Thomas Aquinas College Financial Results, 2019 – 2023
Both Thomas Aquinas College’s California and New England campuses are flourishing. Over the four school years ending in 2023, the College has witnessed strong growth with no apparent negative impact of COVID-19.
In 2021, the College celebrated its 50th anniversary having opened its California campus in 1971.
The four years ending in 2023 include the milestone of the first graduating class on the New England campus, which employs the same curriculum as has been successfully offered in California since its founding.
The College’s student count has increased to 515 in 2023. With this increase in students, the College has maintained its faculty-to-student ratio at approximately 1:15 with the addition of talented faculty.
Over the same time, the College’s tuition and room & board revenues have increased from $14.3 million to $18.7 million (31 percent). The College’s revenues are highly predictable as the campuses offer one curriculum with no electives, and essentially all students live and eat their meals on campus.
Net assets have grown from $120 million to $125 million (4 percent) as a result of construction on the campuses and growth in the College’s endowment from $25 million to $31 million (24 Percent increase). The College’s debt is $15 million.
These and other measures of growth are visible in the audited financial statements (PDF).
Fiscal Year 2023
Fiscal Year 2023 was marked by additions to both campuses. In California, the College opened its new gymnasium, named for Pope St. John Paul II. In New England, the College purchased three buildings from its neighbor, the Moody Center. The buildings, a dormitory and two employee housing units, provide expansion capacity for the campus. Funds to permit all these expansions were provided by generous donations from the College’s benefactors.
Inflation remained a factor for this fiscal year but began to subside. In response to inflation, the College raised tuition and room & board. It also initiated projects to better manage costs, for example, both campuses began energy-reduction projects.
New England continued its student body growth, resulting in the College’s total student enrollment totaling 515. Maintaining the sense of community is a critical element of the College’s program, which dictates capping the student count in California at no more than 400, with the plan for a similar cap in New England.
Fiscal Year 2022
Fiscal Year 2022 was a post-COVID-19 year. Both campuses were back to normal operations.
This Fiscal Year also marked the first graduating class on the New England campus, a significant milestone for the College.
Fiscal 2022, however, was also marked by rising price inflation and some supply shortages, making purchasing more challenging.
The College was cautious when, in November 2020, it approved no tuition, room and board increase for Fiscal Year ’22. The College’s total student count expanded to 502 with the growth on the New England campus.
Due to the stock market decline, the College reported a non-realized loss in its endowment portfolio. The investment market was volatile, but the College remained steady in its investment policies.
Fiscal Year 2021
The College fared well despite the extra challenges imposed by COVID-19. Students and faculty were pleased to resume in-person classes even with the inconvenience of the extra precautions.
Both the California and New England campuses opened for in-person classes in August. Testing and quarantines slowed the spread of COVID-19. Extra cleaning protocols were maintained throughout the school year. As previously reported, the cost of extra equipment and maintenance was paid using donations and Education Department HEERF grants..
The student count in New England grew as planned. Also as planned, the student count in California remained relatively constant. The total schoolwide student count grew to 462.
Fiscal Year 2020
In Fiscal Year 2020, the College grew to 450 students with the formal opening of the New England campus. As a result of COVID-19, the College transitioned to Zoom classes from in-person instruction in March, 2020, and refunded room & board charges for the remaining two months of the academic year. Despite the refund, the College’s total tuition plus room & board revenues grew to $14.3 million.
The College incurred extra costs to open its New England campus and to respond to COVID-19. These costs were funded by donations from the College’s benefactors and Higher Education Emergency Fund (HEERF) COVID grants from the U.S. Department of Education. The College continued to invest in capital improvements, resulting in net assets of $120 million. During this period, the College’s endowment remained at $25 million.
Fiscal Year 2019
Fiscal Year 2019 marked the first year in which the College admitted students specifically for the New England campus. Those students were on the California campus for their freshman year with the plan to transfer to New England for their sophomore year. Tuition plus room & board revenues rose to $13.3 million.
In Fiscal Year 2019, the College began campus improvements in preparation for opening the New England campus. Net assets rose to $124 million. The College’s endowment ended the year at $25 million.