Letter about Audited Financial Statements - FY25

Letter from the Chief Financial Officer and Treasurer:

I am pleased to present the audited financial statements for Suffolk University for the fiscal year ended June 30, 2025 (FY25). As in past years, our auditors, CBIZ CPAs, have issued a “clean” or unmodified audit opinion. Suffolk continues in a strong financial position with over $890 million in assets and an endowment surpassing $260 million, 70% of which consists of unrestricted University reserves. The University also holds a $35 million-dollar line-of-credit with a banking institution, increasing our liquidity and daily access of funds to over $200 million.

As we closed the books for FY25 and began a new academic year in fall 2025, we enrolled over 6,400 students, consisting of over 4,300 undergraduates and close to 2,100 graduate and law students. In fact, law enrollment for fall 2025 is the largest it has been over the past 5 years.

Our strategic plan, Suffolk Forward, continues to build on the success of our strategic initiatives:

  • Center for Career Equity, Development and Success
  • Fully implemented Workday platform, a state-of-art technology infrastructure which is flexible and scalable to support ongoing growth and evolution
  • PILOT (Pioneering Innovations in Learning Outcomes & Teaching)
    • An academic incubator at Suffolk for innovative, academic programs to meet the evolving needs of students while generating new enrollment and revenue opportunities.
    • Goal is to address emerging challenges in higher education, such as demographic changes, shifts in employer expectations, and the need for experiential learning and job readiness.
  • SEED (Suffolk Entrepreneurship and Education Development Collaborative)
    • Comprehensive business consulting and technical assistance clinic that combines faculty, alumni, and student expertise.
    • Small businesses receive expert-led strategic, hands-on technical support.
    • Students receive experiential learning and entrepreneurial education and provide community impact to small businesses.

Some of FY25 highlights included:

  • In May 2025, the University issued a tax-exempt series bond totaling $157 million, $100 million of which was used to pay off a term loan that had been taken in May 2024 to purchase the land, building and renovation costs for 101 Tremont St. Boston. This continued investment in student housing will result in a 280-bed residence hall expected to open in the Fall of 2026. In addition, bond proceeds will be used for miscellaneous capital improvements around campus over the next few years. Interest funding and restructuring were included in the bond to benefit near term liquidity.
  • Suffolk’s endowment portfolio returned an impressive 12.6%, outpacing other private higher education institutions. The strong performance highlights the University’s effective investment strategies and favorable market conditions, enhancing financial stability and funding for university initiatives.

Suffolk continues to make strategic investments to provide students experiential learning opportunities, greater support, and services. We maintain a strong financial base and innovative mind-set to navigate the ever-changing higher education environment.

Barbara F. Matez

Barbara Matez signature

Chief Financial Officer and Treasurer

Detailed Management Financial Summary [PDF]
FY25 Financial Statements [PDF]