Department of Education

HOWARD UNIVERSITY

Fiscal Year 2014 Budget Request

CONTENTS

Page

Appropriations Language ........................................................................................................U-1

Analysis of Language Provisions and Changes.......................................................................U-2

Appropriation Adjustments and Transfers ...............................................................................U-3

Authorizing Legislation............................................................................................................U-4

Appropriations History.............................................................................................................U-5

Howard University ..........................................................................................................U-6
HOWARD UNIVERSITY

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Appropriations Language

For partial support of Howard University, $234,064,000, of which not less than $3,593,000 

shall be for a matching endowment grant pursuant to the Howard University Endowment Act 

and shall remain available until expended.1

NOTES

A full-year 2013 appropriation for this account was not enacted at the time the budget was prepared; therefore, 

this account is operating under a continuing resolution (P.L. 112-175). The amounts included for 2013 reflect the 

annualized level provided by the continuing resolution.

Each language provision that is followed by a footnote reference is explained in the Analysis of Language 

Provisions and Changes document, which follows the appropriation language.
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Analysis of Language Provisions and Changes

Language Provision Explanation

1 ... of which not less than $3,593,000 shall 

be for a matching endowment grant pursuant 

to the Howard University Endowment Act and 

shall remain available until expended.

This language establishes a minimum 

funding level for the endowment program. 

Endowment funds would remain available for 

obligation until expended.
HOWARD UNIVERSITY

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Appropriation Adjustments and Transfers

(dollars in thousands)

Appropriation/Adjustments/Transfers 2012 2013 2014

Discretionary:

Appropriation ............................................... $234,507 $234,064 $234,064

Across-the-board reduction (P.L. 112-74).... -443 0 0

Across-the-board increase (P.L. 112-175) 0 +1,432 0

Total, adjusted discretionary appropriation....... 234,064 235,496 234,064
HOWARD UNIVERSITY

Authorizing Legislation

(dollars in thousands)

Activity

2013

Authorized

Footnotefootnote

2013

Estimate

Footnote

2014

Authorized

Footnote

2014

Request

Footnote

General support (20 U.S.C. 121 et seq.) Indefinite $205,230

1

Indefinite $205,230

Endowment program (P.L. 98-480) 2 3 2 3

Howard University Hospital (20 U.S.C. 128) Indefinite 28,833 Indefinite 28,833

Total definite authorization 0 0

Total appropriation 234,064 234,064

Total appropriation including 0.612 percent ATB increase 235,496

1 The University has discretion to allocate funds for activities authorized under the general statute for Howard University.

2 Title II of P.L. 98-480, the Howard University Endowment Act, authorized $2,000 thousand in fiscal year 1985 to establish an endowment program. 

Subsequent year appropriations language has authorized minimum funding levels for the endowment program under the terms and conditions of the Act.

3 The University must allocate at least $3,593 thousand for the endowment program.

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HOWARD UNIVERSITY

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Appropriations History

(dollars in thousands)

Year

Budget 

Estimate 

to Congress

House 

Allowance Footnote

Senate 

Allowance Footnote Appropriation

2005 $238,763 $243,893 $239,763 $238,789

2006 238,780 240,790 238,789 237,392

2007 237,392 N/A 1 N/A 1 233,866

2008 233,866 237,392 237,392 233,245

2009 233,245 236,709 2 233,244 2 234,977

2010 234,977 234,977 234,977 3 234,977

2011 234,977 234,977 4 234,977 3 234,507 5

2012 234,507 234,507 6 234,507 6 234,064

2013 234,064 234,064 7 234,064 7 235,496 8

2014 234,064

 

1 This account operated under a full-year continuing resolution (P.L. 110-5). House and Senate allowances are 

shown as N/A (Not Available) because neither body passed a separate appropriations bill. 2 The levels for the House and Senate allowances reflect action on the regular annual 2009 appropriations bill, 

which proceeded in the 110th Congress only through the House Subcommittee and the Senate Committee. 3 The level for the Senate allowance reflects Committee action only. 4 The level for the House allowance reflects the House-passed full-year continuing resolution. 5 The level for appropriation reflects the Department of Defense and Full-Year Continuing Appropriations Act, 2011 

(P.L. 112-10). 6 The level for the House allowance reflects an introduced bill and the level for the Senate allowance reflects 

Senate Committee action only. 7 The levels for the House and Senate allowances reflect action on the regular annual 2013 appropriations bill, 

which proceeded in the 112th Congress only through the House Subcommittee and the Senate Committee. 8 The amount shown includes the 0.612 percent across-the-board increase provided by P.L. 112-175, in effect 

through March 27, 2013. 
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Howard University

(20 U.S.C. 121, et seq.)

(dollars in thousands)

FY 2014 Authorization: Indefinite

Period of Fund Availability Footnote

2012 2013 2014

Footnote

Change

from 2012

General Support $205,230 $205,230 1 $205,230 0

Howard University Hospital 28,834 28,834 28,834 0

Total 234,064 234,064 2 234,064 0

 

1 The University has discretion to allocate funds for activities authorized under the general statute for Howard 

University. However, the 2012 appropriation required the University to allocate at least $3,593 thousand for the 

endowment program. The Administration proposes the same language for 2014. 2 Excludes a 0.612 percent across-the-board increase provided in P.L. 112-175.

PROGRAM DESCRIPTION

Howard University was established in 1867 as a federally chartered, private, nonprofit 

educational institution. As a comprehensive, research-oriented, predominantly AfricanAmerican university, its mission is to provide a high-quality educational experience at 

reasonable cost. The annual appropriation for Howard University provides partial support for 

construction, development, improvement, endowment, and maintenance of the University and 

Howard University Hospital. Howard University has discretion in allocating funds for its 

academic, research, and endowment programs, and for construction activities. 

Academic Programs—Howard University currently has approximately 11,115 students, of 

whom 7,496 are undergraduate students, 2,078 are graduate students, and 1,541 are enrolled 

in professional degree programs. The University offers 27 bachelor, 18 masters, 3 doctoral, and 

5 professional degrees, as well as 5 professional certifications and 5 dual degrees, in 

approximately 181 fields of study. There are 12 academic schools and colleges including: Arts 

and Sciences; Business; Communications; Dentistry; Divinity; Education; Engineering, 

Architecture and Computer Sciences; Graduate School; Law; Medicine; Pharmacy, Nursing and 

Allied Health Sciences; and Social Work. 

To support these academic programs, the University provides a wide range of administrative, 

library, computer, and technology resources. As part of Howard University’s mission to provide 

disadvantaged students with a quality education at a reasonable cost, Howard’s tuition, which is 

$22,883 for an entering undergraduate student in academic year 2012-2013, is well below that 

of nearby private schools. In comparison, the tuition for an entering undergraduate student at 

George Washington University is $45,735 and at Georgetown University is $42,360. 
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Research Programs—The University’s research programs provide support for doctoral and 

post-doctoral research in scientific disciplines, pilot studies by interdisciplinary faculty teams, 

and the purchase of laboratory equipment. In addition, they provide new faculty with start-up 

research funding and offer bridge support for externally funded research programs. 

Endowment Program—Howard University's endowment program is designed to assist the 

University in increasing its financial strength and independence by stimulating private 

contributions. To receive Federal endowment funds, the University must provide a one-for-one 

match through non-Federal contributions to the endowment. Through low-risk investments, the 

endowment fund continues to grow by generating income that may be used to pay University 

expenses. However, Howard University may withdraw no more than 50 percent of the yearly 

income, except in the case of a financial emergency or another unusual occurrence.

Construction—Howard University has discretion in allocating funds for capital construction and 

renovation of University buildings to maintain and improve the University’s ability to provide 

high-quality postsecondary education and research opportunities. The major construction 

projects currently underway include the Interdisciplinary Science and Engineering Center, which 

will include new facilities for biomedicine, computational sciences, and engineering.

Howard University’s Allocation of Resources for 2012 (dollars in thousands)

Program Category

Funding Source Total 

Expenditures Federal 

Appropriation1

Tuition and 

Fees

Other 

Revenues

Academic Instruction $77,443 $103,381 $27,377 $211,4412

Divinity School 0 1,669 0 2,8132

Research 0 0 40,068 40,068

Chapel 0 1,651 0 1,651

Public Service 8,585 0 8,585

Academic Support 38,625 0 38,625

Student Services 26,872 0 26,872

Institutional Support 79,042 41,858 18,919 139,819

Patient Care 0 0 312,286 297,1942

Auxiliary Enterprises 0 0 74,826 74,826

Depreciation Expense 3,927 0 0 3,9273

Debt Service - Interest 2,152 0 0 2,1523

 1 In addition to the funds shown above, Congress appropriated $3.6 million in fiscal year 2012 for the Howard 

University Endowment program, which the University matched. In addition, Howard matched $899 thousand in 

endowment funds carried over from prior years. 2 Resources in excess of total expenditures constitute an operating surplus, while total expenditures in excess of 

resources constitute an operating deficit. 3 Howard assigns costs associated with depreciation expenses and interest on debt service to each program based 

on a square footage calculation. In general, these costs are paid for using non-Federal appropriation funds. The 

Federal appropriation only supports depreciation expenses and interest on debt service when a program’s other 

funding sources are insufficient to cover the costs.
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Howard University Hospital—Howard University Hospital was established in 1862 as 

Freedmen’s Hospital and was incorporated into Howard University by Congress in 1962. 

Today, Howard University Hospital serves as a major acute and ambulatory care center for the 

inner city of Washington, DC, receiving over 10,800 admissions and 59,000 emergency room 

visits annually. Hospital operations are financed through a combination of Federal funds, 

hospitalization insurance and Medicare payments, and contractual agreements for patient care 

services with the Washington, DC, government, and other local jurisdictions. The Hospital is 

also a major teaching and training facility for nurses, paramedics, and physicians, providing 

training for approximately 453 medical school students and 370 dentistry students annually. 

The price of Howard’s medical school 2012-2013 tuition and fees is $47,104 for first-year 

students. In comparison, the George Washington University School of Medicine charges 

$50,906 and the Georgetown University School of Medicine charges $50,920. The affordability 

of the School of Medicine at Howard University also compares favorably with local public 

schools; for example, the tuition and fees for the University of Virginia School of Medicine are 

$43,378 for Virginia residents and $53,482 for non-residents.

Funding levels for the past 5 fiscal years were:

Fiscal Year (dollars in thousands)

2009 ................................................................................. $234,977

2010 ................................................................................... 234,977

2011 ................................................................................... 234,507

2012 ................................................................................... 234,064

2013 ................................................................................... 234,064 1

 1 Excludes a 0.612 percent across-the-board increase provided in P.L. 112-175.

FY 2014 BUDGET REQUEST

The Administration requests $234.1 million for Howard University in fiscal year 2014, the same 

as the 2012 level. Federal funds, which provided approximately 43 percent of Howard 

University’s operating costs in fiscal year 2012, are needed for the University to maintain its 

current level of educational services and for the Hospital to continue offering healthcare 

services. This request supports the Administration’s goal to increase access to postsecondary 

education, particularly for low-income students. As a congressionally chartered Historically 

Black College or University serving students from throughout the Nation, Howard University 

plays an important role in providing disadvantaged individuals, particularly African Americans, 

with access to a high-quality postsecondary education. 

Of the amount requested, $205.2 million would be allocated under General Support to the 

University. General Support includes Howard University’s academic programs, research 

programs, endowment program, and construction. Within this amount, $3.6 million would be 

earmarked to continue building Howard University’s endowment. The University would be 

required to increase the endowment by at least an equal amount. The Department believes that 

earmarking a minimum dollar level to be allocated for the endowment will continue to encourage 

the University to increase its financial strength and independence from Federal support. The 

Administration’s request also includes $28.8 million for the Howard University Hospital. Federal 

support for the Hospital enables it to provide medical, dental, and other health-related 

education, research, training, and service opportunities for students. 
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PROGRAM OUTPUT MEASURES (dollars in thousands)

Measures 2012 otnotesF o2013 Fo2014 Fo

Student population by enrollment:

Number of full-time undergraduate students 6,504 6,502 6,500

Number of full-time graduate students 2,888 2,940 2,990

Total number of full-time students 9,392 9,442 9,490

Total number of undergraduate students 7,498 7,496 7,450

Total number of graduate students 3,589 3,619 3,690

Total number of students 11,087 11,115 11,140

Student population by race:

Number of Black U.S. undergraduate students 7,199 7,200 7,150

Number of other U.S. undergraduate students 81 85 90

Number of foreign undergraduate students 218 221 210

Number of Black U.S. graduate students 2,973 3,000 3,055

Number of other U.S. graduate students 293 295 305

Number of foreign graduate students 323 325 330

Student population by family income:

Number of undergraduates with family income of 

less than $40,000

2,911 2,756 2,750

Number of graduate students with family income 

of less than $40,000

1,841 1,464 1,460

Undergraduate student financial aid:

Number of U.S. students receiving Federal aid 6,843 6,477 6,500

Average amount of aid $15,571 $12,687 $12,700

Number of U.S. students receiving non-Fed’l aid 5,861 4,662 4,772

Average amount of aid $7,845 $9,098 $9,500

Num. of foreign students receiving non-Fed’l aid 237 195 180

Average amount of aid $10,171 $10,561 $11,000

Graduate student financial aid:

Number of U.S. students receiving Federal aid 2,251 2,200 2,250

Average amount of aid $14,229 $27,019 $27,019

Number of U.S. students receiving non-Fed’l aid 1,457 911 1,019

Average amount of aid $10,716 $12,640 $12,640

Num. of foreign students receiving non-Fed’l aid 228 215 205

Average amount of aid $13,808 $19,658 $19,658 _____________________________

NOTE: All data have been provided by Howard University. The data reflect activity during the University's 

academic year, which runs from July 1 to June 30. 2013 excludes a 0.612 percent across-the-board increase 

provided in P.L. 112-175.
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PROGRAM OUTPUT MEASURES (dollars in thousands)

Measures 2012 F

o

2013F

o

2014

Degrees awarded by type and race:

Baccalaureates awarded to Black U.S. students 1,253 1,255 1,258

Baccalaureates awarded to other U.S. students 11 12 12

Baccalaureates awarded to foreign students 57 58 60

Total number of Baccalaureates awarded 1,321 1,325 1,330

Degrees awarded by type and race:

Ph.D.s awarded to Black U.S. students 71 78 78

Ph.D.s awarded to other U.S. students 1 2 2

Ph.D.s awarded to foreign students 12 10 10

Total number of Ph.D.s awarded 84 90 90

Faculty and staff:

Number of paid faculty 1,308 1,260 1,200

Number of faculty serving without compensation 120 120 120

Total number of faculty 1,428 1,380 1,320

Total number of staff 1,938 1,938 1,938

Median faculty salaries by academic status:

Professor $104,700 $107,800 $107,800

Associate Professor $79,000 $81,300 $81,300

Assistant Professor $68,500 $70,500 $70,500

Instructor $54,500 $56,000 $56,000

Construction:

Total construction expenditures $53,712 $150,000 $150,000

Endowment program:

Federal appropriation $3,593 $3,593 $3,593

Match funds raised by University $4,491 $3,593 $3,593

Total new contributions $8,084 1 $7,186 $7,186

Market value of total University endowment $460,495 $470,000 $470,000

Endowment investment income $7,742 $8,000 $8,000

Investment income as percent of endowment 1.7% 1.7% 1.7%

 NOTE: All data have been provided by Howard University. The data reflect activity during the University's 

academic year, which runs from July 1 to June 30. 2013 excludes a 0.612 percent across-the-board increase 

provided in P.L. 112-175. 1 Indicates the total amount of funds contributed to the endowment by the close of the fiscal year. In fiscal year 

2011, Howard matched all but $898,573 of the endowment appropriation. These funds were carried over into fiscal 

year 2012 and were matched before the end of the fiscal year.
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PROGRAM OUTPUT MEASURES (dollars in thousands)

Measures 2012 2013 Fo Fo2014 Fo

Howard University General Support:

Federal appropriation $205,230 $205,230 $205,230

Other Federal funding 58,771 58,000 60,000

Total Federal funding 264,001 263,230 265,230

Restricted non-Federal revenue $13,543 $9,075 $12,685

Revenue from tuition and fees 233,922 258,500 277,500

Other non-Federal revenue 108,665 114,098 119,803

Total non-Federal revenue 356,130 381,673 409,988

Total University revenue $620,131 $644,903 $675,315

Total University expenditures $624,831 $615,500 $640,120

Federal funding as percentage of total revenue 42.6% 40.8% 39.3%

Tuition and fees as percentage of total revenue 33.1% 31.8% 41.1%

Howard University Hospital:

Federal appropriation $28,834 1 $28,834 1 $28,834 1

Other Federal funding 64,203 64,389 64,575

Total Federal funding 93,037 93,223 93,409

Unrestricted non-Federal revenue (DC gov’t) $93,806 $94,461 $95,120

Revenue from patient services 40,950 41,237 41,527

Other non-Federal revenue 88,347 88,492 89,106

Total non-Federal revenue 223,103 224,190 225,753

Total Hospital revenue $316,140 $317,413 $319,162

Total Hospital expenditures $301,805 $301,557 $301,212

Federal appropriation as percent of total revenue 9.12% 9.08% 9.03%

 NOTE: All data have been provided by Howard University. The data reflect activity during the University's 

academic year, which runs from July 1 to June 30. 2013 excludes a 0.612 percent across-the-board increase 

provided in P.L. 112-175. 1 Amounts shown include 25 percent of prior-year and 75 percent of current-year appropriations to correspond 

with the University’s academic year.
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PROGRAM PERFORMANCE INFORMATION

Performance Measures

This section presents program performance information, including, for example, GPRA goals, 

objectives, measures, and performance targets and data; and an assessment of the progress 

made toward achieving program results. Achievement of program results is based on the 

cumulative effect of the resources provided in previous years and those requested in fiscal year 

2014 and future years, as well as the resources and efforts invested by those served by this 

program.

Goal: To assist Howard University with financial resources needed to carry out its 

educational mission.

Objective: Maintain or increase the undergraduate graduation rate.

Measure: The percentage of first-time, full-time, degree-seeking, undergraduate students who 

graduate within 6 years of enrollment.

Year Target Actual

2009 70 66.3

2010 70 68.2

2011 70 63.0

2012 70

2013 70

2014 70

Additional Information: This measure explicitly defines the graduation rate as completion of a 

4-year degree within 6 years of enrollment at the University. The measure uses data taken from

the Integrated Postsecondary Education Data System (IPEDS) database maintained by the 

National Center for Education Statistics (NCES) rather than directly from the University, which 

should increase the consistency of the data and credibility of the measure. 

The long-term goal is to maintain Howard University's graduation rate at a level well above the 

national average for comparable institutions, defined as other institutions in the Consortium for 

Student Retention Data Exchange. According to the IPEDS data, in 1998, the Consortium 

average was 52 percent, while the graduation rate for Howard University was only 41 percent. 

By 2003, Howard University’s graduation rate significantly increased to 69 percent while the 

Consortium’s rate had increased only to 57 percent. Despite the fact that Howard did not meet 

its target for graduation in 2011, Howard’s graduation rate is considerably higher than the last 

publicly available graduation rate for the Consortium, which in 2007 was 57 percent. 
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Objective: Maintain or increase the retention of full-time undergraduate students.

Measure: The percentage of first-time, full-time, degree-seeking, undergraduate students who 

were in their first year of postsecondary enrollment in the previous year and are enrolled in the 

current year.

Year Target Actual

2009 84 83

2010 85 83

2011 86 81

2012 87

2013 88

2014 89

Additional Information: The long-term goal for the persistence measure has been for Howard 

University's rate to exceed the national average for comparable institutions, defined as other 

institutions in the Consortium. Data provided by Howard University show that, in 1997, the 

student persistence rate at Howard University was 80 percent, while the Consortium’s rate was 

73 percent. By 2004, the University had improved its persistence rate to 83 percent, whereas 

the Consortium’s rate had declined to 62 percent. Data from IPEDS, available beginning in 

2003, show that Howard University’s persistence rate held steady at 90 percent from 2003 to 

2006, before dropping to 85 percent in 2007, and then further through 2011. By comparison, 

the Consortium’s average persistence rate was 77 percent in 2007, the last year for which data 

were made publicly available. Targets have been adjusted to gradually bring performance back 

up to the 90 percent level by 2015. 

Objective: Increase student enrollment over the long term.

Measure: The number of full-time, degree-seeking, undergraduate and graduate students 

enrolled at Howard University.

Year Target Actual

2009 9,396

2010 9,487

2011 12,000 9,445

2012 12,000

2013 12,000

2014 12,000

Additional Information: This measure utilizes data taken from NCES’ IPEDS database to 

track the enrollment of full-time students at Howard University. Enrollment at Howard increased 

steadily each year from 2003 to 2006, before dropping in 2007 and 2008. In 2009 and 2010, 

enrollment increased slightly over the prior year before dropping slightly in 2011. The target for 

this measure is based on Howard’s internal target of 12,000 students for 2011. The Department 

will consider adjusting the target in 2013. 
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Efficiency Measures

The efficiency measure tracks the cost of a successful outcome, where success is defined as 

graduation and Federal cost is defined as the program appropriation. This measure ties in with 

the program’s performance indicators. 

Measure: Federal cost of degrees and certificates awarded by Howard University.

Year Target Actual

2009 88,000 86,133

2010 88,000 95,517

2011 88,000 89,191

2012 88,000

2013 88,000

2014 88,000

The efficiency measure is calculated by dividing the total funds appropriated for Howard 

University in the Department of Education Appropriations Act by the number of students 

successfully completing degree or certificated programs. The 2009 value reflects the 

2009 appropriation (exclusive of hospital funding) of $206 million divided by the number of 

degrees and certificates awarded, which was 2,392 in that year. This measure will allow the 

Department to track program performance in terms of cost to the Federal Government and the 

efficiency of Federal funds in achieving successful outcomes. A similar efficiency measure has 

been established for the higher education programs authorized under Titles III and V of the 

Higher Education Act, as well as for Gallaudet University and the National Technical Institute for 

the Deaf. This metric may enable the Department to assess relative program performance 

across institutions with similar types of missions. 

Other Performance Information

In past visits, the Department has been concerned with the number and significance of findings 

on the Howard University A-133 audit report, and Howard’s failure to make significant progress 

in addressing these issues. Since the 2006 onsite review, Howard University has reported 

attempts to make improvements in this area. However, prior to the 2009 visit, no significant 

reductions were noted to either the number or significance of audit findings. The Department’s 

disappointment with the progress in this area has been noted in previous reports. At the time of 

the 2009 visit, Mr. Robert Tarola had been recently appointed to serve as the special Financial 

Advisor to the President. The Department acknowledged that the new personnel would need an 

opportunity to examine the environment and develop a plan of action to address the existing 

problems.

Since the 2009 visit, Mr. Tarola has been appointed Senior Vice President and Chief Financial 

Officer-Treasurer. The new financial team at Howard University has made notable gains with 

regard to addressing the findings in Howard’s A-133 audit report. Whereas the 2008 report was

over 400 pages, the 2010 audit report was under 100 pages. During the March 3, 2011 visit, 

the CFO/Treasurer shared an organizational restructuring that had taken place within Howard’s 

office of Finance and Accounting. Part of this restructuring included establishing an office of 

Risk and Controls, which has as its primary responsibility addressing matters related to the 
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A-133 audit report. The importance of continuing to address these issues, including the 

Department’s increased attention to risk management, was reiterated to Howard. 

As part of the organizational restructuring, Howard linked the Office of the CFO to the Federal 

grant program in two components: (1) organizational structure, and (2) financial reporting 

system. Under the umbrella of the organizational structure linkage, Howard implemented 

strategies to improve communication between Federal grant program management and 

financial accountability. During fiscal years 2010 and 2011, Howard transitioned to a new 

financial and executive leadership team. The new leadership team implemented daily control 

processes with an emphasis on accountability, transparency, service, and compliance. The 

previously decentralized sponsored program administrative function was integrated to enhance 

administrative links between grant principal investigators and financial accounting personnel. 

Previously, there were separate departments for pre-award and post-award, led by two separate 

vice presidents. Now, both departments report to the CFO via a newly created Research 

Administrative Services (RAS) function. The Offices of the Provost and Senior Vice President 

for Health Sciences work in concert with RAS under this new linkage.

Some other improvements to the grants management functions and their link to the CFO are 

noted below:

• Dual Reporting: Two CFO direct reports have dual reporting roles to their respective 

operations leaders to further strengthen the integration of grant program implementation 

and financial accountability.

• Education/Training: To facilitate improved education, communication, and training, RAS 

conducts kick-off meetings with grant principal investigators for new grant awards to 

review terms and conditions and ensure project deliverables and requirements are met.

• Monitoring: On a monthly basis, RAS distributes Grant Management Reports to grant 

principal investigators. Such reports include key financial progress for each award and 

highlight expenditures of regular budget line items. 

Howard University management has been divided into 5 portfolios that represent 50 individual 

cost centers. Previously, accounting had to be maintained for over 1,000 cost centers. Now, 

each cost center has a responsible manager, who reports to a dedicated portfolio Finance 

Leader on all financial matters. 

In addition to organizational restructuring, Howard has made some internal adjustments that 

have contributed to positive financial outcomes:

• Accounting books are closed monthly. Previously books were closed only once a 

year.

• Howard provides quarterly reports to its lenders.

• When donations are received, Howard sends letters to the donors to inform them of 

how the donated funds are used.

• A new automated effort reporting system has been implemented.

• Personnel are assigned the responsibility of overseeing the endowment funding.
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Howard’s credit is rated A3 with a stable outlook by Moody’s Investors Service, based on 

consistent support from the Federal Government. Standard & Poor’s rates Howard’s debt at 

A+, with a negative outlook. 

In past visits, the Department has impressed upon Howard the importance of withdrawing the 

endowment funds in a timely manner. Howard has made improvements in this area. 

Previously, the date for withdrawing funds had been set for March 30th of the following fiscal 

year. After some discussion, that date was revised and Howard agreed to provide 

documentation of matching and request endowment funds 30 days after the funds are 

appropriated for the fiscal year.