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Consolidated Statements of Financial Position |
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| 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 |
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| 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 |
