The Year in Review

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Consolidated Statements

Consolidated Statements of Financial Position
At July 31, 2009 and 2008
(In thousands)

  2009 2008
ASSETS
Cashand cash equivalents $44,650 $39,193
Student receivables, less allowance for doubtful accounts of $1,518 and $1,012, respectively. 3,617 4,070
Other accounts receivable 5,791 5,730
Student loans, less allowance for loan losses of $1,697 and $2,020, respectively 27,244 28,005
Contributions receivable, net 25,853 24,762
Prepaid expenses, inventories, and other assets 5,717 6,633
Investments 658,995 813,148
Assets held as trustee or agent 104,987 112,719
Property, facilities, and equipment, net 334,502 315,277
Total assets $1,211,356 $1,349,537
     
LIABILITIES AND NET ASSETS
Liabilities:
Accounts payable and accrued liabilities $36,703 $22,737
Accrued salaries and wages 3,067 2,985
Student deposits, advance payments and deferred revenue. 9,859 10,136
U.S. government-funded student loans 14,126 13,838
Trust and agency obligations 67,794 69,239
Long-term obligations 226,734 209,000
Total liabilities 358,283 327,935
     
Net assets:
Unrestricted 485,358 664,792
Temporarily restricted 104,701 75,442
Permanently restricted 263,014 281,368
Total net assets 853,073 1,021,602
Total liabilities and net assets $1,211,356 $1,349,537

 

Consolidated Statement of Activities
For the Year Ended July 31, 2009
(In thousands)

  Unrestricted Temporarily
Restricted
Permanently
Restricted
Total
REVENUES
Student tuition and fees $244,774 $ – $ – $244,774
Less student aid (69,755) (69,755)
Net student tuition and fees 175,019 175,019
Room and board 30,505 30,505
Private gifts and grants 10,435 2,794 7,320 20,549
Endowment support 30,103 183 485 30,771
Government grants 3,500 3,500
Sales and services 6,760 6,760
Other revenue 4,905 (9) 178 5,074
Net assets released from restriction 2,329 (2,329)
Total revenues 263,556 639 7,983 272,178
     
EXPENSES
Instruction and research 81,248 81,248
Academic support 46,762 46,762
Student services 44,923 44,923
Public service 14,383 14,383
Auxiliary enterprises 19,740 19,740
Management and general 49,897 49,897
Membership development 1,833 1,833
Fundraising 7,243 7,243
Total expenses 266,029 266,029
Change in net assets before nonoperating revenues and expenses (2,473) 639 7,983 6,149
     
NONOPERATING REVENUES AND EXPENSES
Adjustment of actuarial liability (3,582) (4,378) (7,960)
Investment income:
Dividends 6,255 15 14 6,284
Interest 2,132 8 2,140
Other 6,116 6,116
Net realized and unrealized losses from investments (126,809) (58) (23,086) (149,953)
Appropriations from endowment (26,832) (107) (26,939)
Other (3,884) (1,587) 1,105 (4,366)
Total nonoperating revenues and expenses (143,022) (5,319) (26,337) (174,678)
Change in net assets before cumulative effect of change in accountingprinciple (145,495) (4,680) (18,354) (168,529)
Cumulative effect of change in accounting principle (33,939) 33,939
Change in net assets (179,434) 29,259 (18,354) (168,529)
Net assets at beginning of year 664,792 75,442 281,368 1,021,602
Net assets at end of year $485,358 $104,701 $263,014 $853,073