FINANCIALS Audit performed by BDO USA, LLP
STATEMENT OF ACTIVITIES FOR THE YEAR ENDED JUNE 30 2012 Revenues, gains, and other support: Tuition and fees Less: student assistance
Unrestricted
$
Permanently Restricted
29,234,095 (3,951,747)
Total
$
25,282,348
Net tuition and fees
Federal and State grants and contracts Private gifts, grants, and contracts Income from investments Net realized and unrealized gains on investments Other income Sales and services of auxiliary enterprises
148,302
6,528,642 3,158,950 717,129
364,931
(348,447) 79,903
(348,447) 79,903
7,448,555
148,302
17,071,499
Net assets released from restrictions
42,811,968
Expenditures and losses: Operating: Instruction Public service Student services Academic support Institutional support Auxiliary enterprises
14,531,178 3,016,163 8,384,240 1,990,381 11,730,715 5,042,063
Total operating expenditures
44,694,740
Change in net assets from operations
(1,882,772)
Nonoperating gains Other
7,448,555
364,931
17,584,732
364,931
42,867,080
(458,121)
458,121
Total revenues, gains, and other support
(309,819)
14,531,178 3,016,163 8,384,240 1,990,381 11,730,715 5,042,063 44,694,740 (309,819)
364,931
(309,819) 3,599,948
364,931 9,322,616
(1,827,660)
100,000
Total change in net assets Net assets at beginning of year
(1,782,772) 21,178,149 $
19,395,377
29,234,095 (3,951,747) 25,282,348
6,528,642 2,645,717 717,129
Total additional income
Net assets as of end of year
Temporarily Restricted
100,000
$
3,290,129 $
9,687,547
(1,727,660) 34,100,713 $
32,373,053
Thank you to the Office of Fiscal Affairs for their assistance with this report and to the auditing firm BDO USA, LLP for compiling the financial summary.
38 | PRESIDENT’S REPORT 2012-2013