Chart: Spendable Cash & Investments to Total Adjusted Debt

The information listed below is part of a chart titled Spendable Cash & Investments to Total Adjusted Debt, originally shared in a message from President Schulz, “Our long-term fiscal health”.

The Spendable Cash & Investments to Total Adjusted Debt line graph depicts the ratio of spendable cash and investments to total adjusted debt. The chart shows WSU’s ratio for Fiscal Year 2016 through Fiscal Year 2021, in addition to the ratios of Moody’s Aa2 median, Moody’s Aa3 median, and peer institutions for Fiscal Year 2016 through Fiscal Year 2020.

The desired direction is upward.

Washington State University’s Spendable Cash & Investments to Total Adjusted Debt

WSU’s ratio of spendable cash and investments to total adjusted debt has been trending upward over the last several years.

Fiscal Year	Ratio
2016	.25
2017	.24
2018	.28
2019	.34
2020	.39
2021	.51

WSU’s ratio of spendable cash and investments to total adjusted debt for FY16 through FY21.

Moody’s Aa2 Median Spendable Cash & Investments to Total Adjusted Debt

Moody’s Aa2 Median ratio of spendable cash and investments to total adjusted debt dipped in FY2017 and held steady through FY2020.

Fiscal Year	Ratio
2016	.50
2017	.40
2018	.40
2019	.40
2020	.40

Moody’s Aa2 Median ratio of spendable cash and investments to total adjusted debt for FY16 through FY20.

The Moody’s MFRA data was sourced on April 15, 2022. Medians may change as more universities report data and may not include any accounting changes or restatements.

Moody’s Aa3 Median Spendable Cash & Investments to Total Adjusted Debt

Moody’s Aa3 Median ratio of spendable cash and investments to total adjusted debt has held steady from FY2016 to FY2020.

Fiscal Year	Ratio
2016	.50
2017	.50
2018	.50
2019	.50
2020	.50

Moody’s Aa3 Median ratio of spendable cash and investments to total adjusted debt for FY16 through FY20.

The Moody’s MFRA data was sourced on April 15, 2022. Medians may change as more universities report data and may not include any accounting changes or restatements.

Peer Median Spendable Cash & Investments to Total Adjusted Debt

The ratio of spendable cash and investments to total adjusted debt for peer universities fluctuated slightly from FY2016 to FY2019 but remained constant heading into FY2020.

Fiscal Year	Ratio
2016	.60
2017	.70
2018	.60
2019	.70
2020	.70

Peer ratios of spendable cash and investments to total adjusted debt for FY16 through FY20.

The peer ratio is a calculated median of 11 selected peer universities with similar full-time enrollment, outstanding debt, operating revenue, and an Aa Moody’s rating. 6 universities are in the top 25 public research institution ratings and 5 universities were identified by the Institutional Effectiveness Council as Institutional Peers used to benchmark progress in the 2014-17 strategic plan.