University of Southern California 2015 Financial Report. the Art of Success. Educating Creative Entrepreneurs.
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
University of
Southern California
2015 Financial
Report
the art of success E D U C AT I N G creative entrepreneurs
usc financial report_2015 01_ t h e a r t o f s u c c e s s
20_ u n i v e r s i t y h i g h l i g h t s
26_ ac a d e m i c h i g h l i g h t s
33_ f i n a n c i a l s tat e m e n t s
39_ n o t e s t o f i n a n c i a l s tat e m e n t s
58_ B u d g e t 2 0 1 5 - 2 0 1 6
69_ u s c r o l e a n d m i s s i o n
70_ u n i v e r s i t y l e a d e r s h i p
On the front and back covers: This year has been one
of innovation and accomplishment for USC’s six world class
arts schools – USC School of Architecture, USC Roski
School of Art and Design, USC School of Cinematic Arts,
USC Glorya Kaufman School of Dance, USC School
of Dramatic Arts, USC Thornton School of Music.
the art of success e d u c at i n g creative entrepreneurs
THE ART OF SUCCESS Educating Creative
Entrepreneurs
e University of Southern Students at USC’s six world
class arts schools are inventing
California’s efforts to mix jobs that didn’t exist a decade
ago. They’re branding, marketing
and networking their way into
entrepreneurial skill with artistic successful careers.
expression are intentional.
Creativity is increasingly
recognized as a valuable asset
— and so is the ability to
The university’s efforts to
market that creativity. mix entrepreneurial skill with
artistic expression are inten-
tional. Creativity is increasingly
recognized as a valuable asset
— and so is the ability to market
that creativity. New academic
partnerships have formed excit-
ing programs that support
budding student entrepreneurs.
Through USC’s Visions and
Voices initiative, now celebrating
its 10th year, students have the
opportunity to meet and learn
from artists at the top of their
fields. USC’s Fisher Museum of
Art, Pacific Asia Museum and
classical stations KUSC and
KDFC add to the richness of
programs and events USC offers
students interested in the arts.
This year has been an exciting
time for the arts at USC. Here’s
a snapshot of the programs that
are transforming the Trojan
experience.
The USC Glorya
Kaufman School of
Dance welcomed its
inaugural class of
students in fall 2015.
University of Southern California 2015 FINANCIAL REPORT / 3
expanding t h e definition of contemporary art 4 / 2015 FINANCIAL REPORT University of Southern California
USC Roski design
students prepare for
careers in fields as
disparate as gaming
and fashion.
Designing the Future
The USC Roski School of Art the school introduced its first to document the devastation of
and Design’s programs mix course in graphic design for fash- the 2011 Tohuko earthquake and
artistic expression with technol- ion marketing and announced subsequent tsunami in photogra-
ogy skills. An innovative new a new 3-D design minor, comple- phy and video. The experience,
online master’s degree partners menting its minors for students he says, helped his art break
the school with mass media be- interested in animation and through in new ways.
hemoth Condé Nast and WIRED gaming. USC Roski’s program in Alumnus Andrew Huang ’07,
magazine. The degree in inte- multimedia and visual communi- who directs visually stunning
grated design, business and cation currently ranks eighth music videos for Björk, Sigur
technology will attract people in the nation according to U.S. Rós and Atoms for Peace, has
who want to be leaders in both News & World Report. this advice for students: “Try
business and culture, says Adding a global dimension new mediums because that’s
USC Roski Dean Erica Muhl. to its curriculum, the school the way you’ll learn and grown,
When USC Roski added awards Macomber Travel Grants and that’s the way you’ll create
“Design” to its name in 2013, to students to support research- a job for yourself that might
it reflected the expanding based travel, production of new not even exist at the moment.”
definition of contemporary art artwork and public presentation
practice. Already known for its of the new work. BFA student
intra-disciplinary curriculum, Brian Dario traveled to Japan
University of Southern California 2015 FINANCIAL REPORT / 5
exploring new mediums t o learn a n d grow
Creating the New and Conserving the Old
The USC School of Architecture USC is also a leader in pre-
was the first accredited school serving the architectural heritage
of architecture in Southern Cali- of Southern California. The USC
fornia, and, in 2014, became one Architectural Guild gave its 2015
of the first schools to receive Distinguished Alumni Award to
the National Architectural Kelly Sutherlin McLeod ’82, ’83,
Accrediting Board’s new eight- the project architect who over-
year accreditation — for both saw renovations of The Gamble
its bachelor’s and master’s House, USC, in Pasadena. Since
degree programs. “The accredi- 1966, when USC took over re-
tation,” said Dean Qingyun Ma, sponsibility for the 1908 Greene
“recognizes the commitment and Greene masterpiece, two
and confidence in the school’s USC Architecture students have
emerging experiments and lived in the National Historic
innovation for the future of archi- Landmark each year. McLeod
tecture and the environment.” was one of those students in
Leading the way are profes- 1982, sparking her interest in
sors such as Karen Kensek heritage conservation. The next
and Douglas Noble, pioneers in project for her firm — leading
building information modeling the renovation of the USC Pacific
(BIM). Kensek thinks of buildings Asia Museum in Pasadena.
as living organisms, self-adjust- Hiring at architecture firms
ing and self-correcting as they is on the upswing, as indicated
transmit a constant stream of by the record number of compa-
data about themselves. The nies at the USC School of Archi-
author of two books about BIM, tecture Firm Fair, and it’s clear
Kensek brings her research that USC students are ready
to the classroom, where her to take on innovative and excit-
courses turn out students who, ing careers.
she says, “are very technically
hands-on competent in BIM at
the end of the course, and are
poised to be leaders in the field.”
“e accreditation recognizes
the commitment and confidence
in the school’s emerging experi-
ments and innovation for the
future of architecture and
the environment.”
Qingyun Ma, Dean, USC School of Architecture
MFA and final-year
undergraduate
animation majors
have 24/7 access
to their personal
studios.
University of Southern California 2015 FINANCIAL REPORT / 7
USC School of Architecture students are poised to advance modernism, sustain- ability and innovative urban design.
inventing the future o f architecture
Are they performers, techies,
entrepreneurs? e answer
for many USC School of
Dramatic Arts graduates is —
all of the above.
Make Them Laugh
Are they performers, techies, Students in the Voice-over
entrepreneurs? The answer for Acting class, taught by voice-
many USC School of Dramatic over professional Vicki Lewis and
Arts graduates is — all of the sound engineer Phil Allen, not
above. Consider Lilly Fuler, Joe only create characters, they also
Sofranko and Adam North, all learn how to record and edit their
2009 graduates. They wrote, voices, assemble a professional
directed and raised money for a demo reel and submit them-
comedy Web series, Complete selves digitally for an audition.
Works, a behind-the-scenes It’s an increasingly important
drama of contestants in a market for actors, but few other
fictional college Shakespeare universities offer the instruction.
festival. It wouldn’t have been Another fast-growing field
possible, the three acknowledge, is medical clowning. To educate
without volunteer support from students about medical clown-
School of Dramatic Arts stu- ing’s benefits, USC brought in
dents, alumni, faculty and staff. three seminal practitioners from
The series debuted on Hulu, Israel, Brazil and New York City
and has been screened at the to conduct a workshop for MFA
Oregon Shakespeare Festival acting students. Karen McCarty,
and embraced online by Shake- creative director of community
speare enthusiasts. programs at New York City’s
Big Apple Circus, told them:
“Consider getting on the ground
floor of this new profession.”
Costumes, sets,
lighting — it’s all
part of dramatic
arts students’
repertoire of skills.
10 / 2015 FINANCIAL REPORT University of Southern Californiadeveloping new markets f o r actors
University of Southern California 2015 FINANCIAL REPORT / 11Cinematic arts
students move from
the classroom to
the studio to create
projects like this
stop-motion anima-
tion film.
Multiple Platforms, Multiple Possibilities
For the third year in a row, The Innovative studio classes, students from Trojan Vision and
Hollywood Reporter named the like the one created by visual actors from the USC School of
USC School of Cinematic Arts effects artist Eric Hanson, use Dramatic Arts produced a sketch
the top film school based on its the school’s new IMAX theater comedy show filmed before a
commitment to technology, the to teach students to create studio audience and broadcast
accomplishments of its alumni content for multiple platforms. live on television. In other words,
and the strength of its faculty. Undergraduates shot short films, USC’s version of Saturday
And for the fifth year in a row, each designed for a different Night Live. The project’s three
The Princeton Review ranked immersive experience — an episodes featured professional
USC the number one game de- IMAX theater, a fulldome theater guest hosts Jim Staahl (SCTV,
sign school. (The USC Games and the virtual reality headset Curb Your Enthusiasm), Misty
program is a collaboration be- Oculus Rift. Monroe (The Groundlings, How
tween Cinematic Arts’ Interactive In what was arguably the I Met Your Mother) and Horatio
Media & Games division and coolest course offering this past Sanz (Saturday Night Live).
the USC Viterbi School of Engi- year, directors and writers from
neering’s Department of Com- cinematic arts, production
puter Science.)
12 / 2015 FINANCIAL REPORT University of Southern CaliforniaUSC arts students are
branding, marketing
and networking their
way into successful
careers.
inventing jobs t h at didn’t exist a d e c a d e ag o
University of Southern California 2015 FINANCIAL REPORT / 13“dancers today h av e to Be versatile hybrids…”
Jodie Gates, Vice Dean and Director, USC Kaufman School of Dance
14 / 2015 FINANCIAL REPORT University of Southern CaliforniaFrom Ballet to Hip-Hop The USC Glorya Kaufman School Quijada are a diverse group, and educator: “Dancers today Music, which will allow students of Dance welcomed its inaugural representing the dance worlds have to be versatile hybrids, to select a specialization in cine- class of Bachelor of Fine Arts of ballet, contemporary and able to connect the dots between matic arts or music. (BFA) students in fall 2015, and hip-hop. ballet and urban folk dance Founded in 2012 with a trans- this group of 33 talented dancers In addition, in the school’s [hip-hop], and learn how to apply formational gift by philanthropist from four countries and 11 states inaugural year, Hubbard Street choreography to stage, film, Glorya Kaufman, USC’s first new has a lot to be excited about. Dance Chicago will begin an television and mobile devices.” school in nearly 40 years will USC Kaufman has assembled on-campus collaboration with The school’s BFA curriculum, move into the USC Kaufman a faculty of nationally renowned a series of workshops, master while developing dancers and International Dance Center in professionals including acclaimed classes, residencies and per- choreographers, includes classes spring 2016. The 50,000 square choreographer William Forsythe. formances. in new media and career skills foot state-of-the-art dance com- Faculty members including USC Kaufman’s motto, for the 21st century. Interdiscipli- plex features five studios in Patrick Corbin and Moncell “The New Movement,” is de- nary study is assured through addition to performance space. Durden, and artists in residence scribed by vice dean and direc- partnerships with the USC Desmond Richardson, Zippora tor Jodie Gates, internationally School of Cinematic Arts and Karz, Fiona Lummis and Victor known dancer, choreographer the USC Thornton School of
Combining Creativity and Technology
Complementing its highly Programs like these in USC
successful Popular Music major Thornton’s Contemporary Music
and its redesigned Music Indus- division have attracted talented
try degree program, the USC students like Davey Martinez.
Thornton School of Music has a The 2012 music industry gradu-
new bachelor’s degree in Music ate now tours the world as DJ
Production that encompasses Skrillex’s lighting operator.
the creative, technical and “It was a skill set I learned at
entrepreneurial aspects of pro- USC — how to create my own
fessional music. The major opportunities,” he says.
reflects the current and evolving Martinez gained production
nature of professional music experience in the popular — and
making in the digital age, where difficult — class, Live Music Pro-
the job description of today’s duction and Promotion. With no
contemporary musician often budget, small teams of students
includes composing and arrang- dive headfirst into event plan-
ing, live and studio performance, ning, creating a concert, finding
audio engineering/editing and talent, securing sponsors and a
mastering, music synthesis venue, getting permits and pro-
and programming, as well as moting and executing the event.
business responsibilities. Ken Lopez, chair of the
music industry program, loves
watching his former students
invent their own careers. “This
is a superbly explosive, creative
time for the music industry,
and it’s a great time to be an
entrepreneur,” he says.
USC ornton’s new bachelor’s
degree in Music Production reflects
the current and evolving nature
of professional music making in
the digital age.
Music faculty strive
to make students’
transition from the
classroom to the
professional world
seamless.
16 / 2015 FINANCIAL REPORT University of Southern Californiac r e at i n g content f o r multiple platforms
University Highlights _2014/15
New Provost Outlines
Academic Vision
Neuroscientist Michael Quick
was formally installed as USC’s
provost and senior vice president
for academic affairs on May 6.
At his installation, Quick outlined
an ambitious vision for USC:
• Take on the most complex,
interconnected issues of our time,
such as cancer, dementia, social
justice, poverty and terrorism.
• Increase access and opportunity
at all levels, building on the
university’s successes in attract-
ing diverse transfer students,
first-generation collegians and
students assisted by federal
Pell Grants.
• Become a truly global university
with a global reach and global
influence.
• Care about value, not simply
affordability.
Announcing Quick’s appointment,
USC President C. L. Max Nikias said,
“Professor Quick has proven to be
an inspiring and tactical leader,
demonstrating tremendous fore-
sight, intellect and resolve in ad-
vancing the university’s initiatives.”
As provost, Quick is the univer-
sity’s chief academic officer. The
deans of USC’s 19 schools report
to him; he also oversees the divi-
sions of Student Affairs, Libraries,
Research Advancement, Information
Technology Services, Student Reli-
gious Life, Academic Space Plan-
ning, Global Initiatives, Academic
“Professor Quick has proven to be Planning and Budget, and the USC
Stevens Center for Innovation.
an inspiring and tactical leader, Known for his scholarship, lead-
ership and sense of humor, Quick
demonstrating tremendous foresight, was recruited to USC in 2002 from
the University of Alabama at Birm-
ingham as associate professor of
intellect and resolve in advancing biological sciences, was promoted
to professor and vice dean for re-
the university’s initiatives.” search at the USC Dornsife College
of Letters, Arts and Sciences, and
C. L. Max Nikias, President of the University of Southern California
advanced to become USC’s execu-
tive vice provost and vice president
for academic affairs before taking
the helm as provost.
20 / 2015 FINANCIAL REPORT University of Southern CaliforniaProvost Quick received his PhD The team has had tremendous Abe also met with staff and
in neuroscience from Emory Univer- success. Its researchers were the faculty at the USC Shinso Ito Center
sity and was a postdoctoral research first to show that aging brains for Japanese Religions and Culture,
fellow at the California Institute of unravel in the reverse order of one of only seven institutes for
Technology. His scholarship focuses development, the first to use brain Japan studies at U.S. universities.
on the regulation of protein functions, scans to show how a certain gene
especially as it relates to the signal- variant speeds up brain loss in Mexico Presence Enhanced
ing properties of neurons. He is Alzheimer’s patients, and the first President C. L. Max Nikias led a
the author of more than 60 scien- to link brain connectivity to human delegation of trustees, senior ad-
tific publications and has received behavior and genetics through ministrators and deans to Mexico
numerous teaching awards. advanced brain-imaging techniques. City to strengthen partnerships with
Located at the Keck School of leading Mexican institutions and
Medicine of USC, the institute is enhance ties with alumni, parents “Neuroscience represents
noted for its interdisciplinary work, and prospective students. the next great frontier
collaborating with faculty in biology, Among the expanded partner- of medical research in
genetics, biostatistics, computer ships, USC and Consejo Nacional de the 21st century. We
science, mathematics, pharmacol- Ciencia y Tecnología (CONACYT) believe that the tremen-
ogy and other disciplines. established up to 30 postdoctoral dously talented team
Describing why the Stevens fellowships for Mexican scholars to and the interdisciplinary
family chose to bring their long-time study at USC. The two institutions nature of the institute’s
support for innovation to neuro- will also offer five joint scholarships work will yield meaning-
science, Trustee Mark Stevens said, for Mexican students to pursue ful understanding of this
“The field of neuroscience repre- master’s degrees at the USC Viterbi frontier in the future.”
Advancing
sents the next great frontier of School of Engineering. In addition,
Neuroscience Mark Stevens
medical research in the 21st century. the USC Price School of Public Pol-
USC Trustee
We believe that the tremendously icy established an undergraduate
talented team and the interdiscipli- student exchange with the Instituto
nary nature of the institute’s work Tecnológico Autónomo de México.
Expanding our understanding of the will yield meaningful understanding
human brain is a goal embraced by of this frontier in the future.” Digital Future Predicted
longtime USC benefactors Mark and USC’s 2014 Global Conversation
Mary Stevens. Their transformative in New York City, “Defining Future
gift has endowed the USC Mark and Reality,” charted the changing expe-
Mary Stevens Neuroimaging and rience of reality and the digital
Informatics Institute and will advance future of medicine.
the transformation of basic research Keynote speaker Jimmy Iovine,
into new therapies, preventions and music industry innovator and donor
cures for brain injury and disease, with Andre Young (AKA Dr. Dre) of
including Alzheimer’s, schizophrenia the USC Jimmy Iovine and Andre
and traumatic brain injury. Young Academy for Arts, Technol-
Announcing the endowment, ogy and the Business of Innovation,
USC President C. L. Max Nikias said he’d like the academy to be-
Global Leadership
lauded the Stevens’ vision: “Neuro- come a home for innovators fluent
science has been called ‘the final in technology and the arts.
frontier’ in medical science’s progress Among forecasts for the future,
toward a fuller understanding cardiologist and wireless diagnostics
of human life and human health. USC expanded its global reach in pioneer Leslie Saxon predicted an
Through the Stevens’ support, numerous ways this year. Here are age of 24/7 medical record keeping
USC researchers will have the op- a few highlights of 2014-15. worldwide: “We’ll constantly be
portunity to address many of the streaming wireless information
most pressing questions in medi- Prime Minister Returns about how our bodies are doing.”
cine today.” Japanese Prime Minister Shinzo Hao Li, an expert in 3-D digitization,
Led by professors Arthur Toga Abe capped a week of diplomacy predicted 2014 would become “the
and Paul Thompson, the institute in the U.S. by visiting the USC year of immersive experiences.”
and its Laboratory of Neuro Imaging campus, where he was a student
came to USC in 2013. In its three in 1978. Abe toured a campus trans-
decades, the institute has amassed formed by recent growth with USC
the world’s largest repository of President C. L. Max Nikias. “We are
healthy and diseased brain images so proud to count Prime Minister
along with medical and cognitive Abe among USC’s most illustrious
data from diverse populations alumni, as his many accomplish-
around the globe. ments bring tremendous honor to
the university,” Nikias said.
University of Southern California 2015 FINANCIAL REPORT / 21The USC Caruso Department monthly between the November
is led by surgeon and researcher birth and May surgery to plan the
John K. Niparko. A national expert elaborate procedure as well as post-
on hearing technologies, Niparko surgical intensive care. James Stein,
has built USC’s otolaryngology lead surgeon during the separation
group into one of the nation’s finest, and associate professor of surgery
recruiting researchers from around at the Keck School of Medicine of
the country and spearheading a USC, has now separated six pairs
national clinical trial of treatments of conjoined twins.
for children with hearing loss. Closer to home, Keck Medicine
Accelerating Hearing
“Early intervention is critical to of USC collaborated with the Califor-
Loss Treatment ensure that children with hearing nia Institute of Technology and
“Early intervention is loss develop their speech and lan- Rancho Los Amigos National Reha-
critical to ensure that guage skills. Tina and Rick Caruso bilitation Center in a unique clinical
children with hearing have a profound understanding trial to implant a device in patient
loss develop their speech Inspired by family experience, of these concerns and are compas- Erik Sorto’s brain, which allows
and language skills. Tina business leader, longtime benefactor sionate believers in the importance him to move a robotic arm just
and Rick Caruso have a and USC Trustee Rick J. Caruso of this work,” Niparko said. by thinking about it.
profound understanding and his wife, Tina, endowed the “Generations of children will bear Paralyzed from the neck down
of these concerns and USC Tina and Rick Caruso Depart- the imprint of their generosity.” when he was 21, Sorto is the first
are compassionate be- ment of Otolaryngology — Head and person to have this type of surgery.
lievers in the importance Neck Surgery, one of the nation’s Keck Medicine of USC surgeons
of this work. Generations largest and most highly ranked for performed the neuroprosthetic
of children will bear research and treatment of diseases implant, and, since then, Sorto
the imprint of their of the ear, nose and throat. The has been training with Caltech re-
generosity.” Caruso’s generous naming gift in- searchers and Rancho Los Amigos
cludes funding for the USC Caruso staff to control a computer cursor
John K. Niparko, MD
Family Center for Childhood Com- and a robotic arm with his mind.
Leon J. Tiber and David S.
munication, the department’s affili- He’s thrilled with the results:
Alpert Chair in Medicine
ated treatment center for young “It gives me great pleasure to be
children with severe hearing loss. part of the solution for improving
The Caruso’s teenage daughter, paralyzed patients’ lives.”
Groundbreaking
Gianna, was born with mild to
Surgeries
moderate hearing loss, presenting
challenges in her daily life as well as
Pharmacy Success
in the classroom. This all changed,
in the Community
Caruso said, when a team of USC
doctors provided her with a new, It was a year of medical and
highly sensitive device that was humanitarian breakthroughs at
inserted into her ear canal. “The Keck Medicine of USC.
minute the hearing device went in, A team of physicians and nurses Recognizing that pharmacists can
there was a huge difference,” Caruso from Keck Medicine of USC and help patients improve their health
said, “It was a life changer.” Children’s Hospital Los Angeles while saving precious health care
With this endowment, Caruso traveled to Haiti to separate a pair dollars, the USC School of Phar-
believes USC, in partnership with of six-month-old conjoined twins, macy’s pharmacists and students
Children’s Hospital Los Angeles, the first such operation performed work in community settings through-
has the potential to help thousands in that country. It was a dramatic out Southern California. Funded by
of children who have hearing loss, homecoming for Haitian-born surgi- a major federal grant, their work
particularly those who can’t afford cal team leader Henri Ford, vice includes a project in more than a
the latest technology or don’t have dean for medical education at the dozen AltaMed clinics, which serve
access to that level of health care. Keck School of Medicine of USC. largely low-income populations,
The gift will advance department The twins, who were connected that gives patients access to
research and help expand treat- at the abdomen, were separated in clinical pharmacists.
ment options. a seven-hour surgery and discharged
12 days later. Ford and his medical
team traveled to Haiti almost
22 / 2015 FINANCIAL REPORT University of Southern CaliforniaAssociate Professor Steven Chen
runs this pilot initiative. Quoted in
an article in the Los Angeles Times,
Chen explained, “That’s the reason
we’ve been very successful, because
someone is taking the time to sit
with the patient.”
Community programs like these
made the USC School of Pharmacy
the ideal choice for Reyna Raya.
When Raya was 11 she decided she
wanted to become a pharmacist.
At age 51, the single mother and
cancer survivor received her
PharmD, marking the culmination
of a decades-long academic and
personal journey.
Raya postponed college until
her sons had graduated from high
school, and then, just one year into
undergraduate biology studies, she
was diagnosed with cancer. With
the help of her two sons, who she
calls her “biggest cheerleaders,”
Raya fought to continue her college
studies while undergoing surgeries
and chemotherapy.
Raya shared her story at Rock
the Pink, a School of Pharmacy event
promoting breast cancer awareness.
The brainchild of Raya, the event
brings together Trojans studying to
become health professionals with
breast cancer survivors and experts.
”I have always had this goal of fin-
ishing school and coming back to
work in my community, and that’s
what kept me going,” said Raya.
University of Southern California 2015 FINANCIAL REPORT / 2324 / 2015 FINANCIAL REPORT University of Southern California
University of Southern California 2015 FINANCIAL REPORT / 25
Academic Highlights _2014/15
USC Leventhal School
of Accounting
e university’s diverse curricular The USC Leventhal School of
Accounting is consistently ranked
offerings provide opportunities among the top tier of accounting
programs nationwide. With a focus
for interdisciplinary study and col- on ethics and conceptual strengths
that transcend technical proficiency,
laboration with leading researchers USC Leventhal produces accounting
and tax professionals with the knowl-
in highly advanced learning edge and integrity essential for
success in an increasingly complex
environments. international economy. Under the
leadership of Dean William W.
Holder, the school continues to
reach new heights of achievement.
A transformative alumnus gift re-
named Leventhal’s signature degree
program the Jennifer and James R.
Parks Master of Business Taxation
Program. The gift also funds an
endowed faculty chair and increases
the school’s scholarship capacity,
ensuring that USC Leventhal can
continue to attract renowned
thought leaders and competitive
students. USC Leventhal’s influence
extended to the international arena
this year: Accounting and history
professor Jacob Soll, whose book
The Reckoning: Financial Accountabil-
ity and the Rise and Fall of Nations
became a best seller in 2014,
offered counsel to Greek officials,
speaking about the transparency
that double entry bookkeeping
brings to a healthy economy.
USC School of
Architecture
Celebrating 100 years of architec-
ture at USC, the USC School of
Architecture marked its entry into
the next 100 years with a dynamic
program of events: the 100 Years
Lecture Series, including USC
26 / 2015 FINANCIAL REPORT University of Southern CaliforniaWomen in Architecture, L.A. Design ment in flexibility, efficiency and
& Practice, and a Student/Faculty spaces that inspire art and design
Mentorship panel; a Visions and without limits. Professor Amelia
Voices evening with Zaha Hadid; Jones, director of the MA in Curator-
the 2014 Association for Computer- ial Studies and the Public Sphere
Aided Design in Architecture program, was honored with the
(ACADIA) conference; and EXPO College Art Association’s annual
2015, a year-end capstone event Distinguished Feminist Award for
with final reviews, an exhibition and her pioneering scholarship. Ceram-
a super jury comprising nationally ics faculty member Phyllis Green
USC Marshall
renowned figures in architecture. was honored with a Guggenheim
The school’s professional Bachelor Fellowship in Fine Arts. Their awards
School of Business
of Architecture and Master of Archi- model a lifetime of practice and
tecture programs were awarded an scholarship for USC Roski students. The USC School of
unprecedented eight-year accredita- Cinematic Arts remains
tion by the National Architectural The USC Marshall School of the nation’s top Film
Accrediting Board. The new three- Business is at the forefront of 21st School and Game Design
year Master of Architecture program century business education. Under Program, according to
welcomed its first students in fall the leadership of Dean James G. the Hollywood Reporter
2014, while the undergraduate Ellis, the school reached significant and The Princeton
program was ranked in the nation’s milestones in 2015, including Review, respectively.
top 10 by DesignIntelligence, the launching its new online MBA. USC “USC always has kept
most comprehensive rankings re- Marshall’s state-of-the-art under- an eye on the future,
port for U.S. architecture programs. graduate building, Fertitta Hall, is exploring new ideas
USC Architecture faculty continued on schedule to open fall 2016. and technologies even
to garner national recognition in Influential speakers, including Mark before Hollywood learns
USC Division of
research, teaching and creative Cuban and Adam Silver, came to about them,” read The
Biokinesiology and
practice. campus to discuss topics ranging Princeton Review’s
Physical Therapy from entrepreneurship to sports evaluation.
business. A group of second-year
MBA students was among the first
to travel to Cuba after an historic
The division is a national and inter- resumption of diplomatic relations.
national leader in physical therapy Student investors received generous
education, research and innovative support from alumna Cynthia van
clinical practice, using new tech- Eck and husband Jan. The academic
nologies to bring learner-centered year ended on an inspirational note,
approaches to professional educa- with Evan T. Spiegel, founder of
tion. These include “flipped class- Snapchat, enjoining graduating sen-
rooms” to streamline the amount iors to “find something you aren’t
USC Roski School
of time students spend in lectures willing to sell” in his headline-mak-
of Art and Design
and increase valuable face time ing commencement speech in May.
with instructors; using iPads to pro-
mote evidence-based practice; and
employing 3D motion capture to
USC School of
USC Roski has pioneered two new objectively measure motion, giving
Cinematic Arts
collaborative programs: the USC practitioners the ability to design
Iovine and Young Academy and more effective clinical interventions.
an online Master of Science in Inte- The division’s faculty and students
grated Design, Business and Tech- continue to distinguish themselves.
nology in partnership with WIRED Professor Lori Michener was named The USC School of Cinematic Arts
magazine. The inaugural Academy a Catherine Worthingham Fellow (SCA) remains the nation’s top Film
cohort of student entrepreneurs and of the American Physical Therapy School and Game Design Program,
inventors completed their freshman Association. Assistant Professor according to the Hollywood Reporter
year in a flexible-use makerspace Jason Kutch was elected to the and The Princeton Review, respec-
called the Garage, stockpiled with board of the International Pelvic tively. “USC always has kept an eye
3D printers, a model shop, high- Pain Society. Professor Carolee on the future, exploring new ideas
speed workstations and more. Winstein was invited to serve on the and technologies even before Holly-
USC Roski classrooms were also National Institutes of Health Muscu- wood learns about them,” read
upgraded with consumer-grade 3D loskeletal Rehabilitation Sciences The Princeton Review’s evaluation.
printers in three new labs, custom study section. Doctor of Physical SCA continues to explore cutting
worktables and mobile electrical Therapy student Scott McAfee was edge advancements in film, televi-
infrastructure — an ongoing invest- elected to the American Physical sion, animation, and interactive
Therapy Association’s Student
Assembly Board of Directors.
University of Southern California 2015 FINANCIAL REPORT / 27media, with research opportunities Quinn Award for Lifetime Achieve- ship between Ostrow and the USC
in IMAX immersive media, world- ment. School of Communication Chan Division of Occupational Sci-
building, environmental media, Director Sarah Banet-Weiser ence and Occupational Therapy,
motion capture and more. Formerly launched the Institute for Diversity made possible by a record-setting
the Division of Critical Studies, the and Empowerment (IDEA). USC grant from the National Institutes
Bryan Singer Division of Cinema Annenberg debuted a Maymester of Health. The grant will support
& Media Studies updated its name in New York City and Annenberg- Ostrow and Chan researchers’ in-
to better reflect the diverse spec- Works, an analytics-driven program vestigative work on anxiety and
trum of its students’ academic and that links industry partners with negative responses by children with
creative pursuits. All USC students USC Annenberg students. autism during dental appointments.
can broaden their horizons with Ostrow’s alumni and friends com-
one of SCA’s 14 minors, including munity continued its support with
The new students, faculty its latest addition, Media and Social
USC Glorya Kaufman 50 gifts, which the school will use
and staff of USC Kaufman Change. These developments help to enhance its facilities, student ex-
School of Dance
are enthusiastically attract renowned faculty and indus- perience and community outreach.
following construction try professionals, such as award-
of the state-of-the-art winning animator Eric Goldberg,
Glorya Kaufman Interna- who teaches fundamentals of
tional Dance Center, character animation. The USC Glorya Kaufman School
which will open its of Dance, the first new school estab-
doors in 2016. lished through an endowment at
USC in nearly 40 years, welcomed
its inaugural class in fall 2015. This
talented and diverse group, includ-
ing 15 male and 18 female dancers,
will study with some of the field’s
foremost artistic innovators. An-
USC School of
nouncements of new USC Kaufman
Dramatic Arts
faculty have generated international
attention in the past year, while a
pioneering curricular partnership
USC Annenberg School
with Hubbard Street Dance Chicago,
for Communication
a leading practitioner of interdiscipli- The USC School of Dramatic
and Journalism nary dance artistry, brought a pro- Arts continues to be a nationally
gram of intensive workshops to the recognized leader and innovator in
school. The new students, faculty dramatic arts education. This year,
and staff of USC Kaufman are en- the school welcomed the Summer
The USC Annenberg School for thusiastically following construction Institute for International Actors’
Communication and Journalism’s of the state-of-the-art Glorya Kauf- inaugural cohort. This unique pro-
global reputation for digital media man International Dance Center, gram combines rigorous acting and
leadership continues to grow. USC which will open its doors in 2016. professional development courses
Annenberg Dean Ernest J. Wilson III taught by the school’s world-class
culminated four years of collabora- faculty with immersive English
tive research with leaders of the language training at the USC Inter-
school’s communities of practices national Academy. Greenhouse at
by formalizing “Third Space Think- The Playhouse, a new partnership
ing,” a new framework for teaching with The Pasadena Playhouse,
and research. The newly named further develops the work of emerg-
Julie Chen/Leslie Moonves and ing playwrights in the Master of
CBS Media Center, located inside Fine Arts dramatic writing program.
the technologically transformative The school also launched a new
Wallis Annenberg Hall, knocked program for Bachelor of Arts
down silos between radio, TV and students, allowing them to choose
Herman Ostrow School
online culture. This converged an emphasis in acting or design.
of Dentistry of USC
approach saw students win an And USC School of Dramatic Arts
astounding 30 prizes at the Los alumni, including Danny Strong
Angeles Press Club Awards, while (executive producer of Empire),
competing primarily against profes- Forest Whitaker, Beck Bennett
sional media elites. At the same For 118 years, the Herman Ostrow (Saturday Night Live) and many
event, School of Journalism Director School of Dentistry of USC has more, continue to make an indelible
Willow Bay received the Joseph M. been committed to a tradition of mark on their artistic fields.
excellence. In 2015 Ostrow awarded
nearly 70 academic student scholar-
ships. This year also marked the
start of an interdisciplinary partner-
28 / 2015 FINANCIAL REPORT University of Southern Californiagraduate program among the
nation’s top 10 and named the USC Gould
Distance Education Network, School of Law
DEN@Viterbi, the best online
graduate computer information
technology program for the third
consecutive year. The World Eco- USC Gould welcomed Andrew
nomic Forum recently named T. Guzman as its 14th dean. Earlier
Associate Professor Andrea Armani this year, the school received a
a Young Global Leader, making major gift from Judge Judith O.
USC Rossier School
her one of only two U.S. professors Hollinger ’61 to launch the Alterna-
of Education so honored. Finally, Andrew Viterbi, tive Dispute Resolution (ADR)
Qualcomm cofounder and USC program, one of the few in the
Viterbi namesake, was inducted nation teaching students the impor-
into CONNECT’s Entrepreneur Hall tant skills of arbitration and media-
USC Rossier’s mission is to improve of Fame for founding, leading or tion. Professor Tom Lyon, along
urban education locally, nationally advancing a life sciences or technol- with a team of alumni and students,
and globally. The school’s ground- ogy-based business or organization influenced a unanimous Supreme
breaking online Master of Arts in in San Diego. Court decision to accept children’s
Teaching continues to grow, with statements of abuse as admissible
more than 2,700 graduates from 50 testimony. The Post-Conviction
states and 30 countries. The school Justice Project represented the first
USC Leonard Davis
also launched a first-of-its-kind on- juvenile client in California who
School of Gerontology
line EdD in Organizational Change was released from prison under the
and Leadership. A commitment to California Fair Sentencing for Youth
improve college access to first-gen- Act. In its 14th year, the Master of
eration and underserved students Laws (LL.M.) program continued The USC Viterbi School
earned the school a prestigious First This year marked two milestones to grow, with 215 students from 39 of Engineering earned
in the World grant from the U.S. De- for gerontology at USC: the 40th countries. The online LL.M. pro- several national distinc-
partment of Education, supporting anniversary of the USC Davis School gram, now in its second year, has tions in 2015. U.S. News
the expansion of the online college and the 50th anniversary of the more than doubled its number of & World Report placed
access game Mission: Admission. Ethel Percy Andrus Gerontology students. And the USC Gould gradu- USC Viterbi’s graduate
USC Rossier had the highest alloca- Center. USC Davis scientific achieve- ates of 2014 posted an impressive program among the nation’s
tion of research funding per faculty ments in 2015 included a ground- bar passage rate of 87% — among top 10 and named the
member of any school of education breaking study published in Cell the top three in California. Distance Education
in the nation. In fall 2015, USC Metabolism and led by Assistant Network, DEN@Viterbi,
Rossier’s successful innovative Professor David Lee and USC Davis the best online graduate
charter high school, USC Hybrid Dean Pinchas Cohen, which de- computer information
High in downtown Los Angeles, scribed a newly discovered mito- technology program for
welcomed its first senior class, while chondrial hormone, “MOTS-c,” that the third consecutive year.
a second school, USC East College mimics the effects of exercise.
Prep, opened in Lincoln Heights. Another high-profile study, pub-
lished in the Proceedings of the
National Academy of Sciences and
led by University Professors Eileen
USC Viterbi School
Crimmins and Caleb Finch, identi-
of Engineering
fied greater male vulnerability to
USC Dornsife
heart disease as the main reason
College of Letters,
behind the lifespan disparity be-
tween the sexes that emerged in
Arts and Sciences
This year, USC Viterbi programs the early 20th century. In an innova-
and faculty earned several national tive educational development affect-
distinctions. USC Viterbi continues ing millions of older adults across
to recruit world-class faculty: Since the U.S., USC Davis joined forces Building upon the university’s Con-
2009, 10 of its junior faculty have with Bank of America Merrill Lynch vergent Bioscience Initiative, USC
made MIT Technology Review’s list to create the Longevity Training Dornsife launched The Bridge@USC
of “The World’s 35 Top Innovators Program, an online gerontology to unite outstanding minds in
under the Age of 35.” USC Games, course for Merrill Lynch financial chemistry, biology, medicine, math-
a unique collaboration with the advisers and benefits/human ematics, physics and engineering
USC School of Cinematic Arts, was resources personnel within Merrill to create the first atomic-resolution
named the No. 1 games program Lynch’s 35,000 client companies. model of man. This dynamic model
by The Princeton Review for the will accelerate the development of
sixth consecutive year. U.S. News & new therapies and cures for a range
World Report placed USC Viterbi’s of diseases and conditions. Blending
University of Southern California 2015 FINANCIAL REPORT / 29international relations course work • Thanks to a three-year sole
and internships with policy-focused recipient grant, USC became the
organizations, the semester-long National Center on Elder Abuse,
Dornsife D.C. program was intro- providing technical assistance
duced as part of a continued and training to states and com-
emphasis on practical politics. munity-based organizations to
The Department of English further develop effective prevention, in-
bolstered its creative writing faculty tervention and response efforts
with the recruitment of renowned addressing elder abuse. Led by
American poet Claudia Rankine and
Keck Medicine Laura Mosqueda, department
award-winning author Geoff Dyer. chair of family medicine and geri-
The USC Shoah Foundation part-
of USC
atrics, the center also conducts
nered with international organiza- research and advocates for policy
tions to commemorate the 70th changes on behalf of older adults.
anniversary of the Auschwitz death • The Hastings Foundation awarded
camp liberation, bringing survivors, Financial support for Keck Medicine a five-year grant to establish the
teachers and others to Poland for of USC has a unique and profound Hastings Center for Pulmonary
a four-day observance. impact on not only the patients who Research at Keck Medicine of
receive treatment there, but also on USC, which will bring together
the advancement of medicine in the basic and translation researchers
diagnosis, treatment and prevention and clinicians to develop new
of diseases touching people around treatments and cures for pul-
the world. The direct relationship monary diseases, such as cystic
between gifts and grants, and its fibrosis, chronic obstructive pul-
application to medicine at USC, monary disease and idiopathic
is clear and seen in some of this pulmonary fibrosis, that affect
year’s highlights: millions around the world.
• For business leader and USC
trustee Rick Caruso and his wife,
USC Libraries Tina, their decision to endow and USC Thornton
name the USC Tina and Rick School of Music
Caruso Department of Otolaryn-
USC Thornton celebrated gology — Head and Neck Surgery
a year of extraordinary and the USC Caruso Family Cen-
events and accomplish- The Master of Management in ter for Childhood Communication
ments across its diverse Library and Information Science is a tribute to their daughter, The USC Thornton School of
programs. The school program, a partnership between who was impacted by hearing Music celebrated a year of extraordi-
launched a bachelor’s the USC Libraries and the USC loss at birth, and extends their nary events and accomplishments
degree in music produc- Marshall School of Business, gradu- long-standing support of pioneer- across its diverse programs. The
tion and welcomed new ated its first class of 18 students ing research, health care and school launched a bachelor’s
faculty, including Jeffrey this year. The two-year online de- education for early-onset hearing degree in music production and
Kahane, music director gree, launched in 2013, is designed loss (see page 22). welcomed new faculty, including
of the Los Angeles to train the next generation of • USC is considered among the Jeffrey Kahane, music director of
Chamber Orchestra. information professionals with a elite research facilities in the the Los Angeles Chamber Orches-
curriculum focused on developing world for the study of brain tra. The USC Thornton Opera pro-
leadership skills, entrepreneurial injury and disease. Led by the gram presented the West Coast
thinking and global perspectives. renowned team of Arthur Toga premiere of Hans Werner Henze’s
At the May commencement cere- and Paul Thompson, and en- “The English Cat,” and the USC
mony, three of the graduating dowed by longtime USC benefac- Thornton Symphony performed at
students were recognized for their tors Mark and Mary Stevens, Walt Disney Concert Hall. Among
high achievement in academic the USC Mark and Mary Stevens USC Thornton’s many accomplished
librarianship. Upon graduation, Neuroimaging and Informatics students, Julia Adolphe was com-
numerous graduates had full-time Institute is helping to speed the missioned to compose a viola
positions in libraries, with jobs as transformation of basic research concerto for the New York Philhar-
diverse as web services manager, into potential therapies and cures monic, and Francisco Garcia Fullana
university librarian and head of for brain-related conditions (see received a loan of the 1697 Stradi-
access services, while one graduate page 21). In October, Toga and varius “Rainville” violin after winning
accepted a fully funded University Thompson also earned a pair a prestigious competition in Japan.
of California doctoral fellowship. of grants from the National Insti- Veteran faculty members, including
tutes of Health to establish two drummer Peter Erskine and organ-
centers of excellence in big ists Cherry Rhodes and Ladd
data research. Thomas, received high honors from
30 / 2015 FINANCIAL REPORT University of Southern Californiacampus and musical communities with the Class of 2019. Early data California Advanced Manufacturing
alike, while USC Thornton welcomed from a three-year study placing Partnership (AMP SoCal). Last year,
many esteemed artistic collabora- USC clinical pharmacy teams in 10 CED partnered with the city of Los
tors, among them singer Chaka safety net clinics shows improved Angeles to secure a “Manufacturing
Khan and filmmaker David Lynch. medication use, health outcomes Community” federal designation
The year concluded with the inaugu- and reduced costs (see page 22). for Southern California. This gives
ral Musician’s Wellness Initiative, an USC Pharmacy is working on AMP SoCal members preferential
innovative event to raise awareness statewide implementation of land- access to a range of federal eco-
about healthy musicianship. mark Senate Bill 493 recognizing nomic development funding, which
pharmacists as health care providers, will support the aerospace and de-
while the nation watches the ex- fense industry as well as defense-
USC Mrs. T.H. Chan panded role for pharmacists taking impacted firms. USC Pharmacy is
shape in California. School research working on statewide
Division of Occupational
entered a new frontier this year with implementation of land-
Science and Occupational a grant from NASA to conduct a mark Senate Bill 493
Therapy drug discovery experiment at the recognizing pharmacists
International Space Station. Profes- as health care providers,
sor Roberta Diaz Brinton was Los while the nation watches
Angeles Magazine’s “Woman of the the expanded role for
At a September 2014 celebration, Year.” USC now houses the national pharmacists taking
USC Trustee Ronnie C. Chan MBA office of the Rho Chi Society, the shape in California.
’76 and his wife, Barbara, an- international academic honor soci-
nounced a generous gift to USC’s ety for the pharmaceutical sciences.
pioneering occupational science A gift from Ninetta and Gavin Her-
USC School of
and occupational therapy program. bert established the Margaret and
Social Work
Given in honor of Chan’s mother, John Biles Leadership Center, which
the gift endowed and named the di- addresses pressing health issues
vision, now known as the USC Mrs. while promoting leadership and en-
T.H. Chan Division of Occupational trepreneurial skills among students.
Science and Occupational Therapy. The USC School of Social Work un-
This was both the first naming gift veiled a new curriculum that places
and the largest ever made to any a stronger emphasis on the science
occupational therapy program in the of social work, neuroscience and
100-year history of the profession. leadership, and requires students
The gift also extends the division’s to select a department of study:
international reach through the Children, Youth and Families; Adults
USC Mrs. T.H. Chan Occupational and Healthy Aging; or Community,
Therapy China Initiative, which will Organization, and Business Innova-
establish a graduate program in tions. Fast Company magazine high-
occupational therapy in China in lighted the school’s business course
partnership with a top Chinese uni- work, suggesting the world might
USC Sol Price School
versity. In addition, Florence Clark, benefit if more business leaders
of Public Policy
associate dean and division chair, came out of Master of Social Work
was named the inaugural holder programs. The Center for Innovation
of the Mrs. T.H. Chan Professorship and Research on Veterans & Military
in Occupational Science and Families conducted the first com-
Occupational Therapy. The USC Sol Price School of Public prehensive survey of Los Angeles
Policy secured substantial funding veterans’ transition challenges, re-
for additional student scholarships leasing a report lauded by national
and student enrichment programs and local leaders. The school estab-
USC School
this year. USC Price also established lished an “Innovators in Residence”
of Pharmacy
a new Bachelor of Science in Real program to provide faculty, staff and
Estate Development degree, com- students with new approaches to
plementing its signature Dollinger problem solving. One example is
Master of Real Estate Development the co-mingling of social work and
As the nation’s health care program, endowed by alumnus engineering on big-data projects,
system evolves, the USC School David Dollinger MRED ’87. For the such as wireless-based mobile
of Pharmacy continues to lead in second year in a row, USC Price health training for older adults with
the advancement of the profession, broke previous records in externally disabilities and mapping social
education, practice and research. funded research support, including networks of homeless youth.
A thorough review of the Doctor of two transformative grants to the
Pharmacy program resulted in a school’s USC Center for Economic
new curriculum to be launched Development (CED) for further
collaboration with the Southern
University of Southern California 2015 FINANCIAL REPORT / 31financial statements_2015 University of Southern California 2015 FINANCIAL REPORT / 33
Report of Independent Auditors
To the Board of Trustees of the University of Southern California
We have audited the accompanying consolidated financial statements of the University of Southern California and its subsidiaries
(the “university”), which comprise the consolidated balance sheets as of June 30, 2015 and 2014, and the related consolidated statements
of activities and cash flows for the years then ended.
Management’s Responsibility for the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with
accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance
of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material
misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on the consolidated financial statements based on our audits. We conducted our audits in
accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial
statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the
consolidated financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant
to the university’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the university’s internal
control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used
and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the
consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinion.
Opinion
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of
the University of Southern California and its subsidiaries as of June 30, 2015 and 2014, and the changes in their net assets and their
cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.
Los Angeles, California
October 14, 2015
34 / 2015 FINANCIAL REPORT University of Southern CaliforniaYou can also read
