NJEFA Preliminary Official Statement

the solicitation of an offer to buy nor shall there be any sale of the securities offered hereby in any jurisdiction
in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the applicable securities laws PRELIMINARY OFFICIAL STATEMENT DATED MAY 27, 2020
This is a Preliminary Official Statement and the information contained herein is subject to completion and amendment in a final Official Statement. Under no circumstances shall this Preliminary Official Statement constitute an offer to sell or
NEW ISSUES - BOOK-ENTRY ONLY See “RATINGS” herein

In the opinion of McManimon, Scotland & Baumann, LLC, Bond Counsel, assuming compliance by the Authority and the University (as
$109,955,000*
NEW JERSEY EDUCATIONAL FACILITIES AUTHORITY
$32,720,000* Revenue Bonds, Seton Hall University Issue,
2020 Series C (Tax-Exempt)
and
2020 Series D (Federally Taxable)
Dated: Date of Delivery Due: July 1, as shown on the inside cover
The New Jersey Educational Facilities Authority Revenue Bonds, Seton Hall University Issue, 2020 Series C (Tax-Exempt) (the “2020 Series C Bonds”)
and Revenue Bonds, Seton Hall University Issue, 2020 Series D (Federally Taxable) (the “2020 Series D Bonds” and, together with the 2020 Series C Bonds,
the “2020 Series Bonds”) will be issued by the New Jersey Educational Facilities Authority (the “Authority”) on behalf of The Board of Regents of Seton Hall
University (the “University”) only as fully-registered bonds without coupons and, when issued, will be registered in the name of and held by Cede & Co., as
registered owner and nominee of The Depository Trust Company, New York, New York (“DTC”). DTC will act as securities depository for the 2020 Series
Bonds.
Purchases of the 2020 Series Bonds will be made in book-entry-only form in denominations of $5,000 or any integral multiple thereof. Purchasers of the
Co., as nominee of DTC, is the registered owner of the 2020 Series Bonds, references herein to the registered owner shall mean Cede & Co. as aforesaid, and
Woodland Park, New Jersey, will act as the Trustee (the “Trustee”) for the 2020 Series Bonds.
So long as DTC, or its nominee Cede & Co., is the registered owner of the 2020 Series Bonds, payments of principal, redemption premium, if any, and
interest on the 2020 Series Bonds will be made directly to Cede & Co. Disbursement of such payments to the Direct Participants of DTC is the responsibility of
The principal of the 2020 Series Bonds is payable on July 1 in the years shown on the inside cover page. The 2020 Series Bonds will be dated and bear
interest from their date of delivery, payable semi-annually thereafter on January 1 and July 1 in each year, commencing January 1, 2021, until maturity or earlier
redemption thereof at the rates set forth on the inside cover page.
The 2020 Series Bonds are subject to redemption as described herein.
The 2020 Series Bonds are being issued pursuant to the New Jersey Educational Facilities Authority Law ( . 18A:72A-1 et seq.), as amended and
supplemented, a Resolution duly adopted by the Authority on April 14, 2020 (the “Resolution”) and a Trust Indenture dated as of June 1, 2020 (the “Indenture”),
by and between the Authority and the Trustee.
facilities, including, but not limited to, the renovation and equipping of the University Center, the renovation and equipping of Boland Hall dormitory and
various campus landscaping and hardscaping improvements, (b) fund capitalized interest for the 2020 Series C Bonds through July 1, 2022, and (c) pay certain
story student housing facility and the renovation, construction and equipping of athletic facilities located in and around the Richie Regan Recreation Center
and Athletic Center; (b) fund capitalized interest for the 2020 Series D Bonds through July 1, 2022, and (c) pay certain costs of issuing the 2020 Series D Bonds.
The Authority and the University will enter into a Loan Agreement dated as of June 1, 2020 (the “Loan Agreement”), pursuant to which the University
will agree, inter alia,
be made by the University under the Loan Agreement are a general obligation of the University, payable from any legally available funds of the University. See
THE 2020 SERIES BONDS ARE SPECIAL AND LIMITED OBLIGATIONS OF THE AUTHORITY, AND ARE NOT A DEBT OR LIABILITY
OF THE STATE OF NEW JERSEY OR OF ANY POLITICAL SUBDIVISION THEREOF, OTHER THAN THE AUTHORITY (TO THE LIMITED
EXTENT SET FORTH IN THE INDENTURE), OR A PLEDGE OF THE FAITH AND CREDIT OR THE TAXING POWER OF THE STATE OF NEW
JERSEY OR ANY POLITICAL SUBDIVISION THEREOF, OTHER THAN THE AUTHORITY (TO THE LIMITED EXTENT SET FORTH IN THE
INDENTURE). THE AUTHORITY HAS NO TAXING POWER.
The 2020 Series Bonds are offered when, as and if issued by the Authority and accepted by the Underwriters, subject to prior sale or withdrawal or
Bond Counsel to the Authority. Certain legal matters will be passed upon for the University by its counsel, Connell Foley LLP, Roseland, New Jersey, and for
the Underwriters by their counsel, Ballard Spahr LLP, Cherry Hill, New Jersey. The 2020 Series Bonds are expected to be available for delivery through the
of any such jurisdiction.
facilities of DTC in New York, New York, on or about June __, 2020.
BofA Securities
Drexel Hamilton, LLC Stern Brothers & Co. UBS
Dated: June __, 2020
* Preliminary, subject to change.
New Jersey Educational Facilities Authority

2020 Series C (Tax-Exempt)
$______* 2020 Series C Serial Bonds
Maturity
Date Principal Interest
(July 1) Amount Rate Yield Price CUSIP†
$32,720,000* ___% Term Bond, due July 1, 2050*, Price ___% to Yield ___% CUSIP No.† _____

2020 Series D (Federally Taxable)
$______* 2020 Series D Serial Bonds
Maturity
Date Principal Interest
(July 1) Amount Rate Yield Price CUSIP†
$4,845,000* ___% Term Bond, due July 1, 2025*, Price ___% to Yield ___% CUSIP No. † _____
*
Preliminary, subject to change.
†
None of the Authority, the University, or the Underwriters is responsible for the use of CUSIP Numbers, nor is a representation made as to
their correctness. The CUSIP Numbers are included solely for the convenience of the readers of this Official Statement and are copyright 2020
by the American Bankers Association. CUSIP data herein is provided by CUSIP Global Services, which is managed on behalf of the American
Bankers Association by S&P Global Market Intelligence. This data is not intended to create a database and does not serve in any way as a
substitute for the CUSIP services.
N.J.S.A. et seq
ex officio
ex
officio
ex
officio
ex officio
DTC and its Participants
Purchase of Ownership Interests

Payments of Principal, Premium, if any, and Interest
Notices
Transfers of 2020 Series Bonds
Discontinuance of Book-Entry-Only System

Rate Covenant.
Term of the Loan Agreement.
Obligations of University Unconditional
Maintenance and Operation of the Project

Current Fiscal Year Impact
Technology Impact
Fall 2020 Enrollment Updates
Returning to Campus
Future Impact
Exclusion of Interest on the 2020 Series C Bonds From Gross Income for Federal Tax
Purposes
Original Issue Discount
Original Issue Premium

Bank-Qualification
Additional Federal Income Tax Consequences of Holding the 2020 Series C Bonds
Changes in Federal Tax Law Regarding the 2020 Series C Bonds

General
Sale or Redemption of the 2020 Series D Bonds

Possible Recognition of Taxable Gain or Loss Upon Defeasance of 2020 Series D Bonds
Backup Withholding
Foreign 2020 Series D Bonds Owners

ERISA
State Taxation
In addition to the information provided in the Official Statement, including each of the
appendices attached thereto, with respect to the New Jersey Educational Facilities Authority,
Revenue Bonds, Seton Hall University Issue, 2020 Series C (Tax-Exempt) and Revenue Bonds,
Seton Hall University Issue, 2020 Series D (Federally Taxable) (collectively, the “2020 Series
Bonds”), the Seton Hall University (the “University”) has provided the following description of
the University and certain relevant financial and operating data with respect thereto. A
complete review of this Appendix A, together with the body of the Official Statement and all
other appendices attached thereto, is essential to the making of an informed investment decision
by any purchaser of the 2020 Series Bonds. In the making of an informed investment decision
relating to the 2020 Series Bonds, a potential purchaser should not conclude that the
presentation of information in this Appendix A, versus presentation of the same information in
the body of the Official Statement, denotes that the information so provided in this Appendix A
is of less relevance or importance than the information set forth in the body of the Official
Statement.
The University has not authorized anyone to give any information or to make any
representations not contained herein or supplemental hereto, and if given or made, such other
information or representations must not be relied upon as having been authorized. The delivery
by the University of the information contained herein shall not, under any circumstances, create
any implication that there has been no material change in the affairs of the University since the
date of the Official Statement. All capitalized terms used herein and not otherwise expressly
defined herein shall have the respective meanings set forth in the Official Statement.
Information included in this Appendix A includes forward-looking statements about the future
that are necessarily subject to various risks and uncertainties (the “Forward-Looking
Statements”). These Forward-Looking Statements are (i) based on the beliefs and assumptions
of management of the University and on information currently available to such management;
and (ii) often identifiable by words such as “estimates,” “expects,” “expected,” “plans,”
“believes” and similar expressions.
Events that could cause future results to differ materially from those expressed in or implied by
Forward-Looking Statements or historical experience include the impact or outcome of many
factors that are described throughout this Appendix A and the rest of the Official Statement.
Although the ultimate impact of such factors is uncertain, they may cause future performance
to differ materially from results or outcomes that are currently sought or expected by the
University. See also, “BONDHOLDERS’ RISKS” in the front part of the Official Statement.
Unless otherwise noted, all information provided in this Appendix A, including the information
in the tables, has been provided by the University, some of which has been derived from the
audited financial statements of the University. This information should be read in conjunction
with the audited financial statements and the related notes which are included as Appendix B
to this Official Statement.
•
•
•
•
•
•
•
•
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power of the place to change destinations and transform lives
From the
groundskeeper who attends to the beauty of the Green — to the faculty member who attends to the
beauty of the mind, we all play a vital role in transforming lives.
inspire students to reach beyond their grasp

U.S.
News & World Report and Bloomberg Businessweek
The Stillman Exchange
Industrial and Labor Relations Review Labor Law Journal, Labor History Case Research
Journal Armed Forces Journal Army Magazine
Huffington Post and
Private Colleges and Universities Magazine
Fox Business, Good Day New York Star Ledger, Wall Street
Journal New York Times
Currents
U.S. News & World Report’s
U.S. News & World Report’s
U.S. News & World Report

(FT+ PT)
(FT)
(FT)
(excludes 2nd Degree)
(FT + PT)
Fiscal Year New Jersey Out-of-State Foreign Total
2016 3,931 1,506 151 5,588
2017 3,864 1,473 157 5,494
2018 3,879 1,468 208 5,555
2019 3,956 1,577 244 5,777
2020 3,997 1,565 220 5,782
Note: Beginning in Fall 2016, enrollments in dual and joint programs each
counted separately.
Dollars in Thousands
Asset Categories
(Dollars in Thousands)
201 9 201 8
New Jersey Educational Facilities Authority Revenue Bonds
2017 Series D, 3.50% to 5.00%, due 2047 $ 41,713 $ 41,771
2017 Series E, 2.62% to 4.02%, due 2039 31,915 31,915
2016 Series C, 3.00% to 5.00%, due 2046 37,824 37,909
New Jersey Educational Facilities Authority Higher Education Capital
Improvement Fund Bonds, 2016 Series A, 3.21% to 3.58%, due 2025 1,026 1,041
Improvement Fund Bonds, 2016 Series B, 3.00% to 5.50%, due 2037 694 718
2015 Series C, 3.00% to 5.00%, due 2037 20,849 21,705
2013 Series D, 3.00% to 5.00%, due 2043 36,437 39,346
Improvement Fund Bonds, 2014 Series D, 4.00% to 5.00%, due 2021 448 656
New Jersey Educational Facilities Authority Higher Education Equipment
Leasing Fund, 5.00%, due 2023 168 205
New Jersey Educational Facilities Authority Revenue Refunding
Bonds, 2011 Series A, 3.00% to 5.00%, due 2026 5,547 6,255
$ 177,490 $ 182,429
• Basketball Practice Facility
• University Center Exterior and Interior Renovations
• South Boland Renovation and New Lobby

• New Residence Hall
[THIS PAGE INTENTIONALLY LEFT BLANK]
SETON HALL UNIVERSITY
Financial Statements
and Supplementary Information
Together With Report of Independent Certified Public Accountants
For The Years Ended June 30, 2019 and 2018
FINANCIAL STATEMENTS
and
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS

GRANT THORNTON LLP
186 Wood Avenue South, 4th Floor REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
Iselin, NJ 08830
D +1 732-516-5500
F +1 732-516-5502
S linkd.in/grantthorntonus To the Board of Regents of
twitter.com/grantthorntonus Seton Hall University
We have audited the accompanying financial statements of Seton Hall

University (the “University”), which comprise the statements of financial
position as of June 30, 2019 and 2018, and the related statements of
activities and cash flows for the years then ended, and the related notes to
the financial statements.
Management’s responsibility for the financial statements

Management is responsible for the preparation and fair presentation of
these financial statements in accordance with accounting principles
generally accepted in the United States of America; this includes the
design, implementation, and maintenance of internal control relevant to the
preparation and fair presentation of financial statements that are free from
material misstatement, whether due to fraud or error.
Auditor’s responsibility
Our responsibility is to express an opinion on these financial statements
based on our audits. We conducted our audits in accordance with auditing
standards generally accepted in the United States of America. Those
standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidence about the

amounts and disclosures in the financial statements. The procedures
selected depend on the auditor’s judgment, including the assessment of the
risks of material misstatement of the financial statements, whether due to
fraud or error. In making those risk assessments, the auditor considers
internal control relevant to the University’s preparation and fair presentation
of the financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the University’s internal control.
Accordingly, we express no such opinion. An audit also includes evaluating
the appropriateness of accounting policies used and the reasonableness of
significant accounting estimates made by management, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and

appropriate to provide a basis for our audit opinion.
GT.COM U.S. member firm of Grant Thornton International Ltd

Opinion
In our opinion, the financial statements referred to above present fairly, in all
material respects, the financial position of Seton Hall University, as of June
30, 2019 and 2018, and the changes in its net assets and its cash flows for
the years then ended in accordance with accounting principles generally
accepted in the United States of America.
Supplementary information
Our audits were conducted for the purpose of forming an opinion on the
financial statements as a whole. The schedules of operations and changes
in unrestricted net assets are presented for purposes of additional analysis
and are not a required part of the financial statements. Such supplementary
information is the responsibility of management and was derived from and
relates directly to the underlying accounting and other records used to
prepare the financial statements. The information has been subjected to the
auditing procedures applied in the audit of the financial statements and
certain additional procedures. These additional procedures included
comparing and reconciling the information directly to the underlying
accounting and other records used to prepare the financial statements or to
the financial statements themselves, and other additional procedures in
accordance with auditing standards generally accepted in the United States
of America. In our opinion, the supplementary information is fairly stated, in
all material respects, in relation to the financial statements as a whole.
Iselin, New Jersey

November 26, 2019
2
Statements of Financial Position

As of June 30, 2019 and 2018
(Dollars in thousands)
Assets 2019 2018
Cash and cash equivalents $ 39,832 $ 15,772

Student accounts receivable, net 9,306 5,305
Other receivables, net 382 8,441
Contributions receivable, net 10,047 11,473
Prepaid expenses and other assets, net 23,919 17,758
Student loans receivable, net 8,861 10,818
Deposits with bond trustees 40 29,131
Investments 271,777 287,003
Funds held in trust by others 9,050 8,910
Property and equipment, net 328,222 327,740
Total assets $ 701,436 $ 722,351
Liabilities and Net Assets
Liabilities
Accounts payable and accrued expenses $ 41,962 $ 37,716
Due to affiliate - 97
Deferred revenue and deposits 10,996 14,265
Conditional asset retirement obligations 9,230 8,841
Accrued postretirement benefit liability 1,012 926
Refundable U.S. government grants 9,936 9,548
Capital lease obligation 11,508 11,508
Bonds payable, net 176,139 180,949
Total liabilities 260,783 263,850
Net assets
Without donor restrictions 240,341 253,628
With donor restrictions 200,312 204,873
Total net assets 440,653 458,501

$ 701,436 $ 722,351
Total liabilities and net assets
The accompanying notes are an integral part of these financial statements.

3
Statements of Activities
For the years ended June 30, 2019 and 2018
2019 2018
Without Donor With Donor Without Donor With Donor
Restrictions Restrictions Total Restrictions Restrictions Total
Operating revenues and support
Student services revenue, net $ 259,389 $ - $ 259,389 $ 243,988 $ - $ 243,988
Grants, contracts, and government appropriations 7,609 654 8,263 8,061 - 8,061
Contributions 5,794 3,082 8,876 5,697 4,004 9,701
Endowment return used for operations 11,586 1,668 13,254 13,367 1,551 14,918
Other investment income 2,694 78 2,772 2,116 369 2,485
Other revenues 15,773 6 15,779 14,075 - 14,075
Net assets released from restrictions and reclassifications 7,187 (7,187) - 3,590 (3,590) -
Total operating revenues and support 310,032 (1,699) 308,333 290,894 2,334 293,228
Operating expenses
Instruction 88,307 - 88,307 85,681 - 85,681
Research and public service 6,942 - 6,942 7,994 - 7,994
Academic support 41,270 - 41,270 40,173 - 40,173
Student services 44,929 - 44,929 41,176 - 41,176
Auxiliary activities 11,918 - 11,918 10,585 - 10,585
Institutional support 50,664 - 50,664 47,003 - 47,003
Operations and maintenance 33,843 - 33,843 27,055 - 27,055
Depreciation and amortization 18,851 - 18,851 17,810 - 17,810
Interest expense 7,863 - 7,863 7,102 - 7,102
Total operating expenses 304,587 - 304,587 284,579 - 284,579
Changes in net assets from operating activities 5,445 (1,699) 3,746 6,315 2,334 8,649
Nonoperating activities
Net endowment investment return 2,108 3,542 5,650 7,348 13,302 20,650
Endowment return used for operations (6,625) (6,629) (13,254) (8,264) (6,654) (14,918)
Investment return on funds held in trust by others - 140 140 - 289 289
Equity method investments' loss - - - (9,948) - (9,948)
Capital gifts for buildings and endowment 23 4,344 4,367 27 4,675 4,702
Recovery (provision) for uncollectible contributions receivable 17 93 110 (14) (421) (435)
Change in value of split-interest agreements - (39) (39) - 202 202
(Loss) gain on asset dispositions (407) - (407) 4 - 4
Other-primarily medical school activity (15,148) - (15,148) (15,698) - (15,698)
Net assets released from restrictions for capital expenditures 4,313 (4,313) - 644 (644) -
Legal investigation (3,089) - (3,089) - - -
Grant revenue for capital expenditures 76 - 76 15,542 - 15,542
Changes in net assets from nonoperating activities (18,732) (2,862) (21,594) (10,359) 10,749 390
Changes in net assets (13,287) (4,561) (17,848) (4,044) 13,083 9,039
Net assets at beginning of year 253,628 204,873 458,501 257,672 191,790 449,462
Net assets at end of year $ 240,341 $ 200,312 $ 440,653 $ 253,628 $ 204,873 $ 458,501
The accompanying notes are an integral part of these financial statements.

4
Statements of Cash Flows

2019 2018
Cash flows from operating activities
Changes in net assets $ (17,848) $ 9,039
Adjustments to reconcile changes in net assets to net cash (used in) provided by
operating activities:
Depreciation and amortization 18,851 17,810
Amortization of net bond premiums and deferred financing costs (453) (495)
Amortization of IHS campus capital expenditures 518 96
Equity method investments’ loss - 9,948
Change in provision for uncollectible student accounts and loans receivable (268) (1,483)
Change in provision for uncollectible contributions receivable (253) (1,683)
Change in discount allowance for contributions receivable (104) (357)
Net gains on investments (9,954) (22,716)
Settlement of conditional asset retirement liability (181) (246)
Accretion of interest on conditional asset retirement obligations 570 544
Change in value of split-interest agreements 39 (202)
Loss (gain) on disposition of property 407 (4)
Contributions restricted for long-term investment (8,938) (8,606)
(Increase) decrease in student accounts receivable (4,214) 1,585
Decrease in other receivables, net 13,412 -
Decrease in due to affiliates (97) (5,663)
Decrease in contributions receivable 1,783 2,407
Increase in prepaid expenses and other assets (2,336) (1,061)
Increase in accounts payable and accrued expenses 4,839 1,734
Increase (decrease) in accrued postretirement benefit liability 86 (164)
(Decrease) increase in deferred revenue and deposits (3,269) 871
Net cash (used in) provided by operating activities (7,410) 1,354
Cash flows from investing activities
Proceeds from sales and maturities of investments 185,299 541,938
Purchases of investments (160,119) (526,478)
Proceeds from sale of property 9 4
Capital expenditures (20,380) (41,316)
Purchase of equity method investments - (15,491)
Capital expenditures for the IHS campus beginning March 19, 2018 (9,696) (2,528)
Student loans - disbursements (12) (197)
Student loans - collections 2,449 1,408
Net cash used in investing activities (2,450) (42,660)
Cash flows from financing activities
Payments on debt obligations (4,357) (4,157)
Contributions restricted for long-term investment 8,938 8,606
Appreciation in fair value of funds held in trust by others (140) (289)
Increase (decrease) in refundable U.S. government grants 388 (947)
Change in deposits with bond trustees 29,091 31,836
Net cash provided by financing activities 33,920 35,049
Net (decrease) increase in cash and cash equivalents 24,060 (6,257)
Cash and cash equivalents at beginning of year 15,772 22,029
Cash and cash equivalents at end of year $ 39,832 $ 15,772
Supplemental disclosures:
Cash paid for interest on indebtedness $ 7,550 $ 5,741
Purchases of property and equipment in accounts payable $ 3,013 $ 3,645
The accompanying notes are an integral part of these financial statements. 5

Notes to Financial Statements

June 30, 2019 and 2018
1. THE UNIVERSITY
Seton Hall University (the “University”), established in 1856, is an independent institution of higher education,
which operates under the auspices of the Roman Catholic Archdiocese of Newark, New Jersey. The University
offers undergraduate degrees and advanced graduate degrees in a variety of studies and is composed of the
College of Arts and Sciences, the College of Communication and the Arts, the Stillman School of Business, the
College of Education and Human Services, the College of Nursing (“CON”), the School of Diplomacy and
International Relations, the Division of Continuing Education and Professional Studies, the School of Health and
Medical Sciences (“SHMS”), the Immaculate Conception Seminary of the Roman Catholic Archdiocese of
Newark, a separate legal entity, and the School of Theology, all at the University’s South Orange campus and
IHS campus (see below), and the School of Law in Newark. The University is fully accredited by the Middle
States Association of Colleges and Schools. The University derives its revenues principally from student tuition,
fees, grants and contracts, gifts and investment earnings. Additional support is generated through auxiliary
activities carried out by the University, such as dining services and residence facilities. The University expends
its resources to meet the instructional and educational mission of the University.
The University is exempt from federal income taxes under Section 501(a) of the Internal Revenue Code (“IRC” or
the “Code”) as an organization described in Section 501(c)(3) and similar State of New Jersey provisions.
Donations to the University qualify for tax deduction as charitable contributions.
In June 2015, the University and Hackensack University Health Network (“HUHN”), acting on behalf of
Hackensack University Medical Center (“HUMC”), signed an agreement (the “June 2015 Agreement”) to
establish the principle elements of a long-term relationship to develop an undergraduate school of medicine, as
well as to sponsor graduate medical education programs. In October 2015, the University and HUMC formed
Kingsland Street Urban Renewal, LLC (“Kingsland”) for the purposes of leasing and renovating a location for the
University’s new Interprofessional Health Sciences (“IHS”) campus, which was to house the school of medicine,
as well as the University’s CON and SHMS. The location selected for the IHS campus was in the City of Clifton
and the Township of Nutley, New Jersey. Kingsland executed the lease in June 2016, with lease
commencement in September 2016 (Note 17). Through March 18, 2018, the University had a 50% membership
interest in Kingsland. Kingsland is exempt from federal income taxes under Section 501(a) of the IRC Code as
an organization described in Section 501(c)(3) and similar State of New Jersey provisions. Kingsland qualifies
as an urban renewal entity under New Jersey law and with the New Jersey Department of Community Affairs,
which enables it to qualify for making payments in lieu of property taxes. In addition, the location of the IHS
campus, along with the anticipated positive economic impact it will have on the area because of job creation and
capital investment, qualifies Kingsland to receive a grant of tax credits from the Grow New Jersey Assistance
Program under the New Jersey Economic Development Authority. Any tax credits received will be sold with the
proceeds shared equally by the University and HUMC.
In January 2016, the University and HUHN formed the Seton Hall-Hackensack School of Medicine, a nonprofit
New Jersey corporation. HUHN subsequently became Hackensack Meridian Health, Inc. (“HMH”) after its
merger with Meridian Health System, Inc. in July 2016. In March 2017, an agreement was reached between
HMH and the University that superseded the June 2015 Agreement. Under this agreement, both the University
and HMH controlled 50% of the School of Medicine and appointed 50% of its Board of Governors, and the name
of the school was changed to the Seton Hall-Hackensack Meridian School of Medicine (“SOM”). In addition, the
University agreed to offer, under its existing accreditations and regulatory approvals, the SOM academic degree
program (the “MD Program”). The University received preliminary accreditation from the Liaison Committee on
Medical Education (the “LCME”) to operate the MD program in February 2018. The MD program commenced
academic operations in July 2018 with the University being the degree-granting institution.
The SOM is exempt from federal income taxes under Section 501(a) of the IRC as an organization described in
Section 501(c)(3) and similar State of New Jersey provisions.
6

June 30, 2019 and 2018
On March 19, 2018, the University and HMH reached an agreement for the transition of the MD Program and the
full control of the SOM to HMH. Under this agreement, the University’s membership interest in Kingsland was
transferred to HMH and all costs associated with the Kingsland lease were assumed by HMH, with a sublease
established with the University (Notes 17 and 18). The University retained its 50% interest in the proceeds of
any tax credits to be sold. In addition, the entire financial responsibility for the SOM was transferred to HMH
effective July 1, 2018, although the University will continue to perform certain administrative functions for the
SOM. One University designated member of the SOM Board of Governors resigned effective July 1, 2018 with
HMH having the right to designate the replacement. The name of the MD Program was changed to the
Hackensack Meridian School of Medicine at Seton Hall University. The University retains full control of academic
matters associated with the MD Program until such time as the SOM earns independent accreditation as a
standalone entity with the LCME and Middle States, and the appropriate actions have taken place related to all
other applicable regulatory bodies. Once this occurs, control of the MD Program will be transferred to HMH, all
remaining University members of the SOM Board of Governors will resign, along with University SOM officers,
and the University will no longer be the degree-granting institution. The MD Program will then be named the
Hackensack Meridian School of Medicine (HMSOM).
As part of the University’s performing certain administrative functions during the period up until the SOM receives
full accreditation, certain medical school employees, including many faculty members and academic officers,
remain employed by the University. The SOM reimburses the University for the salary and fringe benefits of
those employees. Additionally, during this period, medical school students continue to enroll at the University,
with billings and financial aid administration done by the University in accordance with applicable federal and
state laws and accreditation requirements. The University reimburses the SOM for the net tuition and fee
revenues it collects related to medical students.
Under the Strategic Academic Partnership Agreement entered into between the University, HMH and the
HMSOM, the University will remain a strategic academic partner of HMH and the HMSOM whereby the
University and the HMSOM will have an integrated curriculum, 25% of the seats in each class of the MD Program
will be reserved for University graduates who reside in New Jersey, provided they meet the standards of
admission set by the HMSOM, and the University’s CON and SHMS graduates will be given preference for
clinical placements.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The significant accounting policies employed by the University in the preparation of its financial statements are
described below.
Basis of Presentation
The accompanying financial statements have been prepared using the accrual basis of accounting in accordance
with accounting principles generally accepted in the United States of America (“US GAAP”).
Net Assets
In August 2016, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No.
2016-14 (“ASU 2016-14)”, Not-for-Profit Entities (Topic 958): Presentation of Financial Statement of Not-for-
Profit Entities. The University adopted this standard in 2019. The new guidance improves and simplifies the
current net asset classification requirements and information presented in financial statements and notes that is
useful in assessing a not-for-profit’s financial performance. Required disclosures include quantitative and
qualitative information on liquidity (Note 20) and an analysis of expenses by function and nature (Note 14). Other
changes related to modifying the presentation of underwater endowment funds and related disclosures, requiring
the use of the placed in service approach for restrictions on gifts used to acquire or construct long-lived assets,
and presenting investment return net of external and direct internal investment expenses. Under the guidance,
the existing three categories of net assets – unrestricted, temporarily restricted, and permanently restricted –
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June 30, 2019 and 2018
were replaced with a new model that combined temporarily restricted and permanently restricted into a single
category called “net assets with donor restrictions” and renamed unrestricted net assets as “net assets without
donor restrictions.” A presentation of net assets as previously reported as of June 30, 2018 and 2017, and as
required under ASU 2016-14 follows:
June 30, 2018

Presentation under ASU 2016-14
As Previously Without Donor With Donor
Net assets: Presented Restrictions Restrictions Total
Unrestricted $ 253,627 $ 253,628 $ (1) $ 253,627
Temporarily restricted 107,670 - 107,670 107,670
Permanently restricted 97,204 - 97,204 97,204
Total net assets $ 458,501 $ 253,628 $ 204,873 $ 458,501
June 30, 2017

Presentation under ASU 2016-14
As Previously Without Donor With Donor
Net assets: Presented Restrictions Restrictions Total
Unrestricted $ 257,672 $ 257,672 $ - $ 257,672
Temporarily restricted 100,207 - 100,207 100,207
Permanently restricted 91,583 - 91,583 91,583
Total net assets $ 449,462 $ 257,672 $ 191,790 $ 449,462
Further clarification of what is included in the two new net asset categories is as follows:
Net assets without donor restrictions - Expendable resources that are used to carry out the University’s
operations and are not subject to donor-imposed stipulations. Net assets without donor restrictions may be
designated for specific purposes by the University’s Board of Regents or may be limited by contractual
agreements with outside parties.
Net assets with donor restrictions - Net assets subject to donor-imposed stipulations. Certain donor
restrictions are perpetual in nature, whereby the donor has stipulated the corpus be maintained in perpetuity
by the University, such as the corpus associated with donor restricted endowment funds. The donors of
these assets may permit the University to use the income earned on related investments for general or
specific purposes. Some donor restrictions are temporary in nature; those restrictions will be met by actions
of the University or by the passage of time. Included herein are earnings on donor restricted endowment
funds that have not yet been appropriated by the University’s Board of Regents for expenditure.
Revenues and gains and losses on investments and other assets are reported as changes in net assets without
donor restrictions unless limited by explicit donor-imposed stipulations. Expenses are reported as decreases in
net assets without donor restrictions. Expirations of donor restrictions on net assets, that is, the donor-imposed
stipulated purpose has been accomplished, or the stipulated time period has elapsed, are reported as net assets
released from restrictions. Because of changes or clarifications in donor-imposed stipulations, certain net assets
may be reclassified amongst net assets with donor restrictions or net assets without donor restrictions.
Revenue Recognition
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which supersedes
most of the current revenue recognition requirements. The underlying principle is that an entity will recognize
revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be
8

June 30, 2019 and 2018
entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to
determine when and how revenue is recognized. The guidance also requires enhanced disclosures regarding
the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with
customers.
The University has identified tuition and fees, grants, contracts, and government appropriations, and other
revenues as revenue categories subject to the adoption of Accounting Standards Codification (“ASC”) 606. The
University recognizes contracts with customers as goods or services transferred or provided in accordance with
ASC 606.
The University adopted ASC 606 in 2019 using the modified retrospective approach. The adoption did not have a
material impact on the University’s financial statements.
Contributions, Grants, Contracts and Government Appropriations
In June 2018, the FASB issued ASU No. 2018-08, Clarifying the Scope and the Accounting Guidance for
Contributions Received and Contributions Made, which requires organizations to determine whether a
contribution is conditional based on whether an agreement includes a barrier that must be overcome and either a
right of return of assets transferred or a right of release of a promisor’s obligation to transfer assets. If the
agreement (or a referenced document) includes both, the recipient is not entitled to the transferred assets (or a
future transfer of assets) until it has overcome the barriers in the agreement. The University adopted this
standard in 2019. The adoption did not have a material impact on the University’s financial statements.
Unconditional contributions, including unconditional promises to give (pledges), are reported as revenues in the
period received or pledged at their net realizable value. Unconditional promises to give, which are to be received
after one year, are discounted using an appropriate discount rate commensurate with the risks involved.
Amortization of the discount is recorded as additional contribution revenue in accordance with donor-imposed
restrictions, if any. An allowance for uncollectible contributions receivable is provided in the net asset class in
which the contribution receivable resides based on an assessment of the creditworthiness of the respective
donor and nature of fundraising activity. Contributions receivable are written-off in the period deemed
uncollectible. Conditional promises to give and intentions to give are not recognized until they become
unconditional, that is, when the conditions on which they depend are substantially met.
Also included within contributions receivable are certain third-party trusts in which the University is the sole or
partial beneficiary. Under the terms of these trusts, the University has the irrevocable right to receive an income
stream over the life of the trust. The University does not control the assets held by outside trusts. The third-party
trusts are recorded as increases to net assets at the fair value of trust assets, less the present value of the
estimated future payments to outsiders to be made under the specific terms of the trusts.
Contributions with purpose or time restrictions are reported as increases in net assets with donor restrictions and
subsequently released when the restrictions on which they depend are met. The University has determined that
any donor-imposed restrictions for current programs and activities met within the operating cycle of the University
are recorded directly as support for net assets without donor restrictions. Contributions subject to donor-imposed
stipulations that the corpus be maintained in perpetuity are recognized as increases in net assets with donor
restrictions.
Contributions to be used to acquire or construct long-lived assets are reported as increases in net assets with
donor restrictions. The restriction is satisfied when the assets are acquired or constructed and placed in service.
Revenues associated with research and other grants, and contracts are deemed by the University to be
conditional contributions and are recognized as increases in net assets without donor restrictions when related
costs are incurred in accordance with the terms of the respective agreements. Amounts received in advance are
recorded as deferred revenue. Indirect cost recoveries by the University on grants and contracts are based upon
9

June 30, 2019 and 2018
predetermined or negotiated rates and are recorded as increases in net assets without donor restrictions.
Indirect cost recoveries totaled $259 and $299 in 2019 and 2018, respectively.
Government appropriations from the State of New Jersey totaled $111 in 2019 and $109 in 2018.
In September 2017, the University executed a $15,000 grant agreement with the State of New Jersey’s Office of
the Secretary of Higher Education. These funds were used to fund University spending on renovations at the
IHS campus. The University recognized $15,000 in 2018 as nonoperating grant revenue based on this capital
spending in 2018.
Investments
Investments in equity securities with readily determinable fair values and all investments in debt securities are
measured at fair value in the statement of financial position and reported based on quoted market prices.
Reported fair values for private equities, venture capital limited partnership interests, hedge funds and similar
interests (collectively, “alternative investments”) are estimated by the respective external investment manager if
ascertainable fair values are not readily available. Such valuations involve assumptions and methods that are
reviewed by the University. Because the University’s alternative investments are not readily marketable, their
estimated fair value is subject to uncertainty and, therefore, may differ significantly from the fair value that would
have been reported had a ready market for such investments existed. Due to inherent risks and potential
volatility in investment valuations, the amounts reported in the accompanying financial statements can vary
substantially from year to year and such differences could be material.
In 2018, the University used the equity method to account for investments in financially interrelated entities as the
University had the ability to exercise significant influence over operating and financial policies of the investees.
Accordingly, the University included its proportionate share of losses of equity method investees’ in equity
method investments’ loss in the statements of activities (Note 19). In 2019, the University had no equity method
investments.
Debt Issuance Costs
The University capitalized and is amortizing bond issuance costs using the effective interest rate method over the
respective lives of the bonds to which such costs pertain. The University presents deferred bond issuance costs
net of related debt on the statements of financial position.
Concentrations of Credit Risk
Cash, cash equivalents, and investments are exposed to interest rate, market, and credit risk. The University
maintains its cash and cash equivalents in various bank deposit accounts that, at times, may exceed federally
insured limits. To minimize risk, the University’s cash accounts are placed with high credit quality financial
institutions and the University’s investment portfolio is diversified with several investment managers in a variety
of asset classes. The University regularly evaluates its depository arrangements and investments, including
performance thereof.
Student Loans and Accounts Receivable
The University’s loans and accounts receivable relate to tuition and fees for student attendance and auxiliary
activities. Accounts receivable are due at the beginning of each semester and are stated at amounts due from
students, net of an allowance for doubtful accounts. The University determines its allowance based on the
anticipated net realizable value of collections expected. Receivables are written-off in the period in which they
are deemed uncollectible. Student loans receivable represent institutional loans to students and loans issued
under federal student loan programs and are reported net of an allowance for doubtful accounts. Certain student
loans are guaranteed by the federal government (Note 3).
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June 30, 2019 and 2018
Fair Value of Financial Instruments
The FASB issued Topic 820, under the ASC, which defines fair value, establishes a framework for measuring fair
value, and expands disclosures about fair value measurements. The standard provides a consistent definition of
fair value, which focuses on an exit price between market participants in an orderly transaction. The standard
also prioritizes, within the measurement of fair value, the use of market-based information over entity-specific
information and establishes a three-level hierarchy for fair value measurements based on the transparency of
information used in the valuation of the asset or liability at the measurement date.
Assets and liabilities measured and reported at fair value are classified and disclosed in one of the following
categories:
Level I - Quoted prices are available in active markets for identical assets and liabilities at the measurement
date. The type of assets and liabilities in Level I include listed equities held in the name of the University and
exclude listed equities.
Level II - Pricing inputs, including broker quotes, are generally those other than exchange quoted prices in
active markets, which are either directly or indirectly observable as of the measurement date, and fair value
is determined through the use of models or other valuation methodologies.
Level III - Pricing inputs are unobservable for the assets and liabilities and include situations where there is
little, if any, market activity for the respective assets and liabilities. The inputs into the determination of fair
value require significant management judgment or estimation. Funds held in trust by others and alternative
investments not valued at Net Asset Value (“NAV”) are also included in Level III.
Fair value estimates are made at a specific point in time, based on available market information and judgments
about the financial asset, including estimates of timing, amount of expected future cash flows and the credit
standing of the issuer. In some cases, the fair value estimates cannot be substantiated by comparison to
independent markets. In addition, the disclosed fair values do not reflect any premium or discount that could
result from offering for sale at one time an entire holding of a particular financial asset. Potential taxes and other
assets that would be incurred in an actual sale or settlement are not reflected in amounts disclosed.
The University also measures certain investments using a net asset value NAV per share which is exempted
from categorization within the fair value hierarchy and related disclosures. Instead, the University separately
discloses the information required for assets measured using the NAV practical expedient and discloses a
reconciling item between the total amount of investments categorized within the fair value hierarchy and total
investments measured at fair value on the face of the financial statements.
Funds Held in Trust by Others
Funds held in trust by others represent perpetual trusts that are neither in the possession nor under the control of
the University, but held and administered by outside trustees, with the University deriving income or a residual
interest from the assets of such funds. Funds held in trust by others are recognized at the estimated fair value of
the underlying assets, which consist primarily of mutual funds, fixed income securities, equity securities,
marketable alternative partnerships, and limited partnership interests.
Gains or losses in the fair value of funds held in trust by others are reported as increases or decreases in net
assets with donor restrictions.
11

June 30, 2019 and 2018
Cash and Cash Equivalents
Cash and cash equivalents consist of highly liquid financial instruments, except for those assigned to the
University’s investment managers as part of the University’s long-term investment strategies, and debt securities
with original maturities of three months or less from the date of purchase.
Other Receivables, Net
As a result of the March 19, 2018 agreement between the University and HMH, Kingsland and HMH no longer
meet the definition of an affiliate of the University. Therefore, net amounts due from them are classified as other
receivables, net, in the June 30, 2019 and 2018 accompanying statements of financial position.
Property and Equipment
The University capitalizes property and equipment acquired for greater than $5 and with useful lives greater than
one year. Gifts of land, buildings and equipment are recorded at fair value at the date of donation as part of
nonoperating activities in net assets without donor restrictions, unless explicit donor stipulations specify how the
donated assets must be used. No value was assigned to the University’s main campus in South Orange, New
Jersey when title was conveyed to the University by the Roman Catholic Archdiocese of Newark in 1864. Such
value is deemed to be immaterial to the University’s financial statements.
Maintenance, repairs, and minor improvements are charged to operations as incurred. Major improvements,
which substantially extend the useful lives of assets, are capitalized. Upon sale or other disposition of property
and equipment, the cost and related accumulated depreciation are removed from the accounts of the University
and the resulting gain or loss, if any, is reflected as part of nonoperating activities.
Depreciation is computed on the straight-line basis over the estimated useful lives of the property and equipment
as follows:
Buildings 30 to 50 years
Land and building improvements 3 to 20 years
Computers and software 3 to 10 years
Furniture, fixtures and equipment 3 to 10 years
The University records its collections of art, historical treasures, and similar assets at appraised value if donated
determined at the date of acquisition. These collections are held for public exhibition, education and research in
furtherance of the University’s educational and public service mission. The University’s collections are not
depreciated.
The University capitalizes certain computer software costs which are amortized consistent with university policy
upon being placed in service. Amortization of capitalized software is included in depreciation expense.
The University expenses the cost of library books upon acquisition.
Deferred Revenue and Deposits
Deferred revenue and deposits consist of amounts received for student and athletics goods and services that
have not yet been earned as the underlying obligation has not been satisfied by the University. It also includes
amounts received in advance for research and other grants and contracts. The University apportions student
services revenue, net (Note 13) and the related expenses of academic semesters, which span fiscal years,
between the fiscal years to which they pertain.
12

June 30, 2019 and 2018
The following table depicts the significant activities of deferred revenue and deposits:
Revenue Cash received

June 30, recognized in advance of June 30,
2018 in 2019 performance 2019
Student services revenue, net $ 7,700 $ 7,700 $ 5,040 $ 5,040
Athletic revenue 2,954 454 507 3,007
Grants and contracts 2,606 1,223 593 1,976
Other 1,005 207 175 973
$ 14,265 $ 9,584 $ 6,315 $ 10,996
The deferred revenue balance of $10,996 at June 30, 2019 includes amounts totaling $8,133 that will be earned
and recognized as revenue in the next fiscal year, and $2,865 that will be earned thereafter.
Refundable U.S. Government Grants
Funds provided by the federal government under the Perkins Student and Nursing Faculty Loan Programs are
loaned to qualified students and may be reloaned after collection. These funds are ultimately refundable to the
U.S. government and are presented in the statement of financial position as a liability (Note 3).
Split-Interest Agreements and Annuities Payable
Under the University’s charitable gift annuities program, liabilities are recorded at the present value of the
estimated future payments expected to be made to donors or other designated beneficiaries. Assets pertaining
to the University’s charitable gift annuities program are measured at fair value and are included in investments.
Contribution revenue is recognized at the date the agreements are established, net of annuities payable to
beneficiaries, which are actuarially determined, and is reported in nonoperating activities as an increase in net
assets with donor restrictions, based on a time restriction.
Changes in the life expectancy of the donor or beneficiary (ies), amortization of the discount, and other changes
in the estimates of future annuity payments are recognized annually by the University and are reported as
change in value of split-interest agreements in the statement of activities. The discount rates used to value split-
interest agreements ranged between 1.2% and 5.4% at June 30, 2019 and 2018 and represented the applicable
Internal Revenue Service discount rate in effect at the time the gift arrangement originated. Upon termination of
a life interest, the share of the corpus attributable to the life interest holder becomes available to the University.
Annuities payable, included in accounts payable and accrued expenses on the accompanying statements of
financial position, totaled $1,151 and $549 at June 30, 2019 and June 30, 2018, respectively.
The following table summarizes the changes in the University’s annuities payable balance for the years ended
June 30, 2019 and 2018:
2019 2018
Beginning of year $ 549 $ 668
New agreements 547 53
Payments to annuitants (114) (232)
Change in value due to actuarial valuations 169 60
End of year $ 1,151 $ 549
13

June 30, 2019 and 2018
Asset Retirement Obligations
Asset retirement obligations (“ARO’s”) are legal obligations associated with the eventual retirement of long-lived
assets. These liabilities, which for the University primarily relate to the cost of asbestos and lead paint
abatement, were initially recorded at fair value and the related asset retirement costs capitalized by increasing
the carrying amount of the related assets by the same amount as the liability. Significant assumptions utilized in
the determination of such obligations include the selection of relevant discount factors, which articulate with the
timing of performance related to the respective project, inflation factors, and the probabilities assigned to cost
estimates. Asset retirement costs are subsequently depreciated over the estimated useful lives of the related
assets. Subsequent to initial recognition, the University records period-to-period changes in the ARO liability
resulting from the passage of time and revisions to either the timing or the amount of the original estimate of
undiscounted cash flows. The University derecognizes ARO liabilities when the related obligations are settled.
The cost of abatement was estimated following a site-specific survey of the campus. As of June 30, 2006, the
initial adoption date of ASC Topic 410, Accounting for Conditional Asset Retirement Obligations, the University
recorded an addition to property and equipment, net of depreciation, of $385, and recognized a conditional asset
retirement obligation in the amount of $7,020. The University recognized $570 and $544 of accretion expense in
2019 and 2018, respectively, relating to these obligations.
The following table summarizes the activity for the ARO’s for the years ended June 30, 2019 and 2018:
2019 2018
Beginning of year $ 8,841 $ 8,543

Obligations settled during the period (181) (246)
Accretion expense 570 544
End of year $ 9,230 $ 8,841
Student Services Revenue
Student services revenue, net of financial aid (Note 13), represents tuition, fees, housing and meals revenues
charged to students over the academic terms to which they relate. Financial aid is provided by the University
from its operating budget, other non-donor restricted sources, endowment earnings, donor-restricted gifts, and
government grants awarded to students by the University.
Student services revenue are reported net of medical school student services revenue transferred to the SOM
(Note 13).
Contributed Services
The University recognizes in its financial statements the fair value of services contributed by members of
religious orders who provide instructional, student or other institutional services. The difference between the
amounts paid and the fair value of room and board provided to religious personnel and the fair value of the
services performed, as determined by reference to comparable lay salaries, is added to contribution revenues
and expenses on the statement of activities. Contributed services amounted to $427 in 2019 and $509 in 2018
and are allocated amongst the functional expense categories benefited.
Accounting for Uncertainty in Income Taxes
The University has adopted the provisions of the ASC 740, Accounting for Uncertainties in Income Taxes. ASC
740-10 clarifies the accounting for uncertainty in tax positions taken or expected to be taken in a tax return,
including issues relating to financial statement recognition and measurement. This section provides that the tax
14

June 30, 2019 and 2018
effects from an uncertain tax position can be recognized in the financial statements only if the position is “more-
likely-than-not” to be sustained if the position were to be challenged by a taxing authority. The assessment of the
tax position is based solely on the technical merits of the position, without regard to the likelihood that the tax
position may be challenged.
The University is exempt from federal and New Jersey State income taxation by virtue of being an organization
described in Section 501(c)(3) of the IRC and similar provisions of the New Jersey State tax code. Nevertheless,
the University may be subject to tax on income unrelated to its exempt purpose, unless that income is otherwise
excluded by the Code. The University believes that there are no material uncertain tax positions within its
financial statements.
Use of Estimates
The preparation of financial statements, in conformity with US GAAP, requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during
the reporting period. The significant management estimates and assumptions relate to the determination of
allowances for doubtful accounts for student accounts, loans and contributions receivable; the determination of
the University’s postretirement benefit obligation; year-end operating accruals; useful lives assigned to fixed
assets; conditional asset retirement obligations; and the reported fair values of certain of the University’s assets
and liabilities, in particular, alternative investments and debt obligations. Actual results could differ from those
estimates.
Operations
The accompanying statements of activities present the changes in net assets distinguishing between operating
and nonoperating activities. Operating activities principally include all revenues and expenses that relate to the
University’s educational programs, research, training, and supporting activities. Operating revenues include
investment return pursuant to the University’s endowment spending policy and earned on working capital funds.
Operating revenues also include the release of net assets with donor restrictions net assets in support of
operating activities, and all contributions without donor restrictions and with donor restrictions, except for those
intended for capital or endowment purposes.
The University has defined nonoperating activities principally to include endowment investment return (loss), net
of amounts distributed to support operations in accordance with the endowment spending policy (Note 5);
contributions and bequests added to the endowment or supporting major capital acquisition or construction; net
assets released from donor restrictions for capital expenditures; gains or losses on financial instruments; activity
related to annuity and unitrust agreements; and grant revenue associated with capital expenditures. Certain
other gains and losses considered to be of a more unusual or non-recurring nature are also included as part of
nonoperating activities.
Charges of $15,148 and $15,698 are reflected as other in nonoperating activities in the accompanying
statements of activities for the years ended June 30, 2019 and 2018, respectively. In 2019, $15,000 represents
the writeoff of the amount due to the University from Kingsland that was not paid by September 29, 2019 (Note
17). In 2018, the University paid $10,000 to HUMC to help fund SOM research, $4,500 to the SOM for
scholarships, and $500 to Kingsland for certain capital expenditures, in accordance with certain agreements that
the University had with HUMC and Kingsland.
The University initiated a legal investigation in 2019 that found that the former Archbishop of the Archdiocese of
Newark sexually harassed Immaculate Conception Seminary seminarians between 1986 and 2000. Results of
the investigation have determined that no minors or other University students were affected by the Archbishop.
Legal expenses of $3,089 were incurred in 2019 related to this investigation and are reflected in nonoperating
activities in the accompanying statement of activities for the year ended June 30, 2019.
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June 30, 2019 and 2018
New Accounting Pronouncements
In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which requires organizations that
lease assets (lessees) to recognize the assets and related liabilities for the rights and obligations created by the
leases on the statements of financial position for leases with terms exceeding 12 months. ASU No. 2016-02
defines a lease as a contract or part of a contract that conveys the right to control the use of identified assets for
a period of time in exchange for consideration. The lessee in a lease will be required to initially measure the
right-of-use asset and the lease liability at the present value of the remaining lease payments, as well as
capitalize initial direct costs as part of the right-of-use asset. ASU No. 2016-02 is effective for annual periods
beginning on or after December 15, 2018 (i.e., the University’s fiscal year 2020). The University is in the process
of evaluating the impact this standard will have on the financial statements.
In March 2017, the FASB issued final guidance on the presentation of net periodic pension and postretirement
benefit cost (“Benefit Cost”). The guidance requires bifurcation whereby the service cost component will be
presented with the other components of employee compensation costs in operating expenses while the other
components will be reported in nonoperating activities. While this guidance changes the presentation of Benefit
Costs in the statement of activities, it will not change the rules over how the costs are measured. This guidance
will be effective for annual periods beginning after December 15, 2018 (i.e., the University’s fiscal year 2020),
with early adoption permitted. The University is in the process of evaluating the impact this standard will have on
the financial statements.
Subsequent Events
The University has evaluated events occurring subsequent to June 30, 2019 through November 26, 2019, the
date the financial statements were issued, and determined that, all significant events and disclosures are
included in the accompanying financial statements.
3. STUDENT ACCOUNTS AND LOANS RECEIVABLE, NET
Student accounts receivable are reported net of an allowance for uncollectible amounts of $4,539 at June 30,
2019 and $4,326 at June 30, 2018. Adjustments to the provision are recorded as part of institutional support in
the statement of activities. Student receivables are written off when deemed uncollectible.
The University makes uncollateralized loans to students based on financial need. Student loans are funded
mainly through federal government loan programs.
The following is an analysis of net student loans receivable as of June 30:
2019 2018
Current, including balances for students in school $ 5,106 $ 6,283

1 - 120 days past due 649 1,144
More than 120 days past due 305 1,086
Receivables with collection agencies 3,456 3,441
Total gross student loans receivable 9,516 11,954
Allowance for uncollectible amounts (655) (1,136)
Student loans receivable, net $ 8,861 $ 10,818
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June 30, 2019 and 2018
The primary federal loan program that the University participates in is the federal Perkins Loan program. The
availability of funds for loans under this program is dependent on reimbursements to the pool from repayments
on outstanding loans. Funds advanced by the federal government under all programs of $9,936 and $9,548 at
June 30, 2019 and 2018, respectively, are ultimately refundable to the government and are classified as liabilities
in the accompanying statements of financial position. Outstanding loans cancelled under these programs result
in a reduction of the funds available for future loans and a decrease in the liability to the government.
Allowances for uncollectible loan amounts are established based on prior collection experience, student default
rates, and current economic factors which, in management’s judgment, could influence the ability of loan
recipients to repay the amounts per the loan terms. Institutional loan balances are written off only when they are
deemed uncollectible. Loans disbursed under the Federal Perkins Loan program can be assigned to the Federal
Government in certain nonrepayment situations. In these situations, the federal portion of the loan balance is
guaranteed.
On September 30, 2015, the Federal Perkins Loan Program expired. It was then extended on December 18,
2015 under The Perkins Loan Extension Act of 2015 to permit institutions to issue new loans, under amended
guidelines, until September 30, 2017. No new Perkins loans can be issued under this Act after September 30,
2017. In addition, as part of this Act, prior to October 1, 2017, the University was required to annually return the
federal share of excess liquid capital, as defined, to the federal government. Beginning on October 2017, the
federal share of all Perkins funds, including future collections of principal and interest, must be returned to the
federal government. As of June 30, 2019, the University has returned $3,807 to the federal government in
compliance with this Act, with $914 returned in 2018. The University was not required to return funds in 2019.
4. INVESTMENTS AND FUNDS HELD IN TRUST BY OTHERS
A summary of investments at June 30, 2019 and 2018, follows:
2019 2018
Charitable gift annuity funds $ 2,309 $ 1,309

Scholarship funds 2,593 2,424
Institute for Privacy Protection funds 1,015 1,290
Building and capital project funds 11,498 24,261
Endowment 254,354 257,719
Other 8 -
Total investments 271,777 287,003
Funds held in trust by others 9,050 8,910
Total investments and funds held in trust by others $ 280,827 $ 295,913
As a result of a class action settlement, the University’s School of Law received $1,688 in August 2016 in order
to establish an Institute for Privacy Protection (the “Institute”). As per an agreement resulting from the
settlement, a nonprofit foundation is the manager and custodian of the funds. The foundation commingles
University funds, for investment purposes, with other foundation assets. Annual distributions will be made to the
University’s School of Law, upon request, to fund the operations of the Institute. The University may terminate
this agreement upon giving thirty days’ notice. At June 30, 2019 and 2018, the University’s total investment
balances at the foundation of $1,015 and $1,290, respectively, are considered Level III assets within the fair
value hierarchy.
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June 30, 2019 and 2018
The following table is a summary of investments, at fair value, including accrued income of $175 and $246, at
June 30, 2019 and 2018, respectively.
2019
Level I Level II Level III NAV Total
Cash and other short-term investments $ 9,191 $ - $ - $ - $ 9,191

Corporate equities 67,951 - - - 67,951
Corporate bonds 16,914 2 - - 16,916
Commingled fund - - 1,015 - 1,015
Alternative investments
Liquid fixed income - - - 20,259 20,259
Illiquid fixed income - - 5,492 29,451 34,943
Opportunistic - - - 26,613 26,613
Long equity - - - 23,118 23,118
Hedge funds - - - 40,588 40,588
Diversifying assets - - - 11,111 11,111
Real assets - - - 8,885 8,885
Private equities - - - 5,566 5,566
Venture capital limited partnerships - - - 5,621 5,621
Total investments 94,056 2 6,507 171,212 271,777
Funds held in trust by others - - 9,050 - 9,050

Total investments and funds held in trust by others $ 94,056 $ 2 $ 15,557 $ 171,212 $ 280,827
2018
Level I Level II Level III NAV Total
Cash and other short-term investments $ 3,548 $ - $ - $ - $ 3,548

Corporate equities 85,452 - - - 85,452
Corporate bonds 32,577 2 - - 32,579
Commingled fund - - 1,290 - 1,290
Alternative investments
Liquid fixed income - - - 12,114 12,114
Illiquid fixed income - - - 32,458 32,458
Opportunistic - - - 23,270 23,270
Long equity - - - 22,698 22,698
Hedge funds - - - 36,788 36,788
Diversifying assets - - - 11,152 11,152
Real assets - - - 4,134 4,134
Private equities - - - 5,644 5,644
Venture capital limited partnerships - - - 4,493 4,493
Principal Global Real estate - - - 6,172 6,172
Emerging market equities - - - 5,211 5,211
Total investments 121,577 2 1,290 164,134 287,003
Funds held in trust by others - - 8,910 - 8,910

Total investments and funds held in trust by others $ 121,577 $ 2 $ 10,200 $ 164,134 $ 295,913
18

June 30, 2019 and 2018
The following table summarizes the changes in the University’s Level III investments for the years ended
June 30, 2019 and 2018:
2019 2018
Institute for Institute for

Privacy Funds Held in Direct Privacy Funds Held in
Protection Trusts by Lending Protection Trusts by
Funds Others Investments LLC Total Funds Others Total
Beginning of year $ 1,290 $ 8,909 $ - $ 10,199 $ 1,589 $ 8,621 $ 10,210
Purchases - - - - - - -
Net realized and unrealized
appreciation (depreciation) 14 141 (4,909) (4,754) 61 289 350
Dividends and interest 33 - - 33 18 - 18
Management fees (11) - - (11) (11) - (11)
Transfers in (out) (311) - 10,401 10,090 (367) - (367)
End of year $ 1,015 $ 9,050 $ 5,492 $ 15,557 $ 1,290 $ 8,910 $ 10,200
One of the University’s illiquid fixed income investment funds, Direct Lending Investments LLC, went into
receivership in 2019. Accordingly, the University reclassified it from an investment valued at NAV in 2018 to a
Level III investment in 2019. This investment was valued at $10,401 at June 30, 2018. Based on Direct
Lending Investments LLC’s Form 1065, Schedule K-1 information as of December 31, 2018, the University has
written down the investment to $5,492 at June 30, 2019. The receiver is exploring all possible means of
recovery, including litigation claims.
The University has outstanding commitments of $36,446 associated with its investments at June 30, 2019. The
University estimates that it will satisfy these outstanding commitments by the end of fiscal 2027.
19

June 30, 2019 and 2018
The University follows FASB guidance related to fair value measurements and disclosure of investments in
certain entities that do not have a quoted market price but that calculate NAV per share or its equivalent. As a
practical expedient, this guidance permits, but does not require, an entity to measure fair value of an investment
in an investee within the scope of the amendments based on the investee’s NAV per share or its equivalent. As
a result of applying the practical expedient, the fair value of the University’s investments in certain investments as
of June 30, 2019 and 2018, as detailed below, is determined based on the reported NAV per share or its
equivalent, as follows:
2019
Alternative Alternative Amount Timing to
Investment Investment # of NAV Remaining of Unfunded Draw Down Redemption Redemption
Type Strategy Funds in Funds Life Commitments Commitments Terms Restrictions Level
Seeks to generate superior risk-adjusted

absolute returns by investing in asset- 1 year "Lock-up
based credit investments such as Period" with up to
mortgage, consumer, and commercial Monthly and Quarterly, 25% investor level
Liquid Fixed Income asset backed securities. 2 $ 20,259 N/A $ - N/A with 45-90 day notice gate NAV
Seeks to maximize return while preserving

capital and generate risk adjusted returns 1 year "Lock-up
by investing in structured credit securities, Period" and may only
various debt obligations, bankruptcy and redeem up to 25% of
insolvent business claims, and U.S. aggregate NAV
Illiquid Fixed mortgage markets. Quarterly, with 35-90 day shares for certain
Income 6 29,451 1-7 years 12,767 2018 - 2027 notice investments NAV
Seeks to generate high risk adjusted 1-2 year "Lock-up

returns by investing in securities using Period" as well as
diversification and hedging strategies, various restrictions
event driven investment strategies, on the amount and
corporate credit, currencies, risk arbitrage, Quarterly, with 45-90 day timing of partial
Opportunistic interest rates, and distressed securities. 4 26,613 N/A 3,116 2020 notice redemptions NAV
Seeks to provide long-term growth of

capital by investing in equity securities, Within 7 business days 1 year "Lock-up
ADRs, and public equity markets of the for publically traded funds Period" for some of
financial services industry. or Quarterly, with 45-90 the non-publically
Long Equity 2 23,118 N/A - N/A day notice. traded funds NAV
Seeks to deliver risk-adjusted returns by

taking long and short positions with an 1 year "Lock-up
investments horizon of 2 to 5 years, while Period" as well as
also investing in "alpha shorts", various various restrictions
sector and market hedges, and long-and on the amount and
short-equity securities - domestic and Monthly and Quarterly, timing of partial
Hedged Equity global. 9 40,588 N/A - N/A with 30-90 day notice redemptions. NAV
1 year "Lock-up
Seeks to achieve risk-adjusted returns by Period" as well as
investing, directly and indirectly, in various restrictions
catastrophe risk markets, reinsurance on the amount and
contracts, retrocession contracts and Monthly and Quarterly, timing of partial
Diversifying Assets discretionary macro investments. 4 11,111 N/A - N/A with 5-105 day notice redemptions. NAV
Seeks to deliver returns by investing in

European and Global real estate, and
North American energy and natural
Real Assets resources. 3 8,885 7-11 years 14,242 2020 - 2022 N/A N/A NAV
Redemptions not
2-10 years, permitted.
Multiple strategies to diversify risk through which includes Distributions received as
investing in private equities and secondary possible underlying investments
Private Equities investments in pooled investment vehicles. 5 5,566 extensions. 5,052 2019 - 2020 are liquidated. N/A NAV
Ends March,
2020, March Redemptions not
2024, and permitted.
Seeks long-term capital appreciation March, 2026 but Distributions received as
Venture Capital through equity and venture partnership all may be underlying investments
Fund investments. 4 5,621 extended 1,269 2019 - 2020 are liquidated. N/A NAV
Total $ 171,212 $ 36,446
20

June 30, 2019 and 2018
2018
Alternative Alternative Amount Timing to
Investment Investment # of NAV Remaining of Unfunded Draw Down Redemption Redemption
Type Strategy Funds in Funds Life Commitments Commitments Terms Restrictions Level
Seeks to generate superior risk-adjusted

absolute returns by investing in asset-
based credit investments such as
mortgage, consumer, and commercial Monthly and Quarterly, 1 year "Lock-up
Liquid Fixed Income asset backed securities. 1 $ 12,114 N/A $ - N/A with 45-90 day notice Period" NAV
Seeks to maximize return while preserving

capital and generate risk adjusted returns 1 year "Lock-up
by investing in structured credit securities, Period" and may only
various debt obligations, bankruptcy and redeem up to 25% of
insolvent business claims, and U.S. aggregate NAV
Illiquid Fixed mortgage markets. Monthly and Quarterly, shares for certain
Income 6 32,458 1-7 years 14,665 2018 - 2027 with 35-90 day notice investments NAV
Seeks to generate high risk adjusted 1-2 year "Lock-up

returns by investing in securities using Period" as well as
diversification and hedging strategies, various restrictions
event driven investment strategies, on the amount and
corporate credit, currencies, risk arbitrage, Quarterly, with 45-90 day timing of partial
Opportunistic interest rates, and distressed securities. 4 23,270 N/A 9,018 2020 notice redemptions NAV
Seeks to provide long-term growth of

capital by investing in equity securities, Within 7 business days 1 year "Lock-up
ADRs, and public equity markets of the or publically traded funds Period" for some of
financial services industry. for Quarterly, with 45-90 the non-publically
Long Equity 2 22,698 N/A - N/A day notice. traded funds NAV
Seeks to deliver risk-adjusted returns by 1 year "Lock-up

taking long and short positions with an Period" as well as
investments horizon of 2 to 5 years. While various restrictions
also investing in "alpha shorts", various on the amount and
sector and market hedges, and long-and Monthly and Quarterly, timing of partial
Hedged Equity short-equity securities. 6 36,788 N/A - N/A with 30-90 day notice redemptions. NAV
1 year "Lock-up
Seeks to achieve risk-adjusted returns by Period" as well as
investing, directly and indirectly, in various restrictions
catastrophe risk markets, reinsurance on the amount and
contracts, retrocession contracts and Monthly and Quarterly, timing of partial
Diversifying Assets discretionary macro investments. 2 11,152 N/A - N/A with 5-90 day notice redemptions. NAV
Seeks to deliver returns by investing in

European and Global real estate, and
North American energy and natural
Real Assets resources. 3 4,134 7-11 years 18,994 2020 - 2022 N/A N/A NAV
Redemptions not
2-10 years, permitted.
Multiple strategies to diversify risk through which includes Distributions received as
investing in private equities and secondary possible underlying investments
Private Equities investments in pooled investment vehicles. 3 5,644 extensions. 4,341 2019 - 2020 are liquidated. N/A NAV
Ends March,
2020, March Redemptions not
2024, and permitted.
Seeks long-term capital appreciation March, 2029 but Distributions received as
Venture Capital through equity and venture partnership all may be underlying investments
Fund investments. 3 4,493 extended 1,694 2019 - 2020 are liquidated. N/A NAV
Principal Global Seeks long-term capital appreciation by Within 10 days unless

Real Estate investing in real estate securities 1 6,172 N/A - N/A market conditions prohibit N/A NAV
To invest in emerging markets' companies

Emerging Markets that offer long-term growth potential along
Equities with current income. 1 5,211 N/A - N/A Within 7 business days N/A NAV
Total $ 164,134 $ 48,712
The University had investment income of $2,772 and $2,485 on short-term and other non-pooled investments in
2019 and 2018, respectively, which has been included as part of operating activities in the accompanying
statements of activities.
21

June 30, 2019 and 2018
5. ENDOWMENT
The University’s donor-restricted (gifted) endowment consists of 487 individual funds established primarily for
scholarships and academic programs. The University’s endowment includes both donor-restricted endowment
funds and funds designated by the University’s Board of Regents to function as endowments
(quasi-endowments). Net assets associated with endowment funds, including quasi-endowments, are classified
and reported based on the existence or absence of donor-imposed restrictions. Some endowment assets are
held, controlled and administered by third-party trustees (funds held in trust by others).
Interpretation of Relevant Law
New Jersey’s Uniform Prudent Management of Institutional Funds Act (“UPMIFA”) was enacted in June 2009.
The University’s Board of Regents has interpreted UPMIFA as requiring the preservation of the fair value of the
original gift as of the gift date of the respective donor-restricted endowment fund absent explicit donor
stipulations to the contrary. As a result of this interpretation, the University classifies as net assets with donor
restrictions: (a) the original value of gifts donated to its permanent endowment; (b) the original value of
subsequent gifts to its permanent endowment; and, (c) accumulations of income to its permanent endowment
made in accordance with the direction of the applicable donor gift instrument. Therefore, endowment net assets,
within net assets with donor restrictions, represent the original corpus of gifts given to the University for which the
gift instruments stipulate that the principal be invested in perpetuity and only income be used for donor intended
purposes, if any.
Total return earned on the corpus of the endowment, under UPMIFA, is spendable, and accordingly, the
University classifies the earnings as net assets with donor restrictions, pending appropriation for expenditure by
the University’s Board of Regents.
The following table summarizes endowment net asset composition at June 30, 2019:
2019
Without Donor With Donor
Restricitons Restrictions Total
Donor-restricted endowment funds

Original donor-restricted gift amounts and the amounts
required to be maintained in perpetuity by donors $ - $ 91,117 $ 91,117
Accumulated unspent earnings - 74,571 74,571
Funds held in trust by others - 9,050 9,050
Quasi-endowment funds 94,424 - 94,424
Total endowment fund $ 94,424 $ 174,738 $ 269,162
22

June 30, 2019 and 2018
The following table summarizes endowment net asset composition at June 30, 2018:
2018
Without Donor With Donor
Restrictions Restrictions Total

Original donor-restricted gift amounts and amounts
required to be maintained in perpetuity by donors $ - $ 88,294 $ 88,294
Accumulated unspent earnings - 78,854 78,854
Funds held in trust by others - 8,910 8,910
Quasi-endowment funds 95,032 - 95,032
Total endowment fund $ 95,032 $ 176,058 $ 271,090
Donor restricted endowment funds include contributions receivable of $4,512 and $4,095 at June 30, 2019 and
2018, respectively.
The University’s individual endowment funds are pooled for investment purposes. The investment portfolio is
managed to achieve a prudent long-term total return. The University relies on a total return strategy in which
investment returns are achieved through both capital appreciation (realized and unrealized) and current yield
(interest and dividends). The University targets a diversified asset allocation that places a greater emphasis on
equity-based investments to achieve its long-term return objectives within prudent risk constraints. Under the
University’s investment policy, as approved by the Board of Regents, the endowment assets are invested in a
manner that is intended to provide an average rate of return, over time, of approximately 8% annually. Actual
returns may vary from this target in any given year.
The University has adopted an endowment spending policy designed to provide a predictable flow of funds to
support annual operations. The spending policy is intended to balance current spending needs and preserve the
endowment’s future purchasing power. The University applies a 4.5% spending rate to a three-year moving
average of endowment investment funds. The Board of Regents sets the spending rate. The purpose of using a
moving average is to smooth out any wide fluctuations in the fair value of endowment investments. Endowment
earnings in excess of the spending rate are classified as net assets with donor restrictions until such time that
they are appropriated for expenditure. When annual yield is insufficient to support spending appropriations, the
balance is provided from net assets with donor restrictions. Special allocations are made for certain purposes in
addition to the spending rate, as approved by the University’s Board of Regents, annually, if determined to be
necessary. Such special allocations are made from the quasi-endowment.
In accordance with the spending rate and special allocations, endowment investment return on pooled assets of
$13,254 and $14,918 was made available in fiscal 2019 and 2018, respectively, to support operations of the
University. Included in the 2019 and 2018 appropriations were $1,264 and $1,947, respectively, of additional
support for the Law School in the form of a quasi-endowment loan. In addition, the appropriation for 2018
included $1,000 of support for University Advancement’s growth plan. The effective spending rate, inclusive of
special allocations, was 5.1% and 5.9% in fiscal 2019 and 2018, respectively.
23

June 30, 2019 and 2018
The following tables summarize the changes in endowment net assets, including the University’s total return on
endowment investments, for the year ended June 30:
2019
Without Donor Restrictions With Donor Restrictions Total
Endowment net assets, beginning of year $ 95,032 $ 176,058 $ 271,090

Net endowment investment gains 2,108 3,542 5,650
New gifts and pledges, plus recoveries for uncollectible pledges - 2,350 2,350
Transfers in (out) 3,909 (723) 3,186
Investment gain on funds held in trust by others - 140 140
Endowment return used for operations (6,625) (6,629) (13,254)
Endowment net assets, end of year $ 94,424 $ 174,738 $ 269,162
2018
Without Donor Restrictions With Donor Restrictions Total
Endowment net assets, beginning of year $ 95,948 $ 163,851 $ 259,799
Net endowment investment gains 7,347 13,303 20,650

Reclassification to implement ASU 2016-14:
Aggregate endowment deficiency 1 (1) -
Net endowment investment gains, as reclassified 7,348 13,302 20,650
New gifts and pledges, net of provision for uncollectible pledges - 3,245 3,245
Transfers in (out) - 2,025 2,025
Investment gain on funds held in trust by others - 289 289
Endowment return used for operations (8,264) (6,654) (14,918)
Endowment net assets, end of year $ 95,032 $ 176,058 $ 271,090
From time to time, the fair value of assets associated with individual donor-restricted endowment funds may fall
below the level that the donor or UPMIFA requires the University to retain as a fund of perpetual duration. In
accordance with US GAAP, deficiencies of this nature are reported in net assets with donor restrictions. These
deficiencies resulted from unfavorable market fluctuations that occurred shortly after the investment of new
donor-restricted endowment contributions and from the continued appropriation of earnings on other endowment
funds that were deemed prudent by the University’s Board of Regents.
24

June 30, 2019 and 2018
The following tables reflect the portion of the endowment net asset composition that had deficiencies, along with
the number of deficient funds at June 30, 2019 and 2018:
2019
Net Assets With Donor Restrictions
Original donor-restricted Accumulated
Net Assets Funds gift amount and amounts (losses)
Without Donor held in trust required to be maintained unspent
Restrictions by others in perpetuity by donor earnings Total Total
Quasi-endowment funds $ 94,424 $ - $ - $ - $ - $ 94,424

Endowment funds with deficiencies - - 4,284 (35) 4,249 4,249
Other endowment funds - - 86,833 74,606 161,439 161,439
Other - 9,050 - - 9,050 9,050
- 9,050 91,117 74,571 174,738 174,738
Total endowment funds $ 94,424 $ 9,050 $ 91,117 $ 74,571 $ 174,738 $ 269,162
Number of donor-restricted
endowment funds with deficiencies 36
2018
Net Assets With Donor Restrictions
Original donor-restricted Accumulated
Net Assets Funds gift amount and amounts (losses)
Without Donor held in trust required to be maintained unspent
Restrictions by others in perpetuity by donor earnings Total Total
Quasi-endowment funds $ 95,032 $ - $ - $ - $ - $ 95,032

Endowment funds with deficiencies - - 191 (1) 190 190
Other endowment funds - - 88,103 78,855 166,958 166,958
Other - 8,910 - - 8,910 8,910
- 8,910 88,294 78,854 176,058 176,058
Total endowment funds $ 95,032 $ 8,910 $ 88,294 $ 78,854 $ 176,058 $ 271,090
Number of donor-restricted
endowment funds with deficiencies 4
25

June 30, 2019 and 2018
6. CONTRIBUTIONS RECEIVABLE, NET
Contributions receivable, net, consists of the following unconditional promises to give at June 30, 2019 and 2018:
2019 2018
Amounts expected to be collected:
In one year or less $ 2,805 $ 2,969
Between one and five years 3,855 5,783
In more than five years 7,702 7,393
14,362 16,145
Less: discount to present value (at discount rates ranging
between 1.37% and 5.00%) (2,693) (2,797)
Less: allowance for uncollectible amounts (1,622) (1,875)
$ 10,047 $ 11,473
At June 30, 2019 and 2018, included within contributions receivable were certain trusts totaling $3,527 and
$3,335, respectively. Such trusts are considered Level III assets within the fair value hierarchy. The following
table summarizes the changes in the University’s trusts for the years ended June 30, 2019 and 2018:
2019 2018
Beginning of year $ 3,335 $ 3,628

Additions 480 28
Distributions (288) (321)
End of year $ 3,527 $ 3,335
The University has been notified of certain intentions to give, primarily representing bequests, totaling $44,700.
The University’s share of these intentions to give are recorded when the University has an irrevocable right to the
amount to be given and the proceeds are measurable.
26

June 30, 2019 and 2018
7. PROPERTY AND EQUIPMENT, NET
Property and equipment, net, consists of the following at June 30, 2019 and 2018:
2019 2018
Land improvements $ 10,998 $ 11,754
Buildings and building improvements 519,669 509,634
Capital lease property 11,508 11,508
Furniture, equipment, software and other plant assets 52,277 65,176
594,452 598,072
Less: accumulated depreciation and amortization (281,151) (279,199)
313,301 318,873
Land 2,992 2,992
Construction-in-progress 10,037 4,579
Collections 1,892 1,296
$ 328,222 $ 327,740
Capital lease property at the IHS campus is being amortized over the life of the sublease, which is 23 years and
9 months (Note 17).
Buildings and building improvements include capitalized conditional asset retirement obligations at a cost of
$1,190 at both June 30, 2019 and 2018, with accumulated depreciation of $1,071 and $1,047 at June 30, 2019
and 2018, respectively.
8. UNSECURED LINE OF CREDIT
The University had a $10,000 unsecured line of credit with a bank with an expiration date of June 30,
2019. There were no borrowings under this line of credit in fiscal 2019.
In June 2019, the University extended its line of credit with the same bank through June 30, 2020. Amounts
borrowed under the credit facility will be payable on June 30, 2020, if not paid earlier, with interest payable
monthly at a rate equal to the London Interbank Offered Rate (“LIBOR”) Daily Floating Rate, or a LIBOR rate as
defined, plus 0.75%.
9. DEFINED CONTRIBUTION PLAN AND POSTRETIREMENT BENEFIT OBLIGATIONS
The University participates in the Teachers’ Insurance Annuity Association (“TIAA”) and the College Retirement
Equities Fund (“CREF”) program, a defined contribution plan, for all eligible employees. Vesting provisions are
full and immediate under this plan. Employees who have attained age 21 and have completed two years of
service are required to contribute 4% of their base salary. The University’s contribution is 8% of the employee’s
base salary.
The University also participates in a noncontributory defined benefit pension plan, which is sponsored and
administered solely by the Roman Catholic Archdiocese of Newark, covering all priests who are not covered by
the TIAA-CREF program, and a contributory defined contribution multi-employer plan for certain hourly
employees.
Pension costs for all plans totaled $7,983 in 2019 and $7,878 in 2018. Pension cost is funded currently.
27

June 30, 2019 and 2018
The University provides life insurance benefits to retired staff employees. It also pays out any unused sick time
to staff and maintenance employees that retire while still employed at the University. In fiscal 1997, healthcare
benefits were extended to certain long-term employees as part of a voluntary early retirement incentive program.
In the past, certain other employees were provided with these benefits.
Information with respect to the retiree life insurance and retiree healthcare plans, which are unfunded, for the
years ended June 30, 2019 and 2018, follows:
2019 2018
Change in benefit obligation:
Benefit obligation at beginning of year $ 926 $ 1,090
Service cost 26 19
Interest cost 41 38
Actuarial net loss (gain) 46 (189)
Benefits paid (27) (32)
Accrued benefit cost at end of year 1,012 926
Change in plan assets:

Employer contributions 27 32
Benefits paid (27) (32)
Fair value of plan assets at end of year - -
Unfunded status at end of year $ 1,012 $ 926
Amounts recognized in net assets:

Actuarial net loss $ 253 $ 140
Effect of adoption of recognition provisions (422) (422)
$ (169) $ (282)
2019 2018
Components of net periodic benefit cost:
Service cost $ 26 $ 19
Interest cost 41 38
Amortization of actuarial gain (21) (22)
Net periodic benefit cost $ 46 $ 35
Discount rate for benefit obligation at year-end 3.51 % 4.14 %

Discount rate for net periodic benefit cost at year-end 4.14 % 3.87 %
Effect on total of service and interest cost:

1% point increase $ - $ -
1% point decrease $ - $ -
Effect on benefit obligation:
1% point increase $ 6 $ 11
1% point decrease $ (5) $ (11)
28

June 30, 2019 and 2018
The assumed health care cost trend rate for medical benefits for retirees was 4.5% for fiscal 2019, which was the
ultimate trend rate year. The assumed health care cost trend rate for prescription drug benefits was 8.0% for
fiscal 2019, decreasing to 4.5% by fiscal 2032. The assumed dental cost trend rate for dental benefits for
retirees was 3.0% for fiscal 2019, which was the ultimate trend rate year.
The estimated transition asset, prior service cost, and net actuarial gain for the life and healthcare postretirement
benefit plans that will be amortized into net periodic benefit cost during fiscal 2020 are $0, $0, and ($35),
respectively.
Expected University contributions to the plans for fiscal 2020 and beyond are as follows:
Benefit
Payments
2020 $ 191
2021 103
2022 85
2023 75
2024 79
2025 - 2029 363
No Medicare subsidy is anticipated.
10. BONDS PAYABLE, NET
Bonds payable, net of issuance costs of $1,351 and $1,480, consist of bonds with varying terms and maturity
dates through June 2047 and total $176,139 and $180,949 at June 30, 2019 and 2018, respectively. Cash
interest payments on indebtedness, including capital lease obligation, totaled $7,550 and $5,741 and interest
expense is $7,293 and $6,504 for the years ended June 30, 2019 and 2018, respectively. Interest expense
totaling $400, which is net of interest earnings on unspent bond proceeds of $155, was capitalized to
construction projects during the year ended June 30, 2018. Interest expense was not capitalized in the year
ended June 30, 2019.
29

June 30, 2019 and 2018
Bonds payable consist of the following at June 30, 2019 and 2018:
2019 2018
2017 Series D, 3.50% to 5.00%, due 2047 $ 41,713 $ 41,771
2017 Series E, 2.62% to 4.02%, due 2039 31,915 31,915
2016 Series C, 3.00% to 5.00%, due 2046 37,824 37,909
Improvement Fund Bonds, 2016 Series A, 3.27% to 3.58%, due 2025 1,026 1,041
2015 Series C, 3.00% to 5.00%, due 2037 20,849 21,705
2013 Series D, 3.25% to 5.00%, due 2043 36,437 39,346
Improvement Fund Bonds, 2014 Series D, 4.00% to 5.00%, due 2021 448 656
New Jersey Educational Facilities Authority Higher Education Equipment
Leasing Fund, 2014 Series B, 5.00%, due 2023 168 205
New Jersey Educational Facilities Authority Revenue Refunding
Bonds, 2011 Series A, 4.00% to 5.00%, due 2026 5,547 6,255
Subtotal 177,490 182,429
Less unamortized bond issuance cost (1,351) (1,480)
$ 176,139 $ 180,949
Mortgage bond indenture agreements require that the University pledge revenues and maintain certain funding
for debt repayment. Funds on deposit with bond trustees, pursuant to these provisions, as of June 30, 2019 and
2018, are as follows:
2019 2018
Construction fund $ - $ 28,366
Debt service funds 40 765
$ 40 $ 29,131
Deposits with bond trustees are held in government fixed income securities, money market funds, and cash and
are recorded at fair value. At June 30, 2019, $40 was classified as Level I within the fair value hierarchy. At
June 30, 2018, $9,820 was classified as Level I and $19,311 was classified as Level II. The University had no
lifetime-to-date excess investment return, based on Internal Revenue Service arbitrage bond yield limitations, as
of June 30, 2019 and 2018.
30

June 30, 2019 and 2018
Land and buildings with a carrying value of $76,297 at June 30, 2019 and $78,005 at June 30, 2018 collateralize
the mortgage bonds.
As of June 30, 2019, and 2018, unamortized bond issuance costs total $1,351 and $1,480, respectively, and are
netted against bonds payable in the University’s statements of financial position. Amortization expense for
issuance costs totaled $129 and $143 for the years ended June 30, 2019 and 2018, respectively.
The bonds mature serially in installments through fiscal 2047. The aggregate debt service requirements during
the next five fiscal years and in total thereafter are as follows:
Year ending June 30, Principal Interest Total

2020 $ 4,530 $ 7,131 $ 11,661
2021 4,721 6,912 11,633
2022 3,597 6,679 10,276
2023 3,730 6,546 10,276
2024 3,871 6,405 10,276
Thereafter 151,031 85,325 236,356
171,480 $ 118,998 $ 290,478
Add: unamortized original issuance premium 6,010
Less: unamortized bond issuance cost (1,351)
$ 176,139
11. NET ASSETS
Net assets with donor restrictions are principally restricted for educational and other donor-stipulated purposes.
The composition of net assets with donor restrictions at June 30, 2019 and 2018 is as follows:
2019 2018
Restricted for capital expenditures $ 5,822 $ 8,078

Restricted for educational programs, scholarships and other 19,752 20,737
Donor-restricted endowment funds 174,738 176,058
Net assets with donor restrictions $ 200,312 $ 204,873
Donor-restricted endowment funds include amounts invested in perpetuity and accumulated unspent earnings
(Note 5), with investment earnings principally available to support instruction, research and financial aid.
31

June 30, 2019 and 2018
12. NET ASSETS RELEASED FROM RESTRICTIONS AND RECLASSIFICATIONS
Net assets released from donor-imposed restrictions for the years ended June 30, 2019 and 2018 are as follows:
2019 2018
Financial aid $ 873 $ 962

Academic support 4,223 1,214
Expiration of time restrictions on contributions 2,055 1,360
Reclassifications due to clarification of donor stipulations 36 54
Net assets released from restrictions - operating 7,187 3,590
Expiration of time restrictions on nonoperating contributions
for capital purposes 4,313 644
Net assets released from restrictions $ 11,500 $ 4,234
From time to time, certain funds may be reclassified from net assets with donor restrictions to net assets without
donor restrictions due to the expiration of time restrictions, by performing defined activities or due to the donor
removing stipulations.
13. STUDENT SERVICES REVENUE, NET
The University has various revenue streams that revolve mainly around student enrollment and instruction.
Revenue is generated mainly through tuition, housing, meals and various fees associated with enrollment in the
University. Generally, enrollment and instructional services are billed prior to the beginning of a term, with the
payment due date being within thirty days of the bill date.
Below is a breakdown of student services revenue, net:
2019
Tuition and Fees Housing and Meals Total
Student services revenue $ 349,004 $ 36,210 $ 385,214

Less: financial aid (122,861) (2,964) (125,825)
Student services revenue, net $ 226,143 $ 33,246 $ 259,389
2018
Tuition and Fees Housing and Meals Total
Student services revenue $ 324,571 $ 33,458 $ 358,029

Less: financial aid (110,885) (3,156) (114,041)
Student services revenue, net $ 213,686 $ 30,302 $ 243,988
32

June 30, 2019 and 2018
As part of the University’s performing certain administrative functions during the period up until the SOM receives
full accreditation, the University performs billings and administers financial aid for medical students (Note 1).
The University reimbursed the SOM for net tuition and fees of $2,403 in 2019, as the school commenced
academic operations in July 2018 with the University being the degree-granting institution. This amount is not
reflected in student services revenue in 2019.
14. EXPENSES BY FUNCTIONAL AND NATURAL CLASSIFICATION
The University’s primary program services are instruction and research and public service. Expenses reported
as academic support, student services and auxiliary activities are incurred in support of these primary program
services. Institutional support includes general and administrative expenses of the University. The statements of
activities also report certain categories of expenditures that support more than one major program of the
University. These expenses include operation and maintenance of plant, depreciation expense, and interest
expense.
Expenses by functional and natural classification for the years ended June 30, 2019 and 2018 are as follows:
2019
Final Allocated Natural Expenses
Expenses per
per Financial Totals After Salaries Final Allocated
Statements Allocation Allocation and Benefits Depreciation Interest Other Expenses
Instruction $ 88,307 $ 18,692 $ 106,999 $ 85,798 $ 4,365 $ 3,740 $ 13,096 $ 106,999
Research and public service 6,942 1,254 8,196 4,764 542 40 2,850 8,196
Academic support 41,270 7,589 48,859 31,494 3,798 604 12,963 48,859
Student services 44,929 9,158 54,087 29,080 3,491 1,122 20,394 54,087
Auxiliary support 11,918 21,493 33,411 6,121 5,693 2,252 19,345 33,411
Institutional support 50,664 2,371 53,035 28,390 962 105 23,578 53,035
Operations and maintenance 33,843 (33,843) - - - - - -
Depreciation and amortization 18,851 (18,851) - - - - - -
Interest expense 7,863 (7,863) - - - - - -
Total expenses $ 304,587 $ - $ 304,587 $ 185,647 $ 18,851 $ 7,863 $ 92,226 $ 304,587
2018
Final Allocated Natural Expenses
Expenses per
Financial Totals After Salaries Final Allocated
Statements Allocation Allocation and Benefits Depreciation Interest Other Expenses
Instruction $ 85,681 $ 11,649 $ 97,330 $ 80,883 $ 3,884 $ 3,369 $ 9,194 $ 97,330
Research and public service 7,994 1,221 9,215 5,354 522 40 3,299 9,215
Academic support 40,173 7,552 47,725 30,956 3,762 619 12,388 47,725
Student services 41,176 8,626 49,802 26,901 3,336 813 18,752 49,802
Auxiliary support 10,585 20,596 31,181 7,000 5,333 2,167 16,681 31,181
Institutional support 47,003 2,323 49,326 27,698 973 94 20,561 49,326
Operations and maintenance 27,055 (27,055) - - - - - -
Depreciation and amortization 17,810 (17,810) - - - - - -
Interest expense 7,102 (7,102) - - - - - -
Total expenses $ 284,579 $ - $ 284,579 $ 178,792 $ 17,810 $ 7,102 $ 80,875 $ 284,579
15. FUNDRAISING EXPENSES
Fundraising expenses are included in institutional support in the accompanying statements of activities. For the
years ended June 30, 2019 and 2018, fundraising costs total $7,724 and $7,262, respectively. For purposes of
reporting fundraising expenses, the University includes only those fundraising costs incurred by its development
office.
33

June 30, 2019 and 2018
16. AFFILIATED AND RELATED PARTY TRANSACTIONS
As of June 30, 2018, the University has a net balance due to its affiliate, the SOM, of $97. As result of the
March 19, 2018 agreement between the University and HMH, Kingsland and HMH are no longer affiliates of the
University.
The Roman Catholic Archdiocese of Newark provides support to students in certain programs within the
University’s School of Theology. Additionally, as described in Note 2 as Contributed Services, the Archdiocese
contributes the services of priests whose duties are integral to the operations of the University.
Members of the University’s Board of Regents and senior management may, from time to time, be associated,
either directly or indirectly, with companies doing business with the University. For senior management, the
University requires an annual disclosure of significant financial interests in, or employment or consulting
relationships with, entities doing business with the University. These annual disclosures cover both senior
management and their immediate family members. When such relationships exist, measures are taken to
address the actual or perceived conflict to protect the best interests of the University. The University has a
written conflict of interest policy that requires, among other things, that no member of the Board of Regents or its
Committees can participate in any decision in which he or she (or an immediate family member) has a material
financial interest. Each Regent is required to certify compliance with the conflict of interest policy on an annual
basis and indicate whether the University does business with an entity in which a Regent has a material financial
interest. When such relationships exist, measures are taken to mitigate any actual or perceived conflict,
including requiring that such transactions be conducted at arm’s length, for good and sufficient consideration,
based on terms that are fair and reasonable to and for the benefit of the University, and in accordance with
relevant conflict of interest laws. The University is unaware of any such associations considered to be
significant.
17. KINGSLAND LEASE AND SUBLEASE
In June 2016, Kingsland signed an agreement with a real estate development firm for Kingsland to lease and
renovate a building in Township of Nutley and the City of Clifton, New Jersey, which building was to serve as the
location for the IHS campus. The financial obligations of Kingsland under the lease were guaranteed jointly and
severally by the University and HUMC up until March 19, 2018 when all costs associated with the lease were
transferred to HMH, and the University became a subtenant under a sublease with Kingsland (see below). The
University was responsible for 46.8% of lease and all related costs, which included its share of space for the
SOM, along with its CON and SHMS. The term of the lease, which began on September 29, 2016, is twenty-five
years and three months, with four ten-year renewal options. Rent was free for the first 15 months of the lease.
For the next five years, rent per year is $2,000, $4,000, $6,000, $7,000 and $7,000, in that order. Thereafter,
rent will increase by 2.5% per year. Kingsland is responsible for paying all costs associated with operating and
maintaining the leased premises, including taxes (or payment in lieu of tax obligations).
As part of the lease agreement, the landlord was responsible for providing a $40,000 tenant improvement
allowance to Kingsland. On September 29, 2016, Kingsland received from the landlord $25,000 of the $40,000
tenant improvement allowance, which, after paying broker commissions, lease advisory costs, title insurance,
and other insurance costs, netted to $21,214. Kingsland could fund the remaining $15,000 of the tenant
improvement allowance, at the landlord’s discretion, in exchange for a bargain purchase option which allows
Kingsland to purchase the property for one dollar at the end of the lease and transfer the property equally to
HUMC and the University. Kingsland funded the $15,000 through a capital contribution from HUMC to Kingsland
in early October 2016.The landlord had the option to reimburse from Kingsland the $15,000 portion of the tenant
improvement allowance by the end of the third year of the lease term in order to buy back the one-dollar
purchase option available at the end of the lease. If this payment had been made, it was to be paid by Kingsland
to the University, under a separate agreement, to help fund the University’s capital spending commitment for
renovation costs. The University had recorded $15,000 in other receivables, net, in the accompanying statement
34

June 30, 2019 and 2018
of financial position at June 30, 2018. This payment was not paid by the landlord to Kingsland by September 29,
2019, three years into the lease term, which means the University will co-own the property with HUMC at the end
of the Kingsland lease. Accordingly, the $15,000 receivable was written-off by the University in 2019. The
$15,000 is included in other expense in nonoperating activities in the accompanying statement of activities for
2019 (Note 2).
In accordance with the operating agreement that the University and HUMC had with Kingsland, renovation costs
at the IHS campus were first funded with the landlord tenant improvement allowance and the HUMC capital
contribution. The next $30,000 of renovation costs were funded by the University, with the remainder funded
equally by HMH and the University.
The March 19, 2018 agreement between the University and HMH (Note 1) transferred all costs associated with
the Kingsland lease to HMH. It did not change the renovation funding commitments outlined above, and it did
not change the one-dollar purchase option that transfers the property equally to HMH and the University at the
end of the lease. Effective March 19, 2018, the University began charging all renovation costs associated with
the IHS campus to prepaid expenses and other assets and began amortizing these costs over the life of the
sublease.
Under the terms of the sublease between Kingsland and the University effective March 19, 2018 (Note 1), the
University’s share of the costs associated with the Kingsland lease referred to above changed to 41.5% of the
rent and all related costs. This covers its dedicated space for the University’s CON and SHMS, along with
academic space shared with the SOM. Only the portion of the sublease related to dedicated space meets the
definition of a lease under accounting rules. It is being accounted for by the University as a capital lease. The
portion of the monthly rent related to shared space is being expensed as occupancy cost. The University is also
responsible for its proportionate share of improvements, as defined. The sublease will expire one day prior to the
expiration of the Kingsland lease. If the Kingsland lease is still in effect, the University will have the right to
renew its sublease for consecutive five years options.
The following is a summary of the future payments for the capital lease obligation:
Capital Lease
Year ending June 30, Obligation
2020 $ 482
2021 626
2022 675
2023 683
2024 700
Thereafter 15,514
18,680
Less: Interest imputed at a rate of 4% (7,172)
$ 11,508
18. COMMITMENTS AND CONTINGENCIES
Amounts received and expended by the University under various federal and state programs are subject to audit
by governmental agencies. In the opinion of management, audit adjustments, if any, would not have a material
effect on the financial position, changes in net assets or cash flows of the University.
35

June 30, 2019 and 2018
In conducting its educational activities, the University from time to time enters operating leases for office,
technology, or other equipment. Total rental expense for the years ended June 30, 2019 and 2018 totaled
$1,381 and $603, respectively and includes the portion of the monthly rent associated with shared space under
the sublease with Kingsland (Note 17). Remaining future minimum rental payments under such leases, including
the portion of the monthly rent related to shared space associated with the University’s sublease with Kingsland,
and under employment contracts are as follows:
Year ending June 30,

2020 $ 5,504
2021 5,397
2022 5,635
2023 5,737
2024 5,862
Thereafter 51,285
$ 79,420
The University has entered into various construction contracts associated with its South Orange Campus; such
future unpaid obligations per contractual arrangements total $12,173 at June 30, 2019, of which $3,013
represents costs incurred that are included in accounts payable and accrued expenses in the accompanying
2019 statement of financial position. The University’s remaining renovation funding requirement associated with
the IHS campus (Note 17) is not material.
In the normal course of its operations, the University is a party to various legal proceedings and complaints,
some of which are covered by insurance. While it is not feasible to predict the ultimate outcomes of such
matters, management of the University is not aware of any claims or contingencies, which are not covered by
insurance that would have a material adverse effect on the University’s financial position, changes in net assets
or cash flows.
19. EQUITY METHOD INVESTMENTS
The University accounted for its investments in Kingsland and the SOM under the equity method of accounting.
The balances of these investments at June 30, 2019 and 2018 were zero.
Kingsland’s status as an equity method investment ended on March 19, 2018 (Note 1). As a result, the
University recorded its share in the change in Kingsland’s net assets and wrote off its investment in Kingsland
which together totaled $6,990 at March 19, 2018. It is included in equity method investments’ loss within
nonoperating activities in the accompanying statements of activities for the year ended June 30, 2018.
The University’s share of the change in net assets of the SOM resulted in the University’s investment in the SOM
being reduced to zero at June 30, 2018. As a result of the University’s March 19, 2018 agreement with HMH, the
entire financial responsibility for the SOM and control of it was transferred to HMH effective July 1, 2018 (Note 1),
which ended the SOM’s status as an equity method investment.
36

June 30, 2019 and 2018
The composition of the University’s equity method investments’ loss at June 30, 2018, and financial position of
the SOM at June 30, 2018 is summarized below.
Composition of equity method investment loss at June 30, 2018:

University’s share in change in SOM's net assets $ 2,958
University’s share in change in Kingsland's net assets and write-off of
Kingsland equity method investment 6,990
Equity method investments loss $ 9,948
Condensed June 30, 2018 SOM statement of financial position information:

Cash $ 4,500
Other assets 244
Total assets $ 4,744
Accounts payable and accrued expenses $ 1,169

Deferred revenue 4,506
Net assets (931)
Total liabilities and net assets $ 4,744
20. LIQUIDITY AND AVAILABILITY OF RESOURCES
The University regularly monitors liquidity required to meet its operating needs and other contractual
commitments, while also striving to maximize the investment of its available funds.
The University has various sources of liquidity at its disposal, including cash and cash equivalents, marketable
equity securities, commercial paper investments, and a line of credit (Note 8).
For purposes of analyzing resources available to meet general expenditures over a 12-month period, the
university considers all expenditures related to its ongoing activities of teaching, research, and public service as
well as the conduct of services undertaken to support those activities to be general expenditures.
Cash and loans associated with student loan programs, primarily the federal Perkins loan program, are not
available to meet current operating needs. The federal share of Perkins cash and future collections of loans are
refundable to federal government (Note 3). In the case of other loan programs, principal and interest on these
loans are used to make new loans and are therefore not available to meet current operating needs.
In addition to financial assets available to meet general expenditures over the next 12 months, the university
operates with a balanced budget and anticipates collecting enough revenue to cover general expenditures not
covered by donor-restricted resources.
37

June 30, 2019 and 2018
As of June 30, 2019, the following University financial assets and resources could readily be made available to
meet general expenditures within one year:
Financial Assets:
Cash and cash equivalents $ 39,832
Less: cash associated with student loan programs (3,185) $ 36,647
Student accounts receivable, net 9,306
Other receivables, net 382
Pledges receivables, net 2,286
Payout on endowments and quasi-endowments for use over next 12 months 11,196
Investments not subject to donor or board restrictions 11,498
Total financial assets available within one year 71,315
Liquidity Resources:
Bank line of credit (Note 8) 10,000
Total financial assets and resources available within one year $ 81,315
38
Schedules of Operations and Changes in Net Assets Without Donor Restrictions

2019 2018
Operations Designated Plant Total Operations Designated Plant Total

Operating revenues and support
Student services revenue, net $ 264,507 $ (5,118) $ - $ 259,389 $ 249,279 $ (5,291) $ - $ 243,988
Grants, contracts and government appropriations 111 7,391 107 7,609 109 7,952 - 8,061
Contributions 3,087 2,707 - 5,794 4,211 1,486 - 5,697
Endowment return used for operations 6,212 5,374 - 11,586 7,944 5,423 - 13,367
Other investment income 830 428 1,436 2,694 279 359 1,478 2,116
Other revenues 12,506 2,770 497 15,773 12,088 1,832 155 14,075
Net assets released from restrictions and reclassifications - 7,187 - 7,187 - 3,590 - 3,590
Total operating revenues and support 287,253 20,739 2,040 310,032 273,910 15,351 1,633 290,894
Operating expenses
Instruction 85,087 3,220 - 88,307 82,379 3,100 202 85,681
Research and public service 1,888 5,054 - 6,942 2,016 5,978 - 7,994
Academic support 36,130 1,829 3,311 41,270 35,200 1,720 3,253 40,173
Student services 42,164 2,765 - 44,929 39,495 1,681 - 41,176
Auxiliary activities 11,876 42 - 11,918 10,372 213 - 10,585
Institutional support 48,372 1,962 330 50,664 45,137 1,528 338 47,003
Operations and maintenance 33,725 6 112 33,843 26,825 22 208 27,055
Depreciation and amortization - - 18,851 18,851 - - 17,810 17,810
Interest expense - - 7,863 7,863 - - 7,102 7,102
Total operating expenses 259,242 14,878 30,467 304,587 241,424 14,242 28,913 284,579
Transfers
Mandatory transfers for debt service and other (12,068) - 12,068 - (10,040) - 10,040 -
Matching and other contributions (594) 594 - - (299) 299 - -
Property, equipment and other (14,309) (514) 14,823 - (19,095) 292 18,803 -
Total transfers (26,971) 80 26,891 - (29,434) 591 28,843 -
Changes in net assets from operating activities 1,040 5,941 (1,536) 5,445 3,052 1,700 1,563 6,315
Nonoperating activities
Net endowment investment return - 2,108 - 2,108 - 7,348 - 7,348
Endowment return used for operations - (6,625) - (6,625) - (8,264) - (8,264)
Equity method investments' loss - - - - (9,948) - - (9,948)
Capital gifts for buildings and endowment - - 23 23 - - 27 27
Recovery (provision) for uncollectible contributions receivable - - 17 17 - - (14) (14)
(Loss) gain on asset dispositions - - (407) (407) - - 4 4
Other-primarily medical school activity (15,148) - - (15,148) (698) (15,000) - (15,698)
Net assets released from restrictions for capital expenditures - - 4,313 4,313 - - 644 644
Legal Investigation (3,089) - - (3,089) - - - -
Grant revenue for capital expenditures - 76 - 76 - 15,542 - 15,542
Nonoperating transfers - (76) 76 - - (542) 542 -
Changes in net assets from nonoperating activities (18,237) (4,517) 4,022 (18,732) (10,646) (916) 1,203 (10,359)
Total changes in net assets without donor restrictions $ (17,197) $ 1,424 $ 2,486 $ (13,287) $ (7,594) $ 784 $ 2,766 $ (4,044)
This schedule should be read in conjunction with the accompanying financial statements, notes and report thereto. 39
Notes to the Schedule of Operations and Changes in Net Assets Without Donor Restrictions
The Schedule of Operations and Changes in Net Assets Without Donor Restrictions is an “all funds” schedule
presenting revenues and expenses by net asset class, which is provided for informational purposes. The columnar
classification reflects the various budgetary categories and operations of the University. Net Assets Without Donor
Restrictions are composed of the following subgroups:
Operating Funds - All revenue received and all expenses for general operations are presented in this subgroup.
These are the funds that are part of the budget approved by the Board of Regents and managed by departments
across the campus. Unlike restricted funds, these areas are directly influenced by institutional policy and
management decisions and therefore can be budgeted closely. The University manages itself and prepares its
budget under fund accounting. The focal point of the operating budget is the current unrestricted fund.
Designated Funds - Designated funds include grants, contracts, gifts, student loan funds, quasi-endowment,
and spendable endowment income for specific purposes designated by management, Regents, or an external
sponsor or donor, consistent with the concept of simultaneous release. Additions and gifts to the donor-restricted
endowment are reflected as part of net assets with donor restrictions and are not shown on this schedule.
Plant Funds - This fund group includes the University’s buildings, land and equipment and noncapitalized plant-
related expenses. The University’s debt service and depreciation and amortization expenses are charged to
these funds as well.
The accompanying Schedule of Operations and Changes in Net Assets Without Donor Restrictions includes inter-
fund transfers, which are made for several managerial purposes, such as debt service, quasi-endowment allocations,
capital contributions to federal programs and similar purposes, and other transfers of resources between and among
funds. These transfers are budgeted but eliminated for financial statement presentation purposes.
40
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Trustee
Indenture
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NJEFA Preliminary Official Statement

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NJEFA Preliminary Official Statement

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the solicitation of an offer to buy nor shall there be any sale of the securities offered hereby in any jurisdiction

NEW ISSUES - BOOK-ENTRY ONLY See “RATINGS” herein

$32,720,000* Revenue Bonds, Seton Hall University Issue,

$______* 2020 Series C Serial Bonds

$77,235,000* Revenue Bonds, Seton Hall University Issue,

$______* 2020 Series D Serial Bonds

Purchase of Ownership Interests

Discontinuance of Book-Entry-Only System

Obligations of University Unconditional

Maintenance and Operation of the Project

Fall 2020 Enrollment Updates

Original Issue Premium

Changes in Federal Tax Law Regarding the 2020 Series C Bonds

Sale or Redemption of the 2020 Series D Bonds

Foreign 2020 Series D Bonds Owners

inspire students to reach beyond their grasp

The Stillman Exchange

U.S. News & World Report’s

U.S. News & World Report

(excludes 2nd Degree)

• University Center Exterior and Interior Renovations

• South Boland Renovation and New Lobby

REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS

We have audited the accompanying financial statements of Seton Hall

Management’s responsibility for the financial statements

An audit involves performing procedures to obtain audit evidence about the

We believe that the audit evidence we have obtained is sufficient and

GT.COM U.S. member firm of Grant Thornton International Ltd

Iselin, New Jersey

Statements of Financial Position

Assets 2019 2018

Cash and cash equivalents $ 39,832 $ 15,772

Liabilities and Net Assets

Total net assets 440,653 458,501

The accompanying notes are an integral part of these financial statements.

The accompanying notes are an integral part of these financial statements.

Statements of Cash Flows

The accompanying notes are an integral part of these financial statements. 5

Notes to Financial Statements

Notes to Financial Statements

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Notes to Financial Statements

June 30, 2018

June 30, 2017

Notes to Financial Statements

Contributions, Grants, Contracts and Government Appropriations

Notes to Financial Statements

Debt Issuance Costs

Concentrations of Credit Risk

Student Loans and Accounts Receivable

Notes to Financial Statements

Fair Value of Financial Instruments

Funds Held in Trust by Others

Notes to Financial Statements

Cash and Cash Equivalents

Other Receivables, Net

Property and Equipment

The University expenses the cost of library books upon acquisition.

Deferred Revenue and Deposits

Notes to Financial Statements

Revenue Cash received

Refundable U.S. Government Grants

Split-Interest Agreements and Annuities Payable

Notes to Financial Statements