Orton Hall on Tuesday. Credit: Daniel Bush | Campus Photo Editor
The Ohio State Board of Trustees discussed a strong 2025 fiscal year performance and potential cybersecurity concerns during its meeting Wednesday.
The university’s operating revenues increased by $910 million over Ohio State’s 2024 fiscal year, according to Michael Papadakis, the senior vice president and chief financial officer. The growth, he said, was driven mostly by healthcare, grants and contracts, tuition, sales, investments and net position, which are funds kept and reinvested into the university.
Healthcare and net position saw the most significant increases. Healthcare revenue increased by over $700 million due to growth in the university’s outpatient practices in surgical settings, chemotherapy and radiology. The university’s net position increased by about $1.5 billion, with a total of about $12 billion in reinvested funds.
Gate Garrity-Rokoys, vice president and chief compliance officer, presented the Annual Compliance Report. He said there are cybersecurity concerns for academics, research and the Wexner Medical Center due to Ohio State’s reliance on a third-party to protect institutional data.
“Cyber risk continues to grow and will continue to be a major focus for us,” Garrity-Rokous said. “Especially in the area of third-party risk, where we have to rely on them to control our data.”
Garrity-Rokoys said the economic and political environment on campus puts risk on regulatory compliance. He pointed to the shifting federal landscape, noting increased involvement from the Department of Justice (DOJ) in higher education matters.
With this new oversight, Garrity-Rokoys said it is essential that all billing is submitted error-free, and emphasized compliance with Senate Bill 1, legislation passed in late March that bans diversity, equity and inclusion programs at public colleges and universities. This concern was also reflected in the risks with the university’s economic and political environment.
“Our major focus this year is to increase diligence to ensure accuracy of any billing or certification submitted to a federal agency,” Garrity-Rokous said. “We have to ensure we respond to these potential issues appropriately wherever they emerge and continue to build our cross-unit capabilities regarding academic excellence and research innovation opportunities.”
