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Statement of Revenues, Expenses, and Changes in Net Position

REVENUES
  For the year ended June 30, 2016 For the year ended June 30, 2015
Operating revenues $334,837 $377,664
EXPENSES
Operating Expenses For the year ended June 30, 2016 For the year ended June 30, 2015
Public service $9,336 $2,051
Academic support $3,162,449 $2,371,667
Student Services $61,642 $55,111
Institutional support $2,347,492 $2,898,285
Student grants and scholarships $3,775,487 $3,347,309
Total $9,356,406 $8,674,423
OPERATING LOSS
  For the year ended June 30, 2016 For the year ended June 30, 2015
Operating Loss ($9,021,569) ($8,296,759)
NON-OPERATING REVENUES
  For the year ended June 30, 2016 For the year ended June 30, 2015
Gifts, noncapital $8,087,925 $10,402,138
Investment income (loss), net ($92,624) $32,629
Endowment income (loss), net ($397,406) $236,940
Other non-operating revenue $5,614 $55,925
     Total $7,603,509 $10,727,632
INCOME (LOSS) BEFORE OTHER ADDITIONS
  For the year ended June 30, 2016 For the year ended June 30, 2015
Income (loss) before other additions ($1,418,060) $2,430,873
ADDITIONS TO PERMANENT ENDOWMENTS
  For the year ended June 30, 2016 For the year ended June 30, 2015
Additions to permanent endowments $2,346,843 $2,702,439
INCREASE IN NET POSITION
  For the year ended June 30, 2016

For the year ended June 30, 2015

Increase in net position $928,783 $5,133,312

 

NET POSITION AT BEGINNING OF YEAR
  For the year ended June 30, 2016 For the year ended June 30, 2015
Net position at beginning of year $78,659,017 $73,525,705

 

NET POSITION AT END OF YEAR
  For the year ended June 30, 2016 For the year ended June 30, 2015
Net position at end of year $79,587,800 $78,659,017

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.