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.
The balance sheet presents the College’s financial position as of August 31, 2021. The College’s largest financial asset is its investment portfolio, representing 71% of total assets, with a fair market value of $512.7 million as of August 31, 2021. The investment portfolio includes $508.7 million relating to the College’s endowment, which represents contributions subject to donor-imposed restrictions that such resources be maintained permanently 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, $17.7 million of investment return on the endowment portfolio was used to support operations in fiscal year 2021.
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, 2021, the net book value of plant assets was $128.5 million, representing 18% of the College’s total assets.
The College’s total liabilities of $192.8 million are substantially less than its assets. As of August 31, 2021, long-term debt represented the most significant liability at $95 million.
In accordance with FASB standards, the net assets of the College are classified as without or with donor restrictions. At August 31, 2021, the College’s net assets without donor restrictions totaled $170.9 million.
| Assets | Amount ($) |
|---|---|
| Cash and cash equivalents | 50,864,226 |
| Student accounts and other receivables, net | 4,299,720 |
| Grants and contracts receivable | 13,477,598 |
| Inventories and other assets | 2,823,725 |
| Contributions receivable, net | 11,085,746 |
| Investments | 512,698,590 |
| Student loans receivable, net | 2,615,082 |
| Plant assets, net | 128,459,883 |
| Total Assets | 726,324,570 |
| Liabilities | Amount ($) |
|---|---|
| Accounts payable and accrued expenses | 23,874,815 |
| Deferred revenues | 19,036,918 |
| Long-term debt, net | 94,993,523 |
| Accrued pension and other benefit obligations | 47,368,226 |
| Other liabilities | 3,789,562 |
| Funds held for others | 3,781,147 |
| Total liabilities | 192,844,191 |
| Net assets | Amount ($) |
|---|---|
| Without donor restrictions | 170,899,247 |
| With donor restrictions | 362,581,132 |
| Total net assets | 533,480,379 |
| Total liabilities and net assets | 726,324,570 |
The statement of activities presents the financial results of the College and distinguishes between operating and non-operating activities. Operating revenue without donor restrictions totaled $204.3 million. The College’s principal sources of operating revenues were student tuition and fees, net of student financial aid, representing 57% of operating revenues, and grants and contracts for research and training programs, representing 16% of operating revenues. Investment return, auxiliary activities, other sources and net assets released from restrictions mainly comprise the remaining 27% of operating revenue without donor restrictions. Operating expenses without donor restrictions totaled $203.5 million. Non-operating activities principally include donor restricted contributions, donor restricted grants and contracts, investment return, net of amounts appropriated as determined by the College’s endowment spending policy, and non-operating changes to pension and postretirement liabilities.
| OPERATING REVENUES | Without donor restrictions, | With donor restrictions, | Total |
|---|---|---|---|
| Student tuition and fees, net of student aid | 116,563,674 | - | 116,563,674 |
| Grants and contracts | 33,398,705 | - | 33,398,705 |
| Contributions | 2,832,399 | - | 2,832,399 |
| Endowment return appropriated and other investment income | 17,974,328 | - | 17,974,328 |
| Sales and services of auxiliary enterprises | 14,269,924 | - | 14,269,924 |
| Other sources | 2,997,042 | - | 2,997,042 |
| Net assets released from restrictions | 16,246,421 | (16,246,421) | - |
| TOTAL OPERATING REVENUES | 204,282,493 | (16,246,421) | 188,036,072 |
| OPERATING EXPENSES | Without donor restrictions, | With donor restrictions, | Total |
|---|---|---|---|
| Instruction | 71,950,066 | - | 71,950,066 |
| Research, training and public service | 45,177,296 | - | 45,177,296 |
| Academic support | 15,143,303 | - | 15,143,303 |
| Student services | 11,732,701 | - | 11,732,701 |
| Auxiliary enterprises | 20,857,313 | - | 20,857,313 |
| Institutional support | 38,601,068 | - | 38,601,068 |
| TOTAL OPERATING EXPENSES | 203,461,747 | - | 203,461,747 |
| (DECREASE) IN NET ASSETS FROM OPERATIONS | 820,746 | (16,246,421) | (15,425,675) |
| NON-OPERATING ACTIVITIES | Without donor restrictions, | With donor restrictions, | Total |
|---|---|---|---|
| Contributions | - | 6,613,700 | 6,613,700 |
| Grants and contracts | - | 9,471,613 | 9,471,613 |
| Investment return, net of amounts appropriated | 28,574,543 | 48,972,866 | 77,547,409 |
| Other pension and postretirement changes and net periodic benefit costs other than service costs | 3,613,550 | - | 3,613,550 |
| Net assets released from restrictions for capital | 199,999 | (199,999) | - |
| Other, net | 41,975 | 415,191 | 457,166 |
| INCREASE IN NET ASSETS | 33,250,813 | 49,026,950 | 82,277,763 |
| NET ASSETS AT BEGINNING OF YEAR | 137,648,434 | 313,554,182 | 451,202,616 |
| NET ASSETS AT END OF YEAR | 170,899,247 | 362,581,132 | 533,480,379 |