Quinnipiac University’s most recent audit, from fiscal year 2024-25, shows an increase in revenue and assets, as well as reported “significant deficiencies.”
Quinnipiac ended fiscal year 2024-25 with a total operating revenue of $394 million — an approximate 8% increase from the previous year. The majority of the university’s revenue comes from tuition and fees.
The university’s total assets increased as well, by about 4.4%, from just under $2 billion to just over $2 billion.
As for investments, Quinnipiac once again saw an increase from the previous year, from $764 million to $792 million. The university invests “in a combination of stocks, fixed income securities, money market funds, mutual funds, private equity funds and alternative investments, including hedge funds,” according to the audit.
The bulk of Quinnipiac’s investments held at fair value in 2024-25 were stocks and equity mutual funds, specifically, $556 million.
Quinnipiac’s total expenditures of federal awards was $127 million — in other words, the amount of federal government money the university received and used across all federal programs and grants.
In regard to federal programs the university complied “in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on each of its major federal programs,” according to the audit.
There were no material weaknesses or significant deficiencies reported in financial statements. In federal awards there were no reported material weaknesses, however the university was flagged for identified “significant deficiencies.”
The first is in regard to direct loans. The auditors found that of 40 students selected for eligibility testing, “two students within the sample had incorrect allocations of Direct Loans based upon their specific circumstances.”
For one instance, a student was under-awarded Subsidized Direct Loans.
“The student should have been allocated a portion of subsidized loan funds before being awarded all unsubsidized loan funds,” according to the audit.
The other student was also under-awarded Subsidized Direct Loans. In this instance, “based on their demonstrated financial need, the student should have received additional subsidized loan funds before being awarded unsubsidized loan funds.”
The auditors recommend “periodic quality control reports to allow for further accuracy checks.”
Quinnipiac was also flagged for a “significant deficiency” in internal control over compliance in enrollment reporting.
For context, enrollment information — which includes the date a student separates from the university — “must be accurately reported within 30 days whenever attendance changes for a student, unless a roster will be submitted within 60 days.”
This includes reductions or increases in attendance levels, withdrawals, graduations and approved leaves of absence.
The university is responsible for monitoring and reporting those changes to the National Student Loan Data System (NSLDS), as it is a participant in the Title IV aid programs.
In the most recent audit, out of eight students selected, one student was reported to the NSLDS outside the 60-day window.
The audit reports that this was caused by a “delay in communication of graduated status to the Registrar for NSLDS reporting purposes.”
“The university does not comment on its finances,” John Morgan, associate vice president for public relations, wrote in a statement to The Chronicle.
