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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 balance sheet presents the College’s financial position as of August 31, 2009. The College’s largest financial asset is its investment portfolio, representing approximately 56% of the College’s total assets, with a fair market value of $203 million as of August 31, 2009. The investment portfolio includes $181 million relating to the College’s endowment, which represent contributions to the College subject to donor-imposed restrictions that such resources be maintained permanently by the College, but permit the College to expend part or all of the income derived therefrom. The endowment is managed to achieve a prudent long-term total return (dividend and interest income and investment gains). The Trustees of the College have adopted a policy designed to preserve the value of the endowment portfolio in real terms (after inflation) and provide a predictable flow of income to support operations. In accordance with the policy, $13 million of investment return on the endowment portfolio was used to support operations in fiscal year 2009.
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, 2009, the net book value of plant assets was approximately $123 million, representing approximately 34% of the College’s total assets.
The College’s liabilities of $198 million are substantially less than its assets. As of August 31, 2009, long-term debt represented the College’s most significant liability, at $88 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, 2009, the College’s unrestricted net assets totaled approximately $82 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.
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 the net change in the value of derivative instruments.
Unrestricted operating revenues totaled approximately $161 million. The College’s principal sources of unrestricted operating revenues were student tuition and fees, net of student aid, representing 52% of operating revenues, and grants and contracts for research and training programs, representing 23% of operating revenues. Investment return, auxiliary activities, government appropriations, and other sources comprise the remaining 25% of operating revenues. Operating expenses totaled $168 million.
BALANCE SHEET August 31, 2009
Cash $ 11,049,332
Student accounts and other receivables, net 4,676,846
Grants and contracts receivable 3,564,441
Inventories and other assets 3,951,787
Contributions receivable, net 5,739,326
Funds held by bond trustees and escrow agent 8,173,998
Investments 203,019,088
Student loans receivable, net 2,840,562
Plant assets, net 122,724,537
TOTAL ASSETS $ 365,739,917
Accounts payable and accrued expenses $ 21,160,613
Deferred revenues 24,010,832
Long-term debt 87,734,517
Accrued pension and other benefit obligations 52,400,950
Other Liabilities 10,961,076
U.S. Government grants refundable 2,369,096
Unrestricted net assets
Endowment and Other 134,377,614
Pension and Postretirement Obligation (52,400,950)
Total Unrestricted net assets 81,976,664
Temporarily restricted 9,579,056
Permanently restricted 75,547,113
TOTAL NET ASSETS 167,102,833
STATEMENT OF CHANGES IN NET ASSETS Fiscal Year ended August 31, 2009
Student tuition and fees, net of student aid $ 84,587,891 —     —     84,587,891
Government appropriations 572,829 —     —     572,829
Grants and contracts 36,851,847 —     —     36,851,847
Contributions 2,950,465 —     —     2,950,465
Investment return used in operations 13,157,836 —     —     13,157,836
Sales and services of auxiliary enterprises 18,722,492 —     —     18,722,492
Other sources 2,141,199 —     —     2,141,199
Net assets released from restrictions 2,437,799 —     —     2,437,799
TOTAL OPERATING REVENUES 161,422,358 —     —     161,422,358
Instruction 58,975,017 —     —     58,975,017
Research, training and public service 38,789,843 —     —     38,789,843
Academic support 13,624,354 —     —     13,624,354
Student services 9,119,639 —     —     9,119,639
Auxiliary enterprises 21,451,921 —     —     21,451,921
Institutional support 25,786,049 —     —     25,786,049
TOTAL OPERATING EXPENSES 167,746,823 —     —     167,746,823
DECREASE IN NET ASSETS FROM OPERATIONS (6,324,465) —     —     (6,324,465)
Contributions —     1,486,254 1,193,115 2,679,369
Investment return, net of amounts appropriated (31,607,967) —     —     (31,607,967)
Net change in fair value of derivative instruments (3,787,308) —   — (3,787,308)
Investment return on funds held by bond trustees 37,284 —     —     37,284
Change in value of split-interest agreements (12,954) (77,763) (260,822) (351,539)
Pension and postretirement changes other than net periodic benefit costs (11,125,593) —     —     (11,125,593)
Redesignation of net assets (43,045) (131,433) 174,478 —    
Net assets released from restrictions 2,029,903 (4,467,702) —     (2,437,799)
INCREASE IN NET ASSETS $ (50,834,145) (3,190,644) 1,106,771 (52,918,018)
NET ASSETS AT BEGINNING OF YEAR 132,810,809 12,769,700 74,440,342 220,020,851
NET ASSETS AT END OF YEAR $ 81,976,664 9,579,056 75,547,113 167,102,833
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