Success at NYIT begins with a firm financial foundation, from which we can continue to build and strengthen our academic programs and research initiatives.

We are pleased to report that NYIT's financial condition is healthy with bright prospects for the future. Over the past 12 months, we've poured a new and solid foundation in our Office of Development and increased our annual operating revenue and total assets.

We recently welcomed a new vice president for development & chief development officer to oversee and enhance our fundraising activities, strengthen our relationships with business and community leaders, and articulate NYIT's momentum as a leading institution of higher education.

Our Office of Development is implementing proven policies and procedures for fund-raising, analyzing and utilizing alumni data, and enhancing annual initiatives such as the Partners Fund and the Gold Coast Food & Wine Classic. These efforts are generating immediate results. Contributions to the Partners Fund, for instance, have risen more than 20 percent over the past two years.

Some key financial indicators also continue to improve. For example, total operating revenues rose 11.32 percent to $135.7 million in 2003 compared to 2002, and total assets also continue to rise. These improved results affirm our ability to attract and retain quality students--who increasingly attend NYIT in a full-time capacity--from around the world.

Our positive financial outlook also provides NYIT with improved access to capital for facility and infrastructure upgrades, which strengthen and unite our three New York-area campuses. Facility upgrades--from expanding our Manhattan campus to planning for a new, state-of-the-art digital library--contribute to all of our primary goals. Indeed, the upgrades enhance our curb appeal, raise the quality of our academic programs, attract quality students to our campuses and generate pride among our alumni.

NYIT's recent financial performance also enhances our employees' quality of life. Shortly before the end of our fiscal year 2002, NYIT and our faculty signed a new five-year contract that enables proper and predictable financial planning, and ensures continued excellence in our classrooms and research labs.