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2016-2017 Annual Report

Condensed Financial Statements

As of June 30, 2017 and For the Year Then Ended

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Condensed Statement of Activities
OPERATING REVENUESUnrestricted (000's)Temporarily RestrictedPermanently Restricted2017 Total2016 Total
Net Student Tuition and Fees $33,181 - - $33,181 $33,397
Auxiliary Services 21,350 - - 21,350 21,331
Investment Income 157 875 - 1,032 1,129
Miscellaneous Income and Contributions 860 578 - 1,438 1,351
Total Operating Revenues $55,548 $1,453 - $57,001 $57,208
Net Assets Released from Restrictions 7,051 (7,051) - - -
OPERATING EXPENSESUnrestricted (000's)Temporarily RestrictedPermanently Restricted2017 Total2016 Total
Education and General $57,551 - - $57,551 $55,620
Auxiliary Services 8,480 - - 8,480 8,530
Total Operating Expenses $66,031 - - $66,031 $64,150
Decrease in Net Assets from Operating Activities (3,432) (5,598) - (9,030) (6,942)
NON-OPERATING ACTIVITIESUnrestricted (000's)Temporarily RestrictedPermanently Restricted2017 Total2016 Total
Contributions $2,135 $2,402 $3,223 $7,760 $5,381
Investment Income (including realized and unrealized gains) 140 12,980 283 13,403 (4,392)
Fundraising Expenses (2,010) - - (2,010) (1,960)
Other Expenses (336) (35) - (371) (525)
Net Assets Released from Restrictions 468 (468) - - -
Transfer of Net Assets (2,650) 2,406 244.00 - -
Pension-related Changes other than Net Periodic Cost 2,473 - - 2,473 (1,363)
Increase/(Decrease) in net Assets $(3,212) $11,687 $3,750 $12,225 $(9,801)
Condensed Statement of Financial Position
ASSETSUnrestricted (000's)Temporarily RestrictedPermanently Restricted2017 Total2016 Total
Cash $820 $48 $131 $999 $2,098
Receivables, Inventories and Prepaid Expenses 2,545 936 1,968 5,449 4,325
Investments 8,293 53,101 65,215 126,609 119,923
Fixed Assets, Net 160,652 - - 160,652 161,959
Other Assets 110 715 4,921 5,746 5,609
Total Assets $172,420 $54,800 $72,235 $299,455 $293,914
LIABILITIES AND NET ASSETSUnrestricted (000's)Temporarily RestrictedPermanently Restricted2017 Total2016 Total
Accounts Payable and Accrued Expenses $3,458 $971 - $4,429 $6,687
Deferred Revenue and Deposits 1,779 - - 1,779 1,864
Notes Payable, Line of Credit & Capital Leases 16,883 - - 16,883 18,426
Accrued Pension Costs 3,959 - - 3,959 6,756
Fair Value of Derivitive Investments - - - - -
Total Liabilities 26,079 971 - 27,050 33,733
Net Assets 146,341 53,829 $72,235 272,405 260,181
Total Liabilities and Net Assets $172,420 $54,800 $72,235 $299,455 $293,914

Note - Above Amounts taken from audited financial statements.