Pepperdine University
Consolidated Statements of Activities for the years ended
July 31, 2004 and 2003
(in thousands)

Revenues Unrestricted Temporarily
Restricted
Permanently
Restricted
2004 2003
Student tuition and fees $ 193,895 $ - $ - $ 193,895 $ 180,487
  Less student aid (47,171) - - (47,171) (43,715)
  Net student tuition and fees 146,724 - - 146,724 136,772
Room and board 22,135 - - 22,135 18,548
Private gifts and grants 7,949 3,350 3,623 14,922 16,923
Endowment support 21,006 - - 21,006 19,877
Government grants 2,940 - - 2,940 3,104
Sales and services 7,521 - - 7,521 7,773
Other revenue 5,011 189 334 5,534 5,051
Net assets released from restriction 3,220 (3,220) - - -
 Total revenues 216,506 319 3,957 220,782 208,048
 
Expenses
Instruction and research 78,223 - - 78,223 73,205
Academic support 29,725 - - 29,725 28,022
Student services 31,282 - - 31,282 29,564
Public service 9,332 - - 9,332 8,422
Auxiliary enterprises 16,956 - - 16,956 14,078
Management and general 40,572 - - 40,572 37,401
Membership development 1,400 - - 1,400 1,399
Fundraising 8,954 - - 8,954 8,077
 Total expenses 216,444 - - 216,444 200,168
 Change in net assets before non
   operating revenues and expenses
62 319 3,957 4,338 7,880
 
Non Operating Revenues and Expenses
Adjustment of actuarial liability - (818) 364 (454) 371
Investment income:
 Dividends 2,316 - - 2,316 2,165
 Interest 3,538 160 164 3,862 4,290
 Other 372 - - 372 698
Net realized and unrealized gains
 from investments 39,037 213 3,664 42,914 22,618
Appropriations from endowment (14,217) (88) (286) (14,591) (14,029)
Other 2,235 2,772 (3,905) 1,102 (7,088)
 Total non operating revenues and expenses 33,281 2,239 1 35,521 9,025
 Change in net assets 33,343 2,558 3,958 39,859 16,905
 Net assets at beginning of year 508,883 58,039 123,603 690,525 673,620
 Net assets at end of year $ 542,226 $ 60,597 $ 127,561 $ 730,384 $ 690,525