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.

AssetsAmount ($)
Cash and cash equivalents 50,864,226
Student accounts and other receivables, net 4,299,720
Grants and contracts receivable 13,477,598
Inventories and other assets 2,823,725
Contributions receivable, net 11,085,746
Investments 512,698,590
Student loans receivable, net 2,615,082
Plant assets, net 128,459,883
Total Assets 726,324,570
LiabilitiesAmount ($)
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 assetsAmount ($)
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 REVENUESWithout 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 EXPENSESWithout 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 ACTIVITIESWithout 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
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