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10,038,453 4,27g,174 0
-4,100,000 ·1,7114,481 0
1,’31,413 2,124,713 0
800,000 200,000 0
1,300,000 1,200,000 900,000
1,000,000 800,000 280,000 250,000 280,000 250,000
1,214,785 1,203,137 0
254,811 180,000 100,000
3,438 0
105,447 47,500 a
10.314,732 5,825,350 1,250,000 250.000 250,000 2150,000
2.188,7711 432,434 a
1,218,831 1,513,808 0
8,000,000 8,000,000 a
740000 740000 740000 740000 11811173 1000000
‘I.l. 40’ 4 ,. ‘5. l’ 89 i’i,.’:, .. 8 ‘00.0. 0” 0 ~, 9 . 0
1I,a08,.”a “,:>09,a14 ,30a,””8 “”‘,711’ ” ….. ’04 “”,””.1,337.390
747,228 . 300,000 50,000 20,000 20,000 20,000
925,000 1,074,844 0
202,202 80,000 0
788,1102 300,000 100,000 80,000 ‘80,000 80,000
2,3111,480 1,188,4113 180,000 150,000 180.000 180.000
200,000 200,000
1,488,1142 1,440,281 280,000 200,000 200,000 200,000
132,043 87,388 80,000
.27,800
.303,215
285,1121 150,000 0
2~O,1I44 200,000 150,000 188,297 183.848 138,ell2
884,781 0
18,434,785 15,231,308 2,373,028 1,070,000 1.070.000 1,070,000
.183,1100 .188,800 0
‘885000 1480000 1480000 ‘1480000 1480000 1480000
36 ” :>’ 2 ‘ 06′ .1: ,. ~. 0″ 0 0″
, ,,;’;.1· … ‘,’ .8.. ·0 .. , 0
TulUon&F…
L…. TulUon01_1′
N.t TulUon .nd F…
Bolldl.d Oper.Ung Fund oln.
P&L.Ol1lnl
“‘nnuelFund
Grant.
Endowmenl Incom.
Contraet8
Olher lnoom.·
Tota’ &&0 “.venue
AUKmary Enterprt •••
Rel•••ed From A••ll1et1onl
Oray Fund. R.’••••d from RellricUon
8ublIIdy from Campu •••
Total Ravanu ••
Opera tina bp.” •••
“.I.ne&&W.g••&Benenl.
Union 8ta” s.verene. Cal.
Tl1IlnIng,Tra”‘” &O lopm.nl
Blud.nl-‘ld a.NI .
Bp.dell!wnta
8uppll..
SUlln •••OpereUanl
Bu.lna ••Opel1lllon. (L..gel F…)
Pl.nt M.lnl.nance
Inl…. 1 Expon.. .
Coop Ho.1 communIty Oper.llon.
OperaUng reducUonl •Steve’ •.Plan
R•••l. Calla
Mlacell.”.,ou.
O…rh••d (IT &Bh…d BelYfoe.)
OeM'” Opel1lllng Exp.n …
Olh.r (Inl…. mpu. “‘g..e &Unl. ConI)
Oepreol.llon (4)
Total Op …. tlng bpI”‘”
Revenu ••
boa ••”aVlnul ovar Ibp.” •••
Antioch. CoUeg~
Financial Analysis
Financial Exigency & Campus Operations SuspensIon~··”
111,027280,000683,0211.758.847
.750,000 .200,000’ .180,000 .180,000 .180,000 ·180,000
·34,788 .27,830 .30,000 .30,000 ·30,000 -30,000
1,585,000 1,4BO,ooo 1,480,000 1,480,000 1.480,000 ‘1,480,000
800.214 52,170 1,300,000 1.300,000· 1,:s00.000 1,300.000
404’811’ ‘.’.1’17’689.47 ;;663’026′ .:’~26Cfooo’ . -1’a 0’2′,.
Annul’ Budlat Converwlon to C••h a••I.
C.pltal Expendltur••
Princlp.1 poym.nta
,o.ddB.'” O.pr.oI.l1on
Tot.’ Ca. It.me
PotentIal Caeh to Cover Ope,..tlng Ceflolts
~:::::~~c;~~:gf:.:v~~’:~clad End:;::ed ceflo~r-.”””—:”””l:o:TI~;.’-””””””””.-.””:…·.'”:.. o”‘.”’P'”.-,…,…..,…..”,.’0::’1″‘·,.–….,;”….,.,0″””.—–.0::11
Toiol Fall Torm Enrollment Eallmota(.xaludlng AEA):ll;¥§t!~4!!~!~:&.3~alti!f~@,i”t~:Hi;~iiiiiHt1,2rt41’1Uliil;ki;i;f..1i!:~jii:iMi$0:I$N’!g~i!glli!miii,6f~~»,MH%fit*qo.lm:;diW*i!iWi?:iiiiit¥ii.Oil
Net Cash Basts Budget
Assumptions:
1. Bo.rd d.ol.r ••fln.nolol exlgonoy exl.to at the Colege at til’!. June ‘BOT meetlnp
2. Board d.oar.s th.to.mpu. will oloae althe end 01 tile 2001.201Ss fl.cal year
3. S.oond yeer studento bypa .. o….. p .nd take 01….. on o.mpus
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November2009
December2009
December2008
January2009
February2009
March2009
April2009 I·
May2009
June 2009
July2009
August2009
September2009.
October2009
--!"ooobo
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May2007
June 2007
July 2007
August2007
September2007
October2007
November2007
December2007
January2008
February2008
March2008
April2008
May2008
June 2008
July2008
August2008
September2008
October2008
November2008
·...~~.
Antioch University
Projected C~ih Flow
Closure
M.y 07forward
Total Reve!'ues
Total Operating Expenses
Excess Revenueover Expenses
Other Cashexpenditures
CspltalExpenditures.
PrlnclpelPayments
ReslrictedMoneyto be spent
DreyCssh
Total Other Cash
NETCHANGEIN CASH
Beginning of month cash
End of month cash
Une of credit
Merrill Lynch
Debtfunded end of month cash
513112007
May2007 June 2007 . July 2007 August 2007 September2007 October 2007 November2007 December2007 January 2008 February2008 March 2008 April 2008
2,070,313 8,330,020 5,228,682 5,998,285 8,924,878 4,251,845 2,894,193 4,550,208 18,178,413 2,818,848 4,224,505 4,253,117.
5,575,323 8,888,969 6,138,435 5,516,132 6,543,813' 6,278,818 8,152,578 5,722,410 6,397,919 5,501,789 5,930r147 5,848.844
(3.505.010) (358,949) (909,752) 480,132 2,380,863 (2,026,974) (3,458,385) (1,172,202) 9,778,494 (2,685,124) (1,705,842) (1,593.527)
(75,000) (50,000) (175,000) (175,000) (175.000) (175,000) (175,000) (175,000) (175,000) (175,000) (175,000) (175,000)
(11,607) (11,607) (11,607) (11,607) (11,607) (11,607) (171,607) (11,607) (256,607) (231,607) (11,607) (11,607)
(600,000) (160,000) (500,000) (500,000)
1,250,000 1,250,000 1,000,000 1,000,000 1,000,000 780,000
563,393 (61,607) (346,607~ 563,393 (686,607) 813,393 653,393 813,393 (431,607) (406,607) (186,607) 563,393
(2,941,817) (418.556) (1,258,359) 1,043,525. 1,694,256 (1,213,581) (2,804,992) (358,809) 9.348,887 (3,091,731) (1,892,249) (1,030,134)'
6,628,000 3,686,383 3,267,827 .2,011,468 3,054,993 4,749,249 3,535,668 730,676 371,867 9,718,753 6,627,023 4,734,774
3,886,383 3,287,827 2,011.468 3,054,993 4,749,249 3,535,668 730,876 371,887 9,718,753 6,627,023 4.734,774 3,704,839
Assumptions: .
I 1.Schedulebasedon FY2008proposedbudgetsforall campusesexcepttheCollege,forwhichwe usedthe operetlonssuspendedsenarlo.
2. Tuition,Fees,AuxiliaryIncreased5% In July2008 .
3. GrentlncomeIs 100%offsetby expenses.If It Is lessinFY08, expenseswill declineby anequalamount. In otherwords, grentIncome/expenseshaveno effecton thebottomline.
4. SalariesareIncreased3% In July2008
5. BenefllsareIncreased.5%In July2008to coverIncreaseIn retirementcontribution.All otherIncreasesalreadyin effectas ofJanuary2007
6. CapitalFreezeexpectedto remain throughJune(amountsincludedInMay-Juneto coverprojectsalreadystartedandemergencies)
7. Restrictedmoneyto be spentrepresentslargeamountsof unfundedrestrictedmoneywe knowwill needtobe paidout. (GusklnScholarship;Glensewerproject;McGregorbUildingpledges).
8. Dreyceshrepresentsthedrewsonthe $10,000,000releasedendowment.
9. Beginningof Monthceshfor May2007.lstheactualceshwe hadon May1,2007.
Antioch Urilv,rsltY '
Projected CashFlow'
Closure"
May 07 forward
May2008 June 2008 July 2008 August 2008 ' September2008 October2008 November2008 'December2008 January2009 February2009 March2009
Total Revenues 2,245,293 8,355,829 5,429,087 8,035,480 7,881,916 4,033,659 2,302,888 4,059,293 15,482,349 2,463,212 4,384,965
TotalOperatingExpenses 5,603,498 6,866,970 5,239,658 ' 4,460,785 5,509,019 5,238,521 5,109,960, 4,671,188 5,360,208 ' 4,446,135 4,883,080
Exces. Revenueover Expenses (3,358,205)- (511,341) 189,412 1,574,694 2,372,897 (1,204,861) (2,807,074) (611,895) 10,122,141 (1,982,923) (498,118)
OtherCashExpendltUras
capitalExpenditures, (175,QOO) (115,000) (171,000) (171,000) (171,000) (171,000) (171,000) (171,000) (171,000) (171,000) (171,000)
PrincipalPayments_ (11,607) (11,607) (11,607) (11,607) , (11,607) (165,000) (250,000) (220,000)
ReslrlctedMoneyto be spent
Dreycash
Total OtherCash (186,807) (186,607) (182,607) (182,607) (182,607) (171,000) , (336,000) (171,000) (421,000) (391,000) (171,000)
NETCHANGEINCASH (3,544,812) (897,948) 8,805 1,392,087 - 2,190~290 (1,375,861) (3,143,074) (782,895) 9,701,141 (2,373,923) (669,116)
BeginnIngof monthcash 3,704,639 159,827 11,679 18,684 _ 860,771- 3,051,061 1,675,200 . 32,128 ' , 49,230 7,450,372- , 5,076,449
Endof monthcash 159,827 (538,121) 18,684 1,410,771 3,051,081 1,875,200 ' (1,467,874) (750,7701 9,750,372 5,076,449 4,407,333
LIneof credit 550,000 (550,000) 1,500,000 500,000,
Merrill Lynch 300000
Debtfundedendof month cash :"6'.11)'200 •~wmjL'!ii!lliliJ;li:- 2ii!l26':i!1iijl!J'%!i,,~~~1i.J "1;{9'2S:0U!' "ll!U~'" Il'lfO,,33
Antioch Unlveralty
.ProjectedC::8lhFlow
CIOSllrI~ ;
May 07forward
Total Revenue.
Total Operating Expense.
Exce••ReVenue'over Expense.
Other Ca.h expendItures
capltel expenditures
PrlnclpelPeymen1a
RestrictedMoneyto be spent
DreyCash
Total Other Cash
NETCHANGE.INCASH
BegInnIng of month cash
End of month ca.h
AprJl2009 May2009 June 2009 July 2009 August 2009 September 2009 October 2009 November 2009 December 2009
3,947,671 2,290,081 6,548,951 5,667,777 6,323,866 8,249,657 4,202,691 2,392,402 4,228,325
4,797,907 4,549,698 5,838,640 5,144,299 . 4,498,937 5,568,135 . 5,292,227 5,161,095 4,713,548
(850,236) (2,259,818) 710,312 523,477 1,824,930 2,681,522 (1,089,536) (2,768,693) (485,223)
(171,000) (171,000) (171,000) (171,000) (171,000) (171,000) (171,000) (171,000) (171,000)
(171,000) (171,000) (171,000) (171,000) (171,000) (171,000) (171,000) (171,000) (171,000)
(1,021,236) . (2,430,818) 539,312 352,477 1,653,930 2,510,522 (1,260,536) (2,939,693) (656,223)
4;407,333· 3,366,098 955;260 1,494,592 1,647,069 3,500,999 6,011,521 4,750,965 1,811,292
3,386,098 955,280 1,494,592 1,847,069 3,500,999 '6,011,521 4,750,985 1,811,292 1,155,069
._--_ _ __ _ __._ -
LIneof credIt
MerrillLynch
Debt funded end of month cash !ii>·’i!3’f386;098;’;;;!~iFi;Ei!::*:W’),i.9551280ii”;!!!imvf8j!h1;.’49ai592i,t~i::I;~!11847;069ill,((,rti)i!i{3j511019.9.9~.·@;(fi;i;(@!;@J!i;6iIl11’152;1~l§1i!it:fJ]r.4!l50~985jyjwitiWi!!$Mi83at29zi!j.’i~,i)i!~~fl~1115.5i069,m
.’
·Suspend and Re-open the
College· Scenario
,
.’
Antioch College
Financial Analysis
Financial Exigency & Gampus Operations Suspension
Reopen.2011.2012
4 a 000 1 480 000
;0 ~’i;i:’.~
300,000
o
14$80000
” 0
oooo
1 0480000
2′
1,0440,281
187,398
..27~ElOO
-303,215
180,000
200.000
884,791
..188,900
‘10480000
‘8::
.04:100:000
04 04, 0
01:7504:0451 0 0 0 ‘3:555,820,
a,.3….. 3 .2,1524,713 0 0 0 1,818,080
500,000 200,000 200,000 200,000 200.000 0400.000
1,300.QOO 1,200.0,00 900,000 800,000
1,000,000 1500.000 250.000 ase.cee 2150.1;)00 1500,000
1.214,7B5 1,203,137 0
2&4,811 1150,000 100,000 100,000 100,000 100,000
3,0435
105,04047 47.1500
10,314,732 8,828.380 1,480,000 1,380,000 ~ao,ooo 8,818,080
2,·1158,77. 0432,04304 0 1,821,800
1,215,531 1,513,5011 0
5,000,000 5,000,000 0
7040000 7040000 740000 7040000 7040000 ,7040000
,~” ‘.. ‘0 ll!~. ~ ,’. ~ ~ ‘tt’;. ~~- 1· O. ” ..~
D. ‘” 0 0 ,S,·
11,3 8, 3 8,1589,314 1,942,500 2,385,00 3,08, 0 ,999, 00
1,337,380
7047,225 300,000 50,000 50,000 50,000 50,000
828.000 1,0704,50404 0 0 0 1,000,000
202,202 50,000 0 O’ 25,000 100,000
755,802 300,000 100,000 1’OO,O~O 100,000 500,000
2,318,0450 1,188,493 150,000 250,000 800,000 81~.OOO
200.000 200.00Q
50,000 80,000 80,000 0
100,000 100,000 100,000 200,000
100,000 100,000 100,000 100,000
300,000 400,000 0400,000
30,000 30.000
70,000
,1,Ase,842
132.043
255,821
240,9-44
“183,900
11185 00
”;’ ”;’ “r~’i
operating IIxpen.e.
S.I.rt ••& WaGl••&. e_”.rit.
Union 8taff Severanc. Co.t.
T,..lnfno &.D.v.IOj)mant .
StlJd.nt Aid 8ttf”Vc ••
Sp.aal Event.
8uppU•••
Bu”” •••Op.ratlon.,
Bueln •••Op…. tton. (Leoal F •••)
Sx.auttYe ‘-;••I.t.”, Op…. llo”.1
C.y.lopm.nt Operatlc.,a’
PR Operational
Adml ••lon Operational
Plnanclal Aid Op…. tlon.1
P …. ld.nt. Operatlona’
Plant M.tn’ananOti
Inta”‘.’ Ibcp.n ••
Coop Ho.t Community Op.,.Uon.
Operating reduotlona • St.ve’. Plan
Re••l. Co.t.
Mh.oellaneoue
Overh ••d (IT & Shared Sarvto.e)
Other’ (Interoampua AGre. & Unlv Cont)
Oepreolatlon (4) ,
Total Op~”‘tl”g .xpan •••
fIt.venU ••
Tuition & tr•••
L•••Tuition 01ecounla
N.’ Tuttlo” and …..
Bonott.d Op…. “ng Fund alft.
P&LOr_nt
Annual Fund
oran.. .
endowment Inoome
Contract.
Other ‘ncome
Total …0 ‘-.venue
AuxMlary &n’erpri …
A.I ••••d Prom A ••’rldlon.
DreV’ Fund_ R.l••_d from Ft••trfotlon
Sub.ldy from ClImpua Overh ••d
Total I’avanu ••
·750,000 ..200,000 50,000 0 0 ~.OOO,OOO’
.304,7511. ..27,830 -30,000 ..30.000 “3D,OOO ..30,000
1,555,000 1,480,000 1,480,000 1,0480,000 1.480,000 1,480.000
800,214 1,282,170 1,500.000 1.450.000 1,480,000 2.”150.000
I … 404;$1’1,1 .1,788;948’1 . ·.492;80pl ·.1i286;Opol .03′,220;0001 “1;017;3201
1,788,94. 482,800 348,1184
AdJu.ted .Denolt: (, 404$711::”·” 0 k’.ol :.’.918;4461· .03.220;0001 “1;017,320 I
Total …It T.rm Bnrolrman’ ••’lma’e(exoludlnGl ABA): JilmWII~iillii~I~;l!ii#2§:.J:¥*ilmlh~li!~~jM!jr.:imt2~,n)(~I:iij~iil#!;R!I&liii;··:i~~s:;~lim;;~Ol:mii]lgUii~~;i;~hJN~t(iWj1,g.litfflmk,l;h:ng~h-!j;~~lEh;t’.’:.~HO:I:~:i ;i:ijIP1m:ii:;:!;;;;;lili:3:00:1
Net C”,sh S”‘SIS BUdget.
Annual Bud_t Conv.,..lon to Ca.h ’11••1.
Capital Bxp.ndtttl ….
Prtnolpal Payment.,
Add S.ck Depreciation .
Tottll Oa.h It.”,.
Potential C ••h to Cover Operating Deflolts
Un,..llzed O_ln. from Un…. trtot.d Endowment
Unlvaralty C~”t1ng.ncy Fund.
A••umptlon.:
1. lSoard deala, ••fin an ala’ exlgonoy .xl.tII at the Colt_go at tho Jun. BOT mooting
2. Bo.rd doo …. th.t o.mpu. will olo.e et the .”d of the 2007·2006 fiscal yaar
3. Seoond year student. bypass oo..op and take et•••••on campus
4. Conog. roopon. In the Pan of.2012 with ~oo first yoar studonts.
Antioch University
January •August, 2007 Cash Flow Analysis
“.
…
Expenditures
AverageMonthlyPayroll
# of monthsthroughAuqust
Total estimatedpayrollJan – Aug
Estimatedcash expenses
Total estimated cash outflow
Revenue
Jan – JuneTuition cash
JUlyTuition cash
AugustTuitioncash
Total tUition cash
Other cashIncome
P&L gift
Endowment
AdditionalDreydraw
Total cash Inflow
Cash deficit at the end of August
3,470,162
, 8
35,285,638
4,372,000′
2,642,000
27,761,296
27,000,000
54,761,296
42,299,638
8,480,251
1,300,000.
400,000
2,000,000
54,479,889
(281,407)
Based on Campus.cashflow submissionandprior year experience
Based on Campuscash flow submission
*Based on prioryear collections
*Based on prioryear collections
Based on Campus cash flow submission
