Entering the fiscal year 2021 business cycle, the University and its leaders were rapidly responding to the COVID-19 global health pandemic. The multi-layered operational response led by President Frenk, and carried out by the Executive Leadership team, included: adapting teaching modalities and health care delivery, implementing extenuating safety measures to address evolving protocols, and financial mitigation actions taken to bolster financial stability in a time of uncertainty. As the University carefully navigated through multiple unprecedented crisis throughout fiscal year 2021, it continuously adjusted its operations in an effort to remain devoted to its core mission and principles, and its profound commitment to care for the entire community it serves. Although fiscal year 2021 proved to be a challenging year for the entire higher education community and health care industry, the University’s leadership team, community members, and stakeholders, demonstrated equal resiliency, commitment, and dedication as part of one U.

The incredibly well executed and rapid response to COVID-19 conditions, combined with stimulus funding provided under the CARES Act, allowed the University to end fiscal year 2021 with an increase in total net assets of $935.5 million, or 38 percent.  Despite the significant operating disruption experienced as a result of COVID-19, the University ended the fiscal year with a 10.5 percent operating margin, contributing to the University’s overall financial position of $3.4 billion.