The University Budget Office facilitates and manages financing activities that benefit the University community.
Bond Disclosure
The following website contains information related to the University’s Annual Disclosure requirements and debt issuances. The information contained on this website has been included for general informational purposes only. Information, including any documents, contained on this website speaks only as of its date. Readers are cautioned not to assume that any information has been updated beyond such date. Past results do not necessarily forecast future results. Certain financial information and operating data, as well as information regarding certain material developments with respect to the University and its securities, may be filed with the Municipal Securities Rulemaking Board Electronic Municipal Market Access (EMMA).
Archived University Annual Disclosures
- University Annual Disclosure Document FY2022
- University Annual Disclosure Document FY2021
- University Annual Disclosure Document FY2021
- University Annual Disclosure Document FY2020
- University Annual Disclosure Document FY2019
- University Annual Disclosure Document FY2018
- University Annual Disclosure Document FY2017
- University Annual Disclosure Document FY2016
- University Annual Disclosure Document FY2015
- University Annual Disclosure Document FY2014
Archived UMBA Annual Disclosures
- UMBA Annual Disclosure Document FY2022
- UMBA Annual Disclosure Document FY2021
- UMBA Annual Disclosure Document FY2020
- UMBA Annual Disclosure Document FY2019
- UMBA Annual Disclosure Document FY2018
- UMBA Annual Disclosure Document FY2017
- UMBA Annual Disclosure Document FY2016
- UMBA Annual Disclosure Document FY2015
- UMBA Annual Disclosure Document FY2014
Archived Official Statements
- UMBA $150,480,000 Project Revenue Bonds, Senior Series 2024-1
- UMBA $188,650,000 Project Revenue Bonds Senior Series 2022-1, $211,270,000 Project Revenue Bonds Senior Series 2022-2 (Federally Taxable)
- UMBA $312,330,000 Refunding Revenue Bonds Senior Series 2021-1, $46,585,000 Refunding Revenue Bonds Senior Series 2021-2 (Federally Taxable)
- UMBA $200,840,000 Project Revenue Bonds, Senior Series 2020-1, $129,830,000 Project Revenue Bonds, Senior Series 2020-2 (Federally Taxable), & $319,345,000 Refunding Revenue Bonds, Senior Series 2020-3 (Federally Taxable)
- UMBA $329,930,000 Refunding Revenue Bonds Senior Series 2020-4 (Federally Taxable)
- $20M MHEFA Variable Rate Demand Revenue Bonds, Series A (Remarketing Circular)
- UMBA $165,130,000 Project Revenue Bonds, Senior Series 2017-1
- UMBA $298,795,000 Project Revenue Bonds, Senior Series 2015
- UMBA $157,855,000 Refunding Revenue Bonds, Senior Series 2014-4
- UMBA $293,890,000 Project Revenue Bonds, Senior Series 2014-1
- UMBA $67,365,000 Refunding Revenue Bonds, Senior Series 2014-3
- UMBA $212,585,000 Project Revenue Bonds, Senior Series 2013-1
- UMBA $24,640,000 Project and Refunding Revenue Bonds, Senior Series 2013-3
- MDFA $10,495,000 Revenue Refunding Bonds, Worcester City Campus Corporation Issue (University of Massachusetts Project), Series 2011
- MDFA $29,970,000 Revenue Refunding Bonds, University of Massachusetts Issue, Series 2011
- UMBA $101,700,000 Refunding Revenue Bonds, Senior Series 2011-2
- UMBA $135,040,000 Refunding Revenue Bonds, Senior Series 2011-1
- UMBA $118,985,000 Project Revenue Bonds, Senior Series 2010-1
- UMBA $232,545,000 Project Revenue Bonds, Senior Series 2008-1
- UMBA $247,810,000 Project Revenue Bonds, Senior Series 2009-1
- UMBA $120,560,000 Project Revenue Bonds, Senior Series 2008-2
- MHEFA $99,325,000 Revenue Bonds, Worcester City Campus Corporation Issue (University of Massachusetts Project), Series D
UMass Credit Rating
Credit ratings identify an entity’s ability to pay investors both principal and interest on their investment. The current credit ratings for the University of Massachusetts are “AA”, “Aa2″ and “AA-” as rated by Fitch, Moody’s and Standard & Poor’s rating agencies respectively. You can find more information on these agencies and the credit rating process in general at the Fitch Web Site, the Moody’s Web Site and Standard and Poor’s Web Site. Reports are available upon request.
The current credit ratings for the Commonwealth of Massachusetts are “AA+”, “Aa1″ and “AA+” for Fitch, Moody’s and Standard and Poor’s respectively. AAA is the highest achievable rating according to the Fitch rating scale, Aaa is the highest achievable rating according to the Moody’s rating scale and AAA is the highest achievable rating according to Standard and Poor’s rating scale. See the Fitch definitions of ratings, the Moody’s definition of ratings and the S&P definitions of ratings.
Private Business Use
The University of Massachusetts has issued a number of tax-exempt bonds through the University of Massachusetts Building Authority and the Massachusetts Health and Educational Facilities Authority (now MassDevelopment). As a result of utilizing tax exempt financing, the University is bound by certain laws and regulations as promulgated by the Internal Revenue Service.
Private business use is one component of the University’s obligations with respect to tax-exempt transactions. Facilities financed with tax-exempt financing must be monitored on a consistent and regular basis throughout the life of the financing to ensure compliance with the tax-exempt private business use rules. For each tax-exempt debt issuance, the University is required to record, update and retain private business use activity documentation to substantiate tax compliance.
The following document provides a general overview of private business use:
For reference, the following IRS documents address private business use:
Other University Financing Mechanisms
WCCC, Series D
In April 2005, the Massachusetts Health and Educational Facilities Authority issued its $99,325,000 Revenue Bonds, Worcester City Campus Corporation Issue (University of Massachusetts Project), Series D for the purpose of refunding the outstanding amount of the WCCC Series A bonds. The credit rating on the WCCC Series D bonds is “AAA” based upon the purchase of bond insurance.
The University of Massachusetts Building Authority is a distinct, public organization established by the Massachusetts Legislature in 1960. Its mission is to aid and contribute to the performance of the educational and other purposes of the University by providing dormitories, dining commons and other buildings and structures on the University campuses. To fulfill this mission, the Authority borrows funds through the issuance of tax-exempt and taxable bonds and carries out these construction projects at the discretion of the Trustees of the University.