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( , …, ;
.Antioch University
Data for Financial
Planning Dlscussion
, . ,
Antioch University .
Historical EnroUment
And ..
College Projections ..
·1. Antioch University
Enrollment History
College* 868 836 763 597 421 389
PhD in Leadership 38 64 85 96 114 125
McGregor 892 909 896 865 864 898
New England 1,t17 1,127 1,141 1,133 1,110 1,106
Seattle 1,324 1,291 1,317 1,244 .1,149 1,143
Los Angeles 874 915 925 938 987 980
Santa Barbara 440 429 419 434 418 408
Total:
* IncludesAEA studentheadcount
01. ,./
NOTE:
1. Enrollmentsin this reportexcludeAntioch EducationAbroad (AEA) students.
2. Approximately25% of the studentsin this reportare off-campuson Co-Op on any given semester.
‘4.84
o 17 15 15 30 22 24 26 30
93 70 72 . 43 62 66 84 89 102
60 116 110 135 150 160 176 194 213
110 30 70 66 . 88 98 113 125 137
109 87 40 61 58 82 87 100 91
Antioch College
Enrollment Projection. .
For the Fall Term 2005/06 – 20j.~LL4~,., ..
.II.
Transfers
FourthYear
ThirdYear
SecondYear
FirstYear
…
Antioch College
Financial Projection Model
and
Assumptions
‘. ~.
18,434,785
·740,000
·183,900
18,574,203
·740,000
·183,900
18,3~8,287
·600,000
-213,473
14,327,74015,204,950 13,394,846 10,855,418 10,036,453
·5,462,158 ·7,052,364 -5,713,156 ·4,268,041 ·4,100,000
8,865,582 8,152,586 7,681,690 6,587,377 5,936,453
1,480,550 2,251,233 1,334,483 1,551,640 1,500,000
1,389,691 1,496;331 1,583,179 2,069,488 2,514,785
155,759 195,279 192,207 261,159 254,611
146,262 398,299 485,961 142,111 108,883
12,037,844 . 12,493,728 11,277,520 10,611,775 10,314,732
2,902,247 2,881,181 2,628,121 2,370,382 2,166,779
2,575,889 2,042,379 . 5,058,597 4,626,107 6,218,831
fiJ;.i(0fi$l,;”:;1~j’1;i;t)·8···8·.’ ~1~·”)”,!’8′ ;li6″w,·2····3·8″ :(~1,;}’i(6·>0·’8·,2·6·· ·1· f~t¥:iI:8″;’fiO·’O’i3″”A’2″~:~;;~;”‘~’:~1~;AIH!,~itU,,~., “”0 ::}l”:~.h~J·>.-‘J’~,c”””-“h>’_: ,/;!,;’,~!; -:,-,;Jl~ ;”,”..,;;’ 0″. _,~, :)if,i’~::._,:.~.i.~lt.JI.L,.!….J,,It”.
18,192,765
-600,000
-193,435
18,623.174
·600,000
2,831
1,458,832
13,488,761
·3,901,907
9,586,854
1,936,317
1,707,919
198,524
140,592
13,570,206
2,768,779
1,520,986
OperatingExpenses
GeneralOperatingExpenses
Subsidyfrom Overhead
Other(IntercampusAgree &UnivConn.
Depreciation
Total OperatingExpenses
Revenues
III Antioch.College- 2002-2007
HistoricalBudgetAnalysis_,_,_., .
Tuition&Fees
Less TuitionDiscounts
Net Tuitionand Fees
Gifts Inc Unrest.CampaignGifts
Grants
EndowmentIncome
OtherIncome
Total E&G Revenue
AuxiliaryEnterprises
ReleasedFrom Restrictions
Total Revenues
‘
IV. Antioch College
Financial Analysis Planning Assumptions
For the period July 1, 2006 – June 30, 2014
• Tuition & Fees increased 5% annually
• Tuition discounts average 41 o~ of total tuition and fees including AEA and
other non-matriculating students. .
• First year and transfer student enrollment increases approximately 1oo~
annually and year to year student retention meets targeted goals. .
• Solicited operating funds unrestricted gifts increased by 7.5 % annually
from a FY07 base of$500,000 to a maximum of $800,000 in FY14
• Annualfund increases10% annuallyfrom a base of $1,000,000in FY07″1
to a maximum of $1 ,500,000 in FY12 ~
• Auxiliary enterprise income grows proportionately to the enrollment
growth and includes a5% increase to room and board rates annually with
no additional facilities added to residence halls.
. I
IV. Antioch College
Financial Analysis Planning Assumptions
For the period July 1,2006 – June 30,2014
(contlnued) . ti%,;r~,*!P!1,;,~’·~ruH~j~!I\ilW:l’1iI~;:’ii’~h~1jf”1~t.lil!W,:I!!l:1itil,i!l ~,
,ll” ‘!ll~”i;:~g :’l.!~.,.~~~, .~<~ ,."
• Salary increases limited to 1% in FY08 and 3% through FY14
• Personnel reductions of $590,000 are incorporated in the FY08 budget
and beyond but not yet announced.
• No additional support or administrative staff added for the entire period of
this illustration .
• Additional faculty positions added in FY10 and beyond to meet
instructional requirements of increased enrollment
• No inflation to expense categories until FY09 and 3% annually beyond that
point. . .
• No capital expenditures budgeted beyond amount targeted for
depreciation .'
• Provides no plan for the repayment of restricted funds utilized to fund prior
year deficits .
/
·'
10,036,453 9,729,346 10,277,817 12,796,339 14,662,389 17,237,656 20,077,140 22,456,339
-4,100,000 -3,989,032 -4,213,905 ·5,246,499 -8,011,579 ·7,067,439 ·8,231,627 -9,207,919
5,936,453 5,740,314 6,063,912 7,549,840 8,650,810 10,170,217 11,845,513 13,250,420
500,000 537,500 577,813 621,148 667,735 717,815 771,651 800,000
1,300,000 . 1,200,000 900,000 800,000 0 0 0 0
1,000,000 1,100,000 1,210,000 1,331,000 1,464,100 1,500,000 1,500,000 1,500,000
1,214,785 1,203,137 1,300,000 1,300,OO~ 1,300,000 1,300,000 1,300,000 1,300,000
254,611 150,000 150,000 150,000 150;000 150,000 150,000 150,000
3,436
105,447 47,500 88,000 86,000 88,000 88,000
10,314,732 9,978,451 10,289,725 11,839,988 12,320,844 17,088,420
2,166,779 1,913,430 2,077,259 2,566,280 2,963,429 4,539,076
1,216,631 1,513,506 920,674 ' 920,674 920,674 920,674
5000000 5000000 0 0 0
'i,(,,:nll''tOO';342~':11;8:i40Sl'a8r iH!;:,f:,..13"281::S58[,i:i4s"3'46'(942:~¢i~i';. ,- Q, 1{ <_l'''..'
18,255,379 18,895,468 19,555,541 20,236,438 21,069,039
-740,000 -740,000 -740,000 -740,000 -740,000
-38,900 -38,900 -38,900 -38,900 -38,900
"3$5,543 40;000 ',;5;668821. -4';249;62~ . ;'2,6,06,913.
-750,000 -1,520,000 -1,450,000 -1,450,000 -1,450,000 -1,450,000 -1,450,000 -1,450,000
-34,786 -27,830 -30,000 -30,000 -30,000 -30,000 -30,000 -30,000
• 1,585,000 1,480,000 1,480,000 1,480,000 1,480,000 1,480,000 1,480,000 1,480,000
800,214 ~67,830 0 0 0 0 0 0
Total First Year Enrollments
~et Cash Basis Budget
Excess Revenue over Expenses
OperatingExpenses
GeneralOperatingExpenses
SUbsidyfromOverhead
Other(IntercampusAgree& UnlvConI)
Depreciation
Total OperatingExpenses
Revenues
Antioch C~llege
Financial Analysis
For the eriod 2006'· 2014
Total Fall Term Enrollment
AnnualBUdgetConversionto CashBasis
Captltalexpenditures
PrincipalPayments
AddbackDepreciation
Total CashItems
Tuition& Fees
Less TuitionDiscounts
NetTuition and Fees
SolicitedOperatingFund Gifts
P & L Grsnt
AnnualFund
'Grants
EndowmentIncome
'Contracts
OtherIncome
Total E&GRevenue
AuxlilaryEnterprises
ReleasedFrom Restric;tlons
DreyFunds Releasedfrom Restriction
Total Revenues .
Antioch University
Projected Cash Flow
Business as usual with gains
May 07 forward
Total Revenues
Total Operating Expenses ,
Excess Revenueover Expenses
Other Cash Expenditures
Capitalexpenditures
PrincipeI Payments
RestrlcladMoneyto be spent
DreyCash
Total Other Cash
NET CHANGEIN CASH
Beginning of month cash
End of month cash
Line of credit
Unrealized Gains on Endowment
Merrill Lynch
Debt funded end of month cash
5131/2007
May 2007 June 2007 July 2007 August 2007 September2007 October 2007 November 2007 December2007 January,2008 February 2008 March 2008
2,070,313 6,330,020 5,443,798 6,267,660 9,304,629 4,414,482 2,785,612 "'863,045 17,059,180 2,870,925 4,504,482
5,575,323 6,686,969 '6,351,685 5,731,382 6,759,063 6,493,868 6,367,828, 5,937,660 6,613,169 5,717,019 6,145,397
(3,505,010) (356,949) (907,886) 536,278 2,545,567 (2,079,386) (3,582,216) (1,074,615) 10,446,011 (2,646,095) (1,840,915)
(75,000) (50,000) (260,000) (260,000) (260,000) (260,000) (260,000) (260,000) (260,000) (260,000) (260,000)
,(11,607) (11,607) (11,607) (11,607) (11,607) (11,607) (171,607) (11,607) (256,607) (231,607) (11,607)
, (600.000), (160,000) (500,000) (500.000)
1,250,000 1,250,000 1,000,000 1,OOOiO O O 1,000,000
563,393 (61,607) (431,607) 478,393 (771,607) 728,393 568,393 728,393 (516,607) (491,607) (271,607)
(2,941,817) (418,558) (1,339,493) 1,014,671 1,773,960 (1,350,993) (3,013,823) (346,222) 9,929,404 (3,337,702) .(1,912,522)
6,628,000 3,666,363 3,267,827 1,928,334 2,943,005 4,716,964 3,365,971 352,146 5,925 9,935,330 6,597,628
3,686,383 3,267,827 1,928,334 2,943,005 4,716,964 3,365,971 352,148 5,925 9,935,330 6,597,628 4,685,106
Assumptions:
1. Schedulebasedon prioryearactuals
2. Tuition,Fees,AuxiliaryIncreased5%,In July,excludingCollegeIncomewhichIs predictedto remainconstant ,
3. GrantIncomeIs 100%offsetbyexpenses.If It Is lessIn FY06,expenseswill declineby an equalamount.In otherwords,grant Income/expenseshaveno effecton the bottomline,
4. SalariesareIncreased2%InJuly , ,
5. BenefitsareIncreased.5%In July to coverIncreaseIn retirementcontribution.All otherIncreasesalreadyIn effectas of January2007
6. Recent.CollegecutsIn Salaryand expensesareshown as separatelinesabove.
7. RemainingexpensesareIncreased2% InJuly tocoverlnnation , '
8. CapitalFreezeexpectedto remainthroughJune(amountsIncludedInApril·Juneto coverprojectsalreadystartedand emergencies)
9. Restrictedmoneyto be spentrepresentslargeamountsof unfundedrestrictedmoneywe knowwill needtobe paidout. (GusklnScholarship;Glensewer project;McGregorbuildingpledges)
10, Dreycashrepresentsthe drewson the$10,000,000releasedendowment. '
11. Beginningof Monthceshfor April2007Is theactualcashwe hadon April 1, 2007.
Antioch University
Projected Cash Flow
Business as usual with gains
May 07 forward
Total Revenues
Total OperaUngExpenses
Exce.. RevenueoverExpenses
OtherCashexpenditures
CapitalExpenditures
PrincipalPayments
RestrictedMoneytobe spent
DreyCssh
Total OtherCash
NETCHANGE INCASH
Beginningof monthcash
End of monthcash
LIneof credit
UnrealizedGainson Endowment
Merrill Lynch
Debtfundedendof monthcash
April 2008 May2008 June2008 July 2008 August2008 September2008 October2008 November2008 December2008 January2009 February2009
4,505,954 2,416,712 6,692,745 5,681,997 6,565,408 9,721,476 4,593,130 2,874,936 5,041,693 17,863,099 2,830,474
6,061,694 ' 5,818,748 7,082,220 6,510,656 5,731,785 6,780,019 6,509,521 6,380,960 5,942,188 6,631,208 6,717,135
(1,555,940) (3,402,036) (389,474) (828,659) 833,623 2,941,457 (1,916,390) (3,506,024) (900,495) 11,231,8111 (2,788,'81)
(260,000). (260,000) (260,000) (226,000) (226,000) (226,000) (226,000) (226,000) (226,000) (226,000) (226,000)
(11,607) (11,607) (11,607) (11,607) (11,607) (11,607) (165,000) (250,000) (220,000)
750,000
478,393 (271,607) (271,607) (237,607) (237,607) (237,607) (226,000) (391,000) (226,000) (476,000) (446,000)
(1,077,547) (3,673,643) (661,081) (1,066,266) 596,016 2,703,850 (2,142,390) (3,897,024) (1,126,495) 10,756,881 (3,232,881)
4,685,106 3,607,559 33,915 72,834 6,567 2,583 1,506,433 64,043 67,019 40,524 7,696,415
3,607,559 (66,0851 (627,166) (993,4331 602,583 2,706,433 (635,957) (3,832,881) (1rQ59,476) 10,796,415 4,463,765
100,000 700,000 1,000,000 (600,000) (1,200,000) 1,100,000 (1,100,000)
700,000
;:.;';:'i;3~Or"559:~;jifu!i::r:!~:I~!;;n:;'33' 1l.15.iiHWi;i!ii;%!i;i',n72'·8.34',i"i';ii!',t;!fiid,:,·S'5117i(lfi,(:A.;tU:i·!
,.
Antioch University
Projected Cash Flow
Business as usual with gains
May 07 forward
Une ofcredit 2;000,000
UnrealizedGaInson Endowment
Merrill Lynch 400 000 400 000 800,000
De"t func~ed end of monthcash :""!';;:(279.6580",m::;:,';<1'·186'275"1"j';WH'~(@}454·131[1:",;2":::;:';1'.'40;7,107;;:::"':::::1,;:;<:(::22;9221""
(226,000)
(863,874)
5,229,274
6093148
December2009
(226,000)
6540695
2,968,727
(3,571,968)
796428
22922
999,506
(226,000)
(750,000)
5 878 537
(817,795)
(226,000) (226,000)
(178,696) (591,795)
7109840 6523899
, 6,930,944
June 2009'
(226,000)
2,506,036
5820898
(3,314,862)
(226,000) (226,000)
4463755 2,796580
2796580 1186275
4,712,906 4,684,602
6 154 080 8 068 907
(1,441,175) (1,384,305)
March2009
BeginnIngof month,cash
End of monthcash
NETCHANGEIN CASH
Exce.. Revenueover Expenses
Other Cashexpenditures
Capltelexpenditures
PrincipalPayments
RestrictadMoneyto bespent
DreyCash .
Total Other Cash
Total Revenues
Total OperatingExpenslI
VI. Antioch College Peer Institutions
. .. .,..,..'
Comparatlve Analysis
@'-!.'1!l'mr.:);;1iIlJ[,~,,, ‘ .. ,’llI1r1..’l1
124,646
,927,698
1,020,973 ‘
1,111,641
‘4,476,503 ‘
‘1,291,545
Total:
SouthernCalifornia
Seattle ‘
PhD, ,
NeW England
,McGregor ‘
XII. Antioch University
RestrictedFunds Cash PositionSummary.,
As of May’ 16, 2007.
-701,345
-2,15~,597
-1,123,677 .
-6,87~ ”
-154,492
~69,628 ‘.
-81,791 .
-484,400 .
.-305456,.
1,000,000
25,000
o
.578,250.
o
o
o
·0
, 3,272,329
t~(;
1,701,345
. 2,177,097
1,123,677 .
585,126
164,492
69,628
81,791
.484,400
3,577,785
.·~.}~(~l·~!~it~:~~’;~’ .
University
College
~cGregor
PhD
So. Calif. Region
Los Angeles
SantaBarbara
.New England
Seattle
XIII.· Antioch University
Line of Credit
Line of Credit
.$2 million
XIV. Endowment Summary Report
As of March.31, 2007
15,657,719 18,325,146 2,667A27
159,644 181,259 21,615
21,641 22,546 905
18,600 20,928 2,328
143,865 134,642 -9~223
16,001,469 18,684,521 2,683,052
4,955,344 7,541,251 2,585,907
219,757 301,185 81,428
74,219 131,524 57,305
2,762,451 3,771,071 1,008,620
773,309 1,191,871 418,562
231,777 343,460 111,683
154,060 220,999 66,939
100 108 8
28,213 31,273 3,060
3,949,910 5,558,782 1,608,872
t1r~~:!-:t1lf.:~·~W~t~J;~~t~!l~~r*-;”11I.I~%1~!}~w~rm~~f, , ‘~;._ ..
” ,
Increased
Market Value
Current
Market Value
Original
Endowed Value
Other Purposes-Restricted
Antioch College
Glen Helen
Antioch Review
New England
Southern California
Seattle
Total Other Purposes:
Alumni Funds-Restricted,
Antioch College
General Purpose-Unrestricted
Antioch College
Book Funds-Restricted
Antioch College
Total Student Aid:
Student Aid Scholarshlps-Restr.
Antioch College
New England
Sourthern California
McGregor
Seattle
Endowment by Institution
Antioch College 23,669,490 30,070,177 6AOO,687
New i;:ngland ‘ 313,704 402,258 88,554
Southern California 21,741 22,654 913
McGregor 18,600 20,928 2,328
Seattle 172,078 165,915 -6,163
Glen Helen 773,309 1,191,871 418,562
Antioch Review 231,777 343,460 111 683
I .:
,;:.”‘,
:’:2~;:sal~W::&:lW..ge; ;:: ·,:Olve~..Co’nlin·g~qc.y::;:: ,.3~iR.~,q,~c~,o~n::ln’: ‘::.: ::,R:r,ovl~~lSiO.g!ei. ;:.: ‘.Curtailment’of l Totai:pot$ntial’Budget.
,, .:R&duqt!9n:or.!~r~eze::, ,’.. ,.J~~~~~II~g,~::~,P.~r.~~~9:.: :p:~p:$19Q::~9Pt~!~.@9P:: ‘:”:::H«~lt~::’C~~e;: i ::::;qa,pi!ahE~pe.nditure” “‘.’ Re.duction,Qptions,
xv. Antioch University
Budget Reduction Options •
. in~j’1~r.I;:i:~ffi;·;)’n~~rr~~~~’1m~;!:!~~~”. ,
NOTE: Thesefigures ar~ estimatesfor illustrationpurposesonly.
XVI. Antioch College
Salable College Assets
WYSO Public Radio Station – no current value of worth
Antioch University McGregor new construction -$14M of bonded indebtedness
Antioch University Seattle – $6.5M of bonded indebtedness
Antioch University New England – $4.1M of bonded indebtedness
Antioch University Los Angeles – value unavailable without appraisal
Antioch University Santa Barbara – value unavailable without appraisal
• Ph.D. in Leadership and Change – value unavailable without appraisal
• HallProperty (adjacent to Glen Helen) – $180K appraisal
• Antioch College adjacent land – no current value of worth
0%
0%1
127,075
o
Unified
XVII. Yellow Springs Unification
Revenue & Cost Comparison
Jlt,·,jri.~J;:.i; :,’laegm;~~,,~Eti~llji,i~(!%K~~ tijjilil~+i~)!:i~Wt~1;~~,~R”,q1~,~1:,;;
~,’i,iJ$QB.:~~~,§’~(t2~,~’~~J,[~~j~~;~~lr~ l’i@;~%)(!;~qi!;~~t~~:iP’,QP~1,.’
XVIII. Antioch College
History of Annual Fund and Other Givin’g
Annual Fund.
RestrictedGifts .
CapitalCampaign
Total
InformationSummarizedfrom “Three Year Comparison”reporlsfrom Developmentfor the June BoardMeetings
*Prioryear developmentrecordsfor both annualfund and captialcampaignincludedvariousplannedgivingitems.
. .
Based on the records,these items can not be removedfrom the above numbers,but it shouldbetakeninto accountwhen reviewingthem.
The currentyear recordsdo not containplannedgivingin their numbers,theyhave been segregatedand will beaccuratelyrecordedwhen received.
Capital Budget Summary Report
2009-2012
XIX. Capital Budget Request Summary
For the Period July 1, 2007-June 30,2012
AntiochCollege 1,520,000 11,730,000 8,665,000 5,705,000 1,705,000 29,325,000
New England’ 575,000 475,000 495,000 495,000 400,000 2,440,000
Seattle’ 582,670 658,400 560,800 583,000 25,383,000 27,767,870
Los Angeles 45,000 70,000 82,000 63,000 58,000 318,000
Santa Barbara 80,000 77,000 87,000 95,000 110,000 . 449,000
McGregor 5,320,939 968,000 1,213,950 1,018,017 1,061,221 9,582,127
PhD inleadership&Change 7,000 7,000 7,000 . 7,000 7,000 35,000, , ..
UniversityCentralAdministration . . 95,894 . 30,000 30,000 30,000 30,000 215,894
Total:
XX. Institutions In Peril
Institutions in Peril
© 2007 Sianlats, Inc. ~ 51
•
•
•
•
•
•
•
•
•
•
•
•
•
Lack of aggressive knowledgeable leadership
Inability to focus mission and vision
Inability to make timely decisions
“Bricks” orientation
Frequent administrative turnover
Weak or inaccurate image
No or unrealistic planning assets:
– Facilities plan
– Technology plan
Strategic plan
– Fundraising plan
Recruiting plan
Overdependency on tuition and
tuition increase
Less tuition revenue
Excessive tuition discounting
Low freshman-to-sophomore retention
Lengthening time to graduate
Low overall graduation rate
•
•
•
•
•
•
•
•
•
•
Inflexible curriculum controlled by faculty
Fewer students in primary market
Fewer full- and fuller-pay students
Abnormally high or low expenditures to
recruit a student
Fundraising difficulties
– History of small or unsuccessful
capital campaigns
.Increased competition for gifts that
were historically theirs
– Small percentage of active donors,
especially alumni and trustees
– Abnormally high cost to raise a dollar
High operating costs compared to cohort
Increased institutional debt
Small or decreasing endowment
or tapping endowment to meet
operating expenses
Deferred maintenance ,/*
No cash . ‘”
