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Statement of Revenues, Expenses, and Changes in Net Position

REVENUES
  For the year ended June 30, 2014 For the year ended June 30, 2013
Operating revenues $897,133 $841,153
EXPENSES
Operating Expenses For the year ended June 30, 2014 For the year ended June 30, 2013
Instruction $75,666 $137,023
Public service $78,095 $15,023
Academic support $424,455 $314,674
Student Services $59,105 $79,918
Institutional support $2,518,477 $1,263,364
Student grants and scholarships $2,482,457 $2,375,805
Total $5,638,255 $4,185,807
OPERATING LOSS
  For the year ended June 30, 2014 For the year ended June 30, 2013
Operating Loss $4,741,122 ($3,344,654)
NON-OPERATING REVENUES
  For the year ended June 30, 2014 For the year ended June 30, 2013
Gifts, noncapital $5,615,557 $5,840,476
Investment income, net $94,401 $1,045
Endowment income, net $6,506,119 $4,855,235
     Total $12,216,097 $10,696,756
INCOME BEFORE OTHER ADDITIONS
  For the year ended June 30, 2014 For the year ended June 30, 2013
Income before other additions $7,474,955 $7,352,102
ADDITIONS TO PERMANENT ENDOWMENTS
  For the year ended June 30, 2014 For the year ended June 30, 2013
Additions to permanent endowments $1,686,855 $1,319,681
INCREASE IN NET POSITION BEFORE SPECIAL ITEM
  For the year ended June 30, 2014

For the year ended June 30, 2013

Increase in net position before special item $9,161,810 $8,671,783
SPECIAL ITEM
  For the year ended June 30, 2014 For the year ended June 30, 2013
Transfer of net position from CSULB Research Foundation $1,626,288 53,525,874
INCREASE IN NET POSITION
  For the year ended June 30, 2014 For the year ended June 30, 2013
Increase in net position $10,788,098 $62,197,657
NET POSITION AT BEGINNING OF YEAR
  For the year ended June 30, 2014 For the year ended June 30, 2013
Net position at beginning of year $62,197,657 None
NET POSITION AT END OF YEAR
  For the year ended June 30, 2014 For the year ended June 30, 2013
Net position at end of year $72,985,755 $62,197,657

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.