Cooper Union Financial Documents - what’s been happening

Shane Kennedy October 30, 2011

This is information from 990 tax forms publicly filed by the Cooper Union over the last decade (available here). The pdf shows the information graphically, and pasted below are notes.

Notes on Cooper Union 990’s

Between 1995 and 1998 the total annual compensation expense was about $12.5M. Then it started increasing by about $1M per year until 2003. After a downward dip for 2003 and 2004 the annual increase went up again to about $ 1M per year. Over the period 2001 – 2011 full-time faculty salaries increased steadily by about $ 1.25M, an annual rate of around $ 0.114 M per year.
• What happened in 1998? • The salaries and compensation has risen by a steep rate since 1998 (except for 2003 and
2004), much more steeply than faculty salaries – what are the reasons?

Other employee benefits between 1995 and 2002 were trending up by about $40,000 per year only. In 2003 they took a big jump and started trending up by almost $600,000 per year.
• What happened in 2003? • What accounts for this sudden 1500% jump in annual increase?

• What is the periodic jump in Other professional fees to about $ 1M that occurs approximately every two years?

General Expenses
• What accounts for the massive jump in Supplies expense from 2007 to 2010? • Why are these costs staying at over $ 3M when they were around $ 1M for so long?

We assume that the jump in depreciation charge results from the new equipment etc. in 41 CS. • When will these charges start coming down?

We assume the 500% in Interest charges are due to borrowing $ 175M to build 41 CS.
• What are the future charges associated with that debt? • What are the possibilities of refinancing?
• Are there any penalties for refinancing?

• What is this? • What caused the peak? • Why have they come down?

• What is this? • What causes the peaks?

Graphs.pdf (application/pdf)
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