FINANCIAL STATEMENT HIGHLIGHTS
The accompanying financial statements have been prepared on the accrual basis of accounting in accordance with standards established by the Financial Accounting Standards Board (FASB) for external financial reporting by not-for-profit organizations.
The College’s second largest and oldest asset is its physical plant, consisting of land, buildings, furniture and fixtures, and equipment. As of August 31, 2010, the net book value of plant assets was approximately $119 million, representing approximately 33% of the College’s total assets. The College’s liabilities of $193 million are substantially less than its assets. As of August 31, 2010, long-term debt represented the College’s most significant liability, at $86 million. In accordance with FASB standards, the net assets of the College are classified as either unrestricted, temporarily restricted, or permanently restricted. Unrestricted net assets are not subject to donor-imposed restrictions. At August 31, 2010, the College’s unrestricted net assets totaled approximately $86 million. Temporarily restricted net assets are subject to donor-imposed restrictions that will be met either by actions of the College or the passage of time. Permanently restricted net assets are subject to donor-imposed restrictions that stipulate that they be maintained permanently by the College, but permit the College to expend part or all of the income derived therefrom. The College’s permanently restricted net assets consist of endowment principal cash gifts and pledges.
Statement of Changes in Net Assets: The statement of changes in net assets presents the financial results of the College and distinguishes between operating and non-operating activities. Non-operating activities principally include investment return, net of amounts appropriated as determined by the College’s endowment spending policy, changes in non-operating pension and postretirement liabilities, and interest rate swap charges. Unrestricted operating revenues totaled approximately $170 million. The College’s principal sources of unrestricted operating revenues were student tuition and fees, net of student aid, representing 56% of operating revenues, and grants and contracts for research and training programs, representing 21% of operating revenues. Investment return, auxiliary activities, government appropriations, and other sources comprise the remaining 23% of operating revenues. Operating expenses totaled $164 million.
BALANCE SHEET August 31, 2010
ASSETS
Cash $ 8,723,069
Student accounts and other receivables, net 4,073,337
Grants and contracts receivable 4,215,441
Inventories and other assets 3,880,595
Contributions receivable, net 5,498,408
Funds held by bond trustees and escrow agent 6,082,821
Investments 209,573,019
Student loans receivable, net 3,764,131
Plant assets, net 119,152,831
TOTAL ASSETS $ 364,963,652
LIABILITIES AND NET ASSETS
LIABILITIES
Accounts payable and accrued expenses $ 16,371,481
Deferred revenues 16,442,169
Long-term debt 86,213,462
Accrued pension and other benefit obligations 61,802,364
Other Liabilities 9,554,774
U.S. Government grants refundable 3,050,030
TOTAL LIABILITIES 193,434,280
NET ASSETS
Unrestricted net assets
Endowment and Other 148,083,875
Pension and Postretirement Obligation (61,802,364)
Total Unrestricted net assets 86,281,511
Temporarily restricted 9,127,070
Permanently restricted 76,120,791
TOTAL NET ASSETS 171,529,372
TOTAL LIABILITIES AND NET ASSETS $ 364,963,652
STATEMENT OF CHANGES IN NET ASSETS Fiscal Year ended August 31, 2010
TEMPORARILY PERMANENTLY
UNRESTRICTED RESTRICTED RESTRICTED TOTAL OPERATING REVENUES
Student tuition and fees, net of student aid $ 95,079,521 — — 95,079,521
Government appropriations 623,620 — — 623,620
Grants and contracts 35,333,349 — — 35,333,349
Contributions 2,980,923 — — 2,980,923
Investment return used in operations 13,121,565 — — 13,121,565
Sales and services of auxiliary enterprises 20,158,864 — — 20,158,564
Other sources 2,042,000 — — 2,042,000
Net assets released from restrictions 976,140 — — 976,140
TOTAL OPERATING REVENUES $170,315,982 — — 170,315,982
OPERATING EXPENSES
Instruction 59,595,740 — — 59,595,740
Research, training and public service 35,913,574 — — 35,913,574
Academic support 12,948,019 — — 12,948,019
Student services 9,651,938 — — 9,651,938
Auxiliary enterprises 21,730,647 — — 21,730,647
Institutional support 24,394,385 — — 24,394,385
TOTAL OPERATING EXPENSES 164,234,303 — — 164,234,303
DECREASE IN NET ASSETS FROM OPERATIONS 6,081,679 — — 6,081,679
NON-OPERATING ACTIVITES
Contributions — 1,191,260 561,679 1,752,939
Investment return, net of amounts appropriated 2,950,248 — — 2,950,248
Net change in fair value of derivative instruments (3,177,891) — — (3,177,891)
Investment return on funds held by bond trustees 9,329 — — 9,329
Change in value of split-interest agreements 28,879 (62,534) 11,999 ***
Pension and postretirement changes
other than net periodic benefit costs (2,191,969) — — (2,191,969)
Redesignation of net assets — — — —
Net assets released from restrictions 604,572 (1,580,712) — ***
INCREASE IN NET ASSETS $ 4,304,807 (451,986) 573,678 4,426,539
NET ASSETS AT BEGINNING OF YEAR 81,976,664 9,579,056 75,547,113 167,102,833
NET ASSETS AT END OF YEAR $ 86,281,511 9,127,070 76,120,791 171,529,372
Published Wednesday, May. 11, 2011