PEPPERDINE UNIVERSITY
Consolidated Statements of Financial Position
At July 31, 2010 and 2009
(In thousands)
| 2010 | 2009 | |||
|---|---|---|---|---|
| ASSETS | ||||
| Cash and cash equivalents | $ 54,479 | $ 44,650 | ||
| Student receivables, less allowance for doubtful accounts of $1,418 and $1,518, respectively | 2,997 | 3,617 | ||
| Other accounts receivable | 7,660 | 5,791 | ||
| Student loans, less allowance for loan losses of $1,632 and $1,697, respectively | 25,960 | 27,244 | ||
| Contributions receivable, net | 37,644 | 25,853 | ||
| Prepaid expenses, inventories and other assets | 5,905 | 5,717 | ||
| Investments | 691,075 | 658,995 | ||
| Assets held as trustee or agent | 111,185 | 104,987 | ||
| Property, facilities and equipment, net | 345,898 | 334,502 | ||
| Total assets | $ 1,282,803 | $ 1,211,356 | ||
| LIABILITIES AND NET ASSETS | ||||
| Liabilities: | ||||
| Accounts payable and accrued liabilities | $ 28,934 | $ 36,703 | ||
| Accrued salaries and wages | 3,099 | 3,067 | ||
| Student deposits, advance payments and deferred revenue | 9,916 | 9,859 | ||
| U.S. government-funded student loans | 14,393 | 14,126 | ||
| Trust and agency obligations | 70,771 | 67,794 | ||
| Long-term obligations | 227,172 | 226,734 | ||
| Total liabilities | 354,285 | 358,283 | ||
| Net assets: | ||||
| Unrestricted | 521,281 | 485,358 | ||
| Temporarily restricted | 119,064 | 104,701 | ||
| Permanently restricted | 288,173 | 263,014 | ||
| Total net assets | 928,518 | 853,073 | ||
| Total liabilities and net assets | $ 1,282,803 | $ 1,211,356 | ||
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PEPPERDINE UNIVERSITY
Consolidated Statements of Activities
For the year ended July 31, 2010
(In thousands)
| REVENUES | Unrestricted |
Temporarily Restricted |
Permanently Restricted |
Total |
|---|---|---|---|---|
| Student tuition and fees | $ 256,638 | - | - | $ 256,638 |
| Less student aid | (79,187) | - | - | (79,187) |
| Net student tuition and fees | 177,451 | - | - | 177,451 |
| Room and board | 31,483 | - | - | 31,483 |
| Private gifts and grants | 11,832 | 12,772 | 12,918 | 37,522 |
| Endowment support | 31,257 | 198 | 450 | 31,905 |
| Government grants | 3,310 | - | - | 3,310 |
| Sales and services | 6,286 | - | - | 6,286 |
| Other revenue | 4,657 | 173 | 651 | 5,481 |
| Net assets released from restriction | 1,408 | (1,408) | - | - |
| Total revenues | 267,684 | 11,735 | 14,019 | 293,438 |
| EXPENSES | ||||
| Instruction and research | 78,980 | - | - | 78,980 |
| Academic support | 44,688 | - | - | 44,688 |
| Student services | 45,203 | - | - | 45,203 |
| Public service | 14,430 | - | - | 14,430 |
| Auxiliary enterprises | 18,037 | - | - | 18,037 |
| Management and general | 44,008 | - | - | 44,008 |
| Membership development | 1,836 | - | - | 1,836 |
| Fundraising | 7,550 | - | - | 7,550 |
| Total expenses | 254,732 | - | - | 254,732 |
| Change in net assets before nonoperating revenues and expenses | 12,952 | 11,735 | 14,019 | 38,706 |
| NONOPERATING REVENUES AND EXPENSES | ||||
| Adjustment of actuarial liability | - | (1,186) | (1,423) | (2,609) |
| Investment income: | ||||
| Dividends | 5,533 | 1,439 | 33 | 7,005 |
| Interest | 1,359 | 16 | 80 | 1,455 |
| Other | 6,400 | 25 | - | 6,425 |
| Net realized and unrealized investment gains | 13,844 | 2,180 | 11,562 | 27,586 |
| Other | (4,165) | 154 | 888 | (3,123) |
| Total nonoperating revenues and expenses | 22,971 | 2,628 | 11,140 | 36,739 |
| Change in net assets | 35,923 | 14,363 | 25,159 | 75,445 |
| Net assets at beginning of year | 485,358 | 104,701 | 263,014 | 853,073 |
| Net assets at end of year | $ 521,281 | $ 119,064 | $ 288,173 | $ 928,518 |
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