Chart1

201120112011201120112011

201220122012201220122012

201320132013201320132013

201420142014201420142014

201520152015201520152015

2016(Budget)2016(Budget)2016(Budget)2016(Budget)2016(Budget)2016(Budget)

Tuition and Auxiliaries

Grants and Contracts

State Appropriations

Healthcare and Professional Services

Other

Total

1045

495

438

0

199

2177

1112

535

429

0

99

2175

1160

345

433

0

351

2289

1345

580

777.393

487.578

480

3669.971

1418

585

782

518.019

431.704

3734.723

1414.276011

530

782.58337

565

489

3780.859381

zzz_Worksheet


220

Tuition and AuxiliariesGrants and ContractsState AppropriationsHealthcare and Professional ServicesOtherTotal46Total

2010778.462485.119444.0090125.2631832.85369

20111045495438019921774354

201211125354290992175334.0984684.098

2013116034543303512289160.9024738.902

20141345.0000580.0000777.3930487.5780480.0003669.97107339.942

20151418.0000585.0000782.0000518.0190431.70403734.723

2016(Budget)1414.2760530.0000782.5834565.0000489.00003780.8593817561.718762

0

0

375.343375.343

341.54110529481053289.541

647558-106.966381647451.033619

375343375343

0

0

0

0

zzz_Worksheet

Tuition and Auxiliaries

Grants and Contracts


Healthcare and Professional Services

Other

Total

262,360 262,760455,188 455,194 439,929

166,967 170,141

322,205 326,690 342,654429,327 432,901

777,393 781,884 782,583

0

250,000

500,000

750,000

1,000,000

2012 2013 2014 2015 2016State Operating Appropriations Fringe Benefits Paid by State

State Appropriations 5-Year History ($, in Thousands)


• State operating appropriations to the University for FY16 declined 3.4%

7


Source: Rutgers, and Rutgers Audited Financial Statements and FY16 budget

FY2016 ($, in Thousands) RU-NB & AES & RBHS RU - Newark RU - Camden Total Direct Appropriation $328,262 $30,630 $16,501 $375,393 Other State Appropriations $64,536 $0 $0 $64,536

State Operating Appropriations $392,798 $30,630 $16,501 $439,929 State Paid Fringe Benefits $309,551 $21,224 $11,879 $342,654 Total $702,349 $51,854 $28,380 $782,583 *May not tie to financials due to rounding

Chart1

201220122012

201320132013

201420142014

201520152015

201620162016

State Operating Appropriations

Fringe Benefits Paid by State



Total

262360

166967

429327

262760

170141

432901

455188

322205

777393

455194

326690

781884

439929

342654

782583

zzz_Worksheet


State Operating AppropriationsFringe Benefits Paid by StateTotal

2012262360166967429327

2013262760170141432901

2014455188322205777393

2015455194326690781884

2016439929342654782583

0

0

0

0

0

0

0

0

0

0

zzz_Worksheet





Total

Research Grants and Contracts


1National Science Foundation 2 Rutgers University

8

$, in Thousands FY 2014 FY 2015 Increase (Decrease) Percent Change

New Brunswick 268,231 307,805 39,573 14.8%

RBHS 218,015 270,935 52,920 24.3%

Newark 24,996 26,548 1,551 6.2%

Camden 6,453 7,231 778 12.1%

TOTAL 517,696 612,518 94,822 18.3%

• Annual research expenditures at Rutgers exceeded $677 million in 2014, which was among the top 20 public universities nationally1

• Grant and contract awards increased in FY2015 by 18.3% year-over-year • The increases occurred across all major funding sources including the NIH and NSF and

State and corporate support

Research and Sponsored Grants and Contracts Awarded2 ($MM)

• The Rutgers University Foundation conducts fundraising for the University

• The University concluded its “Our Rutgers, Our Future” capital campaign in December 2014, raising $1.037 billion and exceeding its $1.0 billion goal

• During FY2015, the University raised a record $187.9 million in gifts and pledges

• This result represents an increase in gifts and pledges of 27% over the previous year

Source Rutgers University

Fundraising Performance Total Gifts Received ($MM)

9

Fundraising

93.683.1

107.4

124.9

151.0

0

20

40

60

80

100

120

140

160

FY11 FY12 FY13 FY14 FY15

Chart1

FY11

FY12

FY13

FY14

FY15

FY11 FY12 FY13 FY14 FY15

93.6

83.1

107.4

124.9

151

zzz_Worksheet


Bar 1

FY1193.6

FY1283.1

FY13107.4

FY14124.9

FY15151.0

zzz_Worksheet

Bar 1

• Total Cash and Investments as of December 31, 2015: $2.01 billion.

–Working Capital and Liquidity Portfolio: $869.3 million

–Long Term Investment Pool (LTIP): $939.8 million

–Other endowments, restricted funds and plant funds: $200.1 million

• The University maintains a $100 million operating line of credit with Bank of America

Historical Cash and Investments FY11 – FY15 ($MM)

Notes: 1) FY11 includes component units 2) FY14 is first post-integration measure of cash and investments

Source Rutgers University; unaudited data as of 12/31/2015 10

Cash and Investments

1,8151,634 1,636

2,3692,289

2,009

0

500

1,000

1,500

2,000

2,500

FY11 FY12 FY13 FY14 FY15 12/31/2015

Chart1

FY11

FY12

FY13

FY14

FY15

12/31/2015

Bar 1

1815

1634

1636

2369

2289

2009

zzz_Worksheet


Bar 1

FY111815

FY121634

FY131636

FY142369

FY152289

12/31/20152009

zzz_Worksheet

Bar 1

Endowment Investments


US Equity18%

International Large Stocks15%

International Emerging Stocks4%

Fixed12%Cash

5%

Hedge Funds23%

Real Assets14%

Priv ate Equity9%

Long-Term Investment Pool Asset Allocation

• The market value of the endowment and similar funds were $916.2 million as of June 30, 2015 and $939.8 million as of December 31, 2015

• The majority of endowment funds are in the Long-Term Investment Pool

• The University’s annual spending policy is 4.275% of the trailing 13-quarter average of market value

Source Rutgers University Long Term Investment Pool Monthly Report, as of June 30, 2015

(As of June 30, 2015)

Long-Term Investment Pool Returns for 1, 3, 5, and 10 years

11

2.9%

10.0% 9.4%

6.6%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

1 3 5 10Years

Chart1

US Equity

International Large Stocks

International Emerging Stocks

Fixed

Cash

Hedge Funds

Real Assets

Private Equity

US Equity18%



Fixed12%

Cash5%

Hedge Funds23%

Real Assets14%

Private Equity9%

0.18

0.15

0.03

0.11

0.08

0.23

0.13

0.09

zzz_Worksheet


LabelsSeries

US Equity18%



Fixed11%

Cash8%

Hedge Funds23%

Real Assets13%

Private Equity9%

zzz_Worksheet

US Equity19%



Fixed10%

Cash6%

Hedge Funds24%

Real Assets12%

Private Equity10%

Chart1

1

3

5

10

Bar 1

0.029

0.1

0.094

0.066

zzz_Worksheet


Bar 1

12.9%

310.0%

59.4%

106.6%

zzz_Worksheet

Bar 1

$166,185,000 to be refunded by 2016

Series M Bonds and Taxable Commercial

Paper

*

Debt Outstanding

DEBT OUTSTANDING ($000) 6/30/2014 6/30/2015

Commercial Paper 48,475 65,833 Notes 2,276 1,655 General Obligation 1,557,145 1,510,495 Capital Leases 463,921 426,108 Total 2,071,817 2,004,091

12

Rutgers University Debt Portfolio

Series Outstanding Par

Amount ($000) Mode Call Provisions Final

Maturity

Series 2002 A 33,000 Synthetic Fixed Anytime 5/1/2018

Series 2009 F 194,735 Fixed 5/1/2019 5/1/2039

Series 2009 G 70,490 Synthetic Fixed Anytime 5/1/2039

Series 2010 H 390,990 Fixed MWC 5/1/2040

Series 2010 I 30,875 Fixed 5/1/2020 5/1/2029

Series 2013 J 328,840 Fixed 5/1/2023 5/1/2036

Series 2013 K 122,370 Fixed MWC 5/1/2033

Series 2013 L 339,195 Fixed 5/1/2023 5/1/2043

Series 2013 (Capital Lease Obligation) 237,055 Fixed 6/15/2023 5/1/2046

Commercial Paper 65,833 Synthetic Fixed N/A 5/1/2037

Other Notes and Capital Leases

TOTAL $2,004,091

190,708 Fixed

As of 6/30/2015

Rutgers Post Integration_201404 v5.ppt\16 APR 2014\2:49 PM\16

13 Source Rutgers University *As of 12/31/2015

Debt Outstanding (Continued)

-

20

40

60

80

100

120

140

160

2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 2042 2044 2046

$ in

Mill

ions

Interest Principal

Fixed, $1,790.9 , 92%

Synthetic Fixed, $161.4 , 8%

Unhedged Variable, $4.7 ,

0% Taxable, $546.4 , 28%

Tax-Exempt, $1,410.6 , 72%

Variable Rate Mix Tax Status

• Over the next five years Rutgers will amortize $285 million in principal which amounts to 14.5% of its outstanding debt portfolio

• Rutgers’ debt policy governs the management of debt and the preservation of debt affordability and capacity

Gffdgfd

Swap ExposureAs of May 1, 2013 Fair

Notional Fixed Floating Value*Counterparty ($000) Maturity Rate Rate ($000)

33,000 5/1/2018 3.96% SIFMA (1,750)

Merill Lynch 100,000 11/1/2038 4.08% 3M LIB (26,634)

BNY 14,905 5/1/2027 3.82% SIFMA (3,028)

BNY 13,500 11/1/2017 5.13% 1M LIB (1,025)

Total $161,405

Morgan Guaranty

Swap Exposure

• The University had posted $12.6 million of collateral to secure its swap exposure as of 12/31/2015

Sheet1

Swap Exposure

As of May 1, 2013Fair

NotionalFixedFloatingValue*

Counterparty($000)MaturityRateRate($000)

Morgan Guaranty33,0005/1/183.96%SIFMA(1,750)

Merill Lynch100,00011/1/384.08%3M LIB(26,634)

BNY14,9055/1/273.82%SIFMA(3,028)

BNY13,50011/1/175.13%1M LIB(1,025)

Total$161,405

Sheet2

Sheet3

New Brunswick Enrollment History (000s)

Newark Enrollment History (000s)

Camden Enrollment History (000s)

Total Enrollment History (000s)

Enrollment Academic Years 2011-12 through 2015-2016 (includes RBHS 2013-14 through 2015-16)


*RBHS undergraduate data includes Rutgers School of Nursing, Ernest Mario School of Pharmacy and Rutgers School of Health Related Professions. For federal reporting, these entities are included in New Brunswick. Note: SAT scores reported are for first-year students

0

10

20

30

40

50

60

70

11-12 12-13 13-14 14-15 15-16Graduate & Professional Undergraduate

14

0

10

20

30

40

50

60

70


0

10

20

30

40

50

60

70


0

10

20

30

40

50

60

70

11-12 12-13 13-14 14-15 15-16RBHS NB, N, C Total

New Brunswick Newark Camden RBHS Total

Year SAT* Undergrad Grad & Prof SAT* Undergrad Grad & Prof SAT* Undergrad Grad & Prof SAT* Undergrad Grad & Prof Total 2011-12 1194 31,268 8,682 1069 7,465 4,339 1050 4,653 1,775 - - - 58,182 2012-13 1200 31,593 8,841 1047 7,666 4,345 1041 4,708 1,635 - - - 58,788 2013-14 1212 31,400 8,553 1058 7,217 3,995 1039 4,842 1,422 n/a 2,501 5,582 65,512 2014-15 1216 32,206 8,514 1043 7,408 3,906 1030 4,857 1,464 n/a 2,338 5,320 66,013 2015-16 1226 33,060 8,639 1031 7,713 4,007 1029 4,899 1,509 n/a 2,424 5,305 67,556

Applicants, Admissions and Enrollments 2011-12 2012-13 2013-14 2014-15 2015-16

Applicants 31,751 31,842 33,545 33,717 37,641

Admitted Students 21,050 21,459 22,368 23,050 25,242

Enrolled Students 7,476 7,707 7,888 7,856 8,236

% Admitted (selectivity) 66.3% 67.4% 66.7% 68.4% 67.1%

% Enrolled (matriculation) 35.5% 35.9% 35.3% 34.1% 32.6%

Student Demand


0

10,000

20,000

30,000

40,000

2011-12 2012-13 2013-14 2014-15 2015-2016

Applicants Admitted Students Enrolled Students

Rutgers Demand Statistics 2011-2015

30%

40%

50%

60%

70%

2011-12 2012-13 2013-14 2014-15 2015-2016% Admitted (selectivity) % Enrolled (matriculation)

Rutgers Primary Selectivity and Matriculation 2011-2015

• For Fall 2015, overall applications increased 11.6%, with out-of-state applications increasing 14.6% and international applications increasing 40.9%

15

Sheet1

Applicants, Admissions and Enrollments2011-122012-132013-142014-152015-16

Applicants31,75131,84233,54533,71737,641

Admitted Students21,05021,45922,36823,05025,242

Enrolled Students7,4767,7077,8887,8568,236

% Admitted (selectivity)66.3%67.4%66.7%68.4%67.1%

% Enrolled (matriculation)35.5%35.9%35.3%34.1%32.6%

Sheet2

Sheet3

Chart1

2011-122011-122011-12

2012-132012-132012-13

2013-142013-142013-14

2014-152014-152014-15

2015-20162015-20162015-2016

Applicants

Admitted Students

Enrolled Students

Applicants

Admitted Students

Enrolled Students

31751

21050

7476

31842

21459

7707

33545

22368

7888

33672

22992

7865

37641

25242

8236

zzz_Worksheet


2010-112011-122012-132013-142014-152015-2016

Applicants$32,833$31,751$31,842$33,545$33,672$37,641

Admitted Students$20,713$21,050$21,459$22,368$22,992$25,242

Enrolled Students$7,324$7,476$7,707$7,888$7,865$8,236

zzz_Worksheet

Applicants

Admitted Students

Enrolled Students

Applicants

Admitted Students

Enrolled Students

Chart1

2011-122011-12

2012-132012-13

2013-142013-14

2014-152014-15

2015-20162015-2016

% Admitted (selectivity)

% Enrolled (matriculation)

0.663

0.355

0.674

0.359

0.667

0.353

0.683

0.341

0.671

0.326

zzz_Worksheet


2010-112011-122012-132013-142014-152015-2016

% Admitted (selectivity)63.1%66.3%67.4%66.7%68.3%67.1%

% Enrolled (matriculation)35.4%35.5%35.9%35.3%34.1%32.6%

zzz_Worksheet

% Admitted (selectivity)

% Enrolled (matriculation)

Tuition and Fees


*Undergraduate tuition, fee, room and board based on New Brunswick School of Arts & Science with double occupancy room and the minimum meal plan for a first-year student living on campus.

• During 2015, over 49,000 University students (75.0% of total enrollment) received some form of University-administered student aid.

Rutgers Undergraduate Charges (Full Time)

Resident of New Jersey 2011-12 2012-13 2013-14 2014-15 2015-16

Tuition and Fees $12,754 $13,072 $13,499 $13,813 $14,131

Room and Board 11,262 11,412 11,578 11,748 12,054

Total Resident 24,016 24,484 25,077 25,561 26,185

% Increase 2.35% 1.95% 2.42% 1.93% 2.44%

Non-Resident of New Jersey

Tuition and Fees $25,416 $26,392 $27,523 $28,591 $29,521

Room and Board 11,262 11,412 11,578 11,748 12,054

Total Non-Resident 36,678 37,804 39,101 40,339 41,575

% Increase 5.01% 3.07% 3.43% 3.17% 3.06%

16

Sheet1

Rutgers Undergraduate Charges (Full Time)

Resident of New Jersey2011-122012-132013-142014-152015-16

Tuition and Fees$12,754$13,072$13,499$13,813$14,131

Room and Board11,26211,41211,57811,74812,054

Total Resident24,01624,48425,07725,56126,185

% Increase2.35%1.95%2.42%1.93%2.44%

Non-Resident of New Jersey

Tuition and Fees$25,416$26,392$27,523$28,591$29,521

Room and Board11,26211,41211,57811,74812,054

Total Non-Resident36,67837,80439,10140,33941,575

% Increase5.01%3.07%3.43%3.17%3.06%

Sheet2

Sheet3

Questions?

To arrange one-on-one calls, please contact your salesperson or:

Name Richard Aks, Rutgers

Phone 848-445-3787

Email [email protected]

Name Sally Bednar, Wells Fargo Securities

Phone 212-214-6770


Name Craig Hrinkevich, Wells Fargo Securities

Phone 212-214-6784


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