Pepperdine University 2003 Annual Report A Heritage of Faith
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Financial Statements

Fiscal Year 2003

Pepperdine University Consolidated Statements of Financial position
at July 31, 2003 and 2002 (in thousands)

Assets 2003 2002
Cash and cash equivalents 11,378 13,797
Student receivables, less allowance for doubtful
    accounts of $1,182 and $2,211, respectively 4,070 5,870
Other accounts receivable 2,558 3,078
Student loans, less allowance for loan losses
    of $2,887 and $2,454 respectively 25,182 24,697
Contributions receivable, net 18,324 22,360
Prepaid expenses, inventories and other assets 6,487 6,025
Investments 572,135 571,434
Assets held as trustee or agent 81,260 76,287
Property, facilities and equipment, net 293,078 253,557

Total assets $1,014,472 977,105
 
Liabilities & Net Assets
Liabilities:
Accounts payable and accrued liabilities 32,332 17,968
Accrued salaries and wages 4,604 2,671
Student deposits, advance payments and
deferred revenue 6,850 6,162
U.S. government funded student loans 14,273 13,740
Trust and agency obligations 57,173 53,359
Long term obligations 208,715 209,585
Total liabilities 323,947 303,485
 
Net assets:
Unrestricted 508,883 487,579
Temporarily restricted 58,039 62,278
Permanently restricted 123,603 123,763
Total net assets 690,525 673,620

Total liabilities and net assets $1,014,472 977,105

 

Pepperdine University Consolidated Statements of Activities
for the years ended July 31, 2003 and 2002 (in thousands)

Revenues Unrestricted Permanently
Restricted
Temporarily
Restricted
2003 2002
Student tuition and fees 180,487 180,487 163,748
    Less student aid (43,715) (43,715) (39,561)
    Net student tuition and fees 136,772 136,772 124,187
Room and board 18,548 18,548 16,990
Private gifts and grants 7,677 6,561 2,685 16,923 21,588
Endowment support 19,877 19,877 17,961
Government grants 3,104 3,104 2,876
Sales and services 7,773 - 7,773 7,943
Other revenue 4,782 233 36 5,051 6,253
Net assets released from restriction 13,267 (13,267) -
Total revenues 211,800 (6,473) 2,721 208,048 197,798
           
Expenses          
Instruction and research 73,205 73,205 69,791
Academic support 28,022 28,022 24,598
Student services 29,564 29,564 29,054
Public service 8,422 8,422 7,558
Auxiliary enterprises 14,078 14,078 12,496
Management and general 37,401 37,401 39,407
Membership development 1,399 1,399 1,087
Fundraising 8,077 8,077 7,903
Total expenses 200,168 200,168 191,894
 
Change in net assets before non operating revenues and expenses 11,632 (6,473) 2,721 7,880 5,904
           
Non-Operating Revenues & Expenses
Adjustment of actuarial liability -   665 (294) 371 (1,051)
Investment income:
    Dividends 2,165 2,165 2,242
    Interest 3,756 105 429 4,290 4,647
    Other 562 136 698 1,639
Net realized and unrealized gains (losses) from investments 24,815 146 (2,343) 22,618 (37,841)
Appropriations from endowment (14,029) (14,029) (11,589)
Other (7,597) 1,182 (673) (7,088) (2,216)
Total non operating revenues and expenses 9,672 2,234 (2,881) 9,025 (44,169)
           
Change in net assets 21,304 (4,239) (160) 16,905 (38,265)
Net assets at beginning of year 487,579 62,278 123,763 673,620 711,885
Net assets at end of year 508,883 58,039 123,603 690,525 673,620

 

This financial information is summarized from the July 31, 2003, Consolidated Financial Statements of Pepperdine University, which have been audited by PricewaterhouseCoopers LLP. The statements were prepared in accordance with generally accepted accounting principles applicable to colleges and universities. A complete copy of the audited financial statements is available free of charge upon request from the office of the Controller.