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The University of Michigan released its 2023 Annual Report, highlighting its financial, environmental, and academic achievements during the fiscal year under President Santa Ono. The report noted an increase of $529 million in the university’s endowment, valued at $17.9 billion, and total research expenditures amounting to a record $1.86 billion, supporting an 8.1% increase in research volume. The report also covered significant monetary donations, increased tuition rates and financial aid commitments, construction of new facilities, and the ‘Vision 2034’ strategic plan aimed at increasing inclusivity, leadership, and community values on campus.
University of Michigan 2023 Annual Report: Major Highlights
The University of Michigan publicly launched its 2023 Annual Report on Dec. 31, underlining its accomplishments in various sectors as a top-tier university and hospital system. The report reflects a successful fiscal year under the leadership of President Santa Ono, who assumed office on Oct. 14, 2022.
President Ono’s opening message sets the tone for the report, reaffirming the University’s commitment to local and global advancement.
Financial Achievements
The complete financial statements revealed a $17.9 billion endowment for the University, a $529 million increase from last fiscal year. The report by Geoffery Chatas, Executive Vice President and CFO, acknowledges the robust performance of the Long Term Portfolio, including the University Endowment Fund.
Beyond rising tuition rates, the University also increased financial aid commitments by 5% at the Ann Arbor campus, 12% at Dearborn, and 9% at Flint. U-M received notable donations, including a $50 million gift from the Marsal family towards the Marsal Family School of Education.
Academic Achievements
In the past fiscal year, U-M’s $1.86 billion in annual research expenditures supported an 8.1% increase in total research volume and led to 25 startup companies and 580 new inventions. Michigan Medicine generated $7 billion in clinical care revenue with the addition of the Sparrow Health System.
The University made notable investments in arts and research, pledging $20 million to the Arts Initiative and $63.7 million to M-PACT, a biomedical and health sciences program focused on inclusivity and diversity.
Green Initiatives & Future Plans
The University showed progress in sustainability with initiatives like the installation of 25 megawatts of solar panels across campuses and the construction of the $130 million Electric Vehicle Center.
Looking to the future, President Ono revealed a 10-year strategy called Vision 2034, focusing on DEI, sustainability, and strategic planning for the University and Michigan Medicine.
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