| 2020 | 2021 | 2022 | 2023 | 2024 |
OPERATING REVENUES | | | | | |
Tuition & fees | $ 806,333 | $ 897,877 | $ 968,259 | $ 981,077 | $ 1,026,823 |
Less scholarships | (340,249) | (365,224) | (396,552) | (393,233) | (411,208) |
Net tuition & fees | 466,084 | 532,653 | 571,707 | 587,844 | 615,615 |
Endowment distributions & investment income | 74,095 | 70,766 | 72,131 | 98,510 | 111,063 |
Gifts, grants & other sources | 205,080 | 269,346 | 222,771 | 223,557 | 210,360 |
Sales & services of auxiliary enterprises | 46,471 | 47,776 | 58,522 | 54,942 | 59,145 |
| 791,730 | 920,541 | 925,131 | 964,853 | 996,183 |
OPERATING EXPENSES | | | | | |
Instruction & academic support | 404,564 | 409,935 | 420,067 | 411,155 | 433,100 |
Research & public service | 80,840 | 150,970 | 72,821 | 118,437 | 139,317 |
Student services & activities | 172,186 | 169,276 | 198,765 | 201,042 | 224,440 |
Auxiliary enterprises | 37,343 | 44,855 | 45,856 | 49,119 | 47,301 |
Institutional support | 80,848 | 87,855 | 94,972 | 106,594 | 146,294 |
| 775,781 | 862,891 | 832,481 | 886,347 | 990,452 |
Increase in net assets from operating activities | 15,949 | 57,650 | 92,650 | 78,506 | 5,731 |
NON-OPERATING ACTIVITIES | | | | | |
Return on long-term investments | 87,912 | 472,497 | 183,664 | 3,987 | 213,738 |
Distributions from long-term investments | (73,183) | (71,362) | (72,595) | (82,001) | (90,771) |
Endowment earnings & distributions re-invested | 3,020 | 3,117 | 2,822 | 2,863 | 3,244 |
Change in value of split interest agreements | 1,271 | 7,347 | (2,959) | (577) | 2,942 |
Gifts for endowment, annuity & living trusts | 31,147 | 37,650 | 45,344 | 49,133 | 31,750 |
Gifts & grants for plant improvements, | | | | | |
net of allowance adjustments | 82,589 | 19,228 | 23,416 | 35,053 | 7,522 |
Other components of postretirement benefits cost | (745) | (525) | (303) | 136 | (1,084) |
Change in postretirement benefits obligation | | | | | |
other than net periodic benefit cost | (3,175) | 956 | 9,583 | 846 | (720) |
Other increases (decreases) | (2,343) | (2,423) | (4) | 1 | - |
Total non-operating activities | 126,493 | 466,485 | 188,968 | 9,441 | 166,621 |
Change in net assets | $ 142,442 | $ 524,135 | $ 281,618 | $ 87,947 | $ 172,352 |