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Statement of Revenues, Expenses, and Changes in Net Position

REVENUES
  For the year ended June 30, 2017 For the year ended June 30, 2016
Operating revenues $421,969 $334,837
EXPENSES
Operating Expenses For the year ended June 30, 2017 For the year ended June 30, 2016
Public service $16,242 $9,336
Academic support $3,319,544 $3,162,449
Student Services $1,054,902 $61,642
Institutional support $3,185,390 $2,347,492
Student grants and scholarships $5,385,461 $3,775,487
Total $12,961,539 $9,356,406
OPERATING LOSS
  For the year ended June 30, 2017 For the year ended June 30, 2016
Operating Loss ($12,539,570) ($9,021,569)
NON-OPERATING REVENUES
  For the year ended June 30, 2017 For the year ended June 30, 2016
Gifts, noncapital $11,549,542 $8,087,925
Investment income (loss), net $951,779 ($92,624)
Endowment income (loss), net $6,589,203 ($397,406)
Other non-operating revenue - $5,614
     Total $19,090,524 $7,603,509
INCOME (LOSS) BEFORE OTHER ADDITIONS
  For the year ended June 30, 2017 For the year ended June 30, 2016
Income (loss) before other additions $6,550,954 ($1,418,060)
ADDITIONS TO PERMANENT ENDOWMENTS
  For the year ended June 30, 2017 For the year ended June 30, 2016
Additions to permanent endowments $6,537,605 $2,346,843
INCREASE IN NET POSITION BEFORE SPECIAL ITEM
  For the year ended June 30, 2017

For the year ended June 30, 2016

Increase in net position before special item $13,088,559 $928,783
SPECIAL ITEM
  For the year ended June 30, 2017 For the year ended June 30, 2016
Transfer of net position from CSULB Research Foundation, net $1,365,743 -
INCREASE IN NET POSITION
  For the year ended June 30, 2017 For the year ended June 30, 2016
Increase in net position $14,454,302 $928,783
NET POSITION AT BEGINNING OF YEAR
  For the year ended June 30, 2017 For the year ended June 30, 2016
Net position at beginning of year $79,587,800 $78,659,017
NET POSITION AT END OF YEAR
  For the year ended June 30, 2017 For the year ended June 30, 2016
Net position at end of year $94,042,102 $79,587,800

The above financial statements were audited by Windes, Inc. The full set of audited financial statements is available upon request. The accompanying notes are an integral part of these financial statements.