ALAMOSA — Adams State University is on firm financial footing heading into 2020.
During the Board of Trustees meeting on Friday, ASU Chief Financial Officer, Heather Heersink’s report indicated an increase in net position of $9.1 million.
Chris Lopez, Communications Director for ASU, noted that the total assets for Adams State at the end of the 2019 fiscal year were $137,244,228 versus $135,438,097 in the fiscal year 2018.
That number includes buildings, land, cash, etc.
Current assets for ASU stand at $31,090,743 for the fiscal year 2019 in comparison to $22,562,306 at the end of the fiscal year 2018.
“The $9 million turnaround is significant,” he added.
Cash or cash equivalents at the end of the fiscal year 2019 were $28,627,143 versus $19,563,422 end of the 2018 fiscal year.
The fiscal year is July 1 to June 30. So a new budget begins every July 1 and ends the following year, June 30.
Adams State is now in the fiscal year 2020 budget.
Heersink also was quick to point out that expenses for the third period remained flat.
“It’s nice that you can definitely see the improvement,” she said.
The success was attributed in part to the implementation of the universities’ Financial Action Plan.
The board commended the work that Heersink and her team have done to get Adams State to such a positive place after a seemingly tumultuous past several years.
It was duly noted by the group that there are still questions that remain regarding funding and upcoming legislation related to paid leave.
It remains to be seen how those issues will affect Adams State moving forward. However, there was a tangible sense of optimism thanks to the current numbers.