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FINANCIAL STATEMENT HIGHLIGHTS

Balance Sheet: The balance sheet presents the College’s financial position as of August 31, 2010. The College’s largest financial asset is its investment portfolio, representing approximately 57% of the College’s total assets, with a fair market value of $210 million as of August 31, 2010. The investment portfolio includes $185 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 2010.

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





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