↓ Download PDF ← Back to Library
2006-07 Year End Financial Statements
2007-08 First Quarter Performance
October 25-27, 2007
TABLE 07 CONTENTS
Finance Committee Agenda ……………………………………………..
A
1
Introduction …………………………………………………………………….. 2
2006-07 Year-End Financial Statements
Antioch University Summary ………………………………………..
Antioch College ………………………………………………………….
Glen Helen ……………………………………………………………
Antioch University New England ……………………………………
Antioch University Seattle …………………………………………….
Antioch University Southern California
……………………………….. Antioch University Los Angeles
……………………………. Antioch University Santa Barbara
Antioch University McGregor ………………………………………..
Ph.D. in Leadership & Change ……………………………………..
University Administration ……………………………………………..
…………………………………………………….. Antioch Review
WYSO Radio …………………………………………………………
2007-08 First Quarter Budget Performance
2007-08 First Quarter Performance ……………………………….
Antioch University Summary ………………………………………..
Antioch College ………………………………………………………….
Glen Helen ……………………………………………………………
Antioch University New England ……………………………………
Antioch University Seattle …………………………………………….
Antioch University Los Angeles …………………………………….
Antioch University Santa Barbara ………………………………….
Antioch University McGregor ………………………………………..
Ph.D. in Leadership & Change ……………………………………..
University Administration ……………………………………………..
Antioch Review ………………………………………………………
WYSO Radio …………………………………………………………
Finance Committee Agenda
Friday, October 26,2007
1 1 :00 – 2:30 Closed
Yellow Springs
1. Financial Audit Review (Hauser & Taylor)
2. FY 07 Year End Operations Review
3. FY 08 First Quarter Performance Review
4. Debt Covenant Update
5. End of Year Reserves
6. Presentation of Antioch College FY08 Budget
7. Other
Tamara Fitzpatrick
Campus Presidents
Campus Presidents
Tom Faecke
Tom Faecke
Andrzej Bloch
I. INTRODUCTION
This report contains financial information concerning the performance of the
University, its campuses and associated units during fiscal year 2006-2007. Actual
enrollments at the campuses and the resulting tuition revenue for last academic year
are reported for your review. The report also addresses the fiscal year 2007-2008
enrollments and problems or concerns, if they are projected, for FY08 in enrollments
andlor the approved budget. At the time of printing this report the FY07 audit has
not been finalized but the numbers and enrollments stated are accurate to the best
of our knowledge and are not anticipated to have any significant adjustments. The
audited financial statements, completed by Hausser & Taylor LLC from Columbus,
Ohio will be available for your review at the next board meeting or a copy can be
provided at your request.
The information contained in this report is presented using the Financial Accounting
Standards Board (FASB) 11 7 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.
11. FORMAT AND CONTENT
The 2006-07 Year-End Financial Review section contains summary schedules for
the entire University and similar schedules for each campus, the University
Administration, Glen Helen, WYSO Radio, the Antioch Review and Ph.D. in
Leadership and Change. Campus enrollments and resulting tuition is charted for
each campus for the 2006-2007 academic year. Each campus and operating unit
has prepared narrative descriptions of the significant events that caused the unit to
deviate from its budget. The narratives also provide an opportunity for the President
or unit manager to describe the problems he or she has dealt with during 2006-2007
Gscal year.
The 2007-2008 Financial Projection section contains the 2007-2008 budget
financial information as approved by the board. The narratives provide another
opportunity for the President or unit manager to discuss problems or concerns with
the FY08 budget and planned actions to alleviate these problems. The Antioch
College budget was not approved at the June meeting. The information submitted for
the FY08 Antioch College budget is presented for your approval. Future board
III. THE REVENUEIEXPENSE SCHEDULE
In the Revenues section 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 of
ail functions other than those that are classified as Auxiliary Enterprises. The E&G
subtotals are provided to simplify comparison of the revenues 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,
space rental, parking and similar “businesses”.
An additional Revenues item that appears below the Total E&G Revenue 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 until they
could be spent to further the specific purpose. Most of this money represents gifts or
bequests that have been provided for such things as scholarships or specific
program initiatives. Much of the funding of this type is expended in the 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 example,
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 nor the
Board of Trustees can impose restrictions on unrestricted funds; only donors can
create restricted funds. As you have been made aware of, some of the cash from
the restricted accounts were utilized to fund cash shortages in prior years
experienced by the College.
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 gr released from restrictions. Pledges are
commitments that will be realized at a future date and are not expendable untii 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.
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. 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.
2006-07 Year-End Review
Total revenue exceeded the budget by $3,510,512 or by 4.25% for the fisca! year. This
increase is a result of large endowment gains that remain invested but do not represent
cash to offset operating expenses. Total endowment income both realized and
unrealized amounted to $3,463,907 of total revenue. Tuition and fee income was $1.4
under budget but were 97.4% of projections. Other revenue categories were dose to
projections but were budgeted in the incorrect categories in the approved budget.
Expenditures exceeded budget by $71 5,710 but included the accrued liability for
asbestos abatement of $1.9 million. This accrual is required by generally accepted
accounting standards for the audit and is the amount estimated to remove the asbestos
from University wide buildings and other areas needing abatement. Salary and Wage
benefits were over budget as a result of a 30% increase in medical premiums
implemented in January, 2007.
The University-wide capita! expenditure freeze implemented at the last board meeting
held in Yellow Springs netted $898,225 in total cash items. This freeze, which is still in
affect, has helped the University cash position but is causing problems at campuses
unable to replace equipment needed to deliver academic programs. We are continuing
to monitor the University cash position and hopefully will be able to release the freeze
after spring enrollment numbers are finalized.
Thomas A. Faecke
Vice Chancellor and
Chief Financial Officer
Revenues
Tuition & Fees
Less Tuition Discounts
Net Tuition and Fees
Gifts
Grants
Endowment Income
Endowment Realized Gains
Endowment Unrealized Gains
Contracts
Other Income
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Overhead for Central Operations/Subsi
Total Revenues
Operating Expenses
Salaries &Wages
Benefits
Training
& Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
–
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Contingency, Discretionary
Overhead
To the University
Other (Intercampus Agree & Univ Con
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Net
Annual Budget Conversion to Cash Basis I
Cash Basis Budget
-&279,779? -337.70% Capital Expenditures -2,446,364.
Borrowing Proceeds 11,100,000
Pnncipa! Payvents 1 -1 1,845,304
-4,620,178′
-761,756
3,189,922′
9.096+l$Cl
-289,285
-83,509 Add back Depreciation
-l-~.~gi,5~Pl -2,451,816
0
15 -804,286 -515,000
3,335,9561 3,399,565
-56 17%
-1 87% 3,162,129
Total Cash Items
I I I t I 1 I
-2,192,012’f -29,539 898,225) 432,749) 465,476 10756%
2006-07 Year-End Review
Summary
Antioch College revenue for FY07 was under budget by approximately $340,000
and the expenses exceeded budget by approximately $379.000 resulting in an
operating deficit exceeding $720,000. The budget freeze on capital expenditures
reduced the operating deficit by approximately $51 0,000 on a cash basis resulting in
a net deficit on a cash basis of $21 1 ,I 51.
Revenue
Tuition and fee income for the year was very dose to budget after nettincj the
unused tuition discounts. Unrestricted Capital Campaign and Annual fund gifts were
budgeted at $5.3 million; actual year-end unrestricted gift income was $1.2 million.
Unrestricted promised gifts are recorded as released from restrictions when
received. During FY07 $7.4 million was released from temporarily restricted to
unrestricted. Of that, $6.6 million was from promised gifts including $5 million from
Drey and $1.3 million from Pierson Lovelace Foundation. The College budgeted
$4.8 million in release from restricted revenue. The additional income in this
category helped offset the shortfall in gift income. Other positive income categories
were “Other Income” and “Unrestricted Endowment Income”. The positive
performance in these income categories were the direct result of the good return on
investments in FY07. The College was not able to fully cover the shortfall in gift
income with the performance in other categories, resulting in a total revenue short
fall of approximately $340,000.
Expenses
The College had a very good year holding down expenses and only exceeded the
budgeted amount by $378,000. Mid-year adjustments were implemented to offset
the dire financial condition of the College. A number of personnel were laid off and
operating expenditures were reduced. An unbudgeted liability for accrued asbestos
removal pushed the plant maintenance budget to a deficit position of almost
$1,400,000. This unbudgeted accrual for asbestos is required by the audit. Without
this accrual of almost $1,600,000 the year would have ended in a surplus position.
End of the year reflected an excess of expenses over revenue of $720,490 but
because of the reduced level of capita! expenditures the College ended the year on
a net cash basis of negative $21 1 ,I 51.
Revenues – I uition & Fees
Less Tuition Discounts
Net Tuition and Fees
Gifts
Grants
Endowment Income
Contracts
Other Income
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Subsidy
Total 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 Contingencv
Other (Intercampus Agree
& Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Principal Payments
Add back Depreciation
Total Cash
Items
Antioch College !
2006-07 Year End Review
Net Cash Basis Budget
Antioch University -Antioch College
Final Enrollment Report
2006 -2007 Academic Year
Actual enrollments are as of census dates
Summer 06 tuition is charged at 113 the annual rate with 60% recorded in FY06-includes both coop and study
Summer 07 tuition is charged at 113 the annual rate with 50% recorded in FY07-includes coop
AEA non-degree tuition is included with “Tuition Revenue”
Annual Degree seeking FTE = 308
Fees
Total 21 2 $26,492
7 9
409 $6,016,6:%1 —-I 0
14
299
—
71
– –
$1,033,956
GLEN HELEN ECOLOGY iNSTiTUTE
2006-07 Year-End Review
Revenue:
The 2006-07 budget was prepared on the conservative side with the best
information available in April 06. Gifts exceeded budget by $6,397 and endowment
income exceeded by $5,171.
The Outdoor Education Center (OEC;) suffered a combination of weather-related
cancellations and lower than expected class size enrollments. Although
cancellations were subsequently rescheduled, the overall smaller groups resulted in
$1 0,457 less in tuition and $1 1,959 less in the room and board component of
auxiliary enterprises. OEC weekend rentals were $5,792 less than budget, also
negatively impacting the auxiliary enterprises line.
Grants exceeded budget by $42,624 due to three grants that were not yet approved
at budget preparation time; $35,598 of the $1 60,000 private foundation grant used
for the engineering study for the EPA water works project, a $4,000 grant for Raptor
Center, and $2,059 in start up funds for 07-08 Summer Honors Institute.
Overall revenue exceeded the projected FY08 income by $25,831.
Expenses:
Benefits were $1 6,521 less than budget due to health plan choices of new staff and
the change from one part-time administrative position to two hourly part time
positions. Training and Development exceeded budget by $3,123 due to $1,950 in
Raptcr program development covered by a private grant, and increased recruitment,
professional development and travel costs for OEC staff. Supplies exceeded
budget by $4,945 mostly due to increased food costs, maintenance supplies and
duplicating costs.
Plant Maintenance exceeded budget by $1 8,805. Within this line, OEC exceeded
the general category by $8,090 spread among repairs, maintenance and vehicle
operation. Plus, there were $2,730 unanticipated repairs needed for the South Glen
Gatehouse. Due to a necessary repair, the Raptor Center spent $839 more on
vehicle operation, which was partly covered by a grant. Actual utilities for the Glen
Building were $5,829 (exceeded by $2,929) and were covered by a Y. S.
Community Foundation disbursement in the fall of 2006. Those funds also covered
another unbudgeted $937 spent on maintaining the Glen Buiiding. Property taxes
exceeded the previous years actual by $3,415, which is a charge the College makes
to Glen Helen. Overall, expenses were below budget by $39,418 but capital
expenditures exceeded budget, ending the year on a positive cash basis by only
$1 19.
Nick Boutis
Executive Director
Glen UOSOT’.
20G6-G7 Year End Review
Revenues
Tuition & Fees
Net Tuition and Fees
Gifts
Grants
Endowment Income
Contracts
Other Income
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Special Events
Supplies
Business Operations
Plant Maintenance
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
-25,451
22,551
-2,900
-1,001
-63,812
24,071
-39,741
-9,852
-68,3W
27.851
-40,499
-38.134
-1,165
-39,299
-30,216
29,016
-1,200
-1 26.20%
-4 02%
-3274.92%
i
1491 0
I -mi
ANT10CH UNIVERSITY NEW ENGLAND
2006-07 Year-End Review
Revenue and Expense Performance to Budqet 2006-2007
Revenue: Approved Operating Budget – Fund One and Two $14,249,592
Actual Fund One and Two 14,528,715
Variance $ 279,123
Fiscal Year 2005-07 was another good year for Antioch New England. Our actua!
revenue was up $279,123 over budget. ANE finished the FY ahead of revenue
projections. Fund one was up as a result of meeting annual new student enrollment
goais. New student enrollment was a plus two for the summer, a plus seventeen
for the fall and a negative fifteen for the spring. The net four additional new
students above budget account for about a quarter of our positive variance.
We were also ahead of budget, about three quarters of the total variance, because
we were awarded more fund two (designated) grants and contracts then budgeted.
Last year when we built our designated budget, we included only those grants and
contracts we knew were firm. It was our good fortune to be awarded additional
grants and contracts during the year. Attrition for the year was on target to budget.
The actual attrition was 8.4% and we had projected 8.5%.
Expense: Approved Operating Budget – Fund One and Two $14,247,092
Actuai Fund One and Two 14,109,276
Variance $ 137,816
The expense budget categories generally reflect a positive variance (less expense
to budget) due in part to the directive from the Chancellor NOT to expend
discretionary dollars. By not spending budgeted but not critical dollars we were
able to assist the larger system’s short term cash position.
Salaries and wages – under budget by $85,000. Our fund one balance was under
budget due to delayed hiring and not fiiiing vacant budgeted positions. Fund two
salaries were up due to the additional grants and contracts awarded during the year.
The net variance is $85,000 under budget.
Benefits – over budget by $14,603. This total would have been higher due to the
mid-year health benefit increase but it was modified as a result of not filing vacant
positions.
One of our major goats !ast year was to allocate “nore do!!srs to peo~le and fsv~sr
dollars to non personnel related items. At year end 2006 our total salaries
accounted for 47% of budget and business operations were 10% of buagei:. For
year ending 2007, salaries, as a percentage of budget were up 2% and business
operations were down 2%. We successfully reallocated dollars for stuff to dollars
for people.
The breakdown of the sources of income and areas of expense remained roughiy
unchanged from the prior year. This indicates strong financial stability, a year in
which the priorities of Antioch’s mission did not substantively change, but the
institution’s activities in pursuit of that mission expanded appreciably
David Caruso
President
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 Restrictions
Total Revenues
Operating Expenses
Salaries &Wages
Benefits
Training
& Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Miscellaneous
Contingency/Reserves
Campus Contingency
Overhead
To the University
Other (lntercampus Agree
& Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Antioch University New England
2006-07 Year End Review
Annual Budget Conversion to Cash
Capital Expenditures
Borrowing Proceeds
Principal Payments
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
Bas
Antioch University – New Enqland
Final Enrollment Report
2006 – 2007 Academic Year
——
Other ( S ecial Students)
FT-Ñà 22 22 2 1 65 $1,376 —– –
Special Notes: FTE enrollment figures are based on tuition-paying students and average semester tuition rates. Enrollment numbers do not include
students registered for Dissertation. Doctoral Internship or Master Project Continuation. These students are charged fees, rather than tuition.
Student Fees –
Total Tuition & Fees
Less Tuition Discounts
——
$86f3,947
$12,15′,844
—-
– -$I 70,639
Revenue for,
ANTIOCH UNIVERSITY SEATTLE
2006-Q7 Year-End Review
S in 2006-07 was 3.7% below budget. A significant portion c ~f the
shortage was in the grant area and was due to slower spending in some areas,
particularly in the awarding of site grants, than originally expected, so the revenue
draw-downs from the grants were also low. Without the grant activity, our revenue
was actually only under 1 % below budget. Since some of the enrollment shortage
did not happen until late in the year, due to low Spring Quarter enrollments, it made
it very challenging to balance the budget at the end of the year. Fairly extreme year-
end measures were taken to stop or defer spending. These were in addition to the
University-wide budget freeze on capital and contracts.
Spending in the instructional areas was 4% over the budget, mostly in salaries. This
was high due to the decision to bring some positions from part time back to full time
during the year. Cuts made during the previous year to balance the proposed
budget turned out to be too deep, and so some adjustments had to be made during
the year. This added to the challenge of balancing the budget. Interest expense
was high due to increases in variable rates, increasing our payments above what we
had estimated over the course of the year. Capital funds were under-spent by over
$190,000 due to the University-wide freeze. This has caused a backlog of computer
replacement needs and performance of system upgrades.
Cassandra Manuelito-Kerkvliet
President
Antioch University Seattie
2006-07 Year End Review
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 Restrictions
Total Revenues
Ooeratina Exoenses
-.
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
Capital Reserve
Overhead
To the University
Other (Intercampus Agree
& Univ
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Conf)
Annual Budaet Conversion to Cash Basis –
Capital Expenditures
Borrowing Proceeds
Principal Payments
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
Antioch University – Seattle
Final Enrollment Report
2006 -2007 Academic Year
Academic
Program —– —–
——–
I
BA Completion
– – – BATP
I–
I I I I I
Total 550 1 701 1 640 1 675 1 2,5661 – !?3,180 1 $10,183,612 ——–
Actual Summer
MA Ed
TPMA .——
E—-
Footnote (a): FTE In this report are calculated on a Full Tuition Equivalent basis
TUITION FROM OTHER SOURCES:
Continuing Education, Non-Matric. Tuition
I—-
73
39
FEE REVENUE:
FTE Enroll. (a)
Actual Fall
55
125
s , .- TOTAL TUITIONAND FEES: ‘ $1 0,900,822
101
37
FTE Enroll.(a)
Actual Winter
34
116
89
2 1
FTE Enroll.(a)
Actual Spring
3 1
108
94
19
FTE Enroll. (a)
Total
52
106
356
116
FTE Enroll.
Tuition
173
455
Tuition
$41 5
$390
Rate —
$1,772,880
$543,816
$420
$420
Revenue
$582,288
$1,529,808
n,-.– 3pite an unusually tumultuous year fiscally, with multiple internal (deficit, change
of administration, layoffs, etc.) and external (BPPVE, Antioch Cokge) chaiienges,
AULA finished the FY nearly $400,000 in the black as a campus, thereby enabling a
better than anticipated close of FY for the Southern California region overall. This
was accomplished by meeting and or slightly exceeding overall enrollment projec-
tions and very careful monitoring of expenses by all cost center managers.
The capital expenditure freeze university-wide allowed us to increase our cash
position of $156,976 for a net cash basis increase of $561,584. This increase will
enable AULA to restore much of the reserves depleted from the FY07 budget deficit.
Neil King
President
ANTIOCH UNIVERSITY SANTA BARBARA
2006-07 Year-End Review
This was the final year in which Antioch University Santa Barbara operated as part
of a regional entity (Antioch University Southern California) along with the Los
Angeles campus. Enrollment at the AUSB camuus was down 11 % throughout the
year, and painful but necessary budget cuts were implemented. The final total
unrestricted revenue for AUSB was $5,023,507. The final total of operating costs
for AUSB including the Southern California regional costs was $5,209,879. AUSB
ended the year with an operating deficit of $1 86,372 which was partially offset by the
capital expenditure freeze. Final net cash basis for the end of the fiscal year was a
negative $148,937. We are continuing to look at new revenue streams thatwill
eliminate the deficit in FY08.
Michael Mulnix
President
Antioch University Southern California
2006-07 Year End Review
Revenues
Tuition & Fees
Less Tuition Discounts
Net Tuition and Fees
Gifts
Grants
Endowment Income
Other Income
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Region Income
Total Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
Contingency/Rese~es
Campus Contingency, Mandatory
Campus Contingency, Discretionary
Overhead
To the University
Other (Intercampus Agree
& Univ Conf)
Depreciation
Region Expenses (77123)
Total Operating Expenses
Excess Revenueover Expenses
Annual Eiudget Conversion to Cash Basis
Capital Expenditures
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
‘ .’ -31,492
*- ‘188,468
156,976
, !i-4
* x
‘ -52,100
294,662
242,562
278,468
“‘ ‘? -Â¥-‘ :. 0
” ‘
309,080
309,080
309,083
-197,394
283,037
85,643
-780,318
-43,305
237,716
194,411
412,647
-11,813
49,248
37,435
-148,937
, “,;’ -43′,305
” -71,364
-1 14,669
103,564
-23.09%
-37.1 0%
33.51 %
Antioch University Los An
Final Enrollment Report
06 -2007 Academic Year
Antioch University – Santa Barbara
Final Enrollment Report
2006 -2007 Academic Year
Total 168 260 273 234 935 46,295
Academic
Program
Actual Summer
FTE Enroll.
Actual Fall
FTE Enroll.
Actual Winter
FTE Enroll.
Actual Spring
FTE Enroll.
Total
FTE Enroll.
Tuition
Rate
Tuition
Revenue
ANTIOCH UNIVERSITY McGREGOR
2006-07 Year-End Review
This has been a challenging, yet exciting year for Antioch University McGregor, as
all parties work toward meeting revenue, containing expenses and merging into the
budget the complexities of the Campus West financing bond and related financial
factors. The a.nnua! operating budget projected $7,622,087 in total revenue and
$7,606,098 in expenses, netting $1 5,989 in excess revenue over expenses.
Throughout the year, the deviations in budget came from two key areas – any
fluctuations in tuition revenue and the expenses and interest earned on Campus
West bond proceedings. Therefore, this narrative is an attempt to detangle any such
issues and present a clear report of tuition revenue, Campus West interest revenue
and the net result – as well as related expenses.
The actual total revenue generated by McGregor in 2006107 was 8,205,562 and
$7,919,181 in expenses resulting in $286,381 excess revenue over expenses. The
reason for this excess revenue is the infusion of funds from the Campus West bond
proceedings which is not a common yearly occurrence. Overall, the net cash basis
was $1 36,676 short, as a result of the $246,365 tuition and fee revenue shortfall,
which was offset by expenditure reductions of $109,689. Due to the complexities of
the bond-related issues, it had appeared the bottom line would be easily balanced,
and therefore some other restricted funds (grants) were held back for future use.
Unfortunately the final numbers showed this slight shortfall instead, but McGregor
did have appropriate savings to cover it. In the following overview, we will provide
highlights of the financial activity over the course of the fiscal year that resulted in
McGregor’s financial position
REVENUE
TUITION & FEES
In FY 2006107, McGregor generated $8,205,562 in total revenue. Tuition and fees
account for approximately 97% of McGregor’s revenue and in FY 2006107,
McGiegor’s actual tuition and fee revenue was $7,152,696, 3.3% below the
$7,393,909 established tuition and fee revenue objective. In 2006107, McGregor
actual total full-time equivalent enrollment was 2,319 which is 11 0 less than the
budgeted goal of 2,429.
ENROLLrviEhn
School of Liberal Studies
In FY 2006/07, overall enrollment for the School of Liberal Studies was 24 FTE
below ~rojection. While Underaraduate Studies exceeded their enro!!ment objective
L.. ~n r-rr-
~j IU I- I c enroiiments: the M.A. in individuaiized Liberal and Professional Studies
fiiPSj and the iVLA. in Confiici Kesoiution Drograms ex~erienced iess-tnan-
projected FTE enrollments of 25 and 9, respectively. The enrollment fluctuations in
!ips ~zC? cR appear tc be tsz;CXZF”, pe~di:~ F7SCJF2E ~SPCS?~CE~~~G. E~p3Edzi
marketing efforts have been implemented to increase enrollment prospects.
School of Management
The School of Management was 3 FTE enrollments below projection. The Graduate
Management Program (GMP) exceeded their objective by 21 FTE enrollments and
the M.A. in Community College Management enrolled 24 less than their enrollment
objective of 89 FTE. The GMP enrollment increase is attributed to the successful
implementation of the GMP Flex academic module and the CCM program
enrollment shortfall is the result of a market that has not emerged. We made a
decision not to accept a new cohort in 2007108. The approach McGregor takes on
these issues is to realistically adjust offerings based on revenue over a three-year
period. If it’s not there, we stop offering a program and losing any income.
School of Education
The School of Education (SOE) generated the equivalent of 1,319 FTE enrollments
in tuition revenue, six above the SOâ objective of 1,313. The School of Education’s
ability to exceed their revenue objective is worth recognizing, given the policy
challenges posed by the Ohio Department of Education that impacted Leadership
(M.€d and Middle Childhood Education (MCE) Programs. The Academy for the
Teaching Profession, a subsidiary of the School of Education that provides
continuing education and consulting expertise to P-12 educational affiliates,
contributed $324,000 to SOâ tuition and fee revenue, offsetting the impact of the
Ohio Department of Education policy on affected education programs.
Other Revenue
Other revenue sources earned during the fiscal year include $40,745 in grants and
$1 66,514 which was released from restriction. Released from restriction income
primarily came from the capita! campaign for the campus west project. in addition,
$557,034 was generated in other income, most of which was interest earned on the
Campus West bond proceeds.
EXPENSES
n FY 2005i07, expenses for McGregor were $7,919,181 , which was $31 3,083 over
the approved budget. Approximately $300,000 of the over expenditure is related to
the Campus West project.
Overall, the operating expenses were in line with the original 2006107 budget,
however cost-containment measures were implemented during the course of the
fiscal year, resulting in approximately $1 00,000 in expense savings. Aside from the
restricted costs associated with the Campus West construction project, the only
significant unanticipated cost increase was in depreciation which was $65,025
greater than originally budgeted.
CAPITAL
In FY 2006107, McGregor capital expenditures totaled $9,170,216. The primary
capital expense for McGregor was the Campus West construction project which was
offset with $8,544,634 in bond proceeds. Consistent with the bond issuance
agreement, McGregor’s principal payments are not scheduled to begin until
February 1, 201 0.
Barbara Gellman-Danley
President
Revenues
Tuition & Fees
Less Tuition Discounts
Net Tuition and Fees
Gifts
Grants
Other Income
Total
E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Miscellaneous
Contingency/Reserves
Campus Contingency
Overhead
To the University
Other (Intercampus Agree
& Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Add back Depreciation
Total Cash Items
Annual Budget Conversion to Cash Basis
Net Cash Basis Budget
Capital Expenditures
Borrowing Proceeds
-185,637
0
-673 450 , –
0
…………………………… …
~.a:{;q;,~~^’ei .:::::::::+.::::::. :.:.~,:.:,:.:.~: … …………………….. ., ……… ,, :. :,. 0 ;;;^l9,;%0$>:6 …………… 😕<;:?:;::*e;:544,'634 .......... ...... ..... ......... y-^ .:: ff,S^'Ss'^
......... .......... +. + ....... ........ ....... ... .......... ........... <.. .>
Antioch University – McGregor
ins11 Enrollment Report
2006-2007 Academic Year
1 —- Other 1 1 1 1 1 $6,747
Total —— 167 1 2371 247 1 2181 869 1 $2,(i82,517 —
—-
School of Liberal Studies ——-
B.A. Co~npletion
—- M.A. Individualized
M.A. ~onflictesolution –
55
7 5
3 7
.——
School of Management —-
— M.A. Management
M.A. Management Corn Col
— Total , , #
FTE Definitions FTE – Full-time Equivalent Enrollment
B.A. Completion – 12 Student Credit Hours = 1 FTE
M.A. Individualized (ILPS) – $2,760 = 1 FTE
All other graduate programs – 8 Student Credit Hours = 1 FTE
Non-credit tuition revenue includes the Academy for the Teaching Profession, MIIND and other continuing
education course offerings.
Student Fees —-
Grand Total —
118
8 5
34
0
17
, 17
253
131
7 5
4 1
52
2 0
~Ã .-%,–72
695
125
69
24
54
18
* 3 -72
– 721
429
304
136
47
10
Â¥>: Â¥ -” f- 57
. , $&
61 9
–
$269
$2,760
$41 5
153
6 5 ‘ ?:- — 218-
$1,386,122
$839,499
$450,149
2,288
$37 1
$343
‘ ‘T
$21 9,401
$7,152,696
$453,855
$178,662
–< w *%.
, $632,517
?h.D. in Leadership & Change
2006-07 Year-End Review
Tola! revenues for the Ph.D. program were over budget by $204,369 or 12.42%.
Enrollment and retention in 2006-07 were much better than anticipated. Expenditures
for the fiscal year exceeded budget by $76,393 or 4.64% but this was primarily to fund
the extra enrollment and fund the increases in health premiums. The program
continues to be self-sustaining and ended the year with revenues over expenditures of
$127,976. After capital expenditures the program ended the year on a net cash basis
of a positive $1 19,363.
Laurien Alexandre
Director
PhD in Leadership and Change
2006-07 Year End Review
Revenues
Tuition & Fees
Less Tuition Discounts
Net Tuition and Fees
Gifts
Grants
Other Income
Total
E&G Revenue
Released From Restrictions
Total Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Miscellaneous
ContingencyIReserves
Campus Contingency
Overhead
To the University
Other (Intercampus Agree
& Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Annual Budaet Conversion to Cash Basis -
Capital Expenditures
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
-1 2,507
5,365
-7,142
30,316
-1 1 544
8 542 I
998 ,
79 9 952
=:;^S;:~BQ ; t:: :., .: .:,: : : .... ................................. ... .... .. . ....................
S:?;<$;=$$~B .................. c.
..................... ........... !:Â¥:.>::::Y;:^:::>i5:>46 ………………….. ..:::……….. …. …….. ..:.:.:.:.:.:.:.:.: t.:., ……………………………..
8 , 542 ………………. ~:,;:;~~;~;-;”:~$;;;~:~~&$ ……………. -36.81% ………. ………………… …….:…. ……………….. ;.::::: : ……………………………. ….- :.:.. . ….:..: .. 74 8 542 …….. ………………. , ………………….. ………………. ………………. ………………………… ………………. ……………….. ………….
;j~!!:::~~:f,$jjj~:~j:27,9&] …………… 8 , 6 7 8
ti …… 613:1 . -1 00.83% ….. ………..
9
……………… ……….. ………………………………. …………….. ……………. ………….
::<::: :.:::.:::. :;...:.:.: :>:!.: ::,.:~sw{ 1385.04%
Antioch University – PhD in Leadership and Change
Final Enrollment Report
2006 -2007 Academic Year
Actual Summer Actual Fall ctual Winte Actual Spring Total Tuition Tuitioii
Headcount Headcount Headcount Headcount Headcount Rate Revenue ,
Tuition Discounts
I I 1 1
1 Net Tuition & Fees . 1141 1121 1101 801 445i $6,9751$1,8%6!MJ —-
FTE Definition: Due to the fact that students in the Ph.D. program only have full time status, the numbers in this report ate
expressed in headcount instead of FTE’s.
Pre-Candidacy tuition rate is shown at a pro-rated quarterly amount in order to show the movement of headcount between
pre-candidacy and candidacy throughout the year. $4,650 * 4 quarters is $18,600 annual tuition. Students are billed on an
annual basis for the first three years and quarterly thereafter.
ANTIQCH UNIVERSITY ADMINISTRATION
2006-07 Year-End Review
Antioch University central administration ended the year with total revenues of
$5,455,449 which is $1,157,373 over the budget. The majority of this increase revenue
is as a result of grants received during the fiscal year that were unanticipated at the
time the budget was developed and approved. Some of the income is from a P & L
funding for the Central Information Technology project which was approved and
partially funded during the year.
Operating expenses exceeded the budgeted amount of $5,309,076 by $1,733,337. A
number of things contributed to this over expenditure. The actuarial calculation was
updated regarding the post-retirement benefit obligation resulting in an accrued liability
of $867,500. Also the asbestos abatement amount attributed to Kettering Building and
Sontag Fels Building of $347,000 increased expenses due to this required accrual.
Legal fees exceeded budget with the addition of outside counsel regarding financial
issues with the University and regular legal fees have exceeded budget due to
unanticipated legal issues. Also, expenses incurred from the grants received prior to the
budget submission added to the increased expenditures over budget. If the actuary
and asbestos accruals, which are non-cash items, were taken out of the expenditures
the Central Administration would have ended the year in the positive.
Thomas A. Faecke
Vice Chancellor and
Chief Financial Officer
Rsvsnues
Gifts
Grants
Other Income
Total ESsG RGJ~~U~
Auxiliary Enterprises
Released From Restrictions
Overhead for Central Operations
2?2! Do^~oini^os
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Miscellaneous
ContingencyIReserves
Campus Contingency
Capital Reserve
Overhead
Subsidy to College
Other (Intercampus Agree
& Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion
Capital Expenditures
Principal Payments
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
CasI i Basis
-30,894 -38.294 -229,454 -1 23.95%
-124,111
175,100
-1 78,465
-30,139
-1 24,106 Q
155,000 -6,863
0 -45,137
-69, i 88
0 00%
-4 43%
520,727
-126,578
145,111
-1 1,606
4 !
-336,050 1 -52%17? 4 01 -@2?,77?1 J
-124,106
148,137
-43,157
ANTIOCH REVIEW
2006-07 Year-End Review
The Antioch Review ended FY07 with total revenues of $1 12,412 which was below the
budgeted revenue number of $1 50,000. Operating expenses at year end were
$1 55,563 which represented expenditures over budget $4,730. The year end deficit for
the Antioch Review was $43,151.
The University will be exploring ways to reduce the operating deficits of the Antioch
Review during this fiscal year. A report on the operations will be prepared for the
Chancellor by the Vice Chancellor for Academic ~ffairs within the next six months
outiii-iing various options.
Robert Fog arty
Editor
Revenues
Gifts ,
Grants
Endowment Income
Other Income
Totai E2G Revenue
Auxiliary Enterprises
Totai Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Supplies
Business Operations
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Annual Sudgst Conversion to Cash Basis
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
……………….. – , 082 ::+:;::.:?.::::.~:.::::.:..: :,.: :.:>:..:::. …………………………… …………………………… 1,443 , ……………………. ……………. 0; …………………………… 0 <;:z;!z;;^^^;::qg:
w
.......... ......... 1 082 :::::.:.:::::<::.<.:::::::::::;::::.::. ... :. 5: ::- : .......................... ................ 1,443 I ................................................ .., ::.::.:.: :.. ::.>,.> ” 1::’s
………………………… ………………….. ………………………. ……………………………….. …..
-1 4,7C – , , –t
WYSO PUBLIC RADIO
2006-07 Year-End Review
In anticipation of the reduction of direct support from Antioch University in 2008-09,
WYSO’s 2006-07 financials reflect preparation for that event. The most significant area
involves retiring underwriting debt from previous years, some as far ss three years
back. This resulted in a pronounced lowering affect on our final underwriting levels for
FY 06-07. Due in part to this, our deficit for the fiscal year increased to $235,160.
However, because overall underwriting gains occurred later in the fiscal year, there is a
large amount ($145,000) of deferred underwriting revenue moving into 2007-08. This
represents an increase of approximately $50,000 (60%) over the previous fiscal year
and is not reflected in the 2006-07 numbers. This will result in significantly increased
underwriting sales for FY 07-08. Overall gifts grew slightly this year, WYSO actually
made larger gains in gifts and that again should be further reflected in deferred gifts for
next fiscal year. Actual revenues exceeded budget by $1 02,731.
WYSO incurred a lightning hit in the fiscal year but insurance only covered a portion of
the loss thus increasing expenses. Increased engineering expenses to complete
deferred maintenance also appear in 2006-07. Administrative Salary expenses
continue to be reduced, although benefits expenses rose as a direct result of the
medical premium increases of 30% in January, 2007. This will be the last fiscal year
that WYSO will incur payments on past loans. Overall this budget represents the
adjustments and recognition of current and past expenses necessary to prepare for
future reduced University funding. In order to reach that goal sooner, WYSO is actively
seeking Grant Funds and Corporate Support from multiple sources along with cost
cutting measures to make the multi-year transition to financial self sufficiency. Overall
expenses increased by $1 79,672.
The final budget reflected direct support by the University of $235,160. The plan is to
work toward self sufficiency by the end of the 2008-2009 fiscal year. WYSO is
exploring many options to reach this goal including potential collaborative efforts with
other public broadcasting entities in the Dayton area. A report will be presented to the
board later in the fiscal year.
Revenues
Gifts
Grants
Other Income
Total E&G Revenue
Released From Restrictions
Total Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Miscellaneous
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversic
Capital Expenditures
Principal Payments
Grant
for Digital Upgrade
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
n to Cash Basi
Through the first quarter of the 2007-08 fiscal year Antioch University has revenues
of $27,494,605 and posted expenditures of $1 9,463,750 reflecting excess of revenue
over expenditures of $8,030,855. This excess of revenue can be misleading. The
majority of tuition revenues are deposited during the first quarter for the fall term.
Revenues are front loaded but expenditures are spread on a more even basis.
We will continue to monitor revenue and expense lines of the campuses on a daily
basis and make mid-year corrections when necessary.
Thomas A. Faecke
Vice Chancellor and
Chief Financia! Officer
Antioch Umversity
2007-08 First Quarter Performance
Revenues
Tiitinn /?. Feoe
Less ?'”””*” lue'”22″””e’
Net Tuition and Fees
Gifts
Grants
Endowment Income
Endowment Realized Gains
Endowment Unrealized Loss
Contracis
Other Income
Total
E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Overhead for Central Operation
Total 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 Contingency, Discretionary
Liquidity
Overhead
To
the University
Other (Intercampus Agree & Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures -2+54&,2811 -2,295,006
Borrowing Proceeds dLR2Ct, 839
Principal Payments I -764,281
Add back Depreciation 3,352,657
Total Cash Items 486,319
-6*953,228 -254,275
Net Cash Basis Budget -3,438.145 [ 2.41 0,132 j E.S03,6SS] 6.393 5541
0 2,573,359 2,513,359
-34,822 -34,521 1 1
543,574 643,574 1 0
554,477 1 77~1 218,354
f I
CH COLLEGE
2007-08 First Quarter Performance
Budget Submission Request
Ths FY08 Anfiuai Budget presentea with this report represents the Antioch College
budget submission for approval. You will note that the projected revenues are
$1 5,475,208 and totai operating expenses of $18,815,492 resulting in an operating
deficit of $3,340,284. The tuition and fee estimates represent the actual fail
semester enrollment combined with an estimated enrollment for spring semester.
With the announcement of the suspension of operations it is difficult to estimate the
retention rate for spring semester and at this time we hope we were conservative
with the revenue projection for tuition and fees. The total amount for the gifts
including the annual fund is $200,000 in this budget but could be increased
depending upon the contributions by the Alumni Revival Fund. The revenue includes
the remaining $5 million from the Drey funds and the resulting revenue from the
investment income of those funds during the fiscal year.
Operating expenses in the FY08 budget submittal have been reduced from FY07 by
over $1 million from staff and operating cuts. We feel the operating expenses are
realistic and cannot be reduced below the proposed level and still maintain the level
of service and supplies that the students need.
The projected operating deficit of $3,320,284 wi!! be partially offset by the reduced
level of capital expenditures that is budgeted by $720,000. The projected cash
deficit of $2,620,284 will either be covered by donations from the Revival Fund
and/or the unrealized gains from the unrestricted endowment.
The First Quarter of FY08
Tuition revenue is within 100% of budget for the first quarter. Overall revenue is
short of projected first quarter revenue by $1 15,351 of the budgeted total revenue of
$4,597,913.
Operating expenses for the most part are under budget by $283,516 for the first
quarter of the operating expense budget of $4,270,882. This is due in part from
resignations not being back filled in some administrative areas and an effort to utilize
Â¥S~QL: , .L:: :g inventory without reordering due to the impending suspension of the College.
The net result from the first quarter revenue against expenditures is surplus ru “venue
over expenditures of $368,526. This is a very positive sign and may ultimately
reduce the end of the year deficit if the trend continues.
Andrzej Bioch
Chief Operating Officer
Antloch CoiSege
2007-08 First Quarter Performance
Revenues
Tuition & Fees
Less Tuition Discounts
Net Tuition and Fees
Gifts Inc Unrest. Campaign Gifts
Grants
Endowment Income
Contracts
Other,Incorne
Total
E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Subsidy
, Total Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
‘=”so Interest
Ex?-, ,
Resale Costs
Miscellaneous
Contingsncy/Rese~~es
Campus Contingency
Overhead
To the University
Other (Intercampus Agree & Univ
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion
Capital Expenditures
Principal Payments
Add back Depreciation
Total Cash Items
to Cash Basis
2007-08 Overview:
The original budget was based on actual Scnooi Camp and Summer Eco Camp
contracts plus estimates for six weeks of School Camp in which contracts had not yet
been filled. Those six weeks have since been filled. Room and board is ahead of
schedule by $8,500. In the event of cancellations, there is $15,000 in the
contingency budget. Our fundraising strategy is in place, donor response continues
to be good, and gifts are expected to equal or exceed 2006-07. Routine annual fund
gifts are ahead of schedule by $9,200.
The Glen received the first distribution of a bequest, totaling $1 71,350, and we plan
to use this distribution to cover facility upgrades, increased staff hours, a vehicle to
replace the aged station wagon currently in use at the Outdoor Education Center
(OEC), and operating expenses. The remainder will be placed in quasi-endowment.
In September, we received $1 5,775 in endowment gifts, which will increase
endowment income above the $50,700 budgeted. This includes the Glen Helen
Association’s first quarter gift, which was designated to endowment. Finally, the
budget was prepared with a surplus of $3,286 as an additional cushion.
Also in September, we received approval from the Virginia Kettering Foundation for
$1 5,000 in grant funding to support infrastructure improvements at the Outdoor
Education Center. Payment is expected in October, and the work this funding will
support will be carried out over the next six. months.
Revenues
Grants are lower than budget because $6,100 of the $9,760 Glen Building
improvements grant has not yet been spent. Also, when the budget was prepared,
all of the 2007 Summer Honors Institute grant income was put in 2007-08. Later, the
Ohio Department of Education requested that part of the grant be assigned to the
previous year. So, Summer Honors grant income budget is overstated by $8,040.
Released from restricted is lower than budget because $9,000 planned for signage
has not yet been spent, there were $1,210 unanticipated upgrades to the South Glen
Gatehouse and there were $723 in utility savings at the Glen Helen building and
Trailside.
Total revenues for the first quarter are $1 61,266 which is under budget by $31,234.
The budgeted revenue for the first quarter was $1 92,500.
Operating Expenses
The budget included the same salary increases as the College, yet actual salaries
were less than budget due to higher budget relief from the Summer Honors Institute,
which also realized $1,973 salary savings within its own program. There were small
savings in Summer Eco Camp hourly wages.
Business operations were significsntiy under budget due to the recategorization of
the engineering study for the waterworks project from purchased services to
construction-in-progress under our capital budget. There was $1 8,708 unused
budget in purchased services for that study. Of that, $1 0,470 has been spent this FY.
Summer Honors provided $350 in business operation budget relief and realized
$2,390 savinos in food service and a $2.444 credit for prior year recruitment
expenses.
As previously noted, the plant maintenance variance includes $6,100 of delayed
Glen Building grant purchases, along with $2,700 in Birch manor propane savings
due to pre-bought gas left over from the last season. This under-spending is offset
by unbudgeted spending for the Glen Building HVAC maintenance agreement and
$1,210 Gatehouse repairs.
Operating expenses for the first quarter are $54,982 below budget in total. The
budgeted first quarter operating expenses were $251,435.
During the first quarter, $14,990 has been spent on capital. Two unanticipated items
were $2,000 to repair roofs on Hickory and Sycamore student dormitories, and
$2,350 for new heaters in the Craft Hut. Also as previously noted, $1 0,470 was
spent to continue the engineering study for the OEC waterworks project. The
Waterworks project is covered in full by a grant from the US € and matching
funding from a private foundation.
Nick Boutis
Executive Director
Revenues
Tuition & Fees
Net Tuition and Fees
Gifts
Grants
Endowment Income
Contracts
Other Income
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency
Depreciation
Total Operating Expenses
ExcessRevenueoverExpenses
Annual Budget Conversion to Cash
Capital Expenditures
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
Basis
First Quarter Revenue and Expense Performance to Budget
Revenue: Approved Operating Budget – Fund One and Two .+u,uuu, cc QQC, -f I Lu oft
,A,~~JZ! =~:nd Qq? Fl/i/g ? 7’95 589
Variance $ 400,463
Antioch New England is on target with budget through the first quarter of the year. Total
revenues are up $400,463 over budget.
Fund One
Our fund one budget has a very modest positive variance and accounts for about fifteen
percent of the total variance. Although we are pleased to be on budget through the first
quarter, the number is a little deceiving. Our new student budgeted target enrollment for the
summer and fall are short by 20. The Education department’s summer budgeted target of
30 new students in the new experienced educators summer sequence program fell short by
20. Several other programs also fell short of summer or fall budgeted targets including
dance movement therapy (-3), Waldorf education (-4), environmental studies masters
programs (-2), and the new organization development certificate program in organization
and management (-8). Fortunately our PsyD new student enrollment was up 9 over budget.
Several other programs were also over their budgeted targets including the MFT masters
+2), autism spectrum disorders certificate (+4), integrated learning education program (+I),
experienced educators masters (+I), environmental studies PhD (+I), and “green” MBA
+4). Fortunately, several of the programs that exceeded their targets have high tuition and
the experienced educator summer sequence program has low tuition. For example, one
PsyD student generates $24,550 of tuition and one experienced educator student generates
$9,000. Therefore, the total tuition dollars are up slightly for the first quarter, but the total
number of new students budgeted are down 20 for the first quarter.
If we hold our annual attrition rate at 8.5% (last year it was 8.4%) and meet our spring new
student e’nro!!msnt budgeted goal of 25, the net shortfa!! of tuition revenue is $36,000 for the
year. We have made budget cuts, the bulk in the Education and Organization and
Management de~artments’ budsets, to cover the ~rojected shortfall.
Our fund two budgets (Designated) account for 85% of this positive variance. When we
projected our designated budgets for the year, we included only those grants and contracts
we knew were firm. it is our good fortune to be awarded additional grants and contracts
during our first quarter. These ~~/~rds are not uqe~pected but they were soft fundim ., 83
possibilities at the time we put the budget together.
At the end of the first quarter Antioch New England’s actual operating buctgei expenses
reflect a favorable variance. We are $21 7,426 under budget.
Fund One and Fund Two
Salary and Benefits account for a little over 58% of the total variance. During the first
quarter we did not fill some budgeted positions. About two thirds are fund one appointments
and one third are dollars to be expended for fund 2 appointments. Of the 6 vacant fund one
positions, 4 were filled during the month of September. We are continuing the search for the
other two positions, an ES core faculty position and an administrative assistant in the
Development office.
The last large variance is within the business operations category line, 38%. Since our
summer new student numbers were down most budget managers delayed and or cut back
on business operation expenses for the first quarter.
The Student Aid Services category line is over budget by $72,000. Additional scholarship
dollars that were earmarked for our fund two MRPSOC grant have been expensed earlier
then we had budgeted. The entire summer and fall awards have been given to the students.
Summary
ANE is in a positive budget position at the end of the first quarter for the FY 2007-2008
budget year. Although new student enrollments are down 6% for the summer and fall terms,
the tuition revenue is only down .2% of our budget for the year. In addition, expenditures are
running under budget at the end of the first quarter. We will follow prudent budget discipline
throughout the remaining three quarters in order to remain in a positive budget position.
David Caruso
President
Antioch University New Engiand
2007-08 First Quarter Performance
Revenues
Tuition & Fees
Less Tuition Discounts
Net Tuition and Fees
Gifts
Grants
EiiUo’wiiisrii incoie
Contracts
Other Income
Total
E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Miscellaneous
ContingencyIReserves
Campus Contingency
Liquidity
Overhead
To the University
(I~?~~C~!?I~’..!S ,A.gree u!?!t
Depreciation
Total Operating Expenses
NTiOCH U VERSITY SEATTLE
2007-08 First Quarter Performance
The 2006-07 budget year was very tight for Antioch University Seattle. The 2007-08
budget was developed with goals of supporting the growth of the Psy. D program and
restoring support in key areas. Key areas where funds were restored to budgets
include marketing funds, position restorations, and time cuts to employees.
Additional adjustments to the 2007-08 budget include funds for a 2% raise effective
October (none was given the previous year), funds for the diversity committee and
additional support for improving writing. These enhancements were funded by a
7.25% increase in tuition and projecting some growth.
Revenue for the first quarter is below budget. The academic programs in Bachelors
Completion, Psychology and Education were a little low for the summer with the
biggest shortage being in the Bachelor’s completion with Teacher Preparation
Program. Drawdowns on the grants are well below budget due to delay in some of
the pass through funding to the schools supported by the Center for Native
Education.
First quarter spending for Seattle was fairly typical of summer spending (below
budget). The largest variance can be seen in the miscellaneous spending line. This
is a timing issue when the Center for Native Education sends grant funds to the
schools it is supporting. A larger number were expected by the end of September,
and those now look like they will be going out in October.
We are very close to making our fall enrollment goals, but there are some shortages
that will impact our budget that are carrying forward from last spring and summer.
Planning to holdback on spending, position holds, and expanded efforts to increase
enrollment to offset this shortage is under way.
Cassandra Manuelito-Kerkviiet
President
Antioch University Seattle
2007-08 First Quarter Performance
?-..-“.* — m^.n.iJl.r-a
-r. :A:- n 7- –
I ~inn-in ex recs
Less Tuition Discounts
Net Tuition and Fees
Gifts
Grants
Endowment Income
^uiiua^ia
Other Income
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Operating Expenses
Salaries &Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Piant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Contingency, Discretionary
Liquidity
Overhead
To the University
Other (Intercampus Agree
& Univ Conf)
Depreciation
Tote! Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion
Capital Expenditures
Principsl Psymsrsts
Add back Depreciation
Tr^aP C^ic-h i-har-nic-
to Cash Bas
We have met our summer and fall 2007 enrollment orojections and available
indicators are positive for winter 2008 enrollments as well. There are ctirrenti’y some
expense savings in salaries and benefits from budgeted but as yet unfilled staff
positions in Admissions, Finance, HR and the Registrar’s office. Cognizant of the
hiring freeze currently in place university-wide, we are moving ahead with searches
and hiring of unfilled positions in consultation with the Chancellor’s office.
We’re also at work implementing the AULA 1 Institute, which will serve as the campus
grants and contracts office and assist in greater professionalism in these areas of
operations. Alumni relations are another focus, at the moment: we’re planning a
spring 2008 event for alumni and their families in concert with the BOT meeting
hosted by AULA in February. The alumni response to a recent appeal for the alumni
scholarship fund was very positive.
Special Note: The Central Administration is working with AULA regarding proper
posting to the Budget Module.
Neal King
President
Revenues
Tuition & Fees
Less Tuition Discounts
Net Tuition and Fees
Gifts
Grants
Contracts
Other income
-I–&-, r- 0 m –
I UL~I cote ~everiue
Auxiliary Enterprises
Released From Restrictions
Total 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
Liquidity
Overhead
To the University
Other (Intercampus Agree & Univ Con9
Depreciation
I-Ñ~, owl Operating Expenses
Excess Revenue over Expenses
Dm~i’i^imnei^ie ” …v …a– e
Tuition & Fees
Less Tuition Discounts
Net Tuition and Fees
Gifts
Grants
Other income
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
interest Expense
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Contingency, Discretionary
Overhead
To the University
Other (Intercampus Agree & Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Add back Depreciation
Total Cash Items
Net Cash Bssk Budoet -^A.1731 =.- 8.717
b A – -80,000 –
35,529
-44,471
fr~~$2f74 : .~~~.~E~[ —
0
8,883
8,883
, G=
-* -‘ -.-: – – 0 * – 0
3,861 0
– – 8.883 1 0
– I .- I
TIOCH UNIVERSITY fvlcGREGOR
2007-08 First Quarter Performance
The current fiscal year budget was built on the “actual” of the previous year.
Overstated revenue projections for F’f 2006-07 were removed and a conservative
budget was built. Fall 07 tuition revenue is ahead by $982 and year-to-date total
revenue ahead by $94,119. This report will address how the current budget was
prepared and projections for the remainder of the year.
Budget Preparation Guidelines
We did the following to prepare for this year’s budget:
Included in the budget ten vacant positions, of which seven are unfunded.
Kept vacant Conflict Resolution, Chair position.
Reorganized the School of Liberal Studies and School of Management into
Undergraduate Studies and Graduate Liberal and Professional Studies.
Added a Director of Faciiities Management position to oversee Campus West
maintenance and outsourced janitorial services to a local vendor, Priority
Building Services.
Left the Registrar’s position vacant as our Dean of Student Services provides
that expertise.
Increased advertising budget and expanded marketing efforts.
Sought seven additional teacher licensure “endorsement programs” in social
studies, science, math, language arts and ECE, EDS, Leadership response
to conditions. These programs were submitted after the budget was
submitted.
Increased our budget contingency to 2% of net tuition and fees.
Outcomes: Current Status
The summer budget was positive. This is due to expanded summer MIIND
offerings, increased enrollments in the School of Education Leadership
Summer Series program and moving some enrollments in Undergraduate
Studies earlier into the fiscal year.
This fall quarter we enrolled approximately 263 new students, nearly achieving
our fa!! new student enrollment goal of 287. The key factor in our “miss” is
that we made a decision during the summer to not enroll a new cohort of
students in the graduate Community College Management program and our
enrollments in the ILPS and CR graduate programs came in below projection.
Undergraduate Studies came in slightly below their enrollment and revenue
objectives, student retention needs to improve.
For the second year, the Graduate Management exceeded their enrollment
goal and Teacher Education is ahead of their year-to-date revenue objective
by approximately $285,213.
4. For the second year, the Graduate Management exceeded their enroilment
goal and Teacher Education is ahead of their year-to-date revenue objective
by approximately $285,213.
5. Over the course of the summer MeGregor experienced major media
challenges surrounding the closing of Antioch College. it is our opinion that
fall enrollment would have been sianificantly higher were it not for the
confusion students experienced sirrounding the closing, particularly at the
undergraduate ievel.
What We are Doing: Projections and Predictions for the Remainder of the
Fiscal Year
1. We will balance the budget for this year. Any new facilities cost wi!! be
managed.
2. We already show good signs for winter enrollment, which is our largest
egrcdlment period.
3. We are in the process of identifying and implementing revenue enhancement
initiatives and cost-containments measures to improve current cash flow. An
example of a revenue enhancement initiative currently underway is the
expansion of new student entry points in academic programs throughout the
year, due in part to the classroom capacity that Campus West provides. With
respect to cost containment, we have already stepped on CCM expenditures
in response to our decision not to admit a new student cohort this fall.
4. We are currently positioning McGregor to increase facility rental income and
expanding campus vending service operations.
5. We are in the process of implementing a strategic budget process that is
inclusive and more closely aligned with McGregor’s strategic priorities.
Barbara Gellrnan-Daniey
President
Revenues
Tuition & Fees
Less Tuition Discounts
Net Tuition and Fees
Gifts
Grants
Other Income
Total E&G Revenue
Released From Restrictions
Total Revenues
Operating Expenses
Salaries &Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Contingency, Discretionary
Overhead
To the University
Other (Intercampus Agree & Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures -5.1 52,062
Borrowing Proceeds 4+820i939~
Add back Depreciation 331,385
Total Cash items 252
0
0
Net Cash Basis Budget 174,282
-2i441,550:
2,513,359
-2,441,550
2,513,359
82,8481 82,848-
82,848 1 154,657:
k
-81 3,830 1 +5GO,B53
0
71,809
170,159
h.D. In Leaders
2007-08 First Quarter Performance
The program began 2007-08 with its new entering class (Cohort 7!) of 27, 2 over the
projected number. We are also doing very well in terms of retention numbers. As of
September, the program’s totai enrolled headcount is 125HC, with 26 in candidacy
(t.his would be eq~ivslsnt to ? ?2FTE). The prsjsctsd e~rs!!ment wss ‘f’^R!-!C,
108FTE. The result is that we are slightly over in tuition-generated income. We
currently have an additional $164,000 tuition-generated income at this time.
In terms of expenses, all major expense lines are running fairly close to projection.
There have been no surprises.
Laurien Alexandre
Director
Leadership and Change
Revenues
Tuition & Fees
Less Tuition Discounts
Net Tuition and Fees
Gifts
Grants
Other Income
Total E&G Revenue
Released From Restrictions
Total Revenues
Operating Expenses
Salaries &Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Liquidity
Overhead
To the University
Other (lntercamps Agree & Univ
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Ba
Capital Expenditures
Add back De~reciation
Total Cash Items
Net Cash Basis Budget
sis
-1,750 ‘5,377 -3,627
2,502 2,502
-2,875 -3,627
3,000 1,150,937 1 ,I 52,040
A^TEOCH UNIVERSITY ADWMISTRATEO%
2007-08 First Quarter Performance
The first quarter ended with revenues of $?,863,? 95 and expenditures of $1,772,958
re;reo~m+~~- a, !Ltf 4y sii — =,,—- 4,-.bzzà UI -* — ;evenuas over expen6itures of $9G,22G. Uzfoduz~ttiiy,
this is not a real excess as legal and other expenses are paid in arrears. We are
continuing to monitor our expenditures but legal expenses, an extra board meeting
and consulting fees have stretched our approved budget to the limit. We will look for
ways to reduce other expenditures during the final three quarters to offset some of
these costs.
Thomas A. Faecke
Vice Chancellor and
Chief Financial Officer
Revenue
Gifts
Grants
Endowment Income
Other Income
Total E&G Revenue
Released From Restrictions
Net Overhead for Central Operations
Total Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Miscellaneous
ContingencyIRese~es
Campus Contingency
Overhead
Subsidy to College
Other (Intercampus Agree & Univ
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
conf)
Annual Budget Conversion to Cash Basis –
Capital Expenditures
Principal Payments
Add back Depredation
Total Cash Items
Net Cash Basis Budget
For 2007-08 we hope to narrow the gap by: raising subscri~tion rates to institutions,
reducing the rate we pay to vendors like Ebsco (from 10% to 5×1, signing an
agreement with JSTGR to digitize all of our back issues and sell articles on-line from
our archives, use our N.E.A. grant to increase web basedieieciroriic income. At ihe
moment we have no monies for advertising such as direct mail.
We have initiated a review of our publishing and fulfillment contracts, solicited new
bids and may make changes as the result of this process. We will make an
additional saving of $1,000 by deferring our annual writer’s award to 2009. We will
continue to make our annual solicitation from the “Friends of the Antioch Review”
and hold events in various cities to further our efforts. But it has to be said that the
environment for raising money (particularly from alums) this year looks dismal for
obvious reasons. We are under- funded and our endowment is one-tenth of that of a
comparable magazine, the Kenyan Review. Mailing costs for periodicals will jump by
20% for domestic patrons and even higher for international institutions. We are
making the necessary adjustments to compensate for those increases. We
anticipate a deficit of $32,000 based on projected income of $121,000. We continue
to publish a quality magazine and have added two new distinguished figures to our
national advisory board (both Antioch graduates) and are awaiting word from a major
short story writer as to her interest.
RobertFogarty
Editor
Antioch Review
2057-OS First Quarter Performance
Revenue
Gifts
Grants
Endowment Income
Other Income
Total E&G Revenue
Auxiliary Enterprises
Total Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Supplies
Business Operations
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to
Capital Expenditures
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
We are pieparing to ceiebiate WYSO’s 5gth Anniversary on the air.
m-n nmn nn ‘
To begin the new FY, underwriting saies have brought in over 4 i -J,U-J-J.IJU is
contracts for the first quarter. We are in a trial period with a joint underwriting sales
person with Dayton Public Radio which we anticipate will increase sales while
lowering our costs. We have just been awarded a federal grant to replace our aging
studio equipment. WYSO is building toward the future with plans for continued
growth in the Miami Valley with the possibility of partnerships with other
organizations. We are preparing for our Fail Membership Drive which is our biggest
fundraiser of the year.
We are continuing work with the Central Administration on ways to bring WYSO to a
breakeven budget. We will present a progress report at the winter BOT meeting in
February, 2008.
Paul Maassen
General Manager
2007-07 First Quarter Performance
Revenues
Gifts
Grants
Other Income
Total Revenues
Operating Expenses -.
Salaries & Wages
Benefits
Training & Development
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Miscellaneous
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Principal Payments
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
