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Statement of Revenues, Expenses, and Changes in Net Position

REVENUES
  For the year ended June 30, 2018 For the year ended June 30, 2017
Operating revenues $920,007 $421,969
EXPENSES
Operating Expenses For the year ended June 30, 2018 For the year ended June 30, 2017
Public service $7 ,734 $16,242
Academic support $3,837,585 $3,319,544
Student Services $1,287,095 $1,054,902
Institutional support $3,115,031 $3,185,390
Student grants and scholarships $3,834,334 $5,385,461
Total $12,081,779 $12,961,539
OPERATING LOSS
  For the year ended June 30, 2018 For the year ended June 30, 2017
Operating Loss ($11,161,772) ($12,539,570)
NON-OPERATING REVENUES
  For the year ended June 30, 2018 For the year ended June 30, 2017
Gifts, noncapital $8,943,318 $11,549,542
Investment income, net $890,964 ($951,779)
Endowment income, net $5,312,792 ($6,589,203)
     Total $15,147,074 $19,090,524
INCOME BEFORE OTHER ADDITIONS
  For the year ended June 30, 2018 For the year ended June 30, 2017
Income before other additions $3,985,302 $6,550,954
ADDITIONS TO PERMANENT ENDOWMENTS
  For the year ended June 30, 2018 For the year ended June 30, 2017
Additions to permanent endowments $8,794,264 $6,537,605
INCREASE IN NET POSITION BEFORE SPECIAL ITEM
  For the year ended June 30, 2018

For the year ended June 30, 2017

Increase in net position before special item $12,779,566 $13,088,559
SPECIAL ITEM
  For the year ended June 30, 2018 For the year ended June 30, 2017
Transfer of net position from CSULB Research Foundation, net $654,816 $1,365,743
INCREASE IN NET POSITION
  For the year ended June 30, 2018 For the year ended June 30, 2017
Increase in net position $13,434,382 $14,454,302
NET POSITION AT BEGINNING OF YEAR
  For the year ended June 30, 2018 For the year ended June 30, 2017
Net position at beginning of year $94,042,102 $79,587,800
NET POSITION AT END OF YEAR
  For the year ended June 30, 2018 For the year ended June 30, 2017
Net position at end of year $107,476,484 $94,042,102

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.