Third-quarter financial report ranks NSU first in unrestricted liquidity and second in total cash among current University of Louisiana System institutions.
By Richard Searles
Northwestern State University entered the final quarter of fiscal year 2026 with the strongest unrestricted cash position among the current universities in the University of Louisiana System, according to a third-quarter financial report presented to the UL System Board of Supervisors.
The report shows Northwestern State averaging 148 days of unrestricted cash on hand through March 31 — nearly five months of unrestricted operating liquidity and the highest level reported among the system’s current universities.
Grambling State University ranked second with 99 days, placing Northwestern State 49 days ahead of the next-highest institution.
.uls-chart-1{
max-width:900px;
margin:32px auto;
padding:24px;
border:1px solid #d9d9d9;
background:#fff;
font-family:Arial,Helvetica,sans-serif;
color:#222;
box-sizing:border-box;
}
.uls-chart-1 *{box-sizing:border-box}
.uls-chart-1 h3{
margin:0 0 6px;
font-size:26px;
line-height:1.2;
}
.uls-chart-1 .subtitle{
margin:0 0 24px;
color:#666;
font-size:15px;
}
.uls-chart-1 .row{
display:grid;
grid-template-columns:minmax(190px,260px) 1fr 48px;
gap:12px;
align-items:center;
margin:12px 0;
}
.uls-chart-1 .label{
font-size:15px;
line-height:1.25;
}
.uls-chart-1 .track{
position:relative;
height:24px;
background:#eef1f4;
border-radius:4px;
overflow:visible;
}
.uls-chart-1 .bar{
height:100%;
border-radius:4px;
background:#2f6db3;
}
.uls-chart-1 .nsu{background:#1f6f3d}
.uls-chart-1 .negative{
position:absolute;
right:100%;
top:0;
background:#b22222;
}
.uls-chart-1 .value{
font-weight:700;
text-align:right;
font-size:15px;
}
.uls-chart-1 .source{
margin-top:22px;
padding-top:12px;
border-top:1px solid #ddd;
color:#666;
font-size:13px;
line-height:1.4;
}
@media(max-width:700px){
.uls-chart-1{padding:18px}
.uls-chart-1 h3{font-size:22px}
.uls-chart-1 .row{
grid-template-columns:1fr;
gap:6px;
margin:18px 0;
}
.uls-chart-1 .value{text-align:left}
.uls-chart-1 .negative{
position:relative;
right:auto;
width:2% !important;
}
}
UL System Universities Ranked by Unrestricted Cash
Quarter-average days of unrestricted cash through March 31, 2026
Northwestern State University
148
Grambling State University
99
Nicholls State University
79
McNeese State University
64
Southeastern Louisiana University
48
University of Louisiana Monroe
27
University of Louisiana at Lafayette
17
Louisiana Tech University
-2
Source: University of Louisiana System, Fiscal Year 2025-26 Third Quarter Financial Report, Page 7.
NSU leads the system in unrestricted liquidity
“Days of unrestricted cash” is a measure of institutional liquidity. It estimates how many days a university could continue paying unrestricted operating expenses using available unrestricted cash resources.
Unlike restricted money designated for grants, scholarships, capital projects or other specific purposes, unrestricted cash generally provides greater flexibility for meeting payroll, vendor obligations and other ordinary operating expenses.
The quarter-average rankings were:
- Northwestern State University — 148 days
- Grambling State University — 99 days
- Nicholls State University — 79 days
- McNeese State University — 64 days
- Southeastern Louisiana University — 48 days
- University of Louisiana Monroe — 27 days
- University of Louisiana at Lafayette — 17 days
- Louisiana Tech University — negative two days
Northwestern State reported nearly five months of unrestricted operating liquidity — more than any other current University of Louisiana System institution.
Louisiana Tech’s negative quarter average and UL Lafayette’s 17-day average indicate substantially tighter unrestricted liquidity than Northwestern State reported during the same period.
The report, however, does not establish that either university delayed vendor payments, experienced difficulty meeting payroll or transferred money between funds. Determining whether those practices occurred would require additional records, including accounts-payable aging reports, cash-by-fund schedules and payment-timing data.
NSU ranks second in total cash
The report also measured total cash on hand, which includes both unrestricted cash and funds that may be legally or contractually restricted for specific purposes.
McNeese State University ranked first in total cash with a quarter average of 163 days. Northwestern State ranked second with 120 days, followed closely by Grambling State with 118 days.
.uls-chart-2{
max-width:900px;
margin:32px auto;
padding:24px;
border:1px solid #d9d9d9;
background:#fff;
font-family:Arial,Helvetica,sans-serif;
color:#222;
box-sizing:border-box;
}
.uls-chart-2 *{box-sizing:border-box}
.uls-chart-2 h3{
margin:0 0 6px;
font-size:26px;
line-height:1.2;
}
.uls-chart-2 .subtitle{
margin:0 0 24px;
color:#666;
font-size:15px;
}
.uls-chart-2 .row{
display:grid;
grid-template-columns:minmax(190px,260px) 1fr 48px;
gap:12px;
align-items:center;
margin:12px 0;
}
.uls-chart-2 .label{
font-size:15px;
line-height:1.25;
}
.uls-chart-2 .track{
height:24px;
background:#eef1f4;
border-radius:4px;
overflow:hidden;
}
.uls-chart-2 .bar{
height:100%;
border-radius:4px;
background:#2f6db3;
}
.uls-chart-2 .nsu{background:#1f6f3d}
.uls-chart-2 .leader{background:#c69214}
.uls-chart-2 .value{
font-weight:700;
text-align:right;
font-size:15px;
}
.uls-chart-2 .source{
margin-top:22px;
padding-top:12px;
border-top:1px solid #ddd;
color:#666;
font-size:13px;
line-height:1.4;
}
@media(max-width:700px){
.uls-chart-2{padding:18px}
.uls-chart-2 h3{font-size:22px}
.uls-chart-2 .row{
grid-template-columns:1fr;
gap:6px;
margin:18px 0;
}
.uls-chart-2 .value{text-align:left}
}
UL System Universities Ranked by Total Cash
Quarter-average days of total cash through March 31, 2026
McNeese State University
163
Northwestern State University
120
Grambling State University
118
Nicholls State University
91
Southeastern Louisiana University
68
University of Louisiana at Lafayette
37
University of Louisiana Monroe
36
Louisiana Tech University
12
Source: University of Louisiana System, Fiscal Year 2025-26 Third Quarter Financial Report, Page 7.
Nicholls reported 91 days of total cash, Southeastern Louisiana 68 days, UL Lafayette 37 days, UL Monroe 36 days and Louisiana Tech 12 days.
The distinction between unrestricted and total cash is important. A university can report a substantial total cash balance while having far less money available for general operating purposes because portions of the cash may be restricted.
Two measures show NSU among system’s strongest
.uls-chart-3{
max-width:900px;
margin:32px auto;
padding:24px;
border:1px solid #d9d9d9;
background:#fff;
font-family:Arial,Helvetica,sans-serif;
color:#222;
box-sizing:border-box;
}
.uls-chart-3 *{box-sizing:border-box}
.uls-chart-3 h3{
margin:0 0 6px;
font-size:26px;
line-height:1.2;
}
.uls-chart-3 .subtitle{
margin:0 0 14px;
color:#666;
font-size:15px;
}
.uls-chart-3 .legend{
display:flex;
gap:20px;
flex-wrap:wrap;
margin:0 0 24px;
font-size:14px;
}
.uls-chart-3 .legend span{
display:inline-flex;
align-items:center;
gap:7px;
}
.uls-chart-3 .swatch{
width:14px;
height:14px;
border-radius:2px;
display:inline-block;
}
.uls-chart-3 .green{background:#1f6f3d}
.uls-chart-3 .blue{background:#2f6db3}
.uls-chart-3 .red{background:#b22222}
.uls-chart-3 .institution{
margin:22px 0;
padding-bottom:18px;
border-bottom:1px solid #eee;
}
.uls-chart-3 .institution:last-of-type{
border-bottom:none;
}
.uls-chart-3 .name{
font-weight:700;
margin-bottom:10px;
font-size:15px;
}
.uls-chart-3 .metric{
display:grid;
grid-template-columns:120px 1fr 45px;
gap:10px;
align-items:center;
margin:8px 0;
}
.uls-chart-3 .metric-label{
color:#555;
font-size:13px;
}
.uls-chart-3 .track{
position:relative;
height:20px;
background:#eef1f4;
border-radius:4px;
overflow:visible;
}
.uls-chart-3 .bar{
height:100%;
border-radius:4px;
}
.uls-chart-3 .value{
font-weight:700;
font-size:14px;
text-align:right;
}
.uls-chart-3 .negative{
position:absolute;
right:100%;
top:0;
}
.uls-chart-3 .source{
margin-top:22px;
padding-top:12px;
border-top:1px solid #ddd;
color:#666;
font-size:13px;
line-height:1.4;
}
@media(max-width:700px){
.uls-chart-3{padding:18px}
.uls-chart-3 h3{font-size:22px}
.uls-chart-3 .metric{
grid-template-columns:1fr;
gap:5px;
}
.uls-chart-3 .value{text-align:left}
.uls-chart-3 .negative{
position:relative;
right:auto;
width:2% !important;
}
}
Quarter-Average Days of Cash on Hand
Unrestricted cash compared with total cash through March 31, 2026
Unrestricted cash
Total cash
Negative unrestricted cash
Northwestern State University
Grambling State University
Nicholls State University
Southeastern Louisiana University
University of Louisiana Monroe
University of Louisiana at Lafayette
Louisiana Tech University
Source: University of Louisiana System, Fiscal Year 2025-26 Third Quarter Financial Report, Page 7.
Taken together, the two measures show Northwestern State entered the final quarter of fiscal year 2026 with one of the strongest liquidity positions in the UL System.
NSU ranked:
- First in unrestricted cash, at 148 days
- Second in total cash, at 120 days
The findings also provide important context for discussions surrounding Northwestern State’s projected fiscal year 2026 operating deficit.
A projected budget deficit and cash liquidity measure different aspects of an institution’s finances. The budget projection estimates whether revenues will cover planned expenses during the year. Days of cash on hand measure the university’s existing liquidity and its ability to continue meeting obligations from available cash resources.
While Northwestern State faces a projected budget imbalance, the third-quarter report shows the university maintained the strongest unrestricted cash position among the current institutions in the UL System.
The report was based on financial submissions from each university for the quarter ended March 31, 2026. It was presented to the UL System Board of Supervisors for discussion and required no board action.
Footnote: The University of New Orleans was included in the March 31, 2026, University of Louisiana System report but left the UL System effective June 30, 2026. UNO has therefore been excluded from the rankings in this article.
Source: University of Louisiana System, Fiscal Year 2025-26 Third Quarter Financial Report, Page 7.
