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.
BALANCE SHEET
The balance sheet presents the College’s financial position as of August 31, 2019. The College’s largest financial asset is its investment portfolio, representing 61% of the College’s total assets, with a fair market value of $363 million as of August 31, 2019. The investment portfolio includes $343 million relating to the College’s endowment, which represents contributions to the College subject to donor-imposed restrictions that such resources be maintained permanently by the College or designated to the endowment by the Board of Trustees. 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, $14.4 million of investment return on the endowment portfolio was used to support operations in fiscal year 2019.
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, 2019, the net book value of plant assets was $144 million, representing 24% of the College’s total assets. The College’s liabilities of $191 million are substantially less than its assets. As of August 31, 2019, long-term debt represented the College’s most significant liability at $103 million. In accordance with FASB standards, the net assets of the College are classified as without or with donor restrictions. At August 31, 2019, the College’s net assets without donor restrictions totaled $122 million.
STATEMENT OF ACTIVITIES
The statement of activities presents the financial results of the College and distinguishes between operating and non-operating activities. Non-operating activities principally include contributions, investment return, net of amounts appropriated as determined by the College’s endowment spending policy, donor restricted grants and contracts and non-operating changes to pension and postretirement liabilities. Operating revenue without donor restrictions totaled $218 million. The College’s principal sources of operating revenues were student tuition and fees, net of student aid, representing 53% of operating revenues, and grants and contracts for research and training programs, representing 24% of operating revenues. Investment return, auxiliary activities, and other sources comprise the remaining 23% of operating revenue without donor restrictions. Operating expenses without donor restrictions totaled $214 million.
BALANCE SHEET August 31, 2019
ASSETS
Cash |
41,515,644 |
Student accounts and other receivables, net |
3,689,765 |
Grants and contracts receivable |
18,302,059 |
Inventories and other assets |
2,112,677 |
Contributions receivable, net |
21,538,628 |
Investments |
362,612,200 |
Student loans receivable, net |
2,327,155 |
Plant assets, net |
143,837,369 |
TOTAL ASSETS |
595,935,497 |
LIABILITIES AND NET ASSETS
LIABILITIES
Accounts payable and accrued expenses |
12,176,526 |
Deferred revenues |
14,789,710 |
Long-term debt |
102,817,672 |
Accrued pension and other benefit obligations |
53,817,035 |
Other liabilities |
3,671,142 |
U.S. Government grants refundable |
4,155,355 |
TOTAL LIABILITIES |
191,427,440 |
NET ASSETS
Without donor restrictions |
121,907,652 |
With donor restrictions |
282,600,405 |
TOTAL NET ASSETS |
404,508,057 |
TOTAL LIABILITIES AND NET ASSETS |
595,935,497 |
STATEMENT OF ACTIVITIES Fiscal Year ended August 31, 2019
OPERATING REVENUES
|
Without donor restrictions |
With donor restrictions |
Total |
Student tuition and fees, net of student aid |
114,665,327 |
— |
114,665,327 |
Grants and contracts |
51,905,588 |
— |
51,905,588 |
Contributions |
5,157,096 |
— |
5,157,096 |
Endowment return appropriated and other investment income |
15,957,053 |
— |
15,957,053 |
Sales and services of auxiliary enterprises |
22,756,796 |
— |
22,756,796 |
Other sources |
4,108,323 |
— |
4,108,323 |
Net assets released from restrictions |
3,269,280 |
(3,269,280) |
— |
TOTAL OPERATING REVENUES |
217,819,463 |
(3,269,280) |
214,550,183 |
OPERATING EXPENSES
|
Without donor restrictions |
With donor restrictions |
Total |
Instruction |
74,898,459 |
— |
74,898,459 |
Research, training and public service |
49,160,380 |
— |
49,160,380 |
Academic support |
18,525,451 |
— |
18,525,451 |
Student services |
10,443,297 |
— |
10,443,297 |
Auxiliary enterprises |
22,722,309 |
— |
22,722,309 |
Institutional support |
38,176,174 |
— |
38,176,174 |
TOTAL OPERATING EXPENSES |
213,926,070 |
— |
213,926,070 |
INCREASE IN NET ASSETS FROM OPERATIONS |
3,893,393 |
(3,269,280) |
624,113 |
NON-OPERATING ACTIVITIES
|
Without donor restrictions |
With donor restrictions |
Total |
Contributions |
— |
40,602,097 |
40,602,097 |
Grants and contracts |
— |
17,971,024 |
17,971,024 |
Investment return, net of amounts appropriated |
(1,881,694) |
(2,627,901) |
(4,509,595) |
Pension and postretirement changes and net periodic benefit costs other than service costs |
(12,917,550) |
— |
(12,917,550) |
Release from restrictions for capital |
5,541,987 |
(5,541,987) |
— |
Other, net |
(6,767) |
(235,488) |
(242,255) |
INCREASE (DECREASE) IN NET ASSETS |
(5,370,631) |
46,898,465 |
41,527,834 |
NET ASSETS AT BEGINNING OF YEAR |
127,278,283 |
235,701,940 |
362,980,223 |
NET ASSETS AT END OF YEAR |
121,907,652 |
282,600,405 |
404,508,057 |