2019-Southeast-Missouri-State-University

Health and Educational Facilities Authority of the State of, MO, Educational Facilities Refunding Revenue Bonds (Southeast Missouri State University), Series 2019 EMMA Link - issuer's most recent disclosures https://emma.msrb.org/IssueView/Details/ES395521 Most Recent Update 7/26/21 Use of Proceeds The Bonds are being issued to refund certain outstanding obligations of the Issuer Bond Security The Bonds are special, limited obligations of the Authority payable solely from payments made by the University under a Loan Agreement The obligations of the University under the Loan Agreement are general obligations of the University, and the full faith and credit of the University is pledged, except for funds appropriated by the State of Missouri and funds specifically pledged the pay University revenue bonds See the Official Statement for a more complete description of the security for the Bonds CUSIPs 60636ATA1 60636ATR4 60636ATQ6 60636AVP5 60636ATT0 60636ATP8 60636ATS2 Bonds Dated Date: BAM Insured Principal Amt 2,130,000 500,000 500,000 200,000 2,085,000 775,000 1,715,000 7,905,000 Payment Date 10/1/28 10/1/34 10/1/36 10/1/37 10/1/38 10/1/39 10/1/40 TOTAL 7/24/19 First Optional Optional Redemption Date Redemption Price Coupon 5.000% 4.000% 4.000% 3.000% 3.000% 3.000% 3.000% 10/1/29 10/1/29 10/1/29 10/1/29 10/1/29 10/1/29 100% 100% 100% 100% 100% 100% CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by Standard & Poor’s Financial Services, LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service The CUSIP Database, © 2011 American Bankers Association “CUSIP” is a registered trademark of the American Bankers Association Fall Semester Freshmen Demand Fall Semester Student Enrollment Applicants (left axis) 14,000 Acceptance Ratio (right axis) Matricul ation Ratio (right axis) 12,000 6,000 100% 10,000 5,000 80% 8,000 4,000 6,000 3,000 4,000 2,000 2,000 1,000 2015 2016 2017 2018 2019 60% 40% 20% 0% 2015 2016 2017 2018 2019 LIMITATIONS ON USE - SEE PAGE Page of Issuer: Southeast Missouri State University State: MO County: Statewide Sector: FY 2019 1-Year Change 3-Year Change Net Tuition and Fees per FTE^ $6,376 -1.3% -21.6% Auxiliary Enterprise Revenue per FTE^ $3,385 -7.6% State Appropriations (NonCapital) per FTE^ $5,160 0.4% Grants and Contracts per FTE^ $2,988 -4.9% Public Higher Education Select Enrollment Information Full-Time Equivalent (FTE) Enrollment Ratios ($000s) FY 2019 1-Year Change 3-Year Change Undergraduate FTE Enrollment^ 7,956 -5.7% -7.0% 52.2% Total FTE Enrollment^ 8,519 -5.3% -7.7% -4.6% Annual Undergraduate Tuition and Fees (Resident) $6,254 1.1% 4.6% -1.8% Annual Undergraduate Tuition and Fees (Non-Resident) $11,991 2.3% 5.5% ^ Based on FTE for the preceding fall semester ^ Based on FTE for the preceding fall semester TOTAL CASH AND INVESTMENTS AS A PERCENTAGE OF TOTAL OPERATING EXPENSES AND LONG-TERM DEBT CHANGE IN NET ASSETS ($000s) 50.0% 45.0% 6,000 40.0% 4,000 35.0% 2,000 30.0% 25.0% 2015 2016 2017 2018 2019 -2,000 20.0% -4,000 15.0% -6,000 10.0% 5.0% -8,000 0.0% -10,000 2015 2016 2017 2018 2019 -12,000 Cash and Investments as a Percentage of Total Operating Expenses Cash and Investments as a Percentage of Total Long-Term Debt -14,000 * Includes both restricted and unrestricted cash and investments REVENUE BY SOURCE CAPITAL INVESTMENT (x) AND CURRENT DEBT SERVICE BURDEN (%) 8.6 1.8 Other Grants and Operating Contracts Revenues 6.5% 6.3% State Operating Appropriations 25.1% Auxiliary Enterprise Revenue 16.5% Other 39.6% Net Tuition and Fees 31.1% 8.4 1.6 Capital Appropriations, Grants and Contracts 1.8% Other Grants and Contracts 8.1% Other Non-Operating Revenues 4.6% 8.2 1.4 1.2 8.0 7.8 0.8 0.6 7.6 0.4 7.4 0.2 2015 2016 Capital Investment 2017 2018 2019 7.2 Current Debt Service Burden (Right Axis) * Current Debt Burden is measured as curent debt service as a percentage of total operating expenses (including the interest expense) * Capital Investments is measured as capital expenses divided by the annual depreciation expense Location Description: The University is located in Cape Giradeau County, approximately 100 miles south of the St Louis metropolitan area LIMITATIONS ON USE - PLEASE SEE PAGE Page of Southeast Missouri State University FINANCIAL DATA ($000) Fiscal Year End Auditor Opinion Date 2019 2018 2017 2016 2015 6/30/19 6/30/18 6/30/17 6/30/16 6/30/15 11/22/19 11/5/18 11/10/17 11/14/16 11/20/15 BALANCE SHEET ($000) - Excludes Component Units Assets Cash and Investments (Current and Non-Current) Total Assets 66,174 63,546 67,247 74,359 78,917 577,514 586,659 596,451 569,001 551,935 171,927 179,298 186,468 190,340 184,940 342,082 341,066 336,275 302,869 286,490 Net Investment in Plant Assets 275,129 271,123 269,458 260,150 254,367 Unrestricted (43,429) (29,610) (14,043) 716 3,318 Restricted - Expendable 1,561 1,988 2,603 3,011 5,589 Restricted - Non-Expendable 2,171 2,092 2,158 2,255 2,171 235,432 245,593 260,176 266,132 265,445 Operating Revenues/(Expenses) Net Tuition and Fees 54,314 55,054 57,043 69,251 75,915 Auxiliary Enterprise Revenue 28,839 31,207 31,283 18,947 27,670 Grants and Contracts 11,314 11,778 12,830 11,789 11,543 Other Operating Revenues 11,069 9,710 10,286 9,696 7,957 105,536 107,749 111,442 109,683 123,085 Liabilities Long-Term Debt (Current and Non-Current) Total Liabilities Net Assets Total Net Assets INCOME STATEMENT ($000) - Excludes Component Units Total Operating Revenue Total Operating Expenses 177,269 179,376 179,776 166,985 175,643 43,961 43,783 44,945 46,060 45,528 3,209 2,881 6,664 377 2,088 14,145 14,984 13,715 14,146 15,037 Other Non-Operating Revenues 7,964 5,471 4,619 5,957 3,654 Interest Expense 7,707 7,963 7,565 8,551 8,766 - - - - - 61,572 59,156 62,378 57,989 57,541 (10,161) (12,471) (5,956) 687 4,983 14,663 14,715 14,497 14,811 15,299 Non-Operating Revenues/Expenses State Operating Appropriations Capital Appropriations, Grants and Contracts Other Grants and Contracts Other Non-Operating Expenses Total Non-Operating Revenues/(Expenses) Change in Net Assets DEBT & LIABILITY ANALYSIS ($000) Current Debt Service Current Debt Service Burden (%) Debt Service Coverage Ratio (As Reported) 7.9 7.9 7.7 8.4 8.3 - - - - - Annual Depreciation Expense 15,162 14,935 14,071 13,604 12,863 Capital Expenses 10,736 12,698 21,327 23,604 14,361 CAPITAL INVESTMENT ($000s) NOTES LIMITATIONS ON USE By using this BAM Credit Profile you agree to the Terms of Use set forth in BAM’s website located at https://buildamerica.com/termsofuse/ The information contained in this BAM Credit Profile has been obtained or derived from the issuer and various public sources, is for informational purposes only, may be subject to change, and is provided on an "as is" basis BAM does not represent that such information is accurate, timely or complete and BAM disclaims any and all liability relating to the information contained herein, in the Official Statement, or in the issuer’s continuing disclosure documents In no event will BAM, its employees or officers be liable to any party for any damages, costs, expenses, legal fees or losses in connection with any use of or reliance on the information contained herein, in the Official Statement or in issuer’s continuing disclosure documents, even if advised of the possibility of such damages The information should not be relied upon and is not a substitute for the skill, judgment or experience of the investor, its management, employees, advisors and/or clients when making investment decisions BAM does not act as a fiduciary or an advisor (investment, municipal or otherwise) and nothing herein shall be construed as a recommendation or advice given by BAM as to the sale or purchase of any securities BAM Credit Profiles are produced for purchasers of bonds or other securities insured by BAM, and BAM members, rather than investors generally The Official Statement will identify the bonds or other securities that are insured by BAM A BAM Credit Profile is not intended to be an offer to sell or a solicitation of an offer to buy any securities and should not be used or considered as such under any circumstances Any such offer or solicitation is made only by means of the issuer's Official Statement © 2021, Build America Mutual Assurance Page of