Annual Comprehensive Financial Report

Download BSU's Annual Comprehensive Financial Report

2023-2024
The audit report conveys an unmodified opinion of the university’s financial statements for the fiscal year ended June 30, 2024. The link below pertains to the most recent Annual Report.

Annual Financial Report 2023-2024 (pdf)

BSU’s financial position continues to be very strong. In FY24, the university realized an increase in its net position of $18.6 million, from $28.3 million in FY23 to $46.9 million in FY24. This growth was attributable to several factors, including: 

• A significant increase in BSU’s state appropriation of $12.9 million state funding accounted for 40.5% of total revenues in FY24 compared to 35.1% in FY23;
• A 6 percent increase in financial aid support from federal and state sources;
• Return to an enrollment growth path following more than five years of declines exacerbated by the global pandemic;
• Increased auxiliary revenues from continued upward movement in residence hall occupancy rates;
• Growth in gifts and support from the BSU Foundation and strong investment returns; and
• Sound budget management across the entire university. The university’s primary reserve ratio of 40.76% (minus the effects of GASB 68 pension and GASB 75 OPEB requirements) continues to meet industry benchmarks.

DISTINCTIONS

For the second consecutive year, BSU was ranked by The Wall Street Journal as one of America’s Best Colleges 2025, reflecting the strong return on investment we provide our students. Bridgewater State was also recently named the third safest campus in the United States and third in the nation as a top LGBTQ+ Friendly College for our efforts to support LGBTQ+ students through a wide array of resources across campus.

ENROLLMENT

Enrollment remains a significant issue facing the university, as it is for most public colleges and universities. The impending demographic cliff and changes to the populations we are serving pose challenges to BSU’s ability to recruit and retain students.

In Fall 2024, however, BSU saw a solid 2% increase in both headcount and credits, despite problems resulting from the troubled federal rollout of the new FAFSA form. BSU realized growth across the board, particularly in continuing studies, graduate and transfer enrollments.

In FY24, the university’s Enrollment Management Committee (EMC) adopted a new Strategic Enrollment Plan (SEP 2.0), with a focus on further diversifying our markets. SEP 2.0 incorporated action plans for growing post-traditional, graduate, part-time, transfer and LGBTQIA+ enrollments. The EMC also developed a separate budget for new enrollment initiatives embedded in the action plans, which were funded by the university at more than half a million dollars. This year, the EMC is developing actions plans for growing Hispanic, international and cybersecurity enrollment.

In addition to diversifying markets and expanding market share for incoming students, BSU continues to be an innovative leader in the area of retention and closing institutional achievement gaps. Although BSU’s first-to-second year retention rate declined year-over-year, the university continues to exceed our peer institutions, and invest in proven retention strategies.

In November 2024, Bridgewater announced The Bridgewater Commitment for Fall 2025 - a groundbreaking initiative that will cover the full cost of tuition and mandatory fees for in-state undergraduate students from families earning $125,000 or less and makes BSU the most afordable four-year public university in the state. The Commitment is made possible by a combination of federal, state, institutional and private funding. It marks the next iteration in a strategy the university has been implementing for several years through initiatives such as our merit scholarships, and has resulted in BSU reducing student loan borrowing by 9.3% since 2019. According to The Washington Post, the level of BSU’s commitment is surpassed nationally only by MIT and the University of Pennsylvania.

STRATEGIC PLAN 2.0 & BSU RISING

BSU’s five-year Strategic Plan 2.0 (Strategic Plan 2.0 | Bridgewater State University) was approved by the university’s Board of Trustees and the state Board of Higher Education. The plan establishes 11 strategic priorities that will enable the university to continue to advance its mission in the face of a challenging higher education environment. These priorities include innovation; a new work paradigm; mental health and wellness; racial justice and equity; physical facilities; capital campaign; affordability; BSU Works (workforce alignment); enrollment management; post-traditional learners; and Gateway Cities.

2024-2025 also marks the tenth year of President Clark’s presidency. For this occasion, BSU released a Bridgewater Rising retrospective (Introduction) that documents the many accomplishments of the past decade.

CYBERSECURITY 

BSU received state approval for its BS (first cohort in Fall 2024) and MS (first cohort Fall 2025) degrees in cybersecurity. Already there are more than 150 students enrolled in the bachelor’s degree program, far exceeding initial enrollment estimates. There is extraordinary demand for these programs and tens of thousands of open, high-paying cybersecurity positions. In February 2024, the university opened the most sophisticated cyber range in all of New England for training students (and municipalities, law enforcement, non-profits and private businesses) utilizing simulated cyberattacks. BSU is building out its on-campus Security Operations Center, which will afford students the opportunity to work alongside cybersecurity professionals on actual threat detection and response. 

INVESTMENTS IN DEFERRED MAINTENANCE/PHYSICAL PLANT 

BSU continued to make major investments in deferred maintenance and capital improvements to the campus in 2023-2024. These included ongoing repairs and renovations made to Maxwell Library, Burnell Hall and several residence halls; accessibility upgrades in Tillinghast and Hunt Halls and the Rondileau Student Union; and security upgrades by replacing the Persona Lock system. Renovation of 21 Park Terrace, which will house the College of Graduate Studies, is underway, which will enhance visibility of graduate programs in alignment with the university’s goal of increasing graduate enrollment. Renovation of Burnell Hall, which will provide a home for the College of Education and Health Sciences and help rationalize space utilization throughout campus, is set to begin in early 2025. The university is in the process of finalizing a new Master Plan, its first new plan in more than a decade.

CAPITAL CAMPAIGN 

In May 2024, Bridgewater launched Without Exception: The Bridgewater Campaign for Success through Innovation, the university’s largest capital campaign in its history with the goal of increasing the university’s endowment to $100 million. In FY24, the university’s component units (BSU Foundation and Alumni Association) realized a net position increase of $8.7 million to $76.4 million. Building the endowment will make possible strategic investments in four priority areas: 

• Expanding BSU Works and forging career pathways for students;
• Reducing the net cost to students and families of attending BSU;
• Expanding access to a college education and providing support for students who were once denied the opportunity; and
• Advancing BSU’s leadership in diverse areas from anti-bullying and racial equity to STEM and transforming our Honors program into an Honors College.

The strength of Bridgewater’s financial position is a critical element in positioning the university to continue its upward trajectory, make investments that advance our strategic priorities, cope with emerging challenges and seize opportunities that position BSU for a future that we can control.

Sincerely,

Frederick W. Clark Jr., Esq. President