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Statement of Revenues, Expenses, and Changes in Net Position

REVENUES
  For the year ended June 30, 2015 For the year ended June 30, 2014 (As Restated)
Operating revenues $377,664 $355,356
EXPENSES
Operating Expenses For the year ended June 30, 2015 For the year ended June 30, 2014 (As Restated)
Instruction $64,044 $53,166
Public service $2,090 $6,095
Academic support $559,784 $417,724
Student Services $61,638 $57,105
Institutional support $4,639,558 $2,578,487
Student grants and scholarships $3,347,309 $2,525,678
Total $8,674,423 $5,638,255
OPERATING LOSS
  For the year ended June 30, 2015 For the year ended June 30, 2014 (As Restated)
Operating Loss ($8,296,759) ($5,282,899)
NON-OPERATING REVENUES
  For the year ended June 30, 2015 For the year ended June 30, 2014 (As Restated)
Gifts, noncapital $10,402,138 $5,633,097
Investment income, net $32,629 $257,560
Endowment income, net $236,940 $6,884,737
Other non-operating Revenue $55,925 -
     Total $10,727,632 $12,775,394
INCOME BEFORE OTHER ADDITIONS
  For the year ended June 30, 2015 For the year ended June 30, 2014 (As Restated)
Income before other additions $2,430,873 $7,492,495
ADDITIONS TO PERMANENT ENDOWMENTS
  For the year ended June 30, 2015 For the year ended June 30, 2014 (As Restated)
Additions to permanent endowments $2,702,439 $1,686,855
INCREASE IN NET POSITION BEFORE SPECIAL ITEM
  For the year ended June 30, 2015

For the year ended June 30, 2014 (As Restated)

Increase in net position before special item $5,133,312 $9,179,350
SPECIAL ITEM
  For the year ended June 30, 2015 For the year ended June 30, 2014 (As Restated)
Transfer of net position from CSULB Research Foundation - $1,626,288
INCREASE IN NET POSITION
  For the year ended June 30, 2015 For the year ended June 30, 2014 (As Restated)
Increase in net position $5,133,312 $10,805,638
NET POSITION AT BEGINNING OF YEAR (AS RESTATED)
  For the year ended June 30, 2015 For the year ended June 30, 2014 (As Restated)
Net position at beginning of year (as restated) $73,525,705 $62,720,067
NET POSITION AT END OF YEAR
  For the year ended June 30, 2015 For the year ended June 30, 2014 (As Restated)
Net position at end of year $78,659,017 $73,525,705

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.