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Dec 17, 2021 · Howard University today announced it will spend an additional $17 million in 2022 to increase compensation for faculty and staff.
Dec 28, 2021 · Howard University today announced it will spend an additional $17 million in 2022 to increase compensation for faculty and staff. Howard University President Wayne A. I. Frederick said the raises represent a continued focus on supporting Howard’s exceptional employees amid challenging circumstances.
Jan 6, 2022 · More than 600 Howard University faculty will get raises in the new year, part of a multiyear effort to bring salaries at the historically Black campus up to par with pay at other institutions...
- Lauren Lumpkin
Aug 1, 2024 · During the 2022 fiscal year, Howard University received $217 million in federal appropriations, accounting for more than a third of the university’s operating budget.
- Jasper Smith
- Reporting Fellow
- New Issue Details
- Security
- Analytical Conclusion
- Revenue Defensibility Intro
- Operating Risk Intro
- Financial Profile Intro
- Rating Sensitivities
- Best/Worst Case Rating Scenario
- Credit Profile
- Revenue Defensibility
Proceeds of the series 2022A bonds will be used to fund capital needs and cover costs of issuance. The bonds are expected to price the week of March 7, 2022 on a negotiated basis.
The bonds are secured by pledged revenues, which as provided via the Trust Estate, are defined as gross revenues including tuition, certain fees and certain cash and investments, but excluding hospital and appropriation revenues. Series 2022A bond documents are expected to exclude coverage and liquidity-related covenants, and the bonds are not expe...
The Outlook Revision to Positive reflects Howard University's persistently strong enrollment growth in fall 2020 and fall 2021, coupled with the additional flexibility provided by increased philanthropy, and solid health care operations into 2022. The forthcoming sale of Howard University Hospital (expected in 2Q22) has not been factored into the c...
Howard's 'a' Revenue Defensibility assessment reflects solid demand for its undergraduate programs and a national draw for high quality students. FTE enrollment increased 11% in fall 2021, following a 15% increase in the prior year, helping return Howard to a growing net tuition revenue base. While growth in enrollment is expected to taper, the inc...
Howard's 'bbb' Operating Risk assessment reflects improving though historically slim and variable cash flow margins, as well as a sizeable long-range capital plan. Howard was successful at generating net tuition growth in fiscal 2021, which along with sound expense controls, generated a solid 15.4% cash flow margin. Its margin was bolstered by abou...
The 'bbb' Financial Profile assessment is supported by currently ample available funds relative to a pro forma debt burden that is expected to increase as capital plans progress. Material additional debt is expected beyond the current transaction in the next two to three years, which along with other sources, will address Howard's long-range capita...
Factors that could, individually or collectively, lead to positive rating action/upgrade: --Maintenance of available funds relative to adjusted debt at levels sustained above 75%, through completion of the long-range capital plan; --Sustained operating cash flow margin performance at levels above 12%-14%, which comfortably cover annual debt service...
International scale credit ratings of Sovereigns, Public Finance and Infrastructure issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of...
Howard University is a private, non-profit, comprehensive university with its primary campus located in Washington DC. It was founded in 1867 and is considered one of the leading HBCUs. In 1928, Congress amended Howard's charter, and since then the university has received an annual operating appropriation from the federal government through the Dep...
Howard's 'a' Revenue Defensibility assessment reflects healthy enrollment growth and solid demand for its undergraduate programs and a national draw for high quality students. The assessment is tempered by the competitive landscape for its top students as well as Howard's history of flatter net tuition revenue and some year-to-year enrollment volat...
Dec 22, 2022 · The collective value of HBCU endowments is now more than $5.2 billion, compared to $3.9 billion in 2020, a 33 percent increase. This is a notable jump — from 2019 to 2020, the value of HBCU endowments only increased by $17.4 million. The Plug analyzed financial reports from FY21, the most recent data available, which spanned summer 2020 to ...
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Apr 3, 2023 · PNC Bank’s National Center for Entrepreneurship is kicking off its commitment to HBCUs with Howard University and a $16.8 million investment.
