Financials

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

 

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