New York University Abu Dhabi Corporation’s latest tax filings shed light on aspects of the university’s financial situation since the Gazelle’s prior reporting on the issue. The corporation filed its latest returns in July 2018 to the U.S. Internal Revenue Service for the fiscal year 2016-17. This includes all financial activity by the university from Sept. 1, 2016 to Aug. 31, 2017.

The 990 Form is a compulsory filing for 501(c)(3) not-for-profit corporations, a designation used by charitable organizations – including most universities – to exempt themselves from taxation. The form lists the totality and composition of the university’s revenue, expenses, assets and liabilities.

According to the form, NYUAD’s revenue totalled 163.7 million USD (601 million AED), an increase of 0.5% from 2015-16. There was a significant change in the composition of the university’s revenue. In 2014-15 and 2015-16, NYUAD’s income consisted entirely of UAE government grants. In 2016-17 however, the university reported more than 8.2 million USD (30.1 million AED) in rental income and 1.9 million USD (7 million AED) in other income.

It should also be noted that this increase in rental income – which the IRS defines as “value of property or services one receives for the use of real estate or personal property” – has occurred concurrently with a decrease in UAE government funding of around 5.6% from 2015-16 to 2016-17. This increase in revenue occurred despite a decrease in UAE government funding from 162.8 million USD (595 million AED) in 2015-16 to 153.6 million USD (564 million AED).

For the first time since 2011-12, NYUAD reported no – positive or negative – net income as revenue was equal to expenses. There was a small yet significant increase in expenses, from 162.1 million USD (595 million AED) to 163.7 million USD (601 million AED). This was primarily due to increasing salaries, wages and pension contributions.

The New York University Abu Dhabi Corporation’s expenses over the past two years have been entirely employee-related. Moreover, the total compensation of current officers, directors, trustees and key employees – including senior administration, division deans and former high-ranking employees – actually decreased for the first time since 2013-14, suggesting that the growth in total wages was mostly fueled by new hires or salary increases.

The filings also suggested significant integration between NYUAD and the NYU New York campus as 12 out of NYUAD’s 21 officers, directors, trustees, key employees and highly compensated employees are paid through NYUNY. This includes President Andrew Hamilton and former President John Sexton, who continues to be compensated for retirement purposes through the New York campus.

2016-17 marked the second consecutive year that NYUAD reported no net assets, indicating stability after 2014-15 when the university reported negative 9.3 million USD in net assets (34 million AED). The most recent filing is also the first time that the university reported cash as an “asset.” This approximately 1.5 million USD (5.5 million AED) in cash was held by NYUAD at the beginning of the year but not at the end according to university reporting. Other university assets include “deposits” and “prepaid expenses and deferred charges.”

The form also reveals that the university employed 438 individuals in 2016-17, a small increase from 417 in 2015-16.

More detailed information on NYUAD’s financials can be found by reviewing aggregated statistics on Guidestar and ProPublica’s archive of 990 forms.