Letter about Audited Financial Statements - FY24

Letter from the Chief Financial Officer and Treasurer:

I am pleased to announce that our external auditors, CBIZ CPA’s have completed their audit of the FY24 financial statements, and consistent with prior years, the University received a “clean” or unmodified audit opinion. At the same time, Suffolk sustained a robust financial position, with assets exceeding $800 million and an endowment surpassing $250 million, 70% of which consists of unrestricted University reserves, ensuring a strong liquidity position.

Furthermore, as we concluded FY24 and started the new academic year, the University showed continued resilience in the face of a challenging external environment. Despite a problematic rollout of the FAFSA financial aid application by the federal government and a generally disruptive year in higher education, the University welcomed close to 1,000 incoming first-year students to our vibrant campus for the first time. This outcome reflects the dedication of the University community and its standing in the marketplace. Our resilience has been supported by ongoing and committed investments in our students and their experiences, our faculty and staff, and our infrastructure. Some FY24 highlights included:

  • Suffolk’s endowment portfolio returned an impressive 11.7%, outpacing other private higher education institutions. This strong performance highlights the University’s effective investment strategies and favorable market conditions, enhancing financial stability and funding for University initiatives.
  • Workday Student was successfully launched for faculty, staff, and students, marking the culmination of a multi-million-dollar investment and multi-year effort to modernize our technology infrastructure, a key strategic initiative of Suffolk 2025.
  • Suffolk purchased the 101 Tremont Street building, situated at the heart of our campus in downtown Boston, with plans and funding in place to transform it into a residence hall for nearly 280 students by fall 2026.
    • This investment in residence life reinforces our commitment to providing campus housing for undergraduate students for two consecutive years, while also allowing for the accommodation of more upper-class students.

We are confident that Suffolk’s ability to make strategic investments will provide our students with greater support, more robust services and activities, superb facilities, and superior experiential learning opportunities for years to come. As we prepare to launch a new strategic plan currently in development, we will stay nimble and adaptable in our decision-making and in managing the University’s resources as we continue to successfully navigate an ever-changing higher education environment. 

Michelle A. Quinlan

Chief Financial Officer and Treasurer

Detailed Management Financial Summary [PDF]
FY24 Financial Statements [PDF]