Pepperdine University: 2003 Annual Report

Home Opening Statements A Heritage of Faith Year in Review Leadership Financials Make a Gift Contact

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.