Annual Financial Report
A Letter from Matt Okamoto
Campus Controller and Assistant Vice Chancellor of Finance
By now it should come as no surprise that the pandemic resulted in some financial stresses for UC Davis that first became apparent in fiscal year 2020, as you will see in this new annual financial report. However, responsible management of our resources yielded financial results for the year that were relatively stable, in light of the many strategic adaptations that the university was able to make.
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We expanded our impact, even in a crisis
The spring of 2020 was when UC Davis first transitioned to remote work and virtual learning. In this time of crisis, UC Davis was able to swiftly adapt — not only reimagining how to continue to deliver world-class academic services, but also prioritizing the health and safety of our community and region.
UC Davis invested an additional $20 million in fiscal year 2020 towards sanitizing and cleaning services, personal protective equipment (PPE), medical supplies for clinical care and technology equipment for online education and telehealth. When there was a shortage of PPE supplies, UC Davis purchased raw materials and engaged students to help manufacture face masks and face shields for clinical care and essential employees.
UC Davis’ most important asset is its people, including academic, staff and student employees. UC Davis quickly implemented a Temporary Opportunity for Work program for temporary reassignment of duties and an expanded leave program that helped departments preserve their budgets and keep more Aggies employed.
Swift adaptations like these enabled UC Davis later in the pandemic to innovate with mass screening programs for COVID-19 on campus and throughout the Davis community, providing leadership and innovation that others could emulate.
Adaptation supported by the CARES Act
UC Davis was supported in these endeavors with some assistance from the federal CARES Act, which provided $35 million in revenues for fiscal year 2020 to help recover lost revenues, provide patient care, distribute emergency financial aid to students and finance additional costs related to the pandemic.
New dynamic reporting for fiscal year 2020
Of course, financial impacts of the pandemic have continued into fiscal year 2021 and only tell part of the story for fiscal year 2020. To provide a more complete and transparent format for UC Davis financial reporting for 2020, we have built this annual report as an interactive Tableau dashboard. This dynamic tool can be used to find the details that matter most to you, and we can update it in future years for easier and more accurate comparisons. We hope you find this new report useful.
While the pandemic has been unpredictable and challenging, UC Davis has managed to lead and innovate through this crisis. Maintaining the university’s financial sustainability will continue to allow us to break new ground with leadership and innovation.
UC Davis Campus Controller
Assistant Vice Chancellor, Finance
Statement of Net Position
The SNP dashboard provides insight into the financial position of UC Davis, including the campus and medical center. It shows total assets, deferred outflow of resources, liabilities, and deferred inflows of resources.
Statement of Revenues, Expenses, and Changes in Net Position
The SRECNP dashboard indicates why net position has increased or decreased during the fiscal year at UC Davis, including the campus and medical center.