2003-04 Year End Financial Statements (bud 33)

~TIOCH UNIVERSITY
REPORT TO THE
BOARD OF TRUSTEES
2003-04 Year End Financial Statements
2004-05 First Quarter Performance
October 14-1 6, 2004

– yi
Introduct
TABLE OF CONTENTS
1 2004-05 First Quarter Budget Performance
2003-04 Year End Financial Statements
2003-04 Year-End Budget Report
Antioch University Summaries
, . ,. Antioch College
Glen Helen
Antioch New England
Antioch Seattle
Antioch Southern California
Antioch University
McGregor
Ph. D. in Leadership & Change
University Administration
Antioch Review
WYSO Radio
University-Wide Expenses
Carryforward$,
Liquidity and Depreciation
2004-05 First Quarter Performance
Antioch University Summaries
Antioch College
Glen Helen
Antioch New England
Antioch Seattle
Antioch Southern California
Antioch University McGregor
Ph.D.
in Leadership & Change
44 University Administration
47 Antioch Review
50 WYSO Radio
53 University-Wide Expenses
56 Cost Centers
58 Line Items

I. INTRODUCTION
REPORT TO THE BOARD OF TRUSTEES
OCTOBER 14-1 6,2004
I
The first section of this report contains financial information concerning the performance of the University, its campuses
and associated units during 2003-04. The second section contains financial information on how the University and its
components have performed in the first quarter of the 2004-05 fiscal year. The Datatel Management System and the
cooperation of Campus personnel are necessary to enable us to present the full first quarter of information shortly after
the close of the period. This year we were not able to complete the annual audit until December, and this delayed the
production of this report.
The information contained in this report is presented using the Financial Accounting Standards Board (FASB) 117
reporting standards that became mandatory for independent colleges and universities on July 1, 1995. The objective of
this FASB reporting standard is to enhance the relevance, clarity and comparability of financial statements issued by
not-
for-profit organizations, regardless of the nature of their operation or mission. The information on the 2003-04 fiscal year
expands and supplements the material presented in the Audited Financial Statements prepared by
Ernst & Young LLP.
The material presented in this document provides a more detailed view of the revenues and expenses of the University
and is intended to promote the understanding of University operations as a whole and of each of its units. If you are
familiar with the terms and format of this Report, you may want to begin reading the 2003-04 Year-End Budget
Performance Section on page 7 and then read the summary of the 2004-05 First Quarter Performance on page 59.
II. FORMAT AND CONTENT
The 2003-04 Year-End Financial Review section and the 2004-05 First Quarter Performance section contain summary
schedules for the entire University and similar schedules for each campus, the University Administration, Glen Helen,
WYSO Radio, the Antioch Review, the
Ph.D.
in Leadership and Change, and University Wide accounts. Each campus
and operating unit has prepared narrative descriptions of the significant events that caused the unit to deviate from its

budget. b he purpose of the narrative is to provide an overview of how each Campus performed during the prior fiscal
year and how well it is managing during the first quarter of the current year. The narratives also provide an opportunity
I for the President or unit manager to describe the problems he or she has dealt with during the previous year and the
opp~rtunities
that are being exploited during
the
current fiscal year.
‘ Ã
Revisions to the 2004-05 Operating Budget may be necessary, particularly for the College. The 2004-05 College
enrollment is lower than the projection used to develop the budget. Also, all campuses may need to adjust their planned
capital expenditures. Under Board of Trustee policy, Trustee approval is required for any non-personnel expenditure of
I
I more than $25,000. The Capital Budget that was presented to the Board at the June meeting contains plans for capital
expenditures, but during the first quarter of the fiscal year, some Campuses have identified changed conditions as well as
I,
, unanticipated needs that require changes to their capital improvement plans. In some cases, a campus may need to
. acquire additional equipment, particularly technology, while in other cases repairs or improvements to the physical plant
may be needed.
I. THE FUNCTION SCHEDULE
For the University as a whole and for each of the Campuses and units, both sections of this Report contain two
schedules. The first is the Summary by Function. This schedule provides information about Revenues by Type and
Operating Expenses by Function. The purpose is to show what happened during the prior fiscal year and what is
happening during the current quarter to the various revenue and expense categories. This schedule shows how prior
year experience and the budget compare with what has actually happened during the two reporting periods.
In both the Revenues and Operating Expenses sections of this schedule is a reference to
“E&G”.
This abbreviation
stands for Educational and General and the Total E&G lines show the Revenues and the Operating Expenses of all
functions other than those that are classified as Auxiliary Enterprises. The
E&G
subtotals are provided to simplify
, 9 comparison of the revenues and expenses of the primary missions of the University while excluding “support functions”
. that are not part of the primary missions. Auxiliary Enterprises include dining services, housing, bookstore, parking and
,similar
“businesses”.
*
‘
An additional Revenues item that appears below the Total E&G Revenue totals is Released from Restrictions. The
amounts on this line reflect funds that were initially received by the University or Campuses for specific purposes and held

I I I
I
until they could be spent to further the specific purpose. Most of this money represents gifts or bequests that have been
provided
forkuch
things as scholarships or specific program initiatives. Much of the funding of this type is expended in
thd
year it is received, but Restricted Funds are often held for several years until they can be expended in accordance
with the conditions set out by the donor. For exarhple, scholarship funds that provide for students with certain types of
abilities or
needs
will not be expended until such students can be identified. Restricted Funds do not become part of the
Operating Budget until released. Prior to being transferred to the Operating Budget, Restricted Funds are carried in the
accounts of the University and invested in accordance with University policy. Neither the administration or the Board of
trustees can impose restrictions on unrestricted funds; only donors can create restricted funds.
Because restricted revenues do not become part of the unrestricted operating funds of the University until they are
Released from Restrictions, the amounts shown for Gifts and Grants may vary from the figures reported by the
Development Offices for the same period. The Development Offices report gifts and pledges as they are received. The
Accounting Offices report gifts shown in this report on an accrual basis, or, when they are received g released from
restrictions. Pledges are commitments that will be realized at a future date and are not expendable until the funds are
actually received. Funds that are given for a restricted purpose are invested until they can be expended for the purpose
specified by the donor. Several years may pass before a campus can expend a restricted gift as the donor intended, but
the restricted gift is recorded by the Development Office when it is received. The financial schedules contained in this
report do not reflect restricted revenue until it is expended, and then it is reported on the Released from Restrictions line
and not the Gifts line. Therefore, reports from the Development Office may show higher or lower giving levels than will
appear on these schedules.
Temporarily Restricted Funds should not be confused with Endowment Funds. Endowment Funds are also separated
from unrestricted revenues and are also limited to specific purposes as provided by their donor. The primary difference
is that the principal of Endowment Funds must be retained in perpetuity and only the annual income can be expended to
satisfy the purpose of the donor. On the other hand, the principal amount of a restricted gift can be used as soon as a
valid purpose has been identified. Income from the Endowment Funds appear as a Revenue Item on the Endowment
Income line. Separate lines report Realized and Unrealized Gains or Losses on the endowment and other investments.
The schedules in this Report for Antioch University as well as the schedule for University Administration and the
University Wide Expenses contain an additional line, “Net Overhead for Central Operations.” This line has been added
on these three schedules to more clearly display the cost of central operations. Ordinarily, the Overhead used to support
the University Administration and the University Wide Expenses budget would appear as a “negative expense” entry, but

1 .I
Â¥”.I I I
the Board of; Trustees has requested that central operations be displayed more in keeping with the way the budgets of the
individual Campuses are displayed. Accordingly, this line has been added to these three schedules and appears as a
quasi-revenye entry. It shows how much is transferred from the operating units to meet the costs of central operations
and it clearly separates the “revenue” of the central operations from their expenses and makes it easier to see the true
cost of these units.
The Operating Expenses section of the Function schedule provides financial information for each of the primary activities
or programs. Each operating department of the University is classified in accordance with its primary function. For
example, the Languages
~epartment
of the College is classified as Instruction and all of its expenditures will be
combined with those of other teaching departments and reported on the Instruction line of the Function schedules. A list
of the Cost Centers that comprise each of the Functions is presented on page 107.
In the first section of this Report, the columns of the Summary by Function schedules present information about the
actual activity of the two prior years, the budget for 2003-04 and the actual experience for 2003-04. The last four
columns provide comparisons of the 2003-04 actual experience with the budget for that year and a comparison of how
the 2003-04 actuals compare with the actuals from 2002-03. The dollar variance is given for these comparisons and a
percentage of variance is also provided. Similar information is provided in the second section of this Report, but the data
and comparisons are for the first quarter of the fiscal year. A subtotal is provided to combine Tuition & Fees with Tuition
Discounts. This subtotal, Net Tuition, shows what is available to cover expenses.
FASB 11 7 requires the presentation of information on an accrual basis, but the actual management of the University also
depends on maintaining an appropriate cash flow so that current obligations can be met. The schedules in this Report
contain a Conversion to Cash Basis section that identifies those expenses and revenue sources that must be considered
when adjusting from an accrual basis to a cash basis. These items are primarily concerned with equipment and facilities
expenditures which, although occurring in one fiscal year, are depreciated over their useful life. Accumulated
depreciation is shown as an offset to the Depreciation Expense that is included as a part of the Plant Maintenance
function. Borrowing proceeds, if any, associated with the expenditures shown are reflected on a separate line as are the
Principle Payments necessary to retire the loans of previous years.
The Conversion to Cash Basis section also shows the use of any Prior Year Reserves. Prior Year Reserves are
maintained by the University as “funded” or “unfunded”. Prior to 2004-05, when a campus ended the year with an
operating surplus, this sum was recorded and carried forward on the books. If the University had sufficient surplus cash
at year-end, the surplus was funded and invested in an interest bearing account for the benefit of that campus. If there

was not sufficient cash to cover the surplus, the uncovered portion became a credit to the unfunded reserve. Campuses
may propose the use of their Funded Prior Year Reserves in the annual budget, or they may request the Chancellor’s
permission to use Funded Reserves to meet unexpected expenses during the year. After 2001-02, campus surpluses, to
the extent possible, are being used to fund unused depreciation.
IV. THE CATEGORY SCHEDULE
The second major schedule used in both sections of this Report is the Summary by Category. On this schedule, the
Revenues reported on the Function Schedule are condensed to a single line. For the University as a whole, the
University Administration and the University Wide Expenses schedules, a second line is added to show the Net Overhead
for Central Operations. Although technically not a revenue item, it is treated as a quasi-revenue on this schedule so that
these three units and the Campuses can be presented in similar ways.
Operating Expenses from the Function schedule are presented by category
(e.g.,
Salaries & Wages, Benefits, Supplies).
These categories show how expenditures have been made by the kinds of goods and services purchased. The
components of each of the Expense categories is listed in detail on page 108.
A section of these schedules shows the ContingencyIReserves that the Campuses are required or encouraged to
budget. The “Campus Contingency, Mandatory” amount is budgeted at 1 % of net student-derived revenue and this sum
cannot be transferred to another campus without the approval of the Campus President. With the approval of the
Chancellor, these funds may be used during the year in order to meet unexpected expenses or to offset lower than
anticipated revenues. Campuses that are meeting their revenue targets may also request release of these funds to pay
for special capital improvements that they might not otherwise have been able to make. These requests can be honored
only when the University as a whole is performing well.
The “Campus Program Contingency, Discretionary” is a reserve amount determined by the individual campus.
Depending on the volatility of its programs, a campus may elect to hold an additional sum above the Mandatory amount
to offset possible revenue fluctuations. The amount of this Reserve is determined by the Campus, and the Campus
determines when this Revenue should be released for expenditure. Not all Campuses elect to place funds in this
Reserve.
Prior to 2001-02, the Liquidity Reserve was equal to 1.25% (1.5% for Seattle) of the net tuition and fee revenue of each
Campus. No new funds are being collected and the amounts already in the Liquidity Reserve Fund are not available for

expenditure for any purpose. The amounts in the Liquidity Reserve are held in a University-wide account. At the end of
2001-02, the sixth year in which the Liquidity Reserve was in operation, the University account contained $2,166,165.
This sum is identified with each campus through a series of sub-accounts and has been invested in accordance with
University policy. Earned interest is annually credited to the campuses on the Realized Gains line. A schedule showing
the Funded and Unfunded Reserves, Depreciation Reserves and the Liquidity Reserves balance for each of the
Campuses is on page 58.
The Overhead section of the Summary by Category schedule shows the assessments that are made against each
Campus in order to support operations of the University. Prior to 2001-02, assessments were made at the rate of 13.75%
of net student revenue. Net student revenue excludes tuition generated by new programs less than two years in
Â¥operation tuition discounts and waivers, and uncollectable tuition and fees. From the overhead, Rebates from the
University were transferred to the individual campuses as Subsidy from Overhead. Campuses that received Rebates and
Subsidies show negative amounts on these lines because the transfer is shown as a “negative expense” rather than as a
Revenue. Although these transfers were income to the receiving campus, from the standpoint of the University they
represent only the reassignment of revenue from one campus to another. The effect of the Rebates was to significantly
lower the true overhead rate paid by the Campuses. In 2003-04, only the College received an operating subsidy.
Beginning in 2001-02, the complex array of subsidies was eliminated and the Overhead calculation was changed to a
proration of a set amount determined to cover the costs of central operations and any subsidy to the College. The
proration of the Overhead charge to the non-residential campuses and the
Ph.D.
program uses a three-year average of
the operating revenues.
Depreciation is a major expense for the University. Prior to 2001-02, it was carried centrally, but now it is allocated to
each operating unit based on the value of the scheduled equipment and facilities.
The columns for 2003-04 and for the first quarter of 2004-05 on the Category schedules are identical to those on the
i unction schedules.

I ! 2003-04 YEAR-END BUDGET REPORT
I I
4
1 I /
After three years of University deficits, 2003-04 was a welcome return to positive balances. The year ended with an
a accrual surplus of more than $3.3 million primarily because of a strong stock market and positive returns on the University
* endowment. Endowment gains are reported in University-Wide and the balance for this unit was over $3.8 million.
However, if the gains from the stock market are removed from the total surplus, the University as a whole had another
a negative year.
The following table shows the year-end history of the University for the past seven years.
ACCRUAL BALANCE HISTORY
Antioch College
Glen Helen
New England
Seattle
Southern California
McGregor
Ph.D.
Leadership
University Administration
WYSO Radio
University Wide
Antioch Review
Totals
This table shows that during the past seven years, the University as a whole had positive balances for the first three years
of the period followed by three years of significant losses before rebounding in 2003-04. The stock market declines
between 2000-01 and 2002-03 made the difference between positive and negative years. As will be seen later,
operationally the University has produced deficits in each of the past seven years. Major factors contributing to the overall
losses were deficits at the College that first appeared in 2000-01 and the losses in University-Wide which appeared in
each of the previous six years. The losses in University-Wide between 1997-98 and 1999-2000 were due to the practice
of budgeting all depreciation centrally, and between 2000-01 and 2002-03 the negatives in University-Wide were caused
by declines in the stock market.

Until 2001 -02, all of the depreciation of the entire University was budgeted in University-Wide. Gains on the endowment,
which are also budgeted in University-Wide, offset much of the $2.9 million of annual depreciation expense during the
1990s.
Theuniversity
budgeted an overall accrual deficit with the expectation that it would be covered by a combination , of Liquidity Reserve, Mandatory Contingency Reserve and gains on the endowment. Realized and unrealized gains were
budgeted conservatively with the expectation that the actual amounts would be considerably larger. During most of the
decade of the
1990s,
this expectation was fulfilled and the University as a whole generated positive cash and accrual
balances. The following table shows the degree to which investments entered into the positive accrual balances in the
period 1997-98 through 2000-01, as well as the significant negative impact in the two most previous years. In 2003-04,
both realized and unrealized gains returned to positive territory and contributed $4.3 million to the total surplus.
REALIZED AND UNREALIZED GAINS AND LOSSES
Endowment and Other Investments
1 997-98 1 998-99 1 999-00 2000-0 1 200 1 -02 2002-03 2003-04
Actual Actual Actual Actual Actual Actual Actual
Realized
Gains/Losses
588,433 2,316,608 71 6,721 -220,093 -649,275 -2,441,235 1 ,I 43,222
–
Unrealized Gains/Losses 877,376 1,642,173 730,529 620,736 -1,332,095 996,509 3,157,881
The FASB accounting standards that we use when reporting financial information require that we include realized and
unrealized gains and losses on investments with regular operating revenue. Because most of our investments are in the
endowment, gains are not actually available for immediate expenditure for operating costs, and losses remain within the
endowment. Neither the gains nor the losses are the product of enrollment changes or other operating decisions. The
inclusion of realized and unrealized gains and losses, therefore, distorts the operating results of the University as a whole
and may have contributed to a false sense of financial wellbeing during much of the recent past. If the investment gains
and losses are removed from the accrual balances in each of the last seven years, it becomes apparent that operating
expenses have exceeded operating revenues in each of those years.

ACCRUAL BALANCES ADJUSTED FOR INVESTMENT GAINS AND LOSSES
I 1997-98 1998-99 1999-00 2000-01 2001 -02 2002-03 2003-04
Actual Actual Actual Actual Actual Actual Actual
Accrual Balances 827,404 500,109 482,855 -1,588,235 -2,938,143 -1,735,554 3,317,201
Gains and Losses 1,465,809 674,435 1,447,250 400,643 -1,981,370 -1,444,726 4,301,103
Adjusted Balances
-$638,405
-$174,326
-$964,395
-$1,988,878
-$956,773
-$290,828
-$983,902
In the seven year period shown in the above table, the Accrual Balance for 2003-04 was significantly higher than any of
the previous years, but after adjusting for Gain and Losses, the Adjusted Balance for the year becomes a loss. The
Adjusted Balances reached their greatest deficit in 2000-01 at nearly
-$2.0
million and declined in 2001 -02 and 2002-03
, before growing again in 2003-04. The most significant conclusion to be drawn from this table, however, is not with regard
to trends, but the fact that in each of the past seven years, the University as a whole has not had a positive operating
year.
The College deficits across this period have been a significant cause of the University deficits. In 2003-04, the College
had an accrual deficit of nearly
-$1.6
million which was about $300,000 larger than the deficit it had in 2002-03, despite a
$500,000 unrestricted bequest in
2003-04.
Balancing the College budget, and as a consequence the University budget,
requires significant gift and bequest revenue. The College’s Annual Fund produced over $1.7 million in 2003-04 and the
College received Lead Gifts of $541,408. This 1
5.50h
year-to-year increase in Gifts Revenue helped limit the College
deficit, as did the $500,000 unrestricted bequest. In fact, unrestricted bequests have been a significant factor in
minimizing College deficits in all but two of the prior seven years. At one time, the College anticipated bequests in its
budget development, but it is now the practice not to budget unrestricted bequests because they cannot be predicted.
COLLEGE ACCRUAL BALANCES ADJUSTED FOR UNRESTRICTED BEQUESTS
1997-98 1998-99 1999-00 2000-01 2001 -02 2002-03 2003-04
Accrual Balance 1,540,075 941,814 390,707 -571,496 -1,625,466 -1,292,930 -1,598,415
Unrestricted Bequests 522,998 1 12,368 550,000 639,612 0 0 500,000
Adjusted Balance $1,017,077 $829,446 -$159,293 -$1,211,108 -$1,625,466 -$1,292,930 -$2,098,415

Ã
UNRESTRICTED STATEMENT OF ACTIVITIES
f The Statement of Activities is most comparable to the Income Statement of a for-profit organization. The purpose of the
Statement of Activities is to summarize unrestricted operations of the 2003-04 fiscal year. The full Statement of Activities
Ã for the entire University is contained in the Audited Financial Statements prepared by Ernst & Young. Their statement
!
contains the unrestricted, temporarily restricted, and permanently restricted funds and thereby provides a complete picture , ‘
of the entire “bottom-line”. The schedule contained in this report focuses on Unrestricted Funds which constitutes the
operating revenues and expenses of the campuses and the University as a whole. By looking at the increase or decrease
in net assets as shown on the Statement of Activities it is possible to get a quick understanding of how well the University
-I , performed during the fiscal year.
In 2003-04, Net Assets increased by $3,317,201. This is a marked improvement over the
-$I
,735,554 loss experienced in
2002-03 or the
-$2,938,145
loss in 2001-02. This improvement is due, however, to the positive results of investments in
our Net Realized and Unrealized Gains on endowment. In 2002-03 losses on the endowment line were
-$I
,574,299, but
that line showed a gain of $876,708 in 2003-04.
STATEMENT OF FINANCIAL POSITION
The campus Statement of Financial Position presents information similar to what can be found on the balance sheet of a
for-profit organization. The official campus Statement of Financial Position is contained in the Audited Financial
Statements prepared by
Ernst & Young, but that schedule does not provide detail for the individual campuses. The
campus Statement of Financial Position contained in this report shows the total Assets, the total Liabilities, and total
Liabilities and Net Assets for each of the campuses. Even though depreciation has been assigned to the individual
campuses, receivables and investments are recorded on a University-Wide basis which means that Total Assets and
Total Liabilities and Net Assets balance only at the University level.
The campus Statement of Financial Position is a snapshot of the condition of the University as of June 30, 2004.
However it does provide insight into the financial status at the close of business for 2003-04, and when compared to the
Statements from the prior years can be a useful indicator of the financial direction of the University. On June 30, 2001 -02
this indicator reached $85,500,388, increased to $86,453,481 in 2002-03 and climbed to $88,573,269 in 2003-04.

UNRESTRICTED REVENUE
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As the table’below shows, in 2003-04, Educational and General (E&G) revenue for the University as a whole was 7.2%
‘above
budget.
Of the ten operating units shown in the table, seven had actual revenue above their budgeted income,
while three were not able to generate the revenue they predicted in their budgets. The most significant number in this
table, however, is the $3.2 million variance recorded in University Wide. It is almost entirely due to gains on investments.
This amount more than offsets the negatives of the three operating units that were not able to reach their revenue target.
Q Antioch College
Glen Helen
New England
Seattle
Southern California
McG
regor
Ph.D,
in Leadership
University Administration
WYSO Radio
University Wide
Antioch Review
TOTALS
EDUCATIONAL & GENERAL REVENUE
2003-04 Year-End
2002-03
Actual
2003-04
Budget
12,441,096
288,822
12,448,764
10,687,743
13,053,218
6,176,895
1,052,687
0
935,500
492,200
82,230
$57,659,155
2003-04
Actual
Variance
Budget to Actual
52,632 0.42%
27,616 9.56%
80,182 0.64%
185,831 1.42%
148,406 2.40%
540,858 8.76%
-11,733 -1.11%
52,852
-90,648
-9.6g0/o
3,190,073 648.13%
-37,506 -45.61 %
$4,138,563 7.1 8%
Both WYSO and the Antioch Review missed their E&G revenue targets in 2003-04. WYSO was -$90,648 below budget
(-9.7%),
while the Review was short
-$37,506
(-45.6%). The radio station has been experiencing revenue problems as a
result of the turmoil that has swirled around a decision made more than two years ago to change programming and
format. The controversy involved staff disruptions that have made it difficult to maintain contribution levels and increase
underwriting. Invariably, there is a revenue decline when formats are changed because some traditional listeners will
abandon the station while time is required before the new format is fine-tuned and new listeners are drawn in. Listener

gifts were down about 2O0I0 (-$95,147) and underwriting income was off by 4.5% (-$13,804). On a year-to-year basis,
WYSO was below its prior year E&G revenue by -$67,485 (-7/4%). For the Antioch Review, Gifts were down 439,555
(-62.8%) from budget, but subscription sales ran ahead of Budget by $2,148 (30.7%). On a year-to-year basis, E&G
revenues for the Review were down -$10,566 (-19.1%). While it is expected that both WYSO and the Antioch Review will
become self-supporting again, some fluctuations in their revenues are inevitable. However, both units need to take steps
to improve their revenues or significantly reduce their expenses.
E&G
revenues at the College were down from the budgeted level due to higher than anticipated Tuition Discounts that ran
more than 19% above the budgeted level. This resulted in a Net Tuition shortfall of
-$678,094
(-7.7%). Gifts Income and
Grants helped offset the shortfall in Tuition Income.
, – Tuition Revenue was more than 67% of total University revenue in 2003-04. Although Net Tuition Revenue increased by
more than $2.4 million over the 2002-03 level, the University’s dependence on Tuition decreased somewhat in 2003-04
a v
because of faster growth in other revenues, principally investment income in the endowment.
Glenn Watts
Vice Chancellor and
Chief Financial Officer

ANTIOCH UNIVERSITY
Statement of Financial Position
June 30,2004
1 I, I
Cash and cash equivalents
Accounts receivable
Grants receivable
Contributions receivable
Prepaid expenses
I Loans to students
Investments
Land, buildings and equipment
Total Assets
Accounts payable
Accrued benefit liabilities
Other accrued
liablilities
Deferred revenue
Notes and bonds payable
Annuities payable
Deposits held on behalf of others
Advances from government
for student loans
Total Liabilities
Net Assets
Unrestricted
Temporarily restricted
Permanently restricted
Total net assets
Total Liabilities and Net Assets
College New England
—— ——
250,087 32,492
2,701,451 183,628
-979
7,849,534
456,335 200,133
223,767
537,028 647,189
11,549,230 4,621,616
Southern
Seattle California
University
McGregor
Administration
Total
University

Revenues and Gains:
Tuition and fees
Contributions
Contracts and other exchange transactions
Investment income on life income and annuity agreements
Investment
income on endowment
Other investment income
Net realized
gains(loss)
on endowment
. Net realized gains(loss) on other investments
Sales and service of auxiliary enterprises
Other Income
Total revenues and gains
Net assets released from restrictions
Total unrestricted revenues, gains and other support
Expenses and Losses:
Educational and General:
Instruction
Research
Public Service
Academic support
Student services
Institutional support
Operation and maintenance of plant
Depreciation
Scholarships and Fellowships
Total educational and general expenses
Auxiliary enterprises
Total expenses
Actuarial (gain) loss on annuity obligations
Payments to
life
income beneficiaries
Total expenses and losses
Unrealized Gains (Losses) on Investments
I
Incre?se(decrease) in net assets
Net assets at beginning of year
Net
assets
at end of year
College
Inc Glen Helen
—
I
ANTIOCH UNIVERSITY
Unrestricted Statement of Activities
New England
—
10,020,561
58,924
2,204,277
As of June 30, 2004
By Campus
University
Seattle
PhD
Program
Southern
California
–.–.-
12,868,121
68,020
198,669
19,404
740
259.887
46,670
13,4613
1
155,190
13,616,701
4,748,162
0
211,130
855,940
1,542,720
3,342,897
1,648,452
191,266
201,469
12,742,036
282,401
13,024,437
13,024,437
592,264
3,351,044
3,943,308
Central Admin
Inc WYSO,
McGregor Antioch Review
University
Wide
–….-.-.
430
90,849
0
-553.937
11,473
876,708
8,072
9
455,701
889,305
623,904
1,513,209
-37,489
0
15,315
49,525
103,067
-930,665
-192
189,647
89,055
-521,737
0
-521.737
-521,737
3,090.1
17
5,125,063
-6,191,192
-1,066,129
Total

Revenues
Tuition & Fees
Less Tuition Discounts
Net Tuition and Fees
Gifts
Lead Gifts
Grants
Endowment Income
Contracts
Realized Gains (Losses)
Unrealized Gains (Losses)
Other Income
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Net Overhead for Central Operations
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total
E&G
Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
Antioch University
2003-04 Actual Expenditure Summary by Function
2001-02
Actual –
47,762,734
-4,253.169
43,509,565
2,157,268
500,000
3,242,681
101,758
545,420
-649,275
-1,332,095
1,229,472
49,304,794
3,672,379
3,542.498
56,519,671
2,374,497
20,244,916
0
3,163,969
3,319,937
6,026,561
15,483,905
7,737.31
9
3,078,912
59,055,539
2,776,772
61,832.31
1
-2,938,143
2,061,158
-303,738
1,010,305
-119,122
-2,959,298
-310,695
-2,627,448
2002-03
Actual –
52,296,862
-5,701,406
46,595,456
2,196,021
0
3,231.61
7
-128,301
388,021
-2,441,235
996,509
1,333,927
52,172,015
3,774,241
4,415,946
60,362,202
2,138,106
21,849,450
3,038
3,266,881
3,623,151
6,568,061
14,818,603
8,284,460
2,904,510
61,318,154
2.91 7,708
64,235,862
-1,735,554
2,866,670
-242,771
1,092,620
0
-2,951,263
765,256
-2,500,810
2003-04
Budget –
55,390,829
-6,302,069
49,088,760
2,430,660
0
3,702.540
414,500
358,334
0
0
1,664,341
57,659,155
4,356,418
4,548,721
66,564,294
2,866,284
24,342,767
1,000
3,373,054
4,204,523
6,867,032
16,880,247
8,076,092
2,921,556
66,666,271
3,086,030
69,752,301
-321,723
2,092,724
-219,000
871,468
-298,806
-2,905,761
459.375
137,652
2003-04
Actual –
56,504,714
-7,503,535
49,001,179
2,432,914
541,408
4,116,109
-307,258
391,352
1,143,222
3,157,881
1,320,911
61,797,718
3,871,733
4,398,485
70,067,936
2,866,284
24,078,279
6,989
3,548,701
4,464,275
6,857,522
16,395,383
8,287,158
2,963,277
66,601,584
3,015,435
69,617,019
3,317,201
2,740,059
0
866,887
0
-2,961,505
647,441
2,669,760
Change From
2003-04 Budget
to 2003-04 Actual
Change From
2002-03 Actual
to 2003-04 Actual

Revenues ,
Operating Expenses
Salaries & Wages
Benefits
Training & Development
I . Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Program Contingency, Discretionary
Capital Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
Antioch University
2003-04 Actual Expenditure Summary by Category
2001-02
Actual
–
58,894,168
29,576,592
9,164,686
1,607,674
1,613,833
232,990
1,449,225
6,272,045
3,772,930
1,328,738
718,866
61 1,660
0
1,715
0
3,124,497
0
0
-750,000
147,562
2,959,298
61,832.31 1
-2,938,143
2,061,158
-303,738
1,010,305
-119,122
-2,959,298
-310,695
-2,627,448
2002-03
Actual
–
62,500,308
29,951,594
9,342,028
1,865,262
1,734,063
282,078
1,782,043
7,116,965
4,034,207
1,265.71
3
738,404
595,806
0
1,000
0
2,738,106
0
0
-600,000
417,330
2,951,263
64,235,862
-1,735,554
2,866,670
-242,771
1,092,620
0
-2,951,263
765,256
-2,500,810
2003-04
Budget
—
69,430,578
32,254,679
10,616,148
2,176,305
1,692,869
367,065
1,615,415
6,877,204
4,138,066
1,235,799
757,000
1,040,767
420,974
335,134
0
3,466,284
0
0
-600,000
454,831
2,905,761
69,752,301
-321,723
2,092,724
-219,000
871,468
-298,806
-2,905,761
459,375
137,652
2003-04
Actual
—-
72,934,220
32,805,010
10,319,425
2,020,662
1,823,503
314,277
1,549,889
7,159,092
4,075,286
1,250,821
829,106
1,311,013
0
0
0
3,466,284
0
0
-600,000
331,146
2,961,505
69,617,019
3,317.201
2,740,059
0
868,887
0
-2,961,505
647,441
2,669,760
Change From
2003-04 Budget
to 2003-04 Actual
Change From
2002-03 Actual
to 2003-04 Actual

ANTIOCH COLLEGE
I
2003-04 Year-End Review
In 2002-03, the NCA rendered formal expectations: we must demonstrate that we have adequate resources to achieve
institutional objectives; we must effectively link planning, budgeting, development and enrollment management; and we
must develop and implement a mature system of outcomes assessment. Although the NCA was speaking about Antioch
University globally, it is clear to us at Antioch College that these challenges require an especially comprehensive and
convincing response from the College. Indeed, in the year just completed we understand these matters as the rubrics,
the signposts, the governing templates that allow us to analyze and internalize the lessons derived from the past year’s
, most important activities. For that reason we will limit this year-end report to those activities that speak to our emerging
ability to prepare for the
NCA’s
upcoming Focused Visit.
The Renewal Commission completed its Report and submitted it the Board of Trustees for approval. It is a grand and
sensible scheme that is indeed a compelling answer to most of the NCA challenges. Here we only underscore for our
readers the degree to which campus stakeholders were frustrated by the lack of input by campus stakeholders. This is
not to criticize the work of the RC, but only to remind our readers that it has taken us summer and early fall to unpack,
process and store away that negative affective baggage.
The so-called Budget Stabilization Group aggressively trimmed expenses and appropriately tried to maximize revenue
streams. We at the College are thankful for Toni Murdock’s strong and sensitive leadership of this activity. As a result of
these efforts the College has 14 fewer employees in 2004-05 than it had in 2003-04. From a student perspective there
were also a number of significant changes: all students must now live on campus, all students must now purchase a
19-
meal plan; all subsidy for travel to Co-op sites has been terminated; and Financial Aid Policy is more
stringentlless
generous. We underscore for our readers the negative affect generated by these necessary and appropriate decisions.
The Board of Trustees mandated for all Antioch units a Strategic Plan that the College launched in earnest in the final
quarter of 2003-04. The scale and scope of the Renewal Commission Proposal enabled the Strategic Planning Process
just as much as it complicated it. That is, the Strategic Plan had to embrace the Renewal Plan just as much as the
Renewal Plan had to embed itself in strategic thinking at the College. Both of these enterprises are a grand and
appropriate organizational response to the expectations of the NCA.

Last February the College submitted a comprehensive Self-study to the Ohio Board of Regents as part of the ten-year
accreditation cycle conducted by the State. The ESE reports serve as the initial basis for the State to legally authorize
public and private undergraduate institutions in the State. The College’s materials have passed through several layers of
authorization and await only the submission of the College’s Strategic Plan to complete our authorization package.
Q
The budget-building process that yielded the first draft of the 2004-05 Budget was essentially a balanced budget. Indeed,
nearly $900,000 was recovered from the Operating Budget as a result of the Budget Stabilization Group’s work. We
report that to underscore that we did not submit a 2004-05 deficit budget. Rather, the cost reduction and revenue
enhancement activities of the Budget Stabilization Group were a clear signal by the College that we were appropriately
responding to the
NCA’s
call for fiscal viability. In the words of Vice Chancellor Glenn Watts, we all realized that
additional cutting, however, may not reduce the deficit because it might have even produced a disproportionate loss of
I revenue. Only restructuring can lead to viability – exactly the course of action we have taken with the Plan for Antioch
College.
In terms of the actual lives we live here on Campus, the negative social affect generated by some of the phenomena
above combined with other events to produce an unstable campus climate. We will not recap the course of events that
peaked with the presence of the Klan here in Yellow Springs. We will only say that fiscal pressure combined with cultural
stress and bad luck to produce a malaise that did not help our ability to retain students and secure our revenue base.
In this report we have chosen to write only of the most salient events of 2003-04. The criterion for salience was that the
event and activity was part of the College’s attempt to chart a new future, a new way of running our portion of the
University. There were other events, of course, that could have been reported, however, we chose to highlight those
events that signal our difficulties, our challenges, and the need to strategically own our future.
Richard Jurasek
Interim President

Revenues
Tuition & Fees
Less Tuition Discounts
Net Tuition and Fees
Gifts
Lead Gifts
Grants
Endowment Income
Contracts
Realized Gains (Losses)
Unrealized Gains (Losses)
Other Income
Total
E&G
Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total E&G Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
: Antioch College
2003-04 Actual Expenditure Summary by Function
2001-02
Actual –
2002-03
Actual –
14,327,740
-5,462,158
8,865,582
1,480,550
0
1,389,691
155,759
10,330
4,088
5,863
125,981
12,037,844
2,902,247
2,575,889
17,515,980
4,929,675
578
0
1,104,220
2,770,475
2,359,177
3,334,316
1,971,653
16,470,094
2,338,816
18,808,910
-1,292,930
1,135,346
-198,237
395,439
0
-1,409,580
-77,032
-1,215,898
2003-04
Budget —
14,747,749
-5,917,069
8,830,680
1,605,050
0
1,307,000
183,000
3,000
0
0
512,366
12,441,096
3,399,959
2,365,423
18,206,478
5,174,595
1 ,ooo
0
1,143,283
2,597,657
2,387,168
3,042,079
1,905,400
16,251,182
2,455,296
18,706,478
-500,000
698,604
-219,000
404,470
0
-1,384,074
-500,000
0
2003-04
Actual —
15,204,950
-7,052,364
8,152,586
1,709,825
541,408
1,496,331
195,279
4,260
263,996
0
130,043
12,493,728
2,881,181
2,042,379
17,417,288
5,118,989
6,439
0
1,085,373
2,596,695
2,338,478
3,198,342
2,047,261
16,391,577
2,355,658
18,747,235
-1,329,947
787,752
0
411,515
0
-1,374,955
-175,688
-1,154,259
Change From
2003-04 Budget
to 2003-04 Actual
Change From
2002-03 Actual
to 2003-04 Actual

Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
,. Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Program Contingency, Discretionary
Capital Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
Antioch College
2003-04 Actual Expenditure Summary by Category
2001-02
Actual
–
17,859,971
8,955,012
3,097,328
443,057
1,351,278
94,130
729,693
1,998,084
1,287,721
153.426
275,605
236,725
0
1,715
0
0
0
0
-600,000
2,831
1,458,832
19,485,437
-1,625,468
512,568
-258,673
574,656
0
-1,458,832
-630,281
-995.1 85
2002-03
Actual
–
17,515,980
8,234,889
3,013,637
487,144
1,339,724
130,066
846,135
2,065,636
1,449,506
117,741
276,297
231,970
0
0
0
0
0
0
-600,000
-193,435
1,409,580
18,808,910
-1,282,930
1,135,346
-198,237
395,439
0
-1,409,580
-77,032
-1,215,898
2003-04
Budget
—
18,206,478
8,174,538
3,062,106
649,877
1,353,400
211,134
773,917
1,937,777
1,337,384
125,585
255,000
244,759
0
0
0
0
0
0
-600,000
-203,073
1,384,074
18,706,478
-500,000
698,604
-219,000
404,470
0
-1,384,074
-500,000
0
2003-04
Actual
—
17,417,288
8,332,188
2,961,844
496,188
1,441,589
124,495
720,985
1,927,541
1,490,339
105,843
309,215
258,057
0
0
0
0
0
0
-600,000
-1 96,004
1,374,955
18,747,235
-1,329,947
787,752
0
41 1,515
0
-1,374,955
-175,688
Change From
2003-04 Budget
to 2003-04 Actual
Change From
2002-03 Actual
to 2003-04 Actual

GLEN HELEN ECOLOGY INSTITUTE
I, r I 2003-04 Year-End Review
I’
4
Financial Activity: Total revenue was $725,924, exceeding total operating expenses by $20,185. Efforts to maintain a
balanced budget continually challenge the Institute as operating expenses continue to increase and revenue is unable to
maintain similar growth. We continue to see a decline in individual donations, yet the outstanding effort of the GHEI
Development Committee has resulted in a core level of donor support that reached the 2003-04 gift income target.
The following shows the sources of GHEI revenue in 2003-04:
Tuition and Fees 17.6%
Gifts 15.2%
Grants & Contracts 4.3%
Endowment 5.8%
Auxiliary Enterprises 41.4%
Operating Reserve Funds 15.1%
Miscellaneous 0.6%
A brief explanation of some of the revenue categories is as follows:
Tuition represents the Outdoor Education Center program fees.
Endowment income represents earnings from the Hugh Taylor Birch Endowment and several smaller
endowments with a total value of $585,000 at year’s end.
Contracts provide educational program support for the Outdoor Education Center, Raptor Center, Trailside
Museum and Visitor Center, and the Glen Helen Building.
The auxiliary enterprises line item is for the Outdoor Education Center room and board income, rental income
(Birch House, OEC Complex, and Glen Helen Building), and Glen Helen calendar sales.
Funds categorized as “released from restriction” totaled $1 09,253 (1 5% of GHEI revenue). This operating reserve
represents fundraising efforts from 2000-01 and 2001-02. Use of these funds represents a continuing drain on the
GHEI’s
operating funds (used to supplement unrestricted revenue). The categorizing of unrestricted operating and

restricted spending enables the Institute to manage the net revenuelexpense within some limits. The restricted funds are
restricted by definition (as is Glen Helen overall), but some of these funds may be used for general operations. This
provfdes
some flexibility in the Institute’s efforts to balance its year-end budget without the benefit of “real-time” financial
data (expenises that were processed by the college are not entirely known exactly at the time the books are closed).
The GHEI must seek to provide a more balanced revenue stream and create revenue generating programs that will pay
for themselves or seek alternative mechanisms to help offset costs.
Operating expenses continue to increase despite constant efforts by the GHEI to reduce costs. Increasing benefits and
depreciation expense combine to draw funds away from the general operating budget and our overall ability to meet
T
‘ program obligations. Although we need to make up for the loss in operating revenue because of depreciation,
depreciation has enabled the Glen to address some long overdue maintenance issues. Also, the GHEI is obligated to
provide tuition remission to its staff according to University policy and we are pleased that several of our staff (and family
a members) have taken the advantage of this opportunity each year. However, given our small budget, in any given year ‘ when multiple staff elect this benefit, it adds significantly to GHEI’s operating costs. In 2003-04 the GHEI’s two support
staff were out for medical reasons for a combined seven months. Again, given our small budget with little operating
reserve, the GHEI was unable to replace these staff because we were required to continue their salary during their
approved leaves. As is evident, despite the cost-reducing measures and the continued good efforts by the staff and
volunteers to raise the necessary operating funds, the GHEI’s ability to adequately manage its budget under its current
system is becoming increasingly difficult; we can’t predict the affect of “uncertainty” in any given year on the budget.
Financial Summary: Unrestricted financial activity included $24,170 more revenue (3.4%) than planned, but only $3,985
more in spending (.6%) than planned. Tuition, Grant, Other and Auxiliary Revenue were higher than budgeted, but the
use of restricted funds not as great as planned when the budget was created. Revenue from tuition and fees was slightly
higher than planned (7.5%). Revenue from auxiliary enterprises was also 8.2% higher than budgeted. The increase in
both these categories is attributed, in part, to an increase in the number of students attending the OEC School Camp and
a 2% increase in fees. Gifts were substantially unchanged from the prior year.
Expense categories: plant maintenance, business operations, fringes, miscellaneous and the discretionary reserve were
all under budget. Although plant maintenance needs were high, funds were redirected through the depreciation expense
line and capital improvements made that reduced the plant maintenance expense line. Recognizing a need to reduce

expenses, some plant maintenance needs were again deferred. In budgeting for the fiscal year it is difficult to accurately
determine the total benefit expense with initial estimates often lower than actual. Depreciation shows up in two different
places. It is shown as an operating expense and as an add-back, since it is a non-cash expense and historically, the
Glen has been held accountable for all expenses except depreciation. This was $20,808, $883 above budget, but in the
end, add-back depreciation was equivalent to our expenditure.
Robert S. Whyte
Executive Director

, Glen Helen
2003-04 Actual Expenditure Summary by Function
Revenues
Tuition & Fees
Less Tuition Discounts
Net Tuition and Fees
Gifts
Lead Gifts
Grants
Endowment Income
Contracts
Realized Gains (Losses)
Unrealized Gains (Losses)
Other Income
Total E&G Revenue
Auxiliary Enterprises
Released
From
Restrictions
Total Revenues
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total E&G Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
2001-02
Actual Actual
2003-04
Budget —-
118,972
0
118,972
109,650
0
7,500
42,000
10,500
0
0
200
288.822
277,459
135,473
701,754
0
0
701,754
0
0
0
0
0
701,754
0
701,754
0
20,000
0
0
0
-21,691
-1,691
1,691
2003-04
Actual —
127,872
0
127,872
110,042
0
20,958
42,000
10,248
0
0
5,318
316,438
300,233
109,253
725,924
0
0
684,931
0
0
0
20,808
0
705,739
0
705,739
20,185
40,993
0
0
0
-20,808
20,185
0
Change From
2003-04 Budget
to 2003-04 Actual
Change From
2002-03 Actual
to 2003-04 Actual

Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Program Contingency, Discretionary
Capital Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenueover Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
Glen Helen
2003-04 Actual Expenditure Summary by Category
2001-02
Actual
2002-03
Actual
2003-04
Budget
—–
701,754
340,337
120,855
4,860
0
500
42,100
54,008
95,188
70
8,000
5,258
0
8,887
0
0
0
0
0
0
21,691
701,754
0
20,000
0
0
0
-21,691
-1,691
1,691
2003-04
Actual
-……
725,924
344,768
120,269
5,712
0
1,958
62,581
45,785
91,349
122
10,062
2,325
0
0
0
0
0
0
0
0
20,808
705,739
20,185
40,993
0
0
0
-20,808
20,185
0
Change From
2003-04 Budget
to 2003-04 Actual
Change From
2002-03 Actual
to 2003-04 Actual

ANTIOCH NEW ENGLAND GRADUATE SCHOOL
2003-04 Year-End Review
Antioch New England Graduate School ended 2003-04 with $6,678 in excess revenue over expense for the year,
following low enrollment in the fall and a modest up-tick in January. We began the year facing a prospective shortfall of
over $500,000 based on enrollment of forty fewer students than anticipated in our budget. A combination of spending
restraints and one-time revenue opportunities brought us back into balance.
‘
‘Total campus revenue was $12,745,436 versus $12,946,249 budgeted. Total campus expense was $12,738,758. Our
depreciation add-back for the year left us with a net increase in our capital reserve fund.
On the academic side of the ledger, we hired a group of three outstanding faculty members in our Applied Psychology
Department, following faculty attrition. These hires represent a new wave of dynamic, highly-credentialed,
nationally-
visible faculty. The quiet transformation of the AP department (the largest of our departments by enrollment) is a
significant step forward in the strengthening of academic quality across the campus.
As well, we hired Neal King as
ANE1s
first dean of faculty and academic affairs, and his presence is having a strong
positive effect, especially on our ability to evaluate internal strengths and weaknesses, and to build and execute
well-
crafted plans for growth.
This was the first year of our Jonathan Daniels Scholarship fund, a tuition-discounting program that represents our first
significant financial contribution to fostering diversity among the student body. The effects of the program have been
highly visible, both in terms of outcomes in the student body, and as a material expression of the values of the Graduate
I School and the University.
2003-04 also saw significant accomplishments in our fundraising campaign, including an alumni gift of $640,000, and the
first installment of a $700,000 gift from a supporter of our environmental studies program. This was also our second year

of successful execution of the $1 0.8 million education grant funding a network of new high schools in our region, including
the MC2 School now housed on our campus.
Peter
S.
Temes
President

Revenues
Tuition & Fees
Less Tuition Discounts
Net Tuition and Fees
Gifts
Lead Gifts
Grants
Endowment Income
Contracts
Realized Gains (Losses)
Unrealized Gains (Losses)
Other Income
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total E&G Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenueover Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
Antioch New England Graduate School
2003-04 Actual Expenditure Summary by Function
2001-02
Actual —
9,091,851
-2,930
9,088,921
11,610
0
891.813
0
446,404
115
0
200,272
10,639,135
1,246
625,140
11,265,521
4,546,108
0
1,213,961
545,146
613,100
2,695,563
1,155,263
446,125
11,215,266
11,215,266
50,255
258,617
0
11 7,475
0
-469,715
-93,623
143,878
2002-03
Actual –
9,779,886
-1,680
9,778,206
22,315
0
997.559
0
321,039
-2,509
16,931
332.1
60
11,465,701
3,480
454,553
11,923,734
4,973,746
2,460
1,143,170
606,173
687,441
2,691,234
1,243,632
394,246
11,742,102
11,742,102
181,632
470,266
0
140,698
0
-478,424
132,540
49,092
2003-04
Budget –
10,583,207
-150,000
10,433.207
0
0
1,458,042
0
288,834
0
0
268,681
12,448.764
0
497,485
12,946,249
5,617,696
0
1,283,212
640,489
750,782
2,991,930
1,232,769
424,500
12,941,378
0
12,941,378
4,871
248,885
0
131,680
0
-474,099
-93,534
98,405
2003-04
Actual
Change From
2003-04 Budget
to 2003-04 Actual
Change From
2002-03 Actual
to 2003-04 Actual
S Ye — –
419.353 4.29%
-176.999 -10535.65%

Antioch New England Graduate School
2003-04 Actual Expenditure Summary by Category
2001-02
Actual
2002-03
Actual
2003-04
Budget
Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Program Contingency, Discretionary
Capital Reserve
Overhead
To the University
Rebates from the University
‘ Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
2003-04
Actual
—
12,745,436
6,090,780
1,965,238
474,564
118,366
16,568
200,736
1,413,382
356,965
418,247
0
115,623
0
0
0
927,868
0
0
0
168,384
472,035
12,738,758
6,678
276.832
0
129,449
0
472,035
-65.754
72,432
Change From
2003-04 Budget
to 2003-04 Actual
s %
Change From
2002-03 Actual
to 2003-04 Actual

ANTIOCH SEATTLE
2003-04 Year-End Review
GENERAL
Overall financial performance for
ADS
in 2003-04 was positive with enrollments and revenues exceeding budget
projections and operating expenses generally holding the line. AUS will report a net total surplus of $336,183.
11
REVENUES
Tuition and fee revenues were substantially higher than 2002-03 because of the 4% tuition increase and higher
enrollments than projected. Enrollments exceeded the previous year by 63 Full-Pay Equivalents (FPE). Net tuition and
fee revenues were $195,899 over the budget forecast and $936,824 over the previous year. Programs contributing to the
higher than anticipated tuition revenues included the Education Off-Site Masters and Teachers Certification programs, the
Psychology programs, and Continuing Education. Bookstore revenues were also higher because of the positive
enrollment results. It appears that AUS has recovered from a brief period of enrollment decreases with the numbers
firming up across the board.
Total revenues for AUS were nearly $1.7 million over the previous year. Aside from tuition revenues, AUS experienced a
substantial increase in grant revenues for the Gates and Kellogg programs. These programs are now in full operation
with grant revenues hitting their peaks. However, a substantial percentage of these revenues were offset by the grant
program expenses with a small amount being returned to AUS to cover indirect expenses. Additionally, when the
2003-
04 Budget was developed and approved, AUS had not been advised that the Kellogg Grant had been reauthorized, and
so the Kellogg revenue budgets were not added until after budget approval. This accounts for much of the $355,478
positive budget variance in the “released from restriction” line.

EXPENSES
Total Operating Expenses exceeded budget by $186,817 and were nearly $1.5 million higher than in 2002-03. Much of
the budget variance in salaries and benefits resulted from additional adjunct faculty required to accommodate enrollment
growth. Additional unbudgeted salaries and benefits covered the Kellogg program administrative expenses. Also, the
unbudgeted Kellogg Grant expenses associated with the grant revenues, as explained above, accounted for much of the
total operating expense budget variance.
In comparison with the previous year, some of the expense increase was attributable to the salary plan and associated
benefits. Faculty salaries were increased by 6%; staff salaries, by 2%. The remaining salary and benefit expense
difference is attributable to the additional adjunct faculty requirement and higher medical and other benefit expenses.
Most of the remaining year-to-year operating expense differences are from the grant expenses.
Capital expenditures were higher than the previous year because of the significant project to centralize the Enrollment
, Services departments, which was completed in Fall 2003. This decision to co-locate the departments paid immediate
dividends in terms of team cohesion and productivity. Toward the end of the year,
ADS
had several office changes and a
backlog of miscellaneous, small projects that were covered with a portion of the anticipated net surplus funds. Some
preliminary capital funds were expended in preparation for the construction of additional classrooms in previously leased
areas that will be accomplished in 2004-05.
Toni Murdock
President

Revenues
Tuition & Fees
Less Tuition Discounts
Net Tuition and Fees
Gifts
Lead Gifts
Grants
Endowment Income
Contracts
Realized Gains (Losses)
Unrealized Gains (Losses)
. Other lticome
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total E&G Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
Antioch Seattle
2003-04 Actual Expenditure Summary by Function
2001-02
Actual —
8,940,762
-126,416
8,814,346
25,283
0
168,369
0
10,528
0
0
356,748
9,375,274
320,887
33,812
9,729,973
4,040,474
0
11,349
455,280
832,393
2,408,485
1,308,452
167,808
9,224,241
31 2,574
9,536,815
193,158
586,852
0
140,000
-66,869
-466,825
193,158
0
2002-03
Actual –
9,393,774
-100,444
9,293,330
13,727
0
192,008
0
0
0
9,358
403,255
9.91 1,678
312,669
529.328
10,753,675
4,105,257
0
1,211
1,064,755
864,175
2,671,225
1,399,365
205,057
10,311,045
318,847
10,629,892
123,783
296,438
0
155,000
0
-463,304
-1 1,866
135,649
2003-04
Budget —–
10,114,255
-80,000
10,034,255
30,000
0
253,474
0
0
0
0
370,014
10,687,743
343,000
841,104
11,871,847
4,509,503
0
2,000
1,389.01
1
921,184
3,006,261
1,451,857
271,925
11,551,741
370.106
11,921,847
-50,000
416,267
0
165,000
-175,000
-456,267
-50,000
0
2003-04
Actual —
10,326,438
-96,284
10,230,154
16,241
0
181.773
0
0
756
0
444,650
10,873,574
374,691
1,196,582
12,444,847
4,551,296
0
767
1,737,490
91 1,908
2,928,893
1,402,877
198,058
11,731,289
377,375
12,108,664
336,183
618,165
0
165,000
0
-476,630
306,535
29,648
Change From
2003-04 Budget
to 2003-04 Actual
Change From
2002-03 Actual
to 2003-04 Actual
s % — —

Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Program Contingency, Discretionary
Capital Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
Antioch Seattle
2003-04 Actual Expenditure Summary by Category
2001-02
Actual
–
9,729,973
5,021,503
1,246,151
104,930
48,759
45,319
119,795
539,077
282,181
590,972
230,379
17,211
0
0
0
823,663
0
50
0
0
466,825
9,536,815
193,158
586,852
0
140,000
-66,869
-466,825
193,158
0
2002-03
Actual
2003-04
Budget
2003-04
Actual
—
12,444,847
5,865,583
1,547,464
204,083
72,115
51.273
115,972
599,696
352,523
569,426
275,512
738,596
0
0
225,000
946,150
0
0
0
68,639
476,630
12,108,664
336,183
618,165
0
165,000
0
-476,630
306,535
29,648
Change From
2003-04 Budget
to 2003-04 Actual
Change From
2002-03 Actual
to 2003-04 Actual

ANTIOCH SOUTHERN CALIFORNIA
2003-04 Year-End Review
We are proud to report that Antioch University Southern California earned over $1 3.6 million in revenues, had an excess
of revenue over expenditures of over $590,000 and reported a positive cash flow during fiscal 2004. During fiscal 2004,
we invested over $700,000 in capital expenditures in connection with our move to the new Culver City campus and to
upgrade our computer infrastructure.
During fiscal 2004, the Los Angeles campus completed a move to its new location in Culver City, California. The new
location meets our goal of being within a 5 to 10 mile radius of the University’s former location in Marina del
Rey,
California. The new Los Angeles campus is under a 10-year lease and has over 40,000 square feet of space. The move
was completed successfully in March 2004.
The option period on the University’s 11,000 square foot campus in Santa Barbara ends in September 2005. We have
begun a conversation with Thomas Foley, our current landlord in Santa Barbara, regarding construction of a 28,000
square foot building in which we would have 49% equity, and Mr. Foley would have a
51%
share. The building would be
completed in 2007. We are also negotiating an extension of the existing lease for this campus to the year 2007.
During 2004, the University applied for a Department of Education grant to train teachers in English language proficiency.
The ultimate goal of the project is to enhance English language proficiency among students at two Los Angeles Unified
School District elementary schools and among the students at all the schools where Antioch teacher education graduates
are employed. In early fiscal 2005, the University was notified that a grant was awarded by the Department of Education
for a total of over $450,000 with initial funding of $150,000 for the current fiscal year. We have been invited to apply for
an additional research grant subsequent to completion of the current project.

operating Revenues
Total revenue for Antioch University Southern California totaled over $1 3.6 million. Revenue was above plan by about
$121,000 and would have been higher except for the fact that enrollments for the BA programs and the MAE programs
were below plan.
Operating Expenses
The team at both campuses worked together to hold costs below plan, which enabled AUSC to report an excess of
revenue over expenses of over $550,000. Salary and benefit costs were approximately $1 16,000 under plan due to
vigilant management of staffing levels throughout the fiscal year and lower than projected cost for health plan coverage.
Business operations expenses were under plan by over $35,384 due to savings in purchased services and legal fees less
than plan.
Our depreciation expense was over plan by approximately $67,000 due to our investment in improvements at the new
campus and new computer infrastructure.
Capital Expenditures
Capital expenditures for fiscal 2004 totaled over $700,000 and included $375,000 for new computers and related
information services enhancements.
Summary
Antioch University Southern California had a great year in fiscal 2004. We moved to a new, larger campus and we
reported an excess of revenue over expenditures despite a shortfall in enrollments in two of our programs.
Antioch University Southern California filled some key positions and began the process to fill other positions vital to our
growth. We hired Dan Seymour as the Provost for the Santa Barbara campus and began the search for a permanent
CFO. We moved Lynn
Holley
from the Director of Development in Santa Barbara to the Dean of University Relations, a

regional development position. We hired two half time development associates to coordinate AULA and AUSB alumni
events. The region’s first graduate assistant was assigned to the President’s Office to work on University publications.
Chloe Reid, former Interim President and Executive Dean, resigned effective September 30, 2004. A party for AULA and
AUSB faculty and staff was held on October 10, 2004, to celebrate Chloe’s contributions to Antioch University.
We completed the academic review of
AUSB’s
new
PsyD
Proposal and are now seeking additional marketing funds to
promote this program. We are working on the remaining academic review of our MFA in Public Art. Both Boards of
Visitors have been appointed and have met, as have our alumni groups.
We are optimistic about enrollments for the fall quarter (AULA Admissions reports a 6% increase in new students), as
, a well as improved results for the upcoming fiscal year.
LucyAnn
Geiselman
President

Antioch Southern California
2003-04 Actual Expenditure Summary by Function
Revenues
Tuition & Fees
Less Tuition Discounts
Net Tuition and Fees
Gifts
Lead Gifts
Grants
Endowment Income
Contracts
Realized Gains (Losses)
Unrealized Gains (Losses)
Other Income
Total E&G Revenue
> Auxiliary Enterprises
Released From Restrictions
Total Revenues
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total E&G Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
2001-02
Actual –
10.91 1,863
-1 38,077
10,773,786
66,140
0
161,096
0
0
0
0
58,820
11,059,842
221,936
281,039
11,562,817
4,071,614
0
187,992
800,161
1,175,431
2,687,876
1,493,430
170,029
10,586,533
249,114
10,835,647
727,170
244,852
0
22,070
0
-115,138
151,784
575,386
2002-03
Actual –
11,922,045
-130,775
11,791,270
69,332
0
187,289
0
0
0
6,939
73,860
12,128,690
222,824
163,522
12,515,036
4,383,828
0
217,236
731,416
1,254,831
3,211,535
1,702,950
198,389
11,700,185
260,045
11,960,230
554,806
398,097
0
23,985
0
-130,030
292,052
262,754
2003-04
Budget —-
12,861,849
-135,500
12,726,349
43,000
0
263,819
0
0
0
0
20,050
13,053,218
280,000
162,345
13,495,563
4,905,956
0
230,114
949,159
1,519,334
3,472,010
1,785,089
180,731
13,042,393
260,628
13,303,021
192,542
410,000
0
31,100
-123,806
-124,752
192,542
0
2003-04
Actual —–
13,001,493
-133,372
12,868.121
68,020
0
198,669
0
0
740
0
66,074
13,201,624
259,887
155,190
13,616,701
4,748,162
0
211,130
855,940
1,542,720
3,342,897
1,839,718
201,469
12,742,036
282,402
13,024,438
592,263
708,227
0
23,638
0
-191,266
540,599
51,664
Change From Change From
2003-04 Budget 2002-03 Actual
to 2003-04 Actual to 2003-04 Actual

ANTIOCH UNIVERSITY McGREGOR
2003-04 Year-End Review
)
Fiscal year 2004 was another success for Antioch University McGregor. We began the year with a solid summer and
moved into an unusually successful fall. Because this was the second year of that kind of stability, we determined that
maintaining that enrollment in the following year without attrition would be an appropriate strategic direction for McGregor.
In August of 2003 the public discussion began about facilities growth and it defined the year’s focus.
Revenue
McGregor continued the practice of using recruiters who were (or are) enrolled in our programs. This tactic proved
to be a very strong asset to bringing in new students.
Education programs were all extremely full. In fact, we added some unbudgeted cohorts in order not to overload
classes. However, the typical class size was 28; keep in mind that these are graduate students. We still ended up
turning away many qualified candidates due to a lack of sufficient and well-maintained space.
While competition is very high for local programs (Graduate Management, the Weekend College), both programs
either came close to their goals or in some classes, exceeded them. The local competition is so pronounced that
we committed to conduct serious strategic analysis, planning and review for each of these programs.
The distance programs expanded with the first cohort of Community College Management and the introduction of
the Masters of Community Change and Civic Leadership. These added to the growing strength of the Individual
Liberal and Professional Studies programs and the Masters in Conflict Resolution.
Our excess revenue over expenses is not fully reflected in the budget sheets. Note below how we spent funds that
were added to expenses, those we could not have afforded without unanticipated enrollment growth.
Revenue over Expenditures: Some Examples of How We Spent the Money
Expenses
1. Offices in the Sontag Fels Building were repaired, renovated or in some cases built from rather dismal unused
space. McGregor upgraded the building with two objectives – to meet our need for more space for additional
employees and to do it right so the College could use it if we move in the future.

ANTIOCH UNIVERSITY McGREGOR
2003-04 Year-End Review
)
Fiscal year 2004 was another success for Antioch University McGregor. We began the year with a solid summer and
moved into an unusually successful fall. Because this was the second year of that kind of stability, we determined that
maintaining that enrollment in the following year without attrition would be an appropriate strategic direction for McGregor.
In August of 2003 the public discussion began about facilities growth and it defined the year’s focus.
Revenue
1. McGregor continued the practice of using recruiters who were (or are) enrolled in our programs. This tactic proved
to be a very strong asset to bringing in new students.
2. Education programs were all extremely full. In fact, we added some unbudgeted cohorts in order not to overload
classes. However, the typical class size was 28; keep in mind that these are graduate students. We still ended up
turning away many qualified candidates due to a lack of sufficient and well-maintained space.
3. While competition is very high for local programs (Graduate Management, the Weekend College), both programs
either came close to their goals or in some classes, exceeded them. The local competition is so pronounced that
we committed to conduct serious strategic analysis, planning and review for each of these programs.
4. The distance programs expanded with the first cohort of Community College Management and the introduction of
the Masters of Community Change and Civic Leadership. These added to the growing strength of the Individual
Liberal and Professional Studies programs and the Masters in Conflict Resolution.
5. Our excess revenue over expenses is not fully reflected in the budget sheets. Note below how we spent funds that
were added to expenses, those we could not have afforded without unanticipated enrollment growth.
Revenue over Expenditures: Some Examples of How We Spent the Money
Expenses
1. Offices in the Sontag Fels Building were repaired, renovated or in some cases built from rather dismal unused
space. McGregor upgraded the building with two objectives – to meet our need for more space for additional
employees and to do it right so the College could use it if we move in the future.

2. We, hired a public relations firm for a modest monthly retainer to help with press releases and other marketing-
related tasks. We have no dedicated public relations or marketing staff.
3. We added marketing initiatives such as television – a multi-month ad ran on several cable channels (see
www.mcflreaor.edu -the ad is on the home page).
4. We increased our partner sponsorships to gain coverage and potential future supporters.
5. We repaired the bell in the Main Building for Antioch College and on occasion supported other College or
University initiatives where our assistance was requested. This includes WYSO ($1800).
6. We provided a $2000 bonus (total, including benefits) for faculty and some for administrators. We provided thank
you gift certificates of $100 to each union member from Borders Book Store (many are students). We strongly
attribute our success to these employees and despite raises, there is much room for improvement in our
*., compensation levels.
7. We added $250,000 to our capital reserve.
8. We had considerable cost savings by delaying positions as possible and other increases in
adjuncts/associate
faculty for Education.
It
is extremely important to note, however, that in no case were we able to save funds for program development due to ;
the University’s financial arrangements (unfunded reserves) and our obligation to support the College. With one small 1,
grant exception during my tenure, McGregor has never received or been allowed to save funds for program
development in the past several years. This is the antithesis to good university management.
General Observations
1. By far, the greatest contributing factor to enrollment strength is word-of-mouth from students. The faculty and their
success in the classroom is our greatest marketing tool.
2. Our growing relationship with the Village of Yellow Springs is the most measurable and permanent outcome of our
community relations work during fiscal year 2004.
3. Competition and market trends continue to challenge McGregor as one of many higher education institutions in
southwest Ohio.

Summary
It was determined towards the end of this fiscal year to reserve rather than spend much of the 2004-05 enrollment growth
revenue. This was a leap of faith, but one that was built on a lot of internal planning and a willingness to take appropriate,
measured risks. The culmination of a successful year was the support for our continued growth shown by the Board of
Trustees at the June meeting. For that, we are hopeful and ready to move into the future.
Barbara Gellman-Danley
President

Revenues
Tuition & Fees
Less Tuition Discounts
Net Tuition and Fees
Gifts
Lead Gifts
Grants
Endowment income
Contracts
Realized Gains (Losses)
. Unrealized Gains (Losses)
Other Income
Total E&G Revenue
0
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total E&G Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add
back Depreciation
Total Cash Items
Net Cash Basis Budget
Antioch University McGregor
2003-04 Actual Expenditure Summary by Function
2001-02’
Actual –
5,097,582
-76,339
5,021,243
39,584
0
59,075
0
49.379
0
0
14,208
5,183,489
0
40,807
5,224,296
2,547,443
0
2,828
128,942
716.723
1,541,854
270,418
13,597
5,223,805
0
5,223,805
491
277,120
-45,065
16,818
-52,253
-166,076
30,544
-30,053
2002-03
Actual –
6,136.832
-849
6,135,983
21,714
0
109,414
0
45,286
0
4.284
10,007
6,326,688
0
-1 1,324
6,315,364
2,912.039
0
0
47,733
891,046
1,708.956
339,208
18,498
5.91 7,480
0
5,917,480
397,884
408,579
-44,534
238,212
0
-204,936
397,321
563
2003-04
Budget –
5,975,047
-15.000
5,960,047
80,000
0
64,998
0
56,000
0
0
15,850
6,176,895
0
65,060
6,241,955
3,145,287
0
50,060
20,000
968,803
1,684,752
359,053
14,000
6,241,955
0
6,241,955
0
209,500
0
0
0
-224,974
-15,474
15,474
2003-04
Actual —
6,628,572
-26,525
6,602,047
12,123
0
81,532
0
7,851
383
0
13,817
6,717,753
250
33,684
6,751,687
3,234.807
0
15,315
25,842
994,113
2,026,340
355,885
19,455
6,671,757
0
6,671,757
79,930
21 1,408
0
0
0
-221.806
-10,398
90,328
Change From
2003-04 Budget
to 2003-04 Actual
Change From
2002-03 Actual
to 2003-04 Actual

Antioch University McGregor
2003-04 Actual Expenditure Summary by Category
Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
, Business Operations
‘ Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Program Contingency, Discrestionary
Capital Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenueover Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
2001-02
Actual
—
5,224,296
2,743.441
957,250
61,015
90,650
25,433
60,167
562,598
116,631
25,239
0
64,954
0
0
0
500,000
0
0
-1 50,000
151
166,076
5,223,805
49 1
277,120
-45,065
16,818
-52,253
-166.076
30,544
-30.053
2002-03
Actual
–
6,315,364
2,968,056
943,021
105,837
145,945
26,818
95,513
700,307
64,081
17,338
0
9,039
0
0
100,000
412,061
0
0
0
124,528
204,936
5,917,480
397,884
408,579
-44,534
238,212
0
-204,936
397,321
563
2003-04
Budget
-..—
6,241,955
3,076,870
1,016,309
143,587
140,250
31,335
76,987
667,851
58,752
21,975
0
9,923
60,962
0
0
586,101
0
0
0
126,079
224,974
6,241,955
0
209,500
0
0
0
-224,974
-15,474
15,474
2003-04
Actual
—–
6,751,687
3,194,054
1,042,692
104,176
131,505
38.397
82,078
786,344
58,381
13,490
0
6,404
0
0
275,000
586,101
0
0
0
131.329
221,806
6,671,757
79,930
21 1,408
0
0
0
-221,806
-10,398
90.328
Change From
2003-04 Budget
to 2003-04 Actual
Change From
2002-03 Actual
to 2003-04 Actual

Ph.D. in Leadership & Change
2003-04 Year-End Review
The Ph.D. Program ended the year with a surplus of $18,077 and a student enrollment of 62 FTE. Surplus funds were
transferred to a reserve account to fund the Director’s future sabbatical. The program had a record 75 applications for its
2004-05 cohort. Year-end evaluations from current students were very strong and are available upon request.
Laurien Alexandre
Director

PhD in Leadership and Change
2003-04 Actual Expenditure Summary by Category
Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
, Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
Contingency/Reserves
e Campus Contingency, Mandatory
Campus Program Contingency, Discretionary
Capital Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
2001-02
Actual
–
221.172
103,330
30.209
27,413
0
0
2,868
38,496
12.445
145
0
0
0
0
0
0
0
0
0
2,250
3,117
220,273
899
900
0
0
0
-3.117
-2,217
3,116
2002-03
Actual
–
687,523
330.717
107.349
86,003
0
0
12.463
101,706
8.717
534
0
2,100
0
0
0
0
0
0
0
7,130
2,705
659,424
28,099
11,509
0
0
0
-2,705
8,804
19,295
2003-04
Budget
–
1,052.687
583,847
183.454
96.500
0
0
12,000
119,100
5,000
500
0
2,000
30,439
0
0
2,688
0
0
0
15,500
1,659
1.052.687
0
0
0
0
0
-1,659
-1,659
1,659
2003-04
Actual
–
1,063,414
627.024
187.583
106,729
0
0
8,221
88.958
2,422
1,430
0
1,220
0
0
0
2,688
0
0
0
13,433
5,629
1,045,337
18.077
1,610
0
0
0
-5.629
-4.019
22,096
Change From
2003-04 Budget
to 2003-04 Actual
Change From
2002-03 Actual
to 2003-04 Actual

ANTIOCH UNIVERSITY ADMINISTRATION
2003-04 Year-End Review
The University Administration finished 2003-04 with an accrual surplus of $64,363 due to higher than anticipated
revenues and operating expenses that were only slightly greater than expected, despite the unanticipated expenses
associated with the work of the Renewal Commission. Total revenue was $73,570 above budget, with Gifts revenue that
was $59,031 more than budgeted, constituting the largest component of the increase. The overage in Gifts revenue
included a number of small gifts, but was due primarily to a $40,000 gift for operation of the University Development
*Office.
Other Income is showing a negative amount of
-$6,179
primarily associated with losses on sale of fixed assets.
We recorded a loss on the sale of the car assigned to the former Chancellor, and this constituted the largest portion of
this reduction.
Expenses exceeded budget by $9,207. Salaries, fringe benefits and plant maintenance were all below budget, but travel,
largely associated with the work of the Renewal Commission, was up. Capital Expenditures exceeded budget because of
the unanticipated need to accelerate the acquisition of a new server for the Datatel system. We have used machines
made by Sun Microsystems since the Datatel system was installed and we have found them to be reliable and cost-
effective. Growth in the number of Datatel applications and more intense use of the system dictated that we acquire a
new server. Fortunately, Sun offered a greatly reduced price on the machine we needed, but only if it were purchased
before the end of 2003-04.
Glenn H. Watts
Vice Chancellor and
Chief Financial Officer

Revenues
Tuition & Fees
Less Tuition Discounts
Net Tuition and Fees
Gifts
Lead Gifts
Grants
Endowment Income
Contracts
Realized Gains (Losses)
-: , . Unrealized Gains (Losses)
.;, , Other Income
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Net Overhead for Central Operations
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total E&G Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
University Administration
2003-04 Actual Expenditure Summary by Function
2001-02
Actual
2002-03
Actual –
0
0
0
13,478
0
0
0
0
0
0
0
13,478
0
0
13,478
1,710,624
0
0
0
0
100,093
1,601,160
0
0
1,701,253
0
1,701,253
22,849
22,849
0
0
0
0
22,849
0
2003-04
Budget
*—
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,674,276
0
0
0
0
109,272
1,565,004
0
0
1,674.276
0
1,674,276
0
0
0
0
0
0
0
0
2003-04
Actual —
0
0
0
59,031
0
0
0
0
0
0
-6,179
52,852
0
2,152
55,004
1,692,842
0
0
0
0
99,819
1,583,664
0
0
1,683,483
0
1,683,483
64,363
64,363
0
0
0
0
64,363
0
Change From
2003-04 Budget
to 2003-04 Actual
Change From
2002-03 Actual
to 2003-04 Actual

Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Program Contingency, Discretionary
Capital Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
University Administration
2003-04 Actual Expenditure Summary by Category
2001-02
Actual
–
1,875,374
1,080,425
361,024
141,002
0
131
22,862
98,298
156,838
282
0
7,316
0
0
0
0
0
0
0
0
0
1,868,178
7,196
7,196
0
0
0
0
7,196
0
2002-03
Actual
–
1,724,102
933,234
363,698
104,841
0
5,653
22,474
105,718
163,852
4
0
1,779
0
0
0
0
0
0
0
0
0
1,701,253
22,849
22,849
22,849
0
2003-04
Budget
—
1,674,276
921,916
367,060
92,300
0
0
19,350
82,000
164,650
0
0
2,000
0
25,000
0
0
0
0
0
0
0
1,674,276
0
0
0
0
0
0
0
0
2003-04
Actual
—-
1,747,846
919,520
343,809
144,825
0
0
23,214
101,468
149,995
146
0
506
0
0
0
0
0
0
0
0
0
1,683,483
64,363
64,363
0
0
0
0
64,363
0
Change From
2003-04 Budget
to 2003-04 Actual
Change From
2002-03 Actual
to 2003-04 Actual

ANTIOCH REVIEW
2003-04 Year-End Review
The Review experienced a deficit of $53,663 for several reasons: funds ($10,000) extended to publish three special
issues (as the result of an N.E.A. grant) will be available in 2004-05 rather than 2003-04; additional costs (postage,
purchased services) for sustaining a larger book (198 pages); a decrease in fund raising (fewer events); and additional
legal and depreciation costs (trademark infringement, new equipment). Our sales revenues were as predicted ($60,000)
and other income (state grant, endowment) was as budgeted. Other expenses (wages, supplies,) were in-line and
(Â¥ . business travel (for fundraising) below estimates. We have added another assistant poetry editor to handle the increased
volume. Otherwise, there were no changes. We held fund raisers in Austin, New York and Chicago.
Editorially we had a good year with three “genre” issues (poetry, essay, fiction) and one miscellany number. The
Columbus Dispatch featured the Review in an article on literary journals; Poets and Writers (a national magazine) ran a
substantial essay on the Review in “Stories from the Front Lines: 14 Editors Tell Their Tales”; New
Pages,
a literary
journal of opinion, reviewed both our poetry and miscellany issues. In short, we continue to be noticed as indicated by a
recent article in the Boston Globe listing us among the quality magazines in a piece titled “Taste and Tenacity.”
At year’s end we receive notice of a substantial gift ($30,000) that will go into the endowment in 2004-05.
Robert
Fogarty
Editor

Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
a, Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Program Contingency, Discretionary
Capital Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
principal
Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
Antioch Review
2003-04 Actual Expenditure Summary by Category
2001-02
Actual
2002-03
Actual
–
104,977
53,722
30,657
2,625
0
0
-2,140
57,941
0
0
0
0
0
0
0
0
0
0
0
0
36 1
143,166
-38,189
4,328
0
0
0
-361
3,967
42,156
2003-04
Budget
..-….
138,230
54,523
31,932
2,200
0
0
-2,575
52,150
0
0
0
0
0
0
0
0
0
0
0
0
0
138,230
0
0
0
0
0
0
0
0
2003-04
Actual
-.-
96,596
54,298
29,477
2,196
0
0
-2,769
65,614
0
0
0
0
0
0
0
0
0
0
0
0
1,443
150,259
-53,663
0
0
0
0
-1.443
-1,443
-52,220
Change From
2003-04 Budget
to 2003-04 Actual
Change From
2002-03 Actual
to 2003-04 Actual

WYSO PUBLIC RADIO
2003-04 Year-End Review
WYSO finished the year with a deficit of $1 91,584. This was a result of several factors: the original budget figures did
not accurately reflect our recent fund-raising experience, nor did they correctly predict the impact of some of the
It
economic issues affecting the station. Actual revenue was significantly below budget in underwriting sales, state and
federal grants and membership support. Several operating costs were also higher than were budgeted. Employee
wages and fringe benefits were below budget, but programming costs and premium expenses were two areas that had
, . significant overruns. Some of the larger costs could have been known when the budget was being developed.
We have made progress in restoring the technical reliability of the station. For far too many months the station did not
have a person with professional training looking after our technology. During this time, software upgrades were not made
and the transmitter and studio equipment were not maintained. Now, however, we have enlisted an engineer to attend to
much needed repairs and maintenance of the transmitter and other equipment necessary to run the station.
Our efforts to open dialog with the community have been welcomed and we now have a better understanding of their
concerns. While we have not achieved a completely reciprocal appreciation for the problems the station faces, many
community members are better informed and more sympathetic. A considerable amount of healing has occurred, and we
I
will continue to expand the contact.
Joe Colvin
Interim General Manager

WYSO
2003-04 Actual Expenditure Summary by Function
Revenues
Tuition & Fees
Less Tuition Discounts
Net Tuition and Fees
Gifts
Lead Gifts
Grants
Endowment Income
Contracts
Realized Gains (Losses)
Unrealized Gains (Losses)
. .. Other Income
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total
E&G
Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
200142
Actual ——-
0
0
0
450,009
0
169,067
0
0
0
0
330,820
949,896
330
6,159
956,385
0
0
1,014,451
0
0
0
31,639
0
1,046,090
0
1,046,090
-89,705
6,491
0
15,162
0
-31,639
-9.986
-79,719
2002-03
Actual —
0
0
0
442,147
0
171,470
0
0
0
0
298,720
912.337
190
0
912.527
0
0
1,020,830
0
0
0
21,186
0
1,042,016
0
1,042.016
-129,489
0
0
15,171
0
-21.186
-6,015
-1 23,474
2003-04
Budget
2003-04
Actual ——-
0
0
0
374.853
0
175.303
0
0
0
0
294.696
844,852
10
0
844.862
0
0
1,029,159
0
0
0
7,287
0
1,036,446
0
1,036,446
-191,584
0
0
15,179
0
-7,287
7,892
-199,476
Change From
2003-04 Budget
to 2003-04 Actual
Change From
2002-03 Actual
to 2003-04 Actual
*/.

Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencylResewes
Campus Contingency, Mandatory
Campus Program Contingency, Discretionary
Capital Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
WYSO
2003-04 Actual Expenditure Summary by Category
2001-02
Actual
2002-03
Actual
–
912,527
346,890
114,696
13,557
0
0
6.670
385,903
48,174
7,863
0
97,077
0
0
0
0
0
0
0
0
21,186
1,042.016
-129,489
0
0
15.171
0
-21,186
-6.015
-1 23.474
2003-04
Budget
–
935,500
323,696
127.656
18,000
0
200
14,100
350.750
50,250
6,575
0
500
0
0
0
0
0
0
0
0
13,000
904,727
30,773
8,250
0
15,100
0
-13,000
10,350
20,423
2003-04
Actual
–
844,862
317,914
97,077
18,955
0
180
5,212
439,771
35.138
8,299
0
106,613
0
0
0
0
0
0
0
0
7,287
1,036,446
-191,584
0
0
15,179
0
-7,287
7,892
-199,476
Change From
2003-04 Budget
to 2003-04 Actual
Change From
2002-03 Actual
to 2003-04 Actual

University Wide
2003-04 Actual Expenditure Summary by Category
Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
, – Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Program Contingency, Discretionary
Capital Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenueover Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
2001-02
Actual
.–
-662.705
349,258
132,156
212,102
0
0
5,892
485,100
78,686
80,803
0
4,613
0
0
0
72,257
234,857
1,655,724
-2,318,429
10,383
0
124,124
0
-234,857
-100,350
-2.21 8,079
2002-03
Actual
–
-669,867
280,151
43,608
159,626
0
0
20,765
458,893
12,971
70,243
0
9,646
0
0
-525,000
181,185
222,140
934,228
-1,604,095
75,564
0
124,115
0
-222,140
-22,461
-1,581,634
2003-04
Budget
–.-
2,166,039
862.589
263,040
125,629
0
0
5,518
435,883
18,245
84,604
0
5,036
13,234
0
0
0
0
0
0
166,925
205,245
2,165,948
91
81,218
0
124,118
0
-205,245
91
0
2003-04
Actual
—-
5,479.61 9
921,168
239,728
173,841
0
0
5,054
431.928
20,718
74.247
0
18.550
0
0
-500,000
0
0
0
130,023
189,646
1,704,903
3,774,716
30,709
0
124,106
0
-189,646
-34,831
3,809,547
Change From
2003-04 Budget
to 2003-04 Actual
$ %
——- —.–.
3.313.580 152.98%
Change From
2002-03 Actual
to 2003-04 Actual

ANTIOCH UNIVERSITY
Change in Carryforward Funds
2003104
Carryforward College New England Seattle PhD Program So Cal McGregor Central Total
—-.-
Balance 6/30/03
Unfunded
Funded
Total 6130103
Adjustments
Unfunded
Funded
,I
. Total Adjustments
,
Additions
Unfunded
Funded (Interest)
Total
Additions
Uses
Unfunded
Funded
Total Uses
Balance 6BOf04
Unfunded
Funded
Total 6/30/04
ANTIOCH UNIVERSITY
Change in Liquidity Reserves
2003104
Liquidity Reserves College New England Seattle PhD Program So Cal McGregor Central Total
—– -..-. —- —– —-. —– —
Balance 6/30/03 406,602 478,970 479,526 0 461,181 276.784 63.102 2,166,165
Unfunded 0 0 0 n 0 n n n
ANTIOCH UNIVERSITY
Change in Depreciation Reserves
2003104
Depreciation Reserves College New England Seattle PhD Program So Cal McGregor Central Total
—– .-… —– — —–
Balance 6/30/03
Unfunded
Funded
Total 6/30/03
Additions
Unfunded 0 0 0 0 0 0 0 0
Extra Capital Reserve 0 0 225,000 0 0 275,000 0 500,000
Funded 0 65,754 0 2,360 0 10,398 0 78,512
Total Additions 0 65,754 225,000 2.360 0 285,398 0 578.512
Uses
Unfunded
Funded
Total Uses
Balance 6/30/04
Unfunded
Funded
Total 6130104
Funded 0 0 0 0 0 0 0 0
Total 6/30/04 406,602 476,970 479,526 0 461.181 276.784 63,102 2.166.165

what the new Antioch will look like, and whether it will meet their needs. The uncertainty appears to have been particularly
important for prospective new students and was a significant factor in the small size of the entering class.
The Net Tuition income of the
Ph.D.
Program is low in the first quarter. The Program budgeted $1,278,751 for the first
quarter of this year and had received $1,056,900 in the first quarter of last year, but the actual amount for this year is only
$703,970. Given that the enrollment is up by six students, revenue should also be up, and this would be the case except
for a change in the timing of the student billing for these students that was introduced earlier this year. Because of the
change in timing, the first quarter tuition income is low, but the revenue will be realized before the end of the year.
Focusing on the change in Net Tuition revenue from the first quarter of last year to the first quarter of this year, the above
table shows that, collectively, the campuses have experienced a 9% increase. However, the $1,663,906 balance would
be even greater were it not for the change in the timing of
Ph.D.
tuition collection. New England and Seattle are
experiencing particularly good quarter-to-quarter results, Southern California is solidly positive, but McGregor is running
behind its first quarter results of last year.
The following table shows the expected first quarter growth in Net Tuition & Fee Income over last year’s actual level.
FIRST QUARTER NET TUITION AND FEE INCOME
2003-04 Actual to 2004-05 Budget
Antioch College
Glen Helen
New England
Seattle
Southern California
Antioch McGregor
Ph.D.
in Leadership
TOTALS
2003-04
Actual
4,253,190
29,389
4,848,187
1,961,348
5,429,310
91 6,064
1,038,250
18,475,738
2004-05
Budgeted
5,794,078
24,000
5,449,264
2,405,676
5,791,951
852,528
1,278,751
21,596,248
Variance
1,540,888
-5,389
601,077
444,328
362,641
-63,536
240,501
3,120,510
Percent
Variance
36.23%
-1
8.34%
1 2.40%
22.65%
6.68%
-6.94%
23.1 6%
16.89%

We expected to see an overall 16.9% growth in Net Tuition & Fees, but as a previous table shows, we were able to realize
only 9% growth. The College had anticipated a 36.2% increase in revenue from the first quarter actual of last year to the
first quarter actual of this year,! but experienced growth of 9.7% due to the decline in enrollment.
Largely due to investment losses and the shortfall in Net Tuition, total University revenues for the quarter are below budget
by
43.3
million. Gifts income is on target for the quarter, Grants income is down
-$I
15,215 (9.5%) but Contracts are up
$28,487. Endowment Income is significantly below budget
(-$220,401),
but consistent for the pattern that has been in
place for the prior three years. Realized and Unrealized gains and losses show a combined shortfall of -$880,174 from
the first quarter budgeted level. Auxiliary Enterprises revenue is down
-$236,440
(-12.8%),
while Released from
Restrictions is below budget by
-$477,794
(-27.6%). If the Realized and Unrealized losses are removed from the first ‘ quarter actual, the revenue shortfall for the quarter would be -$2.4 million.
As the following table shows, total revenue for the campuses is about
-$2.1
million (-7.9%) below the budgeted level.
However, as the table also shows, there has been substantial quarter-to-quarter income growth of nearly $1.3 million
(5.5%).
Again, this figure would be greater except for the billing change for the
Ph.D.
in Leadership program.
FIRST QUARTER TOTAL CAMPUS REVENUES
Budget-to-Actual and Prior Year Actual-to-Actual
Change from
2004-05 Budget
to 2004-05 Actual
$ %
Antioch College -1,317,638 -1 5.51 %
New England 17,465 0.28%
Seattle 106,906 3.23%
Southern California -1 83,860 -2.98%
McGregor
-1 19,048 -1 3.50%
Ph.D.
in Leadership -576,466 -44.74%
TOTALS -2,072,641 -7.85%
Change from
2003-04 Actual
to 2004-05 Actual

‘1 I
f
1 1
Total first quarter University revenue is down -1 1.9% from budget, but if Realized and Unrealized Gains are removed, total
revenue
isdown
only -8.7% in the first quarter. For this same period, total operating expenses are down -10.6%
(-$2,135,537),
but up by 1.5% ($266,453) on a quarter-to-quarter basis. As the table below shows, the campuses are
spending at a slower rate than authorized in their budgets, and in the first quarter they have spent -$2,298,767 (-12.4%)
less than planned. However, on a quarter-to-quarter basis, the campuses are collectively spending at a rate that is 2.3%
above last year. The College has reduced its spending by
-12.7%,
a better relative reduction than all but New England
and the
Ph.D.
Program, and it is the only campus with reduced quarter-to-quarter spending.
FIRST QUARTER TOTAL CAMPUS OPERATING EXPENSES
Budget-to-Actual and Prior Year Actual-to-Actual
Change from
2004-05 Budget
to 2004-05 Actual
$ %
Antioch College -671,437 -1 2.70%
New England -672,135 -1 8.52%
Seattle -232,000 -6.32%
Southern California -462,193 -11.89%
McGregor
-200,561 -1 1.41 %
University Ph.D. -60,441 -1 7.20%
TOTALS -2,298,767 -1 2.37%
Change from
2003-04 Actual
to 2004-05 Actual
$ %
-91 2,008 -1 6.50%
380,542 13.04%
329,595
10.61 %
463,329 15.64%
95,271 6.51 %
14,990 5.43%
371,719 2.29%
In trying to gain an overall impression of the financial status of the University in the first quarter, it is important to recognize
the significant impact that the stock market has on the financials. However, it is equally important to remove that factor when
trying to assess the relative health of University operations. Realized and Unrealized gains are not available for expenditure
to support operations, nor are endowment losses charged against operations. Therefore, both gains and losses need to be
discounted when analyzing the revenue picture. If this is done, revenue is not coming up to budgeted levels because Net
Tuition is lagging, Grants are behind, Endowment Income is off, and funds have not been Released from Restrictions.

The University’s operating expense categories are below budget except Interest Expense, Other, and Depreciation.
Nonetheless, spending is slightly over the first quarter of 2003-04 at a time when overall revenues are slightly negative.
Overall, the University is performing reasonably well. The College has made good progress in limiting expenses while it
prepares for the major restructuring called for by the Renewal Commission. Its Net Tuition Revenue is well below budget,
but if spending can continue to be kept in check, the College’s deficit should be considerably smaller than in 2003-04. The
Ph.D. in Leadership is performing very well and the nonresidential campuses appear to be off to a good start this fiscal
year.
Glenn Watts
Vice Chancellor and
Chief Financial Officer

Ã
Revenues
Operating Expenses
Salaries &Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
! – Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Program Contingency, Discretionary
Liquidity Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree
& Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
I
Antioch University
September 30, 2004 Actual Expenditure Summary by Category
Sept 30,2002
Actual
——–
20,454,409
6,869,907
2,253,482
490,823
993,987
55,375
401,734
1,866,459
1,013,094
335,592
132,030
93,876
0
0
0
684,526
0
0
-150,000
60,063
741,273
15,842,221
4,612,188
585,815
-58,031
347,038
0
-741,273
133,549
4,478,639
Sept 30,2003
Actual
—–.-
24,800,715
7,504,071
2,657,954
509,074
1,001,348
91,498
270,669
1,919,355
1,088,523
315,277
241,171
648,602
0
1,204
0
866,570
0
0
-150,000
84,616
748,957
17,798,889
7,001,826
869,596
-219,000
351,794
0
-748,957
253,433
6,748,393
Sevt 30,2004 Sevt 30.2004 . .
Budget
——–
27,738,047
8,820,822
2,895,564
829,572
474,582
130,864
415,240
2,482,451
1,249,056
303,347
199,694
712,234
95,387
41,773
0
963,782
0
0
-150,000
21,599
714,912
20,200,879
7,537,168
1,581,629
0
285,826
0
-714,912
1,152,543
6,384,625
. .
Actual
——–
24,438,187
7,852,320
2,837,031
481,698
803,666
41,447
298,676
1,857,159
1,094,750
319,875
176,229
626,437
0
0
0
963,771
0
0
-1 50,000
81,366
780,917
18,065,342
6,372,845
538,154
0
287,667
0
-780,917
44,904
6,327,941
Change From
2004-05 Budget
to 2004-05 Actual
Change From
2003 Actual
to 2004 Actual
$ %
.——- —–.–
-362,528 -1.46%

– 1 1 I
‘ :
ANTIOCH COLLEGE
2004-05 First Quarter Performance
,
I
Implementation of the Plan for Antioch College is underway and on schedule. Dozens of faculty, staff members and
students have joined individual Implementation Task Teams charged with designing and building a new system, a new
way of teaching and learning, and a new way of living and interacting at this particular residential Liberal Arts College.
Even though a full view and version of Implementation is available on the College’s
website,
we list the major
Implementation Task Teams to suggest the comprehensive character of the reform we have undertaken:
Implementation Steering Committee
Task Team 1 : Marketing
Task Team 2: Enrollment Management
Task Team 3: Budget
I Task Team 4: Physical Facilities and Technology
Task Team 5: Faculty Personnel Policy Revision
Task Team 6: Learning Outcomes
Task Team 7: PlanningIFundraising for the Center for Cultural and Intellectual Freedom
* Task Team 8: Host Communities
Task Team 9: First Year Learning Communities
Task Team 10: Community and Campus Culture
Task Team 1 1 : E-Learning
Task Team 12: Course of Study
Morale among team members is excellent and most community members have their eye on the prize: the creation of a
distinctive, strong and sustainable Liberal Arts College.
We are also buoyed by the level of fundraising now committed to implementing the Plan for Antioch College. We are told
that good news about major gifts may soon be made public and we know that these gifts will stimulate even more
enthusiasm and concrete support for the Plan for Antioch.

We are also thankful for the sober realism embedded in the Renewal Commission’s Plan as it was presented to the Board
of Trustees in June 2004. Indeed, the College experienced a sudden and dramatic drop this Quarter in First Year
Students, Transfers and Returning Students. Opinions and analyses about the causes for this shortfall will vary to a
degree, but they all may be made moot because we have fully embraced institutional transition and have begun building a
different and sustainable College. The Renewal Commission knew the transition would disturb existing enrollment
patterns and their planning was prescient in terms of projected revenue shortfalls.
Because nothing else can fully explain the across-the-board enrollment drops, we are confident that as the new system
goes on stream in 2005 and 2006 we will see enrollment conduits change in bore. Until that happens, however, we are
working very closely with the Renewal Commission, the Campaign for Antioch College, and the Committees of the Board
of Trustees to stimulate and sustain fundraising interest in our bold Plan for Antioch College. Of course, the shortfalls are
recorded as operating deficits but we prefer, as the Renewal Commission did, to see these deficits as transition costs on
the way to a sustainable College.
Because of these dramatic changes in enrollment patterns, we have revised the College’s Budget. This First Quarter
Report, then, also entails our submission of a final and formal 2004-05 Budget. The “Revised 2004-05 Budget” is based
on the original “Proposed 2004-05 Budget” submitted in June 2004 with downward revision in student derived income.
The “Renewal Commission Budget” is listed in a separate column and includes the amount of fund-raising that is needed
both to pay for the direct Renewal Commission activities and the transitional college budget deficit. The two budgets are
then summed showing a balance total budget, labeled “Combined Proposed 04-05 Budget.” The present expectations are
that additional funds will be acquired in excess of the present year needs. This additional amount will be available for
future years’ Renewal Commission activities and requirements.
Richard Jurasek
Interim President

Antioch College
2004-05 Budget Summary by Function
Revenues
Tuition & Fees
Less Tuition Discounts
Net Tuition and Fees
Gifts
Grants
Endowment Income
Contracts
Other Income
Total E&G Revenue
Auxiliary Enterprises
Released From
Restrictioi
Total Revenues
Change From
2003-04 Budget Proposed Revised Renewal Combined
2001 -02 2002-03 2003-04 2003-04 to 2003-04 Projected 2004-05 2004-05 Commission Proposed
Actual Actual Budget Projected $ Oh Budget Budget Budget 04-05 Budget
—– —— —— —– —- —- — —— —
Operating Expenses
Instruction
Research
Public
Service
Academic
Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total E&G Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenue over Expenses -1,625,466 -1,292,930 -500,000 -1,772.384 -1,272,384 -254.48%
Annual Budget Conversion to Cash Basis
Capital Expenditures 51 2,568 1.1 35,346 698,604 689,529 -9,075 -1.30%
Borrowing Proceeds -258,673 -198,237 -219,000 0 219,000 100.00%
Principal Payments 574,656 395,439 404,470 41 1,515 7,045 1.74%
Prior Year Reserves 0 0 0 0 0
Add back Depreciation -1,458,832 -1.409.580 -1.384.074 -1.357.654 26.420 1.91%
Total Cash Items -630,281 -77,032 -500,000 -256,610 243,390 48.68%
Net Cash Basis Budget -995,185 -1,215,898 0 -1,515,774 -1,515,774

Antioch College
2004-05 Budget Summary by Category
Change From
2003-04 Budget
2001 -02 2002-03 2003-04 2003-04 to 2003-04 Projected
Actual Actual Budget Projected $ %
———- ———- ———- –.
17,859,971 17,515,980 18,206,478 16,900,171 -1,441,821 -7.92%
Proposed
2004-05
Budget
.—
18,614,864
Revised Renewal Combined
2004-05 Commission Proposed
Budget Budget 04-05 Budget
—
17,414,333 1,852,515 19,266,848 Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Contingency, Discretionary
Capital Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Cont)
Depreciation
Total Operating Expenses
Excess Revenue
overExpenses -1,625,466 -1,292,930 -500,000 -1,772,384 -1,272,384 -254.48%
Annual Budget Conversion to Cash Basis
Capital Expenditures 512,568 1.1 35,346 698,604 689,529 -9,075 -1.30%
Borrowing Proceeds -258,673 -198,237 -219,000 0 219,000 100.00%
Principal Payments 574,656 395,439 404,470 41 1,515 7,045 1.74%
Prior Year Reserves 0 0 0 0 0
Add back Depreciation -1,458,832 -1,409,580 -1,384,074 -1,357,654 26,420 1.91%
Total Cash Items -630,281 -77,032 -500,000 -256,610 243,390 48.68%
Net Cash Basis Budget -995,185 -1,215,898 0 -1,515,774 -1,515,774

Revenues
Tuition & Fees
Less Tuition Discounts
Net Tuition
Gifts
Grants
Endowment Income
Contracts
Realized Gains (Losses)
Unrealized Gains (Losses)
Other Income
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total E&G Expenses
Auxiliary Enterprises
Total Operating Expenses
ExcessRevenueover
Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
I Antioch College
September 30, 2004 Actual Expenditure Summary by Function
Sept 30,2002 Se~t 30,2003 Sept 30,2004 Sept 30,2004
Actual
-.——
8,104,416
-3,305,896
4,798,520
57,837
532,384
40,544
600
-2,827
0
38,006
5,465,064
1,489,330
527,759
7,482,153
1,688,209
0
0
247,211
676,466
592,307
731,624
994,515
4,930,332
558,060
5,488,392
1,993,761
382,447
-58,031
272,922
0
-355,546
241,792
1,751,969
. –
Actual
——–
8,365,203
-4,112,013
4,253,190
297,478
620,548
45,468
1,430
-245
0
21,552
5,239,421
1,537,614
343,126
7,120,161
1,722,514
0
0
265,497
644,350
608,645
670,919
991,515
4,903,440
623,562
5,527,002
1,593,159
483,362
-219,000
296,515
0
-350,130
210,747
1,382,412
Budget
——–
8,909,078
-3,115,000
5,794,078
57,641
323,001
51,252
500
0
0
17,545
6,244,017
1,647,257
604,749
8,496,023
1,859,311
252
0
296,842
666,042
735,980
694,746
430,416
4,683,589
602,842
5,286,431
3,209,592
633,970
0
250,000
0
-345,000
538,970
2,670,622
Change From Change From
2004-05 Budget 2003 Actual
to 2004-05 Actual to 2004 Actual

Antioch College
September 30, 2004 Actual Expenditure Summary by Category
Revenues
Operating Expenses
Salaries &Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Program Contingency, Discretionary
Liquidity Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree
& Univ Conf)
Depreciation
Total Operating Expenses
Excess
RevenueoverExpenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
Sept 30,2002
Actual
——-
7,482,153
1,933,323
718,364
263,005
872,747
34,364
260,700
791,446
267,404
39,379
71,766
78,707
0
0
0
0
0
0
-150,000
-48,359
355,546
5,488,392
1,993,761
382,447
-58,031
272,922
0
-355,546
241,792
1,751,969
Sept 30,2003
Actual
—–
7,120,161
1,910,853
856,587
261,557
893,824
64,657
129,608
757,693
267,150
23,739
146,879
59,576
0
0
0
0
0
0
-150,000
-45,251
350,130
5,527,002
1,593,159
483,362
-219,000
296,515
0
-350,130
210,747
1,382,412
Sept 30, 2004
Budget
——–
8,496,023
2,002,303
801,608
390,763
292,407
71,918
179,553
890,529
321,096
29,079
68,379
98,373
0
0
0
0
0
0
-1 50,000
-54,577
345,000
5,286,431
3,209,592
633,970
0
250,000
0
-345,000
538,970
2,670,622
Sept 30,2004
Actual
——–
7,178,385
1,766,776
781,878
218,922
644,820
15,267
133,584
517,321
257,235
18,430
84,878
34,569
0
0
0
0
0
0
-150,000
-54,618
345,932
4,614,994
2,563,391
196,188
0
250,000
0
-345,932
100,256
2,463,135
Change From Change From
2004-05 Budget 2003 Actual
to 2004-05 Actual to 2004 Actual
$ % $ %
——– .——- ——– –.—–
-1,317,638 -15.51 % 58,224 0.82%

GLEN HELEN ECOLOGY INSTITUTE
2004-05 First Quarter Performance
Revenues: Total revenue for the quarter ending was $125,576, $7,887 less than for the same period last year. Gifts for
the quarter are $1 7,277 and Tuition and Fees (generated through programming at the Institute’s Outdoor Education
Center) are ahead of budget by $5,981. The school schedule is full and, barring any cancellations, this should again be a
positive year for the Outdoor Education Center.
Expenses: Operating expenses were favorable to budget by $51,201. Significant savings are in the Salaries, Benefits,
and the Business Operations lines. While we are currently at full staff, the fiscal year began with two full-time positions
open. Continued deterioration of the Glen’s physical facilities and a continuing need to maintain the nature preserve itself
resulted in a negative variance of $1,052 for plant maintenance and these needs are expected to remain higher than
budget through the fall and winter and in all likelihood the budget will require a mid-year adjustment.
Actual Revenue over Expenses (Net Total) for the year to date is $-36,253 (down from
-$43,862
for the same period last
year). This accrual deficit is larger than expected and budgeted for in the first quarter by $4,081.
Budget Planning: Budget planning is now under way for Fiscal Year 2005-06. The Institute is anticipating a budget
shortfall of approximately $60,000 (assuming no major donations or additional revenue streams). To balance its budget
the Institute has historically relied upon the fundraising activities of its Development Committee, periodic but unexpected
large donations, half-time salary support for its lone maintenance staff person by the College, and a small annual
contribution from the GHA. The only steady revenue stream comes from program fees received through the Institute’s
Outdoor Education Center. This type of revenue must be extended to the whole of the Institute and plans are now being
developed to create a formal graduate program in environmental education which will enhance the Institute’s revenue
stream as well as strengthen the overall quality of its education programs. In addition, the Institute now charges for parking
at its Corry Street lot (initiated September 1, 2004) providing a small but needed revenue stream (expected income of
$6,000 this fiscal year).
Robert S.
Whyte
Executive Director

Glen Helen
September 30, 2004 Actual Expenditure Summary by Function
Change From
2004-05 Budget
to 2004-05 Actual
Change From
2003 Actual
to 2004 Actual Sept 30,2002 Sept 30,2003 Sept 30,2004
Actual Actual Budget
——– — — — — ——–
Sept 30,2004
Actual
Revenues
Tuition & Fees
Less Tuition Discounts
Net Tuition
Gifts
Grants
Endowment Income
Contracts
Realized Gains (Losses)
Unrealized Gains (Losses)
Other Income
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total
E&G
Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenue
overExpenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget

Glen Helen
September 30,2004 Actual Expenditure Summary by Category
Revenues
Operating Expenses
Salaries &Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Program Contingency, Discretionary
Liquidity Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures + Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
Sept 30,2002 Sept 30,2003
Actual
.——-
118,527
78,647
23,417
1,916
0
46
8,036
18,340
19,532
27
5,281
151
0
0
0
0
0
0
0
0
4,241
159,634
-41,107
4,865
0
0
0
-4,241
624
-41,731
Actual
——–
133,463
90,684
31,508
726
0
233
13,303
2,030
28,310
11
4,756
918
0
0
0
0
0
0
0
0
4,846
177,325
-43,862
7,632
0
0
0
-4,846
2,786
-46,648
Sept 30,2004
Budget
——–
180,858
86,804
28,167
3,888
0
0
16,935
33,203
31,271
0
4,250
7,301
0
-3,748
0
0
0
0
0
0
4,959
213,030
-32,172
23,233
0
0
0
-4,959
18,274
-50,446
Sept 30,2004
Actual
——–
125,576
76,536
20,734
2,818
0
50
11,887
11,506
32,323
0
45
529
0
0
0
0
0
0
0
0
5,401
161,829
-36,253
3,517
0
0
0
-5,401
-1,884
-34,369
Change From
2004-05 Budget
to 2004-05 Actual
Change From
2003 Actual
to 2004 Actual
$ %
——– ——-
-7,887 -5.91 %

ANTIOCH NEW ENGLAND GRADUATE SCHOOL
2004-05 First Quarter Performance
Antioch New England Graduate School enrollment for Summer 2005 was strong, although enrollment for Fall 2005 was
weaker than we had hoped. At the end of the first quarter, our numbers reflect the summer strength, but don’t yet show
the corresponding weakness that will be realized in the coming three quarters.
Overall, revenue is positive as of the end of the first quarter by about $1 7,000. Expenses are below budget by about
$331,000. So we enter the second quarter with some strength.
Our largest concern for future planning is the state of enrollment in our Organization and Management program, the
source of most of the shortfall for Fall 2005, and a low-enrolling department for the last two years. The department is
about to propose a new curriculum and recruiting strategy — this will be a vital opportunity to fix what is now clearly broken,
and we hope that 2005-06 will be a transition year for O&M, and that 2006-07 will see strongly rebounding enrollment.
Our major U.S. Department of Education grant, supporting our on-site public high school, continues according to plan and
with clear success in serving the community and building a nationally significant model for public rural schools of choice.
We have begun serious planning for building out the last unfinished space in our building, the “west wing.” We expect
about $60,000 in capital spending on the project in this fiscal year, and about $300,000 per year for the next two years, to
build new auditorium, office and classroom space. We have received guidance from the town planning and zoning
authorities indicating that they expect no barriers to this project going forward, and our environmental studies program is
engaged in making this a highly visible, affordablelhigh-green project, with additional funds coming from identified donors
to support the project.
Peter S. Temes
President

Antioch New England Graduate School
September 30, 2004 Actual Expenditure Summary by Function
Change From
2004-05 Budget
to 2004-05 Actual
Change From
2003 Actual
to 2004 Actual
$ %
Sept 30,2002
Actual
Sept 30,2003
Actual
——–
Sept 30,2004
Budget
——-
Sept 30,2004
Actual
Revenues
Tuition & Fees
Less Tuition Discounts
Net Tuition
Gifts
Grants
Endowment Income
Contracts
Realized Gains (Losses)
Unrealized Gains (Losses)
Other Income
Total
E&G
Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total E&G Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenueover Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget

Antioch New England Graduate School
September 30, 2004 Actual Expenditure Summary by Category
Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Program Contingency, Discretionary
Liquidity Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree
& Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
Sept
30,2002
Actual
——–
5,057,272
1,293,906
490,573
85,628
54,845
806
27,161
277,077
95,474
101,453
0
5,141
0
0
0
185,831
0
0
0
9,176
11 7,766
2,744,837
2,312,435
132,894
0
13,325
0
-1 17,766
28,453
2,283,982
Sept 30,2003
Actual
——–
5,521 ,I 99
1,351,938
546,031
82,816
45,141
96
38,044
272,797
88,174
106,410
0
4,781
0
0
0
231,967
0
0
0
30,461
119,347
2,918,003
2,603,196
146,677
0
11,364
0
-1 19,347
38,694
2,564,502
Sept 30,2004
Budget
——–
6,238,664
1,735,284
499,032
134,945
125,215
9,363
54,145
472,328
139,600
102,191
0
-2,351
27,501
13,687
0
249,816
0
0
0
-35,227
104,190
3,629,719
2,608,945
360,026
0
1,000
0
-104,190
256,836
2,352,109
Sept 30,2004
Actual
——–
6,256,129
1,475,175
61 1,686
93,509
11 1,629
4,020
25,611
362,687
105,980
103,606
0
7,274
0
0
0
249,814
0
0
0
26,588
120,966
3,298,545
2,957,584
164,646
0
1,391
0
-120,966
45,071
2,912,513
Change From Change From
2004-05 Budget 2003 Actual
to 2004-05 Actual to 2004 Actual

ANTIOCH SEATTLE
2004-05′ First Quarter Performance
GENERAL
Antioch University Seattle is starting the year in good financial position. Summer enrollments were higher than projected
in the budget and, therefore, revenues were also higher. Although expenses are higher than at this point in the last fiscal
year, they are lower than our budget projections for this year. Preliminary fall enrollment information is also positive. At
this point, the AUS admitted new headcount exceeds the budget projection by 13 students.
REVENUES
Total revenues for the first quarter 2004-05 are $106,906 ahead of budget and $578,892 higher than the first quarter
2003-04. Summer enrollments for the BA Completion program and for the Education Off-Site Masters Degree and
Teachers Preparation programs ran higher than budget projections. Enrollments for Psychology were lower than
projection because of lower than anticipated enrollments in Spring 2004 that carried forward into summer. Psychology
does not enroll new students in the Summer Quarter.
Gift revenue was slightly lower than projection, about $4,400 below budget. The reason for this is that after the budget
was developed, AUS decided to focus on annual fundraising campaigns in November and March rather than general
fundraising efforts throughout the year.
In terms of comparison with the previous year, some of the tuition revenue increase can be attributed to the average 6%
increase in tuition rates approved by the Board. This increase was absorbed with no discernable negative effect on
enrollments. However, beyond the tuition rate increase and measured on an
FtuE
(FPE) basis, enrollments in Summer
2004 were 24% higher than those for Summer 2003. All of the major
CenterIPrograms
contributed to this increase, but of
particular note were the BA Completion Program and the Center for Creative Change. The BA Program recorded an over
50% increase in enrollments compared with last summer. Aside from the OSR Northwest program, which did not have an
active cohort during Summer 2003, the Center for Creative Change increased enrollments by 31 % primarily as a result of
a comparatively strengthened summer program for the New Design effort. This year, the increases in tuition revenues

1 !
ANTIOCH SEATTLE
2004-05′ First Quarter Performance
GENERAL
Antioch University Seattle is starting the year in good financial position. Summer enrollments were higher than projected
in the budget and, therefore, revenues were also higher. Although expenses are higher than at this point in the last fiscal
year, they are lower than our budget projections for this year. Preliminary fall enrollment information is also positive. At
this point, the AUS admitted new headcount exceeds the budget projection by 13 students.
REVENUES
Total revenues for the first quarter 2004-05 are $106,906 ahead of budget and $578,892 higher than the first quarter
2003-04. Summer enrollments for the BA Completion program and for the Education Off-Site Masters Degree and
Teachers Preparation programs ran higher than budget projections. Enrollments for Psychology were lower than
projection because of lower than anticipated enrollments in Spring 2004 that carried forward into summer. Psychology
does not enroll new students in the Summer Quarter.
Gift revenue was slightly lower than projection, about $4,400 below budget. The reason for this is that after the budget
was developed,
ADS
decided to focus on annual fundraising campaigns in November and March rather than general
fundraising efforts throughout the year.
In terms of comparison with the previous year, some of the tuition revenue increase can be attributed to the average 6%
increase in tuition rates approved by the Board. This increase was absorbed with no discernable negative effect on
enrollments. However, beyond the tuition rate increase and measured on an
FtuE
(FPE) basis, enrollments in Summer
2004 were 24% higher than those for Summer 2003. All of the major
CenterIPrograms
contributed to this increase, but of
particular note were the BA Completion Program and the Center for Creative Change. The BA Program recorded an over
50% increase in enrollments compared with last summer. Aside from the OSR Northwest program, which did not have an
active cohort during Summer 2003, the Center for Creative Change increased enrollments by 31 % primarily as a result of
a comparatively strengthened summer program for the New Design effort. This year, the increases in tuition revenues

‘ were really the big story for AUS, accounting for well over 90% of the revenue changes when compared with budget and
with last year’s results.
EXPENSES
. In the expense side of the Function Report, total operating expenses are running about 6.3% below budget, which is
becoming a common occurrence during the first quarter because of extended hiring schedules, relatively low activity on ‘ campus during the summer months, and a tendency toward conservatism in spending during the early months of the year.
In comparison with 2003-04, operating expenses are about 10% higher. Some of this results from the general salary
increases implemented at the beginning of the year, which were 4% for faculty and 4% for staff. Also, salary levels are
reflecting the 2% increase that was granted to the faculty in January 2004. Additionally, the Kellogg Grant program was – not in the 2003-04 budget and so expenditures in Academic Support include the full administrative expense for this
program in the First Quarter.
In terms of the Category Report, the normal “lead-time” for filling vacant positions is evident in the salary and benefit
budget comparisons. There is no major reason for the “under-spending” variances in the other expense categories; it is
just a lot of little things adding up to a lower than anticipated spending level. The Bookstore expenses (resale costs) are
higher than budget, and it appears that this is due to a timing problem because they should be closer to revenues. The
I variance in Miscellaneous reflects a delayed grant payment for one of the sites in the Gates Grant program. In terms of
I the comparison with 2003-04, in addition to the salary and benefit expenses, there is a fairly large variance in the Business
Operations line. Much of this is attributable to a higher level of promotional, recruiting, and advertising expenditures in the
first quarter.
In Capital Expenditures, there has been about a one-month delay in the start of the project to add more classrooms in a
previously leased area because of slower than expected processing of our building permit applications. We expect the
new facilities to be available by the start of the Winter Quarter.
Toni Murdock
President

Revenues
Tuition & Fees
Less Tuition Discounts
Net Tuition
Gifts
Grants
Endowment Income
Contracts
Realized Gains (Losses)
I ‘ Unrealized Gains (Losses)
Other Income
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total E&G Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenueover Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
Antioch Seattle
September 30, 2004 Actual Expenditure Summary by Function
Sept 30,2002
Actual I
Sept 30,2003
Actual
Sept 30,2004
Budget
Sept 30,2004
Actual
Change From
2004-05 Budget
to 2004-05 Actual
Change From
2003 Actual
to 2004 Actual

ANTIOCH SOUTHERN CALIFORNIA
2004-05 First Quarter Performance
General
a Antioch University Southern California is off to a strong start for this fiscal year. The first quarter is the quarter with the
least activity for the year. However, the excess of revenue over expenses for the region was $278,333 compared to
budget despite the fact that revenue was $183,860 behind plan for the quarter due to shortfalls in registrations in the MA – Organizational Management and MA Education programs. Expenses were down $462,193 (1 1.92%) from budget which
allowed us to have excess revenue over expense.
It is too early to tell about final registrations for the fall quarter, but inquiries to date are very encouraging. New student
registrations are up from 21 6 at this date in 2003 to 251 in the current year.
Revenues
All amounts in the following sections only reflect the first two months of the quarter as September 2004 is not yet closed.
Revenues for the Los Angeles campus were under plan by $80,000 despite a 7% tuition increase. Revenues were under
plan in the BA program and the Education program by a total of about $1 16,000 which was partially offset by higher than
budgeted revenues of $76,000 in the Psychology programs. We have budgeted gifts totaling $150,000 ratably over the
year and few were received in the first quarter contributing to the shortfall by $62,352.
Revenues for the Santa Barbara campus were $231,000 over plan and followed a similar pattern to Los Angeles.
Psychology programs were over plan by $41 3,000 which was offset by shortfalls in the BA program and the Education
programs.

Expenses
‘ v I
For the Los Angeles campus, expenses were over plan by about $41,000. Several factors contributed to the overrun. On
the positive side, salaries, wages and benefits were under plan by about $94,000 due mostly to unfilled positions.
I
Business operations were ove,r plan due to an overrun of $88,000 in advertising and printing expense to support our
initiative for increased admissions. Advertising and printing expense was allocated evenly over the fiscal year in the
budget. However, the actual expenses are front loaded to attract new students early in the year. We expect to be at or
under budget for the full year.
Rent expense for the two months ended August 31,2004 includes three months of rent payments to the Los Angeles
landlord. September rent of $79,000 was paid a few days early due to processing schedules. This situation will
self-
correct as the October rent will be paid on the first of October and the quarterly statement of revenue and expenses will
include only three months of rent expense. Bookstore resale costs were $71,000 over budget due to cash basis bookstore
accounting. All the book purchases were recorded; however, an inventory was not taken to record the inventory increase.
The Los Angeles campus will take a physical inventory at the end of September and it is anticipated that recording the
inventory increase will substantially reduce this expenditure over budget. Physical inventories will be taken in the
bookstore each month in the future.
For the Santa Barbara campus, expenses were under plan by $83,000. Again, following the pattern of the Los Angeles
campus, salaries, wages and benefits were under plan by $66,000 accounting for most of the reduced expenses.
Summary
As noted above, Antioch University Southern California is off to an encouraging start in 2004-05. We have two other
projects underway, that are worthy of an update in this quarterly report.
The option period on the University’s 14,000 square foot campus in Santa Barbara ends in September 2005. We have
begun a conversation with Thomas Foley, our current landlord in Santa Barbara, regarding construction of a 28,000
square foot building in which we would have 49% equity, and Mr. Foley would have a 51 % share. The building would be
completed in 2007. We are also negotiating an extension of the existing lease for this campus to the year 2007. We have
a conference call scheduled with University management on October 5, 2004 to review this proposal and plan the next
steps to explore this exciting opportunity.

During 2004, the University applied for a Department of Education grant to train teachers in English language proficiency.
The ultimate goal of the project is to enhance English language proficiency among students at two Los Angeles Unified
School District elementary schools and among the students at all the schools where Antioch teacher education graduates
. are employed. The University has been notified that a grant was awarded by the Department of Education for a total of
over $450,000 with initial funding of $150,000 for the current fiscal year. We have been invited to apply for an additional
research grant subsequent to completion of the current project. We have begun drawing funds from the Department of
Education to fund this program.
LucyAnn
Geiselman
President

Antioch Southern California
September 30,2004 Actual Expenditure Summary by Category
Revenues
Operating Expenses
Salaries &Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Program Contingency, Discretionary
Liquidity Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree
& Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenueover Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
Sept
30,2002 Sept 30,2003
Actual
—–.–
5,052,825
1,223,948
329,148
36,995
15,383
142
33,592
239,077
398,085
11,218
28,037
1,831
0
0
0
210,915
0
0
0
0
31,851
2,560,222
2,492,603
0
0
7,524
0
-31,851
-24,327
2,516,930
Actual
——
5,570,255
1,398,412
398,274
31,399
14,132
91 2
44,276
258,712
468,685
11,168
34,652
11
0
1,204
0
250,869
0
0
0
5,000
45,495
2,963,201
2,607,054
21,997
0
9,093
0
-45,495
-14,405
2,621,459
Sept 30,2004
Budget
Sept 30,2004
Actual
Change From
2004-05 Budget
to 2004-05 Actual
Change From
2003 Actual
to 2004 Actual

I
f ANTIOCH UNIVERSITY McGREGOR 2004-05 First Quarter Performance
This report will provide an overview of the first quarter fiscal performance of Antioch University McGregor. At this time, we
anticipate meeting budget goals with another strong year. It is important to note that the total budget for this year is
considerably higher than in the past; we went into the year planning to meet this goal but not exceed it. Finally, the
submission of this report is prior to closing out the quarter and the numbers are a snapshot as of September 20.
Revenue
In 2004-05 Antioch University McGregor will make tuition revenue projections, but will not see the operating surpluses of
the last few years due to increasing our infrastructure to handle demand. We have hired or budgeted for eight new
positions, including faculty and technical staff.
Due to local capacity issues and increasing our distance education programs, this year Antioch University
McGregor’s
Student & Alumni Services Division plans to expand from an intensely regional marketing focus to a more national
presence by increasing web links and attending graduate fairs in six to ten major cities (in which we have strong alumni).
We will be developing individual marketing plans and communications strategies by program and initiating a Strategic
Enrollment Management plan involving the entire school.
The Weekend
Colleoe
The undergraduate
B.A.
completion program will make budget this fall. This is in spite of missing our new student target
by a few students. This program had its largest graduating class in quite awhile leave us this past summer. As this report
is being written, we are at 120 total FTE with a goal of 123 FTE and are still in registration. Students will be adding
independent studies for the next two weeks. Another factor in making budget is the fact that students are registering for
larger academic loads than last year (from an average 9 credits to 10 credits). There is opportunity for growth in this
program. We are hopeful that we can leverage our market strength in education offerings to expand the liberal arts major
as well as providing content for high school teachers. An increased focus on dovetailing undergraduate majors to feed our
graduate programs is under way.

Graduate Management
I
his program will fall short of budget due to missing the new student target by eight students. Last minute applicant
attrition also complicated the situation. This phenomenon (as reported by the applicants) was due to an inability to commit
to the Saturday schedule as well as financial concerns. Graduate Management’s strategic plan calls for the development
of alternative delivery
model@)
that may assist in the recruitment of individuals with complex and varied work schedules.
However, keep in mind there are still over 20 students in a graduate-level cohort which frankly exceeds the academically
recommended level. We need to run more than one cohort to meet both budget and academic needs. The alternative
model (a mix of online and limited residency) will be studied in great length and holds exciting promise.
Community
Colleqe
Manaqement
The second cohort of this new program started this summer quarter, missing the new student target by only one student.
The new cohort is more diverse than the first, with students coming from six states (Tennessee, North Carolina, Missouri,
New
York,
Ohio and Washington) and many community colleges. One strategy in reaching our target markets in this
program is working with current students to host information sessions at their home institutions, thus increasing positive
visibility. A marketing/communications plan was recently completed (and will be used as a template for others) to be
implemented in recruiting next year’s new cohort.
Conflict Resolution
Conflict Resolution will make budget this fall although missing the new student goal by a couple of students. A few
continuing students will not complete their programs as projected. In a temporary restructuring, Conflict Resolution’s
director has become the chair and the program has been administratively moved under the Graduate Management
Division. An alumnus of this program (as well as our Weekend College) has been hired to recruit for CR (and Community
Change and Civic Leadership) to make new connections in the field. The search for a new director is under way and it is
hoped this will reenergize the recruitment efforts for this program.
Individualized Liberal & Professional Studies
This program has been the surprise of the year so far with applications exceeding the fall quarters of the prior five years.
The Individualized Liberal & Professional Studies program is enjoying resurgence and will exceed budget. There is
renewed interest by New Actors Workshop (NAW) students in earning their M.A. with us. This fall we have 8-9 NAW
students entering, more than ever before. We believe that our relationship with the new director of the NAW is largely

Graduate Management
I
This program will fall short of budget due to missing the new student target by eight students. Last minute applicant
attrition also complicated the situation. This phenomenon (as reported by the applicants) was due to an inability to commit
to the Saturday schedule as well as financial concerns. Graduate Management’s strategic plan calls for the development
of alternative delivery
model(s)
that may assist in the recruitment of individuals with complex and varied work schedules.
However, keep in mind there are still over 20 students in a graduate-level cohort which frankly exceeds the academically
recommended level. We need to run more than one cohort to meet both budget and academic needs. The alternative
model (a mix of online and limited residency) will be studied in great length and holds exciting promise.
Community
College
Manaqement
The second cohort of this new program started this summer quarter, missing the new student target by only one student.
The new cohort is more diverse than the first, with students coming from six states (Tennessee, North Carolina, Missouri,
New York, Ohio and Washington) and many community colleges. One strategy in reaching our target markets in this
program is working with current students to host information sessions at their home institutions, thus increasing positive
visibility. A marketing/communications plan was recently completed (and will be used as a template for others) to be
implemented in recruiting next year’s new cohort.
Conflict Resolution
Conflict Resolution will make budget this fall although missing the new student goal by a couple of students. A few
continuing students will not complete their programs as projected. In a temporary restructuring, Conflict Resolution’s
director has become the chair and the program has been administratively moved under the Graduate Management
Division. An alumnus of this program (as well as our Weekend College) has been hired to recruit for CR (and Community
Change and Civic Leadership) to make new connections in the field. The search for a new director is under way and it is
hoped this will reenergize the recruitment efforts for this program.
Individualized Liberal & Professional Studies
This program has been the surprise of the year so far with applications exceeding the fall quarters of the prior five years.
The Individualized Liberal & Professional Studies program is enjoying resurgence and will exceed budget. There is
renewed interest by New Actors Workshop (NAW) students in earning their M.A. with us. This fall we have 8-9 NAW
students entering, more than ever before. We believe that our relationship with the new director of the NAW is largely

responsible for this increased enrollment. The new Community Change and Civic Leadership track is also attracting a
different kind of student and interest continues to grow. Strategic partnering seems to be the most effective method of
marketing this program (in addition to web-site enhancement) as students are able to study in almost unlimited fields
(excluding
hard
science). Reminder: I$ this program is a partnership with the Pew Charitable Trust.
Education
Once again, our education department is providing the bulk of our fall class. Due to concern about the diminishing number
of jobs available in Early Childhood Education, this program has been reduced from two cohorts to one. Offsetting this is
the addition of a cohort in Special Education (mild to moderate intervention).
Adolescent~Young
Adult, Middle Childhood
Education and
M.Ed.
in Leadership are also doing well. All education programs have exceeded new student targets. In
addition, we are again wait-listing students and have enrolled 24 students
(M.Ed.
in Leadership) in winter quarter. Ohio
Principal Licensure (OPL) program shows increasing promise this year with one group starting in the summer quarter due
to demand. Continuing education was down this past summer, so the early start of OPL helped to offset this. We have
discovered that professional education for teachers was also off at the University of Dayton and Wright State University,
our primary competitors in this market. We attribute this to the failure of most regional school levies and subsequent
down-sizing of the teacher population. This same phenomenon may, however, be a factor in the increased enrollment in
our master’s programs as there is a state mandate for “highly qualified” teachers. The teachers who have not been
downsized are looking to increase their value to their school systems.
Special Initiatives
Extensive year-long efforts have gone into developing a strategic plan for McGregor.
Continuous and intensive planning has been dedicated in this first quarter to planning facilities for McGregor.
The first quarter reflects the results of the addition of outsourced public
relationslmarketing
assistance (for only
$3000 monthly).
This will be the first year of awarding research and scholarship grants
(juried
internally) for faculty. Funds to support
this initiative come from a previous Presidential Discretionary Fund and revenue from the Executive Spelling Bee.
The addition of EIGHT new positions is a watershed event for the campus and allows us to meet the growing
demands of a transforming institution.
We continue work on an upcoming accreditation visit from the National Center for Accreditation of Teacher
Education (NCATE) in spring 2006.
Facilities issues (Campus West) will be reported at the meeting in October.

Challenges
> Space
> Scheduling; with some changes in the College’s scheduling, we are having an exceptionally difficult time finding
classrooms for some classes. The deferred maintenance and lack of respect for furniture and classrooms by some
also exacerbates the problem and continues at the time of this report. One recent example includes assignment of
a room with a broken table that only accommodated half of our class seats needed. We are working to remedy the
problem, but we anticipate some attrition based on “first impressions.”
> Our class sizes are too large for graduate programs and in some cases, the undergraduate classes. This forces us
to use too many adjuncts.
> While we have focused on increasing salaries, we still lag behind our competitors.
> We have no program development dollars and if we hoarded our resources to set some aside, we would be unable
to capture them due to University financing arrangements.
> Competition is aggressive; we have countered by keeping our tuition dollars down which stresses the budget but
places the needs of our students first.
Opportunities
> You will see many opportunities presented in the strategic plan in October.
> It Takes a Village; this may not be original, but our partnership with Yellow Springs is nothing short of an inspiration
(and leverage) to
McGregor.
We are definitely the focus of their good intents and support.
> New faces; we have some phenomenal new employees to buoy our current group.
Summary
Considering the growth we have experienced the past few years, we are very grateful to meet this year’s enrollment
budget. Cost savings due to holding on some positions will provide a good elasticity to the budget. Updates will be
provided in October.
Barbara Gellman-Danley
President

Antioch University McGregor
September.30, 2004 Actual Expenditure Summary by Function
Revenues
Tuition & Fees
Less Tuition Discounts
Net Tuition
Gifts
Grants
Endowment income
Contracts
Realized Gains (Losses)
Unrealized Gains (Losses)
Other Income
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total E&G Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
Sept 30,2002
Actual
—– —
733,224
0
733,224
2,498
43,915
0
210
0
0
-1,597
778,250
0
0
778,250
632,002
0
0
7,580
199,828
359,497
81,032
2,566
1,282,505
1,282,505
-504,255
5,500
0
18,445
0
-48,837
-24.892
-479,363
Sept 30,2003
Actual
– — — – –
927,180
-11,116
916,064
1,471
23,110
0
78
0
0
2,371
943,094
0
4,954
948,048
703,336
0
1,317
7,278
239,566
412,189
90,128
8,595
1,462,409
1,462,409
-514,361
28,323
0
0
0
-56.608
-28,285
Sept 30,2004
Budget
——–
852,528
0
852,528
10,002
3,504
0
0
0
0
3,327
869,361
0
12,627
881,988
901,337
0
0
5,001
286,790
464,740
96,743
3,630
1,758,241
0
1,758,241
-876,253
342,500
0
0
0
-60,000
282,500
Change From Change From
2004-05 Budget 2003 Actual
Sept 30, 2004 to 2004-05 Actual to 2004 Actual
Actual $ % $ %

Antioch University McGregor
September 30, 2004 Actual Expenditure Summary by Category
Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Program Contingency, Discrestionary
Liquidity Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
Sept 30,2002
Actual
…- .-.-
778,250
633,492
224,223
17,363
37,889
6,263
20,415
145,825
7,006
5,315
0
667
0
0
0
103,015
0
0
0
32,195
48,837
1,282,505
-504,255
5,500
0
18,445
0
-48,837
-24,892
-479,363
Sept 30,2003
Actual
—.—-
948,048
679,082
248,058
12,959
35,806
16,802
14,175
196,528
13,854
2,344
0
1,148
0
0
0
146,525
0
0
0
38,520
56,608
1,462,409
-514,361
28,323
0
0
0
-56,608
-28,285
-486.076
Sept 30,2004
Budget
——–
881,988
886,879
296,419
36,144
20,880
29,113
23,176
182,727
15,314
4,077
0
2,446
17,451
0
0
148,122
0
0
0
35,493
60,000
1,758,241
-876,253
342,500
0
0
0
-60,000
282,500
-1.158.753
Change From
2004-05 Budget
Sept 30, 2004 to 2004-05 Actual
Actual $ %
.-.—-. ——– ——–
762,940 -1 19,048 -1 3.50%
Change From
2003 Actual
to 2004 Actual
$ %
—–.– ——–
-185,108 -19.53%

Antioch University McGregor
September 30,2004 Actual Expenditure Summary by Category
Change From
2004-05 Budget
to 2004-05 Actual
Change From
2003 Actual
to 2004 Actual Sept 30,2002
Actual
—..—
778,250
Sept 30,2003
Actual
–.—–
948,048
Sept 30,2004
Budget
Sept 30,2004
Actual
Revenues
Operating Expenses
Salaries &Wages
Benefits
Training 81 Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant
~aintenance
Interest Expense
Resale Costs
Miscellaneous
Contingency/Reserves
Campus Contingency, Mandatory
Campus Program Contingency, Discrestionary
Liquidity Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget

Ph.D. in LEADERSHIP AND CHANGE
2004-05 First Quarter Performance
The Ph.D. Program started the year with 81 FTE students, six more than budget projections, providing additional tuition-
generated revenue of $1 16,000. Of course, we will need to wait several months to be sure student enrollment figures are
stable, but it looks like we will have a strong year. We entered a 27-person new cohort; and currently have three full
cohorts, plus the initial pilot group. The program has initiated its national search for the next
fulltime
core faculty, to begin
in Fall 2005. Expenses are running below budget and, as expected, expenses are greater at the beginning of the new
term.
Laurien Alexandre
Director

Revenues
Tuition & Fees
, , Less Tuition Discounts
Net Tuition
Gifts
Grants
Endowment Income
Contracts
Realized Gains (Losses)
Unrealized Gains (Losses)
Other Income
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total
E&G
Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenueover Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back
Deoreciation
Total Cash items
Ph.D in Leadership and Change
September 30, 2004 Actual Expenditure Summary by Function
Sept 30,2002
Actual
Sept 30,2003
Actual
Sept 30,2004
Budget
——–
1,278,751
0
1,278,751
0
8,751
0
0
0
0
1,002
1,288,504
0
0
1,288,504
341,235
0
8,880
0
0
0
1,251
0
351,366
0
351,366
937,138
0
0
0
0
-1,251
-1,251
Sept 30,2004
Actual
——-.
703,970
0
703,970
2,350
0
0
0
0
0
823
707,143
0
4,895
712,038
284,578
0
4,895
0
0
0
1,452
0
290,925
0
290,925
421,113
0
0
0
0
-1,452
-1,452
Change From Change From
2004-05 Budget 2003 Actual
to 2004-05 Actual ‘ to 2004 Actual

Revenues
, Operating Expenses
‘ Salaries &Wages
. . Benefits
Training & Development
Student Aid Services
, Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
Contingency/Reserves
Campus Contingency, Mandatory
Campus Program Contingency, Discretionary
Liquidity Reserve
Overhead
. To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
Ph.D in Leadership and Change
September 30,2004 Actual Expenditure Summary by Category
Sept 30,2002 Sept 30,2003 Sept 30,2004 Sept 30,2004
Actual Actual Budget Actual
—.—- ——– ——– ——–
612,310 1,058,114 1,288,504 712,038
Change From Change From
2004-05 Budget 2003 Actual
to 2004-05 Actual to 2004 Actual
$ % $ %

0’
ANTIOCH UNIVERSITY ADMINISTRATION
2004-05 First Quarter Performance
Although the University Administration occasionally receives Gift or other revenue, most of our income is provided by the
nonresidential campuses. In the first quarter of 2004-05, income drawn from the nonresidential campuses was $555,281, – which is $75,400 less than budgeted. Our only other revenue, Gift Income, was at the budgeted level of $7,500. Because
operating expenses and capital outlays were lower than projected for the quarter, we transferred fewer dollars to the
University Administration accounts.
Operating expenses are $58,800 lower than the budget for the quarter due to reduced expenditures for salaries and fringe
benefits. Travel is slightly below budget for the quarter, but overall, the operating budget is on track.
Capital expenses are also slightly lower than projected for the quarter due, in part, to delays in getting the renovation of
the new space for the Datatel staff started. This project will be largely completed during the second quarter in anticipation
of the arrival of the new Datatel Director.
Glenn Watts
Vice Chancellor and
Chief Financial Officer

University Administration
September 30, 2004 Actual Expenditure Summary by Function
Change From
2004-05 Budget
to 2004-05 Actual
$ %
——– ——–
Change From
2003 Actual
to 2004 Actual
$ %
Sept 30,2002 Sept 30,2003 Sept 30,2004 Sept 30,2004
Actual Actual Budget Actual
Revenues
Tuition & Fees
Less Tuition Discounts
Net Tuition
Gifts
Grants
Endowment Income
Contracts
Realized Gains (Losses)
Unrealized Gains (Losses)
Other Income
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Net Overhead for Central Operations
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total E&G Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget

University Administration
September 30, 2004 Actual Expenditure Summary by Category
Change From
2004-05 Budget
to 2004-05 Actual
Change From
2003 Actual
to 2004 Actual Sept 30,2002
Actual
——–
51 3,756
Sept 30, 2003
Actual
——–
510,200
Sept 30, 2004
Budget
——–
638,179
Sept 30, 2004
Actual
——–
562,819 Revenues
Operating Expenses
Salaries &Wages
Benefits
Training & Development
Student Aid Services
Special Events
., . , ., : Supplies
‘ Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Program Contingency, Discretionary
Liquidity Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree
& Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget

ANTIOCH REVIEW
2004-05 First Quarter Performance
There is no significant change in revenue from the level we generated in the first quarter of last year. However, because
Gifts income is lagging the budget by $10,175, we will need to have a successful series of fundraisers to avoid a shortfall
again this year. Our first fundraiser of the fiscal year will be held in Boston on December 1, 2004. It will also be our first in
that city and we hope that it will generate a good turnout and strong support for the Review. As in past years, we will hold
other fund raisers in cities where we feel that support for the Review is strong.
Expenses are just slightly below the budgeted level
($793),
primarily because fringe benefit costs are a little less than
projected.
The bulk of our subscription renewals come at the end of the year and we have built the budget with this expectation. The
fall issue is on schedule, and the winter issue is in process. We have added five volunteer readers for fiction which should
better enable us to respond to the large number of submissions that we are receiving.
We have submitted a grant proposal to the NEA and we are hopeful that we will receive grant to support the Review in
2005-06. If we are successful, the new award will be announced by NEA in December.
RobertFogarty
Editor

Antioch Review
September 30,2004 Actual Expenditure Summary by Category
Revenues
Operating Expenses
Salaries &Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Program Contingency, Discretionary
Liquidity Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree
& Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
Sept 30,2002
Actual
——–
12,128
12,789
6,824
402
0
0
9
19,099
0
0
0
0
0
0
0
0
0
0
0
0
0
39,123
-26,995
0
0
0
0
0
0
-26,995
Sept 30,2003 Sept 30,2004
Actual Budget
——– ——–
13,036 23,454
Sept 30,2004
Actual
——–
7,845
14,301
6,330
93
0
0
16
13,646
0
0
0
0
0
0
0
0
0
0
0
0
36 1
34,747
-26,902
0
0
0
0
-361
-361
-26,541
Change From Change From
2004-05 Budget 2003 Actual
to 2004-05 Actual to 2004 Actual

WYSO PUBLIC RADIO
2004-05 First Quarter Performance
WYSO began the new fiscal year keenly aware of our financial situation and the need to balance the budget. To that end,
we continually look at our revenues and expenses and make changes when needed. As of the end of the first quarter,
total revenue is $14,089 ahead of budget and total operating expenses are $35,339 below budget. Our first quarter deficit
is $49,428 less than was projected when we built the budget.
We have enlisted a new web designer that will save the station approximately $6,000 during the fiscal year. We have
received notification from Sound Partners that we have been awarded a $35,000 grant.
Due to significant problems that occurred with our transmitter, WYSO was effectively off the air for five days during the fall.
Transmitter problems have become a large source of increased costs. These include paying the contract engineer for his
time and expertise as well as the cost of parts and material for the needed repairs. We have also had significant problems
with our on-air control system. Due to financial pressures during the last several years, necessary software and hardware
upgrades were not made. We have begun attacking these problems and hope to restore the quality of our air sound in the
near future.
Beginning October 15, WYSO begins its Fall Membership Campaign. We hope to raise in excess of $150,000, expand
our membership and have some fun! Our goal is high, but we are optimistic.
Joe Colvin
Interim General Manager

WYSO
September 30, 2004 Actual Expenditure Summary by Function
Sept 30,2002
Actual
Revenues
Tuition & Fees
Less Tuition Discounts
Net Tuition
Gifts
Grants
Endowment Income
Contracts
Realized Gains (Losses)
Unrealized Gains (Losses)
Other Income
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total E&G Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
Sept
30,2003
Actual
——–
0
0
0
13,025
9.622
0
0
0
0
61,947
84,594
0
0
84,594
Sept 30,2004
Budget
Sept 30,2004
Actual
— — — —
0
0
0
41,722
8,922
0
0
0
0
53,605
104,249
0
0
104,249
Change From
2004-05 Budget
to 2004-05 Actual
Change From
2003 Actual
to 2004 Actual

WYSO
September 30, 2004 Actual Expenditure Summary by Category
Change From
2004-05 Budget
to 2004-05 Actual
Change From
2003 Actual
to 2004 Actual
$ %
.——- —–.–
19,655 23.23%
Sept 30,2002
Actual
— ——
127,127
Sept 30,2003
Actual
——-*
84,594
Sept 30,2004
Budget
——–
90,160
Sept 30, 2004
Actual
—-*—
104,249 Revenues
Operating Expenses
Salaries &Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Program Contingency, Discretionary
Liquidity Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenueover Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget

University Wide
September 30, 2004 Actual Expenditure Summary by Function
Change From Change From
2004-05 Budget 2003 Actual
to 2004-05 Actual to 2004 Actual Sept 30,2002
Actual
——–
Sept 30,2003
Actual
——–
Sept 30, 2004
Budget
—*—-
Sept 30, 2004
Actual
——–
Revenues
Tuition & Fees
Less Tuition Discounts
Net Tuition
Gifts
Grants
Endowment Income
Contracts
Realized Gains (Losses)
Unrealized Gains (Losses)
Other Income
Total
E&G
Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Net Overhead for Central Operations
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total E&G Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget

university Wide
September 30, 2004 Actual Expenditure Summary by Category
Change From Change From
2004-05 Budget 2003 Actual
to 2004-05 Actual to 2004 Actual Sept 30,2002
Actual
——-.
-1,407,252
Sept 30,2003
Actual
-.——
1,002,787
Sept 30,2004 Sept 30,2004
Budget Actual
—.—- ——–
414,794 -680,263 Revenues
Operating Expenses
Salaries &Wages
Benefits
Training
&
Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Program Contingency, Discretionary
Liquidity Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree
&
Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget

1
I I
INSTRUCTION:
Undergraduate
Heritage Institute
Preparatory-Remedial Education
Teacher Certification
Arts
Human Services
Computer Instruction , Cooperative Education
Environmental Field Program
Continuing Education
History, Philosophy & Religion
Physical Sciences
Languages, Literature & Culture
Environmental & Biological Sciences
Self, Society & Culture
Cultural & Interdisciplinary Studies
Social & Global Studies
AEA (Antioch Education Abroad)
MS Management
MA Psychology
MA Education
OSR
, Whole System Design
. MA Organizational Management
DancelMovement
Therapy
Counseling Psychology
Marriage and Family Therapy
Environmental Studies
Education
Organization & Management :. Applied Psychology
Clinical Psychology
I MA
Weekend Program
/
Â¥Ã
Intercultural Relations
COST CENTERS
INSTRUCTION Cont’d):
Conflict Resolution
Environment & Community
Fine Arts
PhD
in Leadership & Change
RESEARCH:
Individual and Project Research
PUBLIC SERVICE:
Glen Helen
Antioch Review
WYSO
Counseling Centers
ACADEMIC SUPPORT:
Academic Administration
General Faculty
AEA Administration
Cross Cultural Program
ArchivedAntiochiana
LibraryIMedia
Services
Psychological Services Center
Research and Evaluation
Writing Center
WSD Institute
Academic Computing
STUDENT SERVICES:
Financial Aid Administration
Student Admissions
Registrar (Student Records)
Student Services
Advocate’s Office
Infirmary
Counseling
STUDENT SERVICES Cont’d:
Security
Student Loan Office
Community Government
INSTITUTIONAL SUPPORT:
Chancellor
Trustees
ProvostIPresident
Fiscal Operations
Business Operations
General Administration
Central Services
Personnel
Alumni
DevelopmentlAdvancement
Public Relations
Publications
Administrative Computer Service
University Administration
PLANT MAINTENANCE:
Maintenance
Custodial
Building & Grounds
Power Plant
Depreciation
SCHOLARSHIPS:
Grants & Scholarship
AUXILIARY ENTERPRISES:
Dining Services1 Gathering Space
Housin~lBookstore
computer
Sales
McGregor
Conference Center

SA~R~ES &WAGES: Compensation
Paid to Contracted Employees
Core Faculty
Associate Faculty
Adjunct Faculty
Administrators
Administrative Associate
Teaching Assistants
Unionized Staff
Non-Unionized Staff
Students
Retirees
Other Staff Employees
BENEFITS: Required and Non-Required
Benefits Paid
Medical
Dental Plan
FICA
Worker’s
Comp
Unemployment
Life Insurance
Long
& Short Term Disability
Retirement
Moving Expenses
Employee Tuition Waivers
Miscellaneous Benefits
TRAINING & DEVELOPMENT:
Non-Contracted
Expenses
for Tra & Develoo ”
Business Travel
Local
Meetings/Workshops
Professional Development
Employee Recruiting
Program Development
STUDENT AID:
Restricted Grant
Scholarshios
Student Vouchers
LINE ITEMS
I I
SPECIAL EVENTS:
Graduation
Orientation
Miscellaneous Special Events
SUPPLIES:
Office
Slipplies
Instructional Supplies
Research Supplies
Duplicating Supplies
Computer Supplies
Computer Software
Maintenance Supplies
Furniture Supplies
Equipment Supplies
Library Supplies
Food Supplies
Miscellaneous Supplies
BUSINESS OPERATIONS COSTS:
General Cost of Doing Business
Subscriptions & Publications
Purchased Services
Consulting
Honorariaistipends
Information & Communications
Memberships & Dues
Printing
PostageIFreight
AudioIVisual
Advertising
Telecommunications
Internet & Leased Lines
Legal
Audit
WYSO Programming
WYSO Premiums
Bad Debt Expense
Purchased Services
Utilities
Vehicle Operation
Facility Rental
Equipment Rental
Insurance/Taxes
DEPRECIATION:
INTEREST EXPENSE:
Interest
Bank Charges (include credit card charges)
RESALE COSTS:
Books for Resale
Computers for Resale
Supplies for Resale
MISCELLANEOUS COSTS:
Miscellaneous
Student Activities
Student Insurance
Payments to Annuitants
Miscellaneous Grants to Others
CONTINGENCYIRESERVES:
Campus Contingency, Mandated
Campus Contingency, Discretionary
Capital Reserve
OVERHEAD COSTS:
Regional Overhead
University Overhead
University Conference
Standard Cost Overhead
Operation Subsidy
Inter-Campus Agreements
Grant Indirect Costs
PLANT MAINTENANCE COSTS:
Costs Related to Facilities
Maintenance Contracts & Repairs
Computer Maintenance

2003-04 Year End Financial Statements (bud 33)

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