2001 -02 Mid-Year Budget Performance (bud 26)

2001 -02 Mid-Year Budget Performance (bud 26)

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PORT TO THE
~TIOCH UNIVERSITY
BOARD OF TRUSTEES
2001 -02 Mid-Year Budget Performance
February 7-9, 2002
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TABLE OF CONTENTS
Introduction ………………………………………………………………………………………………………………………………………….. 1
…………………………………………………………………………………………………………. Mid-Year 2001 -02 Budget Revisions 7
…………………………………………………………………………………………………… 2001 -02 Mid-Year Budget Performance 13
Antioch University Statement of Activities ………………………………………………………………………………………………… 19
Antioch University Statement of Financial Position ……………………………………………………………………………………. 20
Antioch University Statement of Cash Flows …………………………………………………………………………………………….. 21
………………………………………………………………………………………………………………… Antioch University Summaries 22
……………………………………………………………………………………………………………………………………. Antioch College 26
Glen Helen ………………………………………………………………………………………………………………………………………….. 32
Antioch New England ……………………………………………………………………………………………………………………………. 38
…………………………………………………………………………………………………………………………………….. Antioch Seattle 44
……………………………………………………………………………………………………………………. Antioch Southern California 52
…………………………………………………………………………………………………………………. Antioch University McGregor 58
……………………………………………………………………………………………………………………….. University Administration 66
……………………………………………………………………………………………………………………………………. Antioch Review -72
Ph.D.
in Leadership and Change ……………………………………………………………………………………………………………. 78
WYSO Public Radio ……………………………………………………………………………………………………………………………… 84
……………………………………………………………………………………………………………………… University-Wide Expenses 94
Receivables Aging Report ……………………………………………………………………………………………………………………… 98
Status of Accounts Payable …………………………………………………………………………………………………………………… 99
Cost Centers ……………………………………………………………………………………………………………………………………… 100
Line Items ………………………………………………………………………………………………………………………………………….. 101

REPORT TO THE BOARD OF TRUSTEES
February 7-9, 2002
I. INTRODUCTION
This report contains financial information concerning the performance of the University, its campuses and associated units
during the first half of 2001-02. The information is presented using the Financial Accounting Standards Board (FASB) 117
reporting standard that became mandatory for independent colleges and universities on July
1,
1995. The objective of this
FASB reporting standard is to enhance the relevance, clarity and comparability of financial statements issued by
not-for-
profit organizations, regardless of the nature of their operation or mission. The material presented in this document
provides a detailed view of the operating revenues and expenses of the University and is intended to promote the
understanding of University operations as a whole and of each of its units. By clearly identifying areas of strength and
weakness, this report is intended to serve as a tool for improving the University and allowing managerial attention to be
focused where it is most needed. If you are familiar with the terms and format of this report, you may want to begin
reading about the Mid-Year 2001-02 Budget Revisions on page 7, or skip ahead to the 2001-02 Mid-Year Performance
section on page 13.
11. FORMAT AND CONTENT
In this report are Mid-Year summary schedules for the entire University and similar schedules for each campus, the
University Administration, Glen Helen, WYSO Radio, the Antioch Review, the Ph.D. in Leadership and Change, and
University Wide accounts. These schedules compare the first six months of operation with the budgeted expenses and
revenues for the same period. In addition, two schedules on blue paper are provided for each campus and unit that has
had mid-year revisions. These Revised Budget schedules show the original budget, the revised budget, and the change
amounts and the percentage of change. Additionally, the schedules show the actual amounts received and expended as
of the middle of the fiscal year, the amount remaining to be received or spent under the new budget, and the percentage of
the new budget that this balance represents.

The budget revision schedules show several structural changes implementing recommendations of the Trustee’s
Stabilization Taskforce. These include:
Release of the Mandatory Contingency Reserve
Release of the Liquidity Reserve
Replacement of the 13.75% Overhead applied to “Net Student-derived Revenue” with a flat 8% charge against all
revenue
Exemption of the College from the Overhead assessment
Elimination of Rebates to all campuses except the College
Transfer of Depreciation Expense from University Wide to the individual campuses and units.
Each campus and operating unit has prepared a narrative description of the significant events that caused the unit to
deviate from its budget. The purpose of the narrative is to provide an overview of how each Campus performed during the
first six months of the current year. The narratives also provide an opportunity for the President or unit manager to
comment on the changes made in the revised budget and to describe the problems he or she has dealt with and the
opportunities that are being explored during the current fiscal year.
Revisions to the 2001-02 capital budget may be necessary due to changes in operating income. Under Board of Trustee
policy, Trustee approval is required for any non-personnel expenditure of more than $25,000. The Capital Budget that was
presented to the Board at the June meeting contains plans for specific capital expenditures, but during the first half of the
fiscal year, some Campuses have identified changed conditions as well as restricted resources or unanticipated needs that
require changes to their capital improvement plans. In some cases, a campus may need to acquire additional equipment,
particularly technology, while in other cases repairs or improvements to the physical plant may be needed. However,
even when needed, planned capital expenditures may be cancelled or deferred if revenues are insufficient.
I. THE FUNCTION SCHEDULE
For the University as a whole and for each of the Campuses and units, this Report contains two mid-year schedules. The
first is the Summary by Function. This schedule provides information about Revenues by Type and Operating Expenses
by Function. The purpose is to show what has happened during the first half of the year to the various revenue and

expense categories. This schedule shows how prior year experience and the budget compare with what has actually
happened during the reporting period.
In both the Revenues and Operating Expenses sections of this schedule is a reference to
“E&G9′.
This abbreviation stands
for Educational and General and the Total E&G lines show the Revenues and the Operating Expenses of all functions
other than those that are classified as Auxiliary Enterprises. The E&G subtotals are provided to simplify comparison of the
revenues and expenses of the primary missions of the University while excluding “support functions” that are not part of the
primary missions. Auxiliary Enterprises include support functions such as dining services, housing, bookstore, and similar
”businesses”.
An additional Revenues item that appears below the Total E&G Revenue totals is Released from Restrictions. The
amounts on this line reflect funds that were initially received by the University or Campuses for specific purposes and held
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.
The amounts shown on the Gifts line may vary from the figures reported by the Development Offices for the same period.
The Development Offices report gifts and pledges to the Annual Funds as they are received. The Accounting Offices
report Annual Fund gifts only when the cash is received. Pledges are commitments that will be realized at a future date
and are not expendable until the funds are actually received. Funds that are given for a restricted purpose are invested
until they can be expended for the purpose specified by the donor. Several years may pass before a campus can expend
a restricted gift as the donor intended, but the restricted gift is recorded by the Development Office when it is received.
The financial schedules contained in this report do not reflect restricted revenue until it is expended. Therefore, reports
from the Development Offices may show higher or lower giving levels than will appear on these schedules.
Restricted Funds should not be confused with Endowment Funds. Endowment Funds are also separated from
unrestricted revenues and are also limited to specific purposes as provided by their donor. The primary difference is that

the principal of Endowment Funds must be retained in perpetuity and only the annual income can be expended to satisfy
the purpose of the donor. On the other hand, the principal amount of a restricted gift can be used as soon as a valid
purpose has been identified. Income from the Endowment Funds appear as a Revenue Item on the Endowment Income
line. Although accounting standards permit realized and unrealized endowment gains to be expended without restrictions,
University policy does not permit this type of expenditure.
The Summary by Function schedule in this Report for Antioch University as well as the schedule for University
Administration and the University Wide Expenses contain an additional line, “Net Overhead for Central
Operations.”
This
line has been added on these three schedules to more clearly display the cost of central operations. Ordinarily, the
Overhead used to support the University Administration and the University Wide Expenses budget would appear as a
‘negative expense” entry, but the Board of Trustees has requested that central operations be displayed more in keeping
with the way the budgets of the individual Campuses are displayed. Accordingly, this line has been added to these three
schedules and appears as a quasi-revenue entry. It shows how much is transferred from the operating units to meet the
costs of central operations and it clearly separates the “revenue” of the central operations from their expenses and makes
it easier to see the true cost of these units.
The Operating Expenses section of the Function schedule provides financial information for each of the primary activities
or programs. Each operating department of the University is classified in accordance with its primary function. For
example, the Languages Department of the College is classified as Instruction and all of its expenditures will be combined
with those of other teaching departments and reported on the Instruction line of the Function schedules. A list of the Cost
Centers that comprise each of the Functions is presented on page 100.
The columns of the Summary by Function schedules present information about the first six months of actual activity of the
two prior years and the first six months of budget for 2001-02. The last four columns provide a comparison of the 2001-02
actual year-to-date experience with the mid-year budget and a comparison of how the mid-year 2001-02 actuals compare
with the actuals for the same period of 2000-01. The dollar variance is given for these comparisons and a percentage of
variance is also provided.
FASB 117 requires the presentation of information on an accrual basis, but the actual management of the University also
depends on maintaining an adequate cash flow so that current obligations can be met. The schedules in this Report
contain a Conversion to Cash Basis section which 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
which, although occurring in one fiscal year, are depreciated over their useful life. Accumulated depreciation is shown as
an offset to the Depreciation Expense that is included as a part of the Plant Maintenance function. Borrowing proceeds, if
any, associated with the expenditures shown are reflected on a separate line as are the Principal Payments necessary to
retire the loans of previous years.
The Conversion to Cash Basis section also shows the use of any Prior Year Reserves. Prior Year Reserves are
maintained by the University as “funded” or “unfunded”. Whenever a campus ends the year with an operating surplus, this
sum is recorded and carried forward on the books. If the University has sufficient surplus cash at year-end, the surplus is
funded and invested in an interest bearing account for the benefit of that campus. If there is not sufficient cash to cover
the surplus, the uncovered portion becomes a credit to the unfunded reserve. Campuses may propose the use of their
Funded Prior Year Reserves in the annual budget, or they may request the Chancellor’s permission to use Funded
Reserves to meet unexpected expenses during the year. Ordinarily, Funded Reserves are not released until late in the
fiscal year, and only when it is clear that the reserves will not be needed to balance the budget.
IV. THE CATEGORY SCHEDULE
The second major schedule used in this Report is the Summary by Category. On this schedule, the Revenues reported on
the Function Schedule are condensed to a single line. For the University as a whole, the University Administration and the
University Wide Function schedules, a second line is added to show the Net Overhead for Central Ops. Although
technically not a revenue item, it is treated as a quasi-revenue on this schedule so that these three units and the
Campuses can be presented in similar ways.
Operating Expenses from the Function schedule are presented by category
(e.g.,
Salaries & Wages, Benefits, Supplies).
These categories show how expenditures have been made by the kinds of goods and services purchased. The
components of each of the Expense categories is listed in detail on page 101.
A section of these schedules shows the
ContingencyIReserves
that the Campuses are required or encouraged to budget.
The “Campus Contingency, Mandatory” amount is budgeted at 2% of net student-derived revenue and this sum can be
released by the Chancellor late in the year in order to meet unexpected expenses or to offset lower than anticipated
revenues. The Contingency is removed from the campuses at the beginning of the fiscal year and transferred to a central

account. Both the campus budgets and actuals show the Contingency as an expense even though the money remains in
a central reserve. At year-end, the Contingency amounts are credited back to the campus budgets where they off-set
other expenses or, if the budgets are otherwise in balance, result in a surplus. The amount held centrally is a reflected in
the balance of the University Wide section of this Report and this intentionally makes the overall University financial
position appear somewhat worse than it actually is. Campuses that are meeting their revenue targets may also request
release of these funds to pay for special capital improvements that they might not otherwise have been able to make.
These requests can be honored only when the University as a whole is performing well.
The “Campus Program Contingency, Discretionary” is a reserve amount determined by the individual campus. Depending
on the volatility of its programs, a campus may elect to hold an additional sum above the Mandatory amount to off-set
possible revenue fluctuations. The amount of this Reserve is determined by the Campus, and the Campus determines
when this Revenue should be released for expenditure. Not all Campuses elect to place funds in this Reserve.
The Liquidity Reserve is equal to 1.25% (1.5% for Seattle) of the net tuition and fee Revenue of each Campus. The
Liquidity Reserve is not available for expenditure for any purpose, but the amounts budgeted are added to the Liquidity
Reserve each year and allowed to accumulate in order to restore the financial integrity of the University. The bond issues
that have financed facilities at New England, Seattle,
McGregor,
and the College, as well as retiring debt for the College,
require the University to operate with an excess of revenue over expenses in each year. In order to satisfy this ratio
requirement and to build for the time when the University can satisfy Moody Investors Service requirements for a bond
rating, this money is accumulated during the year in a University-wide account. As with the Program Contingency, the
Liquidity Reserve is removed from the campus budgets and appears as an expense. The Liquidity Reserve is shown
in the University Wide section and this makes the University financial position appear somewhat worse than it is. Unlike
the Program Contingency, the Liquidity Reserve is not credited back to the campuses at year-end because it may not be
used to off-set expenditures. Rather, it is intended to serve as a budgeted surplus.
The Overhead section of the Summary by Category schedule shows the assessments that are made against each
Campus in order to support operations of the University. The assessments are made at the rate of 13.75% of net student
revenue. Net student revenue excludes tuition generated by new programs less than two years in operation, tuition
discounts and waivers, and uncollectable tuition and fees. From the overhead, Rebates from the University are transferred
to the individual campuses as is the Subsidy from Overhead. Campuses which receive Rebates and Subsidies will show
negative amounts in these schedules because the transfer is shown as a “negative expense” rather than as a Revenue.

Although these transfers are income to the receiving campus, from the standpoint of the University they represent only the
reassignment of revenue from one campus to another.
Depreciation is a major expense for the University, and it was previously carried centrally because all facilities are held in
the corporate name of the University. Both the Depreciation Expense and the Add Back Depreciation entries appear in the
University Wide Expenses section on pages 94 to 97.
The columns on the Category schedules are identical to those on the Function schedules.
V. MID-YEAR 2001-02 BUDGET REVISIONS
At the June meeting of the Board of Trustees, the Finance Committee reviewed the proposed budget for 2001-02 and
concluded that the budget would produce a deficit condition at June 30, 2002. In order to avoid a deficit, the Trustees
“embargoed” $1.3 million of specifically identified expenditures proposed in the new budget and $700,000 of unspecified
expenditures. The embargo was considered as a stop-gap measure to provide time for the Trustees and the Presidents to
make revisions that would bring the budget into balance. The Trustees also created two working groups to review finances
of the University. The first was the Stabilization Task Force and the second was the Future of the University Committee.
The Stabilization Task Force met throughout the summer and fall and examined numerous ways of reducing expenses and
increasing revenues. A preliminary report was provided to the Board at the October meeting and the Trustees
recommended that work continue in order to bring about a series of proposed cost-saving measures.
As part of this process, each of the Campuses was provided with new revenue and expense targets. In accordance with
their own governance processes, each campus revised its budget.
The schedule below shows the budget changes made by the campuses and other units which modified their budgets as
part of this review process.
Among the major changes recommended by the Stabilization Task Force was the allocation of depreciation expense to
each of the operating units. Previously, depreciation was carried in a central account and no unit was responsible for
providing revenue to cover this expense. During much of the last decade, appreciation on the endowment covered a large
portion of the depreciation associated with the College facilities, and the Liquidity Reserve was usually sufficient to cover
the balance for the College and the other units. The Stabilization Task Force recommended allocating depreciation to

each of the operating units and eliminating both the Liquidity Reserve and the Mandatory Contingency. In this way,
depreciation will become a planned expense and each unit will be responsible for providing the revenue to cover its share.
If the performance of the endowment fluctuates, a loss in the stock market will not be exacerbated by the fact that
depreciation was not budgeted.
A second major change recommended by the Stabilization Task Force was the simplification of subsidies and inter-campus
payments. Previously, the University assessed an “overhead” payment calculated at 13.75% of net student-related
revenues, and then rebated a portion of this overhead to the campuses, recognizing the special needs of the College. In
addition, several mandatory transfers moved funds from the adult campuses to the College each year. Under the
recommendations of the Stabilization Task Force, all of these overhead charges and mandatory payments have been
replaced by a flat 8% charge against gross revenue from all sources. The College is exempt from this assessment. The
costs of the University Administration, University-wide, and subsidy to the College are paid from this assessment.
The revised budget forecasts revenues that are -$I ,868,775 lower and total operating expenses that are reduced by
-$I
,944,750. Because revenues and expenses are both decreasing by about the same amount, the projected deficit for
2001-02 has not changed greatly. However, significant restructuring of revenues and expenses has been achieved. For
example, depreciation expense of $2.9 million has now been assigned to the operating units and is an expense that will be
covered by operating revenues. In the budget of the College, the Lead Gifts line has been reduced by
-$I
,014,655. The
amount that now shows on the gift line is covered by gifts already received or by pledges from responsible donors. The
College will no longer pay overhead to the University of
-$I
,I
30,770, nor receive rebates from the University of $550,000
or subsidies from the adult campuses of $200,000. In addition, the subsidy from overhead has been reduced by
-$148,500
and Inter-campus Agreements have been eliminated. The result of these changes means that the College will receive a
subsidy total that is $105,982 less than was provided by the original budget. As a consequence of all of these changes,
the accrual balance for the College worsened by
-$2.6
million.
The balances for the College and the University as a whole are actually better than depicted in the tables contained in this
report. In December, Antioch received a gift of $1.0 million, but the donor has not officially indicated how the funds are to
be used. Verbal indications are that this money may be used to pay for expenses contained in the 2001-02 College
budget which would mean that the accrual deficit for the College and the University would be reduced. If the $1.0 million
had been applied to current budget expenses, the accrual deficit for the College would have fallen to
-$I .6 million and the
accrual deficit for the University as a whole would have been
-$169,172.

Antioch University
2001-02 Budget Change Summary by Campus
Revenues
Tuition & Fees
Less Tuition Discounts
Gifts
Lead Gifts
Grants
Endowment Income
Contracts
Other Income
Realized Gains
Unrealized Gains
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Net Overhead for Central Operations
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total
E&G
Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
Antioch New Southern
Ph.D.
in Glen University University Total
College England Seattle California
McGregor
Leadership Helen Admin. Wide WYSO Change

Antioch College. At the College, gross Tuition & Fee Income is projected to be -$220,977 (-1.66%) lower than in the
original budget and Tuition Discounts are expected to be $380,002 (1.2%) greater than originally planned. Gifts income is
now projected to be
-$300,000
(-16%) lower for the year and the Lead Gifts line has been reduced from $1,659,688 to
$645,033, a reduction of -61%. Endowment income has been reduced by the $200,000 that was to be released from the
endowment in anticipation of additional earnings in
2001-02.
However, with the declines in the stock market, it is no longer
prudent to assume that we will earn the additional funds. Although the $200,000 will not be available to the College to
cover operating expenses, the money is available for capital expenditures. The College has already applied some of this
funding to replace the HVAC control system in South Hall. Other projects being considered would improve the appearance
of buildings, such as the Olive Kettering Library, that play a significant role in attracting new students to the campus.
Total operating expenses are projected to reach $1 8,582,594 in the revised budget, an increase of $51 9,176 over the
original budget. Most of the increase is associated with staffing and contractual services necessary to mount the capital
campaign. The first year cost of the contract with Ketchum and Associates is included in this total. Additional gift funding
has been received or pledged to cover the cost of the first year Capital Campaign. In spite of the additional positions to be
hired for the Campaign, Salaries & Wages are projected to be lower by $539,339 and Benefits should also be lower by
-$184,472.
These reductions represent a savings of more than 6% for both wages and benefits over the original budget.
Business Operations is projected to grow by $327,959 (18%). This increase is due largely to the increase in outside
services costs within the Development Office for the Ketchum contract. The cost of Plant Maintenance is expected to be
$170,744 lower in the revised budget than in the original. A warmer than normal winter has reduced heating costs and
lowered the utility expense. In addition, the College has signed a natural gas contract that extends into the next fiscal
year. This contract provides lower per unit cost than the College’s previous contract.
Antioch New England. New England is expecting its total revenues to be $259,541 greater in the revised budget than in
the original. This represents an increase of 2.29% and it comes primarily from increased grants activity. New England has
decided not to use the $100,000 of funds released from the endowment. Because of the lower than anticipated earnings
on the endowment, this amount was not longer available for operating expenses, but it is available for capital purchases, if
needed. At the present time, it does not appear that the funding from the endowment will be needed for capital
acquisitions at New England. Nearly offsetting the reduced Endowment Income is the $97,245 increase in Gifts.

Total operating expenses at New England will be $417,191 greater in the revised budget than the original. Salaries will
remain virtually unchanged at $5,409,500, but benefits will increase by $1 72,858 (1 0%) primarily because of higher health
insurance premium rates and a decision to absorb the employee share of the cost increase because the campus was not
able to provide a salary increase this year. Miscellaneous Expense increased by $107,592 (481%) primarily as a result of
additional grant activity that was not reflected in the original budget.
Antioch New England will no longer be required to fund a Mandatory Contingency or the Liquidity Reserve and the several
categories of subsidy and intercampus payments have been replaced with a single 8% gross revenue payment to the
University. This sum will total $900,834 in the revised 2001-02 budget.
Depreciation for the New England campus amounts to $430,000 in 2001-02. This expense will increase in 2002-03 as a
result of capital improvements that are under way this year.
The campus will end 2001-02 with a smaller accrual surplus
(-$57,650),
but a cash basis surplus of $222,350. In the
original budget, New England projected a zero dollar balance at the end of 2001-02. The reason for the larger cash
balance is that depreciation is added back in the cash basis adjustment process. Therefore, New England should have
sufficient cash to finance its capital improvements this year without relying on the $100,000 being released from the
endowment.
Antioch Seattle. The Seattle campus has reduced revenue by -$263,713 and slightly increased expenses by $29,896
while absorbing depreciation expense of $450,000. The result is that the projected accrual balance under the revised
budget is now $1 9,391 as opposed to the original accrual surplus of $313,000.
Facility renovation that was not included in the original 2001-02 budget is now shown in the revised budget. Capital
expenditures have increased by $402,000 with funds being provided from an internal loan
($160,609),
the use of Prior
Year Reserves ($85,000) and funded depreciation.
Antioch Southern California. Both Tuition & Fee Income and Tuition Discounts are being reduced in the revised budget
for 2001-02. The $100,000 that was originally provided from the endowment will be left in the endowment because it will
not be needed. Funds are being Released from Restrictions ($89,807) so that total revenues in the revised budget are

reduced by -$96,736. On the expense side, Salaries and Wages have decreased by -$I 51,558 (-2.8%) while Benefits
have increased by $22,951 (1.9%) due largely to the higher medical premiums being charged. With the exception of
Training & Development, which declined 7%, other Operating Expenses increased in the revised budget. However,
because of the elimination of the Mandatory Contingency and the Liquidity Reserve, even with the addition of $100,000 of
Depreciation, total operating expenses actually decline by
-$421 ,I 84. As a result, the accrual balance for Southern
California increases from the $30,000 shown in the original budget to $354,448 in the revised budget. Capital Expend-
itures have increased by $70,000 to $100,000 and are funded from Depreciation. As a result of all of the changes, the
Cash Basis Budget increases by $332,448.
Antioch McGregor. In the revised budget, McGregor is projecting lower Tuition & Fees of -$I 88,722 (-3.55%). The only
other change in revenue is the elimination of the $1 00,000 that was released from the endowment as part of the original
budget. Like the other campuses, McGregor will not be permitted to apply this sum to Operating Expenses but will be
permitted to use the cash for Capital Expenditures. Total Revenues are lower in the revised budget by
-$285,722
(-5.0%).
McGregor is reducing most Operating Expenses, with the largest reduction of
-$103,323
(-3.7%) occurring in Salaries &
Wages, with associated Fringe Benefit reductions of 435,759 (-4.3%). Training & Development has been reduced by
nearly 30% (-$43,214) as McGregor attempts to limit travel and conference participation. In total, Operating Expenses
have been reduced in the revised budget by
-$321,359
(-5.7%).
Ph.D. in Leadership and Change. The new Ph.D. program has admitted its first cohort and collected its first tuition
revenue. Due to the delay in approval from the Ohio Regents, the program was not able to admit a cohort in the fall which
means that anticipated Tuition & Fees for the year have been reduced by -$250,000. In addition, temporarily restricted
funds which were given to help the program start will not be Released from Restrictions this year because costs associated
with the fall cohort will not be incurred. As a result, Released from Restrictions revenue has been reduced by
-$106,875.
Operating Expenses have been reduced by
-$356,875.
Salaries & Wages have been reduced by 4128,794 and the
associated fringe benefits by
-$44,441
because adjunct faculty who would have been employed to work with the fall cohort
were not needed. Business Operations expense, which includes the cost of honoraria and facility rent at the regional
teaching sites where the cohort is periodically assembled were lowered by
-$I
16,000. The addition of Depreciation is not
a significant cost for the program ($2,110) because the program has not facilities and only limited equipment at this time.

Glen Helen. The revised budget for Glen Helen anticipates an accrual surplus of $177,636 and a Cash Basis surplus of
$45,636. Despite the increase of $1 8,000 for Depreciation and some modest increases associated with fund raising
activities, the Glen anticipates accrual and cash surpluses larger than those of the original budget. Whether these
surpluses materialize will depend on whether the fund-raising efforts can be sustained at the levels experienced during the
first six months of the fiscal year. In addition, the revised budget anticipates an additional $56,187 in Released from
Restrictions revenue. In total, Revenues are expected to increase by $64,430 and Operating Expenses will be $36,794
greater than in the original budget.
University Administration. University Administration revenue from overhead was reduced by -$53,253 and expenses
have been reduced to match this amount. Reductions have been made across most of the Operating Expenses
categories with the exception of Supplies which has been increased by $2,086 in anticipation of higher costs in the second
half of the year.
WYSO-FM. The revised budget for WYSO shows increased Gifts revenue of $20,892 as the major part of a Total
Revenues increase of $25,500. This additional revenue coupled with some overall reductions in expenses will allow the
station to cover the $30,000 increase in the cost of Depreciation.
VI. 2001 -02 MID-YEAR PERFORMANCE
At mid-year and before any of the contemplated revisions are made to the budget, Total Revenues are $31.8 million which
is
-$I
.8
million (-5.4%) below budget while Total Operating Expenses are at $31.0 million, which is
-$2.4
million (-7.1 %)
below budget. Based on the original budget, actual Tuition & Fees revenue is ahead of the budget by $1.7 million (6.1 %),
but comparisons of actual revenues or expenses with the budgeted amounts are no better than the accuracy of the
projected revenues or expense. As can be seen in the following table, Southern California is showing total revenues which
are 41.6% above the budgeted amount. In fact, revenues are not running exceptionally high at Southern California, but the
budget anticipated that Tuition & Fee revenue would be received in January rather than in December. As a result,
Southern California is reporting approximately $1.5 million of Tuition & Fees in the first six months of the year because of
the way anticipated revenues were entered to the budget. In the following table, if only the budgeted amount had been

received in December, Total Revenues for Southern California would have been $6,191,934 instead of $7,714,972 and
the positive variance would have been $744,129 (1 3.66%) instead of $2,267,167 (41.62%).
With the exception of the College, revenue as a percent of expense is favorable to budget. In the following table, New
England anticipated in the budget that revenues at the mid-point of the fiscal year would be 155% of expenses, but actual
revenues are 159% of expenses. While revenue at New England has not reached the budgeted level at mid-year,
expenses have been reduced by a greater amount. In this way, the campus has been able to reduce expenses as a
percentage of revenue.
Revenue and Expenditure Comparison
Budget vs. Actual
I
Total Revenues
Total Expenses
Excess Revenue over Expense
Net Cash
Revenue as % of Expense
ANTIOCH COLLEGE
Budget Actual Variance %
Total Revenues
Total Expenses
Excess Revenue over Expense
Net Cash
Revenue as % of Expense
NEW ENGLAND
Budget Actual Variance %
Budget Actual Variance – %
SEATTLE
1 Budget Actual Variance – %
1 SOUTHERN CALIFORNIA

Revenue and Expenditure Comparison
Budget vs. Actual (continued)
I
McGREGOR ALL CAMPUSES
Bud
Actual Variance – % Budget Actual Variance –
Seattle, McGregor, and Southern California all show that revenues are growing faster than expenses. In the case of Seattle
and
McGregor,
revenues have not reached the budgeted levels, but expenses have been reduced by a greater percentage
so that the accrual balance for each (Excess Revenue over Expense) is higher than anticipated in the budget. Southern
California is showing revenues that are considerably ahead of the budgeted amount, but when corrected for the timing
variance, revenue is still ahead of budget. Southern California has also limited its expenses in the first half to less than the
budgeted amount to insure that its revenues will grow more rapidly than its expenses.
Total Revenues 2,489,338 2,281,447 -207,891 -8.35%
Total Expenses 2,796,237 2,353,809 -442,428 -15.82%
Excess Revenue over Expense -306,899 -72,362 234,537 76.42%
Net Cash 1,080,424 1,299,961 219,537 20.32%
Revenue as % of Expense 89.02% 96.93% 7.90%
In the case of the College, Total Revenues are -18.4% below budget while Total Expenses are only -7.5% below budget.
This means that the College is incurring expenses at the mid-point in the fiscal year more rapidly than it is attracting revenue.
The source of the problem, however, is not entirely due to Tuition & Fees. Halfway through 2001-02, the College anticipated
gross Tuition & Fees revenue of $7,567,268, but has received $7,478,130, or 489,138 (-1.2%) less than anticipated. This
is a very small deviation from budget and would not be of concern if Tuition Discounts were in line with budget. At the mid-
point of the current fiscal year, the College budgeted Tuition Discounts of $2,030,096, but actually committed $336,898
(16.6%) more than the budgeted level. Recorded Gifts income is $727,519 (61 %) behind budget, although some December
gifts were received after the mid-year accounts were closed and a $1.0 million contribution received in December has not
been included in the mid-year report. It is possible that some or all of this $1.0 million gift could be credited to the Gifts line
or, more likely, applied to the Lead Gifts line. At mid-year, the Lead Gifts line was budgeted to receive $1,054,521, but had
31,708,664 31,538,859 -169,805 -0.54%
29,076,113 26,875,682 -2,200,431 -7.57%
2,632,551 4,663,177 2,030,626 77.14%
5,442,194 4,174,546 -1,267,648 -23.29%
109.05% 117.35% 8.30%

not been able to procure any contributions. However, pledges have been made for the support of the Capital Campaign and
other development activities and these will appear as Released from Restrictions. Some matching funds are required to
realize a portion of these pledges, and the revised budget anticipates Lead Gifts of $645,033 will be received during the
second half of 2001-02. Grants income in the first six months of the year is $298,107 (44.8%) ahead of budget. Because
most grant income at the College is for student financial aid, this amount may signal the more rapid use of the annual
allocation than is appropriate.
Net Tuition & Fee income constitutes nearly three-quarters of the University’s total budgeted revenue and whenever actual
Tuition & Fees falls below the budgeted total, it becomes more difficult to balance the budget. At mid-year, four of the five
campuses have reported net tuition and fee income below their budgeted levels. As the following table shows, only Glen
Helen and Southern California have net tuition revenue greater than the budgeted amounts.
NET TUITION AND FEES
2001 -02 Mid-year Percent
Budgeted Actuals Variance Variance
Antioch College
Glen Helen
New England
Seattle
Southern California
McGregor
Ph.D.
Program
TOTALS

If the figures for Southern California were adjusted to postpone until January the Tuition and Fee revenue that was received
in December, total net tuition and fee income for the entire university would be just below the amount budgeted for 2001-02.
The adjusted variance would be
-$215,715
(-0.85%).
Although tuition and fee income and total revenues are behind budget at the mid-point of the fiscal year, Total Operating
Expenses are also down from the budgeted level. Combined, Salaries, Wages and Benefits are nearly $1.0 million below
budget, while Training & Development, Special Events, Supplies, and Business Operations account for nearly another
million. Without adjusting for Southern California’s revenue, the mid-point accrual surplus for the University as a whole is
$2,032,769, an amount which is $559,262 more than projected in the budget. With the adjustment for the timing of the
Southern California tuition and fee revenue, the accrual surplus falls to $509,731, an amount that is
4963,775
less than the
budgeted accrual balance. On a cash basis, without adjusting for Southern California the mid-year cash balance is
$2,355,840, but this figure drops to $832,802 after adjustment for the California tuition and fee timing. With the adjustment,
the net cash basis budget is
-$918,872
less than projected in the original 2001-02 budget.
VII. CONCLUSION
In summary, Tuition and Fees income and total revenues are below budget, but expenses have also been reduced. Total
revenue at the College is considerably below the budgeted level although a gift of $1.0 million is in hand but not yet posted to
the College. Should this amount become available to the College in 2001-02, the projected year-end deficit for the College
would be considerably reduced. Additional gifts and pledges for the College are expected to materialize before the end of
the fiscal year and they will help narrow the College’s projected deficit.
In the revised budget, the Mandatory Contingency and the Liquidity Reserve have been released to each campus. In prior
years, these amounts have been held through the end of the fiscal year to insure that funds were available to offset
Depreciation. In the original budget these two reserve items totaled more than $1.25 million, while Depreciation equaled
$2.9 million. The direct budgeting of Depreciation requires that the campuses (and the University as a whole) have positive
accrual and cash balances at year end because we no longer are holding back funds.
Overall, the performance of the stock market and the valuation of the endowment portfolio at the end of the fiscal year will
have a significant impact on whether the University as a whole is able to avoid a deficit. The effort to control expenditures

must be maintained through the second half of the year and fund raising activities must be accelerated. There is no
assurance at the moment that a deficit will be avoided in 2001-02.
Glenn H. Watts
Vice Chancellor and
Chief Financial Officer

ANTIOCH UNIVERSITY
Statement of Activities
For the six months ended
December 31,2001
Temporarily
Restricted
Permanently
Restricted Total Unrestricted
———
Revenues and Gains:
Tuition and fees
Contributions
Contracts and other exchange transactions
Investment income on life income and annuity agreements
Investment income on endowment
Other investment income
Net realized
gains(loss)
on endowment
Net realized
gains(loss)
on other investments
Sales and service of auxiliary enterprises
Other Income
Total revenues and gains
Net assets released from restrictions
Total unrestricted revenues, gains and other support
Expenses and Losses:
Educational and General:
Instruction
Research
Public Service
Academic support
Student services
Institutional support
Operation and maintenance of plant
Scholarships and fellowships
Total educational and
general
expenses
Auxiliary enterprises
Total expenses
Actuarial (gain) loss on annuity obligations
Payments to life income beneficiaries
Total expenses and losses
Excess of Revenue over Expense
Unrealized gains on investments
Change in donor intent on gifts from previous year
Increase (decrease) in net assets
Net assets at beginning of year
Net assets at end of period

ASSETS
—-
Cash and Cash Equivalents
Accounts Receivable
Less Allowance for Bad Debts
Grants Receivable
Contributions Receivable
Less Allowance for Uncollectible
Prepaid Expenses
Loans To Students
Long Term Investments
Land, Buildings and Equipment
Less Accumulated Depreciation
TOTAL ASSETS
LIABILITIES
——
Accounts Payable
Accrued Benefit Liabilities
Other Accrued Liabilities
Deferred Revenue
Notes and Bonds Payable
Annuities Payable
Deposits Held on Behalf of Others
Advances from Government for Student Loans
TOTAL LIABILITIES
NET ASSETS
——-
Unrestricted
Temporarily Restricted
Permanently Restricted
TOTAL NET ASSETS
TOTAL LIABILITIES AND NET ASSETS
ANTIOCH UNIVERSITY
Statement of Financial Position
December 31,2001
December 31,2001 June 30,2001
—
1,713,885
7,432,467
-280,058
122,052
9,051,742
-905,174
1,089,221
4,660,982
24,291,249
61,098,024
-30,926,397

ANTIOCH UNIVERSITY
Statement of Cash Flows
For the 6 Months Ended
December 31,2001
Cash flows from operating activities:
Change in net assets
Adjustments to reconcile change in net assets
to net cash provided by (used for) operating activities:
Depreciation
(Gain) loss on sale of equipment
(Increase) decrease in accounts and grants receivable
(Increase) decrease in contibutions receivable
(Increase) decrease in
prepaids
Increase (decrease) in accounts payable and accrued expenses
Increase (decrease) in annuity liability
Increase (decrease) in deferred revenues
Increase (decrease) in deposits held for others
Net (gain) loss on sales of investments
Net cash provided by (used for) operating activities
Cash flows from investing activities:
Net Proceeds from investing activities
Purchases of land, building and equipment
Proceeds from the sale of equipment
Disbursements of loans to students
Repayments of loans from students
Net cash provided by (used for) investing activities
Cash flows from financing activities:
Proceeds from issuance of indebtedness
Repayments of principal of indebtedness
Receipts from (contributions to) governmental loan funds
Net cash provided by (used for) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of period

Antioch University
December 31,2001 Actual Expenditure Summary by Function
Dec 31,1999
Actual
Revenues
Tuition & Fees
Less Tuition Discounts
Gifts
Lead Gifts
Grants
Endowment Income
Contracts
Other Income
Realized Gains
Unrealized Gains
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Net Overhead for Central Operations
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total E&G Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenueover Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
Dec 31.2000 2001-02 Dec 31.2001
~ctual Budget
Change From
2001-02 Budget
to 2001-02 Actual
Change From
2000 Actual
to 2001 Actual

Antioch University
December 31,2001 Actual Expenditure Summary by Category
Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
Contingency/Reserves
Campus Contingency, Mandatory
Campus Program Contingency, Discretionary
Liquidity Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenueover Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
Dec 31,1999
Actual
–
30,285,730
Dec 31,2000
Actual
–
32,251,532
2001 -02
Budget
–
34,840,838
15,016,617
4,44431
6
1,076,751
956,504
139,271
774,497
3,390,095
1,926,812
692,742
365,301
207.714
780,779
303,805
492,448
2,624,015
-1,053,550
4
-374,254
153,462
1,450,002
33,367,331
1,473,507
717,042
-85,706
540,498
0
-1,450,002
-278,168
Dec 31,2001
Actual
–
33,034,284
Change From
2001-02 Budget
to 2001-02 Actual
Change From
2000 Actual
to 2001 Actual

Antioch University
2001-02 Revised Budget Proposal Summary by Function
Change From Balance
2001-02 Orig Budget of Revised Budget
to 2001-02 Rev Budget Dec 31,2001 at December 31,2001
$ % Actual $ %
– – – –
Original Revised
2001-02 2001-02
Budget Budget
– –
Revenues
Tuition & Fees
Less Tuition Discounts
Gifts
Lead Gifts
Grants
Endowment Income
Contracts
Other Income
Realized Gains
Unrealized Gains
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Net Overhead for Central Operations
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total
E&G Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget

Antioch University
2001-02 Revised Budget Proposal Summary by Category
Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIRese~es
Campus Contingency, Mandatory
Campus Program Contingency, Discretionary
Liquidity Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenueover Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
Original
2001-02
Budget
–
62,846,922
29,873,680
8,736,900
1,942,510
1,767,621
273,921
1,434,357
6,215,955
3,938,180
1,373,196
683,352
355,308
760,655
724,955
492,448
5,248,006
-2,107,064
0
-748,500
226,589
2,900,000
64,092,069
-1,245,147
788,678
-100,000
966,175
0
-2,900,000
-1,245,147
0
Revised
2001-02
Budget
–
60,978,147
28,840,689
8,641,390
1,782,482
1,702,154
277,356
1,472,860
6,591,658
3,841,871
1,408,340
678,352
471,714
0
130,159
0
3,124,497
0
0
0
253,797
2,930,000
62,147,319
-1,169,172
1,766,678
-656,609
988,175
-85,000
-2,930,000
-916,756
-252,416
Change From
2001-02 Orig Budget
to 2001-02 Rev Budget Dec 31,2001
$ % Actual
– – –
-1,868,775 -2.97% 33,034,284
Balance
of Revised Budget
at December 31,2001
$ %
– L
27,943,863 45.83%

ANTIOCH COLLEGE
2001 -02 Mid-Year Performance
Enrollment
The Fall 2001 College enrollment improved and indicates the highest Fall enrollment in recent years. The entering class
of 2001-2002 consists of 189 students and reflects an 11 % increase over last year. Total enrollment for Fall, based on an
unduplicated headcount, is 691 compared to 650 last year. Total enrollment based on credit hour registration is 689 FTE
compared to 680.5 FTE last year.
Operating Revenues
The College’s improved Fall enrollment did not completely cover budgeted revenues. Tuition and fees are less than
budgeted by
489,138,
but reflect a 12.74% increase from the prior year. Unfunded student aid in the form of tuition
discounts and grants is unfavorable to budget by
4336,898.
Auxiliary Enterprise revenue reflects a favorable variance of
$60,372. Gifts revenue of $465,482 is unfavorable to budget by
-$727,519,
but does not reflect additional Annual Fund
gifts that were received after the University books were closed. The complete Annual Fund total through December 31,
2001, is $628,657. The Gifts projection of $1 ,I 93,001 shown on the schedule was based on a goal of $1.8 million, which
has been adjusted downward in the revised College budget. Additionally, the projection for the first six months did not
take into consideration actual giving patterns. Lead Gift revenues are showing unfavorable to budget by
-$I
,054,521 ;
however, this figure does not reflect a $1.0 million lead gift received on December 21, 2001, for which we are awaiting
donor designation. Endowment income is unfavorable to budget by
-$97,354.
Grants revenue, federal and state, is
favorable to budget by $298,107 as a result of earlier than anticipated use of work study funds through December.
Released from Restrictions revenue, including scholarship funds, is favorable to budget by $45,610. Total revenue of
$8,423,279 reflects an increase of 1.7% over last year.

Operating Expenses
Total operating expenditures are favorable to budget by $71 9,365 and are largely a result of decreased activity in
recruitment and fundraising plans approximating $440,000. These budget items in Admissions and Development were
“embargoed” by the Board. The College also realized savings of $234,731 in salaries and benefits; savings of $232,264
in travel, training, special events; savings of $241,660 in business operations, interest expense; savings of $58,499 in
plant maintenance; savings of $14,025 in miscellaneous expense; savings of $1 50,000 in discretionary contingency; and
over-expenditures of
-$I
53,122 in student aid services. The Total Operaing Expense for the first six months of the year is
$8,872,522, which is a decrease of 5.81% from the prior year.
The net accrual variance to budget through December is unfavorable by
-$I,
179,818 and the net cash basis budget is
unfavorable by
4839,636.
James W. Hall
Acting President

Antioch College
December 31,2001 Actual Expenditure Summary by Function
Revenues
Tuition & Fees
Less Tuition Discounts
Gifts
Lead Gifts
Grants
Endowment Income
Contracts
Other Income
Realized Gains
Unrealized Gains
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total E&G Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
Dec 31, 1999
Actual
——–
6,378,385
-1,970,688
504,407
709,865
98,193
325
48,194
-25,750
678
5,743,609
1,362,588
138,518
7,244,715
2,581,113
0
0
518,304
1,202.641
1,115,090
789,696
910.662
7.1 17,506
1,107,879
8,225,385
-980,670
326,800
0
226,496
0
0
553,296
-1,533,966
Actual
——–
6,632,882
-1,777,693
655,738
0
780,920
97,642
305
130,812
Budget
——–
7,567,268
-2,030,096
1,193,001
1,054,521
665,914
190,500
0
89,717
Actual
——-.
7,478,130
-2,366,994
465,482
0
964,02
1
93,146
24,907
65.019
647
0
6,724,358
1,403,032
295,889
8,423,279
2,225,942
0
589
5 1 9,949
1,303,853
1,583.258
763,326
1,358,844
7,755,761
1,116,761
8,872.522
-449,243
220,895
-1 95,333
364,83
1
0
0
390,393
Change From Change From
2001 -02 Budget 2000 Actual
to 200 1-02 Actual to 2001 Actual

Antioch College
December 31,2001 Actual Expenditure Summary by Category
Revenues
Operating Expenses
Salaries &Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Program Contingency, Discretional
Liquidity Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Con9
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Actual
——–
7,244,715
4,022.673
1,174,119
31 8,359
613,931
39,660
41 2,904
878,301
525,679
86,045
1 43,302
179,815
72,437
0
90,545
498,000
-275,000
-100,002
-200,002
-255,38
1
0
8,225,385
-980.670
326,800
0
226,496
0
0
553,296
Net Cash Basis Budget -1,533,966 -1,488,446 340,182
Actual
——–
8,423,279
4,272,739
1,403,350
1 85,996
936,606
22.666
377,233
840,220
521,060
102,153
163,980
1 30,762
1 35,567
84,730
565,385
-275,000
-100,000
-374,250
-1 20,675
8,872,522
-449,243
220,895
-195,333
364,83 1
0
0
390,393
Change From Change From
2001 -02 Budget 2000 Actual
to 200 1-02 Actual to 2001 Actual

Antioch College
2001-02 Revised Budget Proposal Summary by Function
Revenues
Tuition & Fees
Less Tuition Discounts
Gifts
Lead Gifts
Grants
Endowment Income
Contracts
Other Income
Realized Gains
Unrealized Gains
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total E&G Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
Change From Balance
Original Revised
2001-02 Orig Budget of Revised Budget
2001-02 2001-02 to 2001-02 Rev Budget Dec 31,2001 at December 31,2001
Budget Budget $ % Actual $ %
– – – – – – +

Antioch College
2001-02 Revised Budget Proposal Summary by Category
Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Program Contingency, Discretionary
Liquidity Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenueover Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
Change From
Original Revised 2001-02 Orig Budget
2001-02 2001-02 to 2001-02 Rev Budget Dec 31,2001
Budget
–
18,718,489
8,774,776
2,957,704
544,959
1,421,621
134,341
679,405
1,830,129
1,299,176
200,578
256,352
242,673
135,567
207,389
84,730
1,130,770
-550,000
-200,000
-748,500
-338,252
0
18,063,418
655,071
80,000
0
575,071
0
0
655,071
0
Budget
–
16,602,075
8,235,437
2,773,232
518,430
1,389,317
137,585
709,652
2,158,088
1,128,432
208,400
256352
235,661
0
0
0
0
0
0
-600,000
0
1,432,000
18,582,594
-1,960,519
536,000
-396,000
575,071
0
-1,432,000
-716,929
-1,263,590
Actual
–
8,423,279
4,272,739
1,403,350
185,996
936,606
22,666
377,233
840,220
521,060
102.153
163,980
130,762
135,567
84,730
565,385
-275,000
-100,000
-374,250
-120,675
8,872,522
-449,243
220,895
-195,333
364,831
0
0
390,393
-839.636
Balance
of Revised Budget
at December 31,2001

GLEN HELEN ECOLOGY INSTITUTE
2001 -02 Mid-Year-Performance
Revenues: Total revenue for mid-year is $469,359, which is $22,808 (or 5.1 1 %) in excess of that budgeted. Given
that we have released $14,664 less from “designated” funds than budgeted, excess revenues over budget are actually
$37,472. The favorable revenues predominantly result from favorable gift income and Outdoor Education Center
programs (tuition and fees and auxiliary enterprises). Overall revenues for this period are up 92 percent over this same
period last year. This largely reflects increased fundraising efforts on the part of the GHEI staff and GHEI Board of
Overseers.
Expenses: Operating expenses were favorable to budget by $1,898. The largest areas of expense over budget are
Business Operations and Benefits. The latter results from initial budget calculations that were below actual costs.
Increased expense in Business Operations reflects enhanced development initiatives. Areas where expense is under
budget include Supplies and Plant Maintenance. Adequate attention to the latter is always a concern and we will
continue to monitor expense in this area closely. Capital Expenditures include renovations to the Cedar Center (a
104-
bed dormitory at the GHEI-Outdoor Education Center) and for purchase of a new computer at the GHEI main offices.
The Capital Expenditure line, erroneously, does not reflect the budget for the new computer, which would otherwise
balance this area.
Actual Revenue over Expenses for the year to date is $159,322; this reflects a 356 percent increase from last year. On a
Net Cash Basis, however, this figure is $6,302, which reflects a 110 percent increase over last year at this time.
We continue to look forward to a positive second half of the fiscal year. Although we remain optimistic, we will continue to
take a conservative spending approach and maintain the tight budgetary controls that were put in place by the Executive
Director last fiscal year. Funding consistency and stability remain our long-term goal to ensure the
GHEI1s
future and
allow us to fully realize the
GHEI1s
potential in protecting the Glen and serving the Antioch community.
Robert S.
Whyte
Executive Director

Glen Helen
December 31, 2001 Actual Expenditure Summary by Function
Revenues
Tuition & Fees
Less Tuition Discounts
Gifts
Lead Gifts
Grants
Endowment Income
Contracts
Other Income
Realized Gains
Unrealized Gains
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total E&G Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
Actual
-.——
60,654
0
41,147
4,000
21.000
4,152
1 20
-33
0
131,040
124,906
7,034
262,980
0
0
256,103
0
0
0
0
0
256,103
0
256,103
6,877
0
0
1,855
0
0
1.855
5.022
Actual
——–
58,527
0
21,564
0
4,001
21,000
3,410
0
0
0
108,502
1 28.456
7,460
244,418
0
0
306,698
0
0
0
0
0
306,698
0
306,698
-62.280
0
0
0
0
0
0
-62.280
Budget
——–
66,168
0
30,576
0
0
21,000
4,863
0
0
0
1 22,607
1
30,933
193,011
44635
1
0
0
31 1,935
0
0
0
0
0
31 1,935
0
31 1,935
134,616
1 50.000
0
0
0
0
150,000
-1 5,384
Actual
——–
70,793
0
43,662
0
0
21,000
5.013
0
0
0
1 40,468
1 50,544
178,347
469,359
0
0
310,037
0
0
0
0
0
310,037
0
310,037
159,322
1 53,020
0
0
0
0
1 53,020
6.302
Change From Change From
2001 -02 Budget 2000 Actual
to 200 1-02 Actual to 2001 Actual

Glen Helen
December 31,2001 Actual Expenditure Summary by Category
Revenues
Operating Expenses
Salaries &Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Program Contingency, Discretional
Liquidity Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Con0
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
Actual
——–
262.980
143,171
36,07 1
4.070
0
0
22,025
21,202
24,839
0
3,429
1,296
0
0
0
0
0
0
0
0
0
256,103
6,877
0
0
1,855
0
0
1,855
5,022
Actual
——–
244,418
1 59,083
47,148
2.591
0
0
28,787
25,083
39,364
-50
2.972
1.720
0
0
0
0
0
0
0
0
0
306,698
-62,280
0
0
0
0
0
0
-62,280
Budget
——–
446.551
147.152
42,292
2.678
0
0
34,540
21,896
51,646
36
2,973
1,050
0
7,672
0
0
0
0
0
0
0
31 1.935
134.61 6
150,000
0
0
0
0
150,000
-1 5.384
Actual
——–
469,359
148,205
46,26
1
5,627
0
504
22,153
32,707
49,490
0
2,790
2,300
0
0
0
0
0
0
0
0
0
310,037
159,322
1 53,020
0
0
0
0
153,020
6,302
Change From
2001 -02 Budget
to 2001 -02 Actual
Change From
2000 Actual
to 2001 Actual
$ %
——– ——–
224.94 1 92.03%

Glen Helen
2001-02 Revised Budget Proposal Summary by Function
Revenues
Tuition & Fees
Less Tuition Discounts
Gifts
Lead Gifts
Grants
Endowment Income
Contracts
Other Income
Realized Gains
Unrealized Gains
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total
E&G
Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
Original
2001-02
Budget
–
1 15,750
0
98,000
0
0
42,000
10,500
0
0
0
266,250
253,333
222,818
742,401
0
0
592,401
0
0
0
0
0
592,401
0
592,401
150,000
150,000
0
0
0
0
150,000
0
Revised
2001-02
Budget
–
1 15, 750
0
98,500
0
1,433
42,000
11,000
0
0
0
268,683
259,143
279,005
806,331
0
0
629,195
0
0
0
0
0
629,
195
0
629,195
177,636
150,000
0
0
0
-18,000
132,000
45,636
Change From
2001-02 Orig Budget
to 2001-02 Rev Budget Dec 31.2001
Balance
of Revised Budget
at December 31.2001

Glen Helen
2001-02 Revised Budget Proposal Summary by Category
Original
2001-02
Budget
Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Program Contingency, Discretionary
Liquidity Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
Revised
2001-02
Budget
–
806,831
280,045
84,283
6,920
0
600
58,520
47,691
108,839
70
7,000
1,887
15,340
18,000
629,195
177,636
150,000
0
0
0
-18,000
132,000
45,636
Change From
2001-02 Orig Budget
to 2001-02 Rev Budget Dec 31.2001
Balance
of Revised Budget
at December 31.2001

ANTIOCH NEW ENGLAND GRADUATE SCHOOL
2001 -02 Mid-Year Performance
Total mid-year revenues for 2001 -02 are below projection by nearly $88,000. However, $50,000 of that total is reflected
in the “Endowment Income” line that has been eliminated in the Fiscal Stabilization Plan. In addition, the “Gifts” line is
below projection, largely because we delayed the launch of our 2001-02 Annual Fund drive due to the events of
September 11. On the other hand, we have more than offset the revenue shortfall issues through the reduction of
operating expenses by almost $200,000 below projection. The mid-year report reflects a positive “Excess Revenue over
Expense”
figure.
Antioch New England responded to the Fiscal Stabilization Plan presented at the October 2001 meeting of the Board of
Trustees by taking the following actions to meet the revised stabilization targets presented for the campus:
though a real stretch, we made a conscious commitment to raise an additional $50,000 in gift income;
we applied a 9.5% rate to operating revenues to achieve the @taJ dollar figure “tax1’ suggested by the
Stabilization Plan, but did not apply the suggested 8.5% rate to grant and contract dollars because this would
have imposed a “double
hit”
on funds that already had a negotiated overhead rate and psychologically destroyed
incentives to expand and grow grant and contract activity;
we identified operating budget cuts of $50,000;
we projected no raises at all for 2001-02 except perhaps for June 2002 so that any raise for 2002-03 would be
calculated from a higher base;
we made provisions to release only
112
($25,000) of budgeted professional development funds; and
we eliminated one staff position, effective January 1, 2002.

In making these difficult and painful adjustments, we also assumed that we would achieve our spring and summer 2002
new student enrollment projections. At the time of this writing (January 9, 2002), the data suggests that we will fall short
of meeting our new student enrollment goals for the spring semester 2002. Should that be the case, we will make
additional adjustments.
Jim Craiglow
President

Antioch New England Graduate School
December 31,2001 Actual Expenditure Summary by Function
Revenues
Tuition & Fees
Less Tuition Discounts
Gifts
Lead Gifts
Grants
Endowment Income
Contracts
Other Income
Realized Gains
Unrealized Gains
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total E&G Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenueover Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
Dec 31,1999 Dec 31,2000
Actual
–
6,453,439
-45,705
86,882
303,518
0
280,400
100,823
0
0
7,179,357
0
148,545
7,327,902
2,070,732
0
484,640
237,775
294,523
1,442,441
376,827
203,713
5,110,651
0
5,110,651
2,217,251
1 10,407
0
80,000
0
0
190,407
2,026,844
Actual
–
7,484,766
-1,485
70,458
0
2001-02 Dec 31,2001
Budget
–
7,794,056
0
35,992
0
542,970
50,002
96,657
151,759
0
0
8,671,436
0
165,176
8,836,612
2,299,634
0
600,599
272,998
328,914
1,654,691
331,325
206,602
5,694,763
0
5,694,763
3,141,849
176,000
0
95,000
0
0
271,000
2,870,849
Actual
–
7,729,021
-1,910
4,385
0
393,560
0
199,026
102,081
0
0
8,426,163
434
322,312
8,748,909
2,254,783
0
580,282
241,166
31 1,873
1,599,519
303,769
205,975
5,497,367
0
5,497,367
3,251,542
208,174
0
115,073
0
0
323,247
2,928,295
Change From
2001 -02 Budget
to 2001-02 Actual
Change From
2000 Actual
to 2001 Actual

Antioch New England Graduate School
December 31,2001 Actual Expenditure Summary by Category
Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Program Contingency, Discretionary
Liquidity Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenueover Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
Dec 31.1999 Dec 31,2000
Actual
2001-02 Dec 31,2001
Budget Actual
Change From
2001-02 Budget
to 2001-02 Actual
Change From
2000 Actual
to 2001 Actual

Antioch New England Graduate School
2001-02 Revised Budget Proposal Summary by Function
Revenues
Tuition & Fees
Less Tuition Discounts
Gifts
Lead Gifts
Grants
Endowment Income
Contracts
Other Income
Realized Gains
Unrealized Gains
Total
E&G
Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total
E&Q
Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
Original Revised
2001-02 2001-02
Budget Budget
– –
Change From
2001-02 Orlg Budget
to 2001-02 Rev Budget Dec 31,2001
Actual
–
7,729,021
-1,910
4,385
0
393.560
0
199,026
102,081
0
0
8,426,163
434
322,312
8,748,909
2,254,783
0
580,282
241,166
31 1,873
1,599,519
303,769
205,975
5,497,367
0
5,497,367
3,251,542
208,174
0
1 15,073
0
0
323,247
2,928,295
Balance
of Revised Budget
at December 31,2001

Antioch New England Graduate School
2001-02 Revised Budget Proposal Summary by Category
Original
2001-02
Budget
Revised
2001-02
Budget
Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Program Contingency, Discretionary
Liquidity Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenueover Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
Change From
2001-02 Orig Budget
to 2001-02 Rev Budget Dec 31,2001
$ % Actual
– – –
259,541 2.29% 8,748,909
Balance
of Revised Budget
at December 31,2001
$ %
– –
2,821,060 24.38%

ANTIOCH SEATTLE
2001 -02 Mid-Year Performance
REVENUE
Tuition and fee revenue is low for the first two quarters of the 2001-02 fiscal year. The major source of the shortage is
from the Education program and its freeze on the Principalship program. The other significant enrollment shortages are
in the Antioch Center for Creative Change and the Undergraduate completion programs. The Psychology program is
actually over its FTE and revenue projections, but not enough to offset the deficits in the other academic programs. Our
tuition discount line is running high, but this is mostly due to not deferring the Winter Quarter enrollments charged to this
line.
Gift and grant revenue is below projections. The post September 1 Ith fund raising environment has made it difficult. In
the area of grants, the primary cause of the deficit is the low usage of our work-study funds. We have set some of these
funds aside for graduate assistantships and the implementation of this program is running behind schedule. In addition,
despite raising the salary for the regular work-study jobs, we have not been able to fill all of our positions. We expect the
job climate in Seattle to help us some in this area.
Other income is over projections due to revenues from parking and room rental coming in above our projections. In
addition, we received a windfall one-time payment against the losses we incurred during the bankruptcy of a prior tenant,
the Swallow’s Nest. The court rejected the bankruptcy trustee recommendations and awarded us
$24,000!
EXPENSES
Overall, our operating expenses are $475,000 below projections and our capital expenses are above the original mid-
year budget. The operating expenses are low due to a complete budget freeze and not filling some positions that were
originally budgeted. The capital expenses are high due to the $420,000 renovation of 4500 square feet in our building.
We decided to proceed with our plans when the $100,000 in endowment funds was given to the campus. The renovation

project was submitted to, and approved by, the executive committee, but this was after our budget was originally
submitted, so the expenses do not show as budgeted.
The major categories of non-salary activities, supplies, and other expenses that have been restricted include travel,
professional development, food, furnishings, supplies, consultants, and special events, except recruiting and graduation.
STABILIZATION PROCESS CHANGES (Blue schedules)
REVENUE
The revised budget submitted for the last six months of the fiscal year includes the expenses, but not the revenue
elements of the original stabilization recommendations. Antioch University Seattle did not feel it would be realistic to
increase budgets for grant revenue or gifts during this fiscal year. The other revenues are adjusted consistent with the
revised projections mentioned in the revenue section above. Tuition is down and other income is increased from our
plans and expectations last spring. It should be noted that the current revenue projections do include three new sites for
the MA Education program that are slated to start in the spring. One of these sites is the First Peoples Education
program with the Muckleshoot Indian Tribe. This is the only element of our revised projections that seems a little risky, so
we have left the discretionary President’s reserve in the expense budget.
EXPENSES
The expenses in the revised budget have not quite met the goal set for us by the stabilization committee. We have cut
budgets as much as we can without severely jeopardizing the education and service we deliver to students. Our
approach to cutting budgets and controlling expenses is to reexamine positions as they become open and to require
Dean-level authorization for spending. In addition, the funds that were set aside to give our employees a 2% raise this
January have been cut. Other specific areas that were also cut include faculty development, travel, training, consulting,
special events, ergonomic furniture, local meetings and food. A significant item in our budget work was asking each
faculty member to teach an additional class this year. To their credit, most of the faculty have accepted this request to
help the campus and to help us avoid laying people off.

Although this does not meet the original goals the Board established for us, we continue to work to close the gap and are
optimistic about ending the year with a balanced budget.
Toni Murdock
President

Antioch Seattle
December 31,2001 Actual Expenditure Summary by Function
Dec 31,1999
Actual
Revenues
Tuition & Fees
Less Tuition Discounts
Gifts
Lead Gifts
Grants
Endowment Income
Contracts
Other Income
Realized Gains
Unrealized Gains
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total E&G Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenueover Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Hems
Net Cash Basis Budget
Change From Change From
2001 -02 Budget 2000 Actual
Dec 31,2000 2001-02 Dec 31,2001 to 2001-02 Actual to 2001 Actual
Actual Budget Actual $ % %
– – – – – – –
$

Antioch Seattle
December 31,2001 Actual Expenditure Summary by Category
Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
Contingency/Rese~es
Campus Contingency, Mandatory
Campus Program Contingency, Discretionary
Liquidity Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenueover Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
Dec 31,1999 Dec 31,2000
Actual
–
3,808,747
1,936,937
480,715
51,370
24,159
13,866
63,729
275,546
123,693
347,418
154,937
6,372
72,631
0
108,946
499,338
-159,000
25,902
0
0
0
4,026,559
-217,812
69,458
0
0
0
0
69,458
-287,270
2001-02
Dec 31.2001
Budget Actual
Change From Change From
2001-02 Budget 2000 Actual
to 2001-02 Actual to 2001 Actual

Revenues
Tuition & Fees
Less Tuition Discounts
Gifts
Lead Gifts
Grants
Endowment Income
Contracts
Other Income
Realized Gains
Unrealized Gains
Total
E&G
Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total E&G Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
Antioch Seattle
2001-02 Revised Budget Proposal Summary by Function
Original Revised
2001-02 2001-02
Budget Budget
– –
Change From
2001-02 Orig Budget
to 2001-02 Rev Budget Dec 31,2001
Actual
–
Balance
of Revised Budget
at December 31,2001

Antioch Seattle
2001-02 Revised Budget Proposal Summary by Category
Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
Contingency/Reserves
Campus Contingency, Mandatory
Campus Program Contingency, Discretionary
Liquidity Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Conf)
Depreciation
Total Operating Expenses
Excess
RevenueoverExpenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
Original Revised
2001-02 2001-02
Budget Budget
– –
10,295,789 10,032,076
Change From
2001-02 Orig Budget
to 2001-02 Rev Budget Dec 31,2001
Actual
–
4,370,252
2,481,276
596,765
44,122
24,912
24,525
45,441
279,900
123,036
293,711
134,388
4,995
153,796
0
1 15,347
528,677
-199,938
26,850
0
0
0
4,677,803
-307,55
1
505,102
-375,000
0
0
0
130,102
-437,653
Balance
of Revised Budget
at December 31.2001

ANTIOCH SOUTHERN CALIFORNIA
2001 -02 Mid-Year Performance
With the recent activity to reconstruct our budget as part of the Financial Stabilization Process, it has become gospel truth
that budget consumes almost all of the time of the AUSC leadership.
Unlike the major transformations required for my colleagues at other campuses, the task for me was a less formidable
one. As you will note in the spreadsheets, there was not too much to move around for this exercise, and we have little to
report in terms of modifications necessitated by swings in revenue or expenses.
So far, our budget as it plays itself out is boring. And that, as far as I am concerned, is very good news.
There are variances which require explanation:
Tuition revenues are on target at the mid-year point. The large positive variance is a timing issue and the budget
and actuals will be close after January. (Note: We realize we must gauge this more accurately to avoid the
timing issues in the future.)
Grant revenue is down since, for both FWSP and SEOG, the amount is dependent on students gettingltaking the
grants.
Salaries are much lower than budgeted due to a number of open positions.
Plant maintenance is higher than budgeted due to a utility levy by the landlord at LA and higher costs of
computer support at LA due to a change from in-house to contracted support and costs of fixing technical
problems.

Miscellaneous costs are higher as they include an un-budgeted refund of $21,500 given to MFA students as
compensation for
Firstclass
(e-mail) disruptions.
Discretionary contingency is lower, in part, due to extra costs of leasehold improvements at SB.
In reference to the change in our financial status necessitated by the stabilization process, we seem to be able to weather
that with not too much instability. We have absorbed the allocated depreciation and anticipate being able to produce the
$267K
surplus beyond our 8% Overhead charge as required.
In order to assure this result, I am keeping several open positions unfilled and waiting until spring enrollments are known
before deciding on whether to implement the 2% salary increase in our original budget.
Mark Schulman
President

Antioch Southern California
December 31,2001 Actual Expenditure Summary by Function
Dec 31,1999 Dec 31,2000
Actual
Revenues
Tuition & Fees
Less Tuition Discounts
Gifts
Lead Gifts
Grants
Endowment Income
Contracts
Other Income
Realized Gains
Unrealized Gains
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total
E&G
Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenueover Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
Actual
–
6,867,051
-1 18,966
4,190
0
87,997
0
0
7,749
897
0
6,848,918
101,129
86,141
7,036,188
1,797,772
8,600
53,801
381,651
694,044
1,565,785
783,085
91,681
5,376,419
11 1,592
5,488,011
1,548,177
21,317
0
0
0
0
21,317
1,526,860
2001-02 Dec 31,2001
Budget
–
5.1 03,523
-78,206
24,000
0
170,762
50,002
0
6,780
0
0
5,276,861
95,000
75,944
5,447,805
2,032,839
0
85,736
398,477
607,874
1,770,359
721,745
131,510
5,748,540
91,792
5,840,332
-392,527
30,000
0
0
0
0
30,ooo
-422,527
Actual
–
7,490,645
-57,550
30,790
0
76,044
0
0
15,060
0
0
7,554,989
111,671
48,312
7,714,972
1,942,183
0
83,532
371,341
562,045
1,548,524
785,190
83,077
5,375,892
98,289
5,474,181
2,240,791
32,918
0
12,559
0
0
45,477
2,195,314
Change From
2001-02 Budget
to 2001-02 Actual
Change From
2000 Actual
to 2001 Actual

Antioch Southern California
December 31,2001 Actual Expenditure Summary by Category
Dec 31,1999
Actual
Dec 31,2000
Actual
2001 -02 Dec 31.2001
Budget Actual
Change From
2001-02 Budget
to 2001-02 Actual
Change From
2000 Actual
to 2001 Actual
Revenues
Operating Expenses
Salaries &Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Program Contingency, Discretionary
Liquidity Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenueover Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget

Antioch Southern California
2001-02 Revised Budget Proposal Summary by Function
Revenues
Tuition & Fees
Less Tuition Discounts
Gifts
Lead Gifts
Grants
Endowment Income
Contracts
Other Income
Realized Gains
Unrealized Gains
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total E&G Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
Change From Balance
Original Revised 2001-02 Orig Budget of Revised Budget
2001-02 2001-02 to 2001-02 Rev Budget Dec 31,2001 at December 31,2001
Budget Budget $ % Actual $ %
– – – – – – A

Antioch Southern California
2001-02 Revised Budget Proposal Summary by Category
Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
Contingency/Resewes
Campus Contingency, Mandatory
Campus Program Contingency, Discretionary
Liquidity Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenueover Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
Original
2001-02
Budget
–
11,211,121
5,433,566
1,191,866
225,311
64,857
35,160
224,996
880.922
1,460,479
27,250
143,000
1,500
199.606
233,576
124.754
1,372,295
-51 8,977
58,800
0
22,140
0
11,181,121
30,000
30,000
0
0
0
0
30,000
0
Revised
2001-02
Budget
–
11,114,305
5,202,028
1,214,817
209,100
65,192
35,160
228,763
960,773
1,517,864
47,750
143,000
25,000
0
3,990
0
900,000
0
0
0
18,500
100,000
10,759,937
354,448
100,000
0
22,000
0
-100,000
22,000
332,448
Change From
2001-02 Orig Budget
to 2001-02 Rev Budget Dec 31,2001
Actual
–
7,714,972
2,548,569
643,822
71,070
36,587
10,335
103,486
405,118
757,990
16,165
78,243
22,291
199,606
124,754
686,152
-259,494
29,400
0
87
0
5,474,181
2,240,791
32,918
0
12,559
0
0
45,477
2,195,314
Balance
of Revised Budget
at December 31,2001

ANTIOCH UNIVERSITY McGREGOR
2001 -02 Mid-Year Performance
The first section of this narrative will discuss the second quarter performance actual results as compared with the budget
and related allocation that was originally submitted. The second section will address the revised budget that was
submitted upon request from the fiscal stabilization committee.
2001-02 SECOND QUARTER PERFORMANCE AS COMPARED TO THE ORIGINAL BUDGET ALLOCATION
REVENUE
The revenue budget was reallocated by month shortly after the beginning of the fiscal year, due to additional information
on when student registrations were likely to occur. This accounts for approximately $82,000 of the gross tuition and fee
shortfall when compared with the original budget spread. Actual revenue through Winter 2002 related to these student
registrations confirms the accuracy of the reallocation made earlier in the fiscal year.
Summer: Net tuition and fee revenue for summer was $100,000 less than budgeted, primarily due to more
continuing students graduating than were originally anticipated at the time of budget preparation and more
students taking a leave of absence for summer quarter than were originally projected. This budget shortfall was
addressed and is discussed in the expense section below.
Fall: Fall net tuition and fee revenue approximated budget.
Total revenue through second quarter from all sources combined is approximately $208,000 less than the
original budget spread. Of this amount, $50,000 is attributable to endowment income originally budgeted (July
2001 through December
2001),
and $82,000 is attributable to budget reallocation based on additional information.
The budget shortfall related to summer enrollment was addressed by
McGregor
administration and is discussed
in the expense section below.

Because Winter 2002 registrations are now known, they are included as part of this narrative so that the Board
has access to the most recent information available. This information, however, is subject to change since we
are still in the
adddrop
period.
Academic Programs Achieving Targets (Fiscal Year-to-Date, Including Winter):
The McGregor undergraduate program (formerly known as the Weekend College) is 18 FTEs greater than budgeted,
primarily due to increased recruitment initiatives.
The Conflict Resolution program has 12 FTEs greater than budget. The approval of the Conflict Resolution program as
a stand-alone masters of arts program was significant in this marked enrollment increase, as well as new recruitment
activities.
The Teacher Certification program concluded in Fall 2001, because teacher education is moving to licensure as
required by the State of Ohio, but achieved budgeted targets.
The Master in Education program is based on total credits rather than student FTEs and has three students more than
originally budgeted.
The Teacher Licensure programs have 15 students more than originally projected, which also is due to aggressive
recruitment.
Academic Programs Expected to be Below Fall Targets:
The Ohio Principalship Licensure program has 10 students fewer than originally budgeted.
The Graduate Management Program (GMP) is 5 FTEs below budget for the year.
The Intercultural Relations (IR) program, an individualized Masters of Arts (IMA) program, is 2 FTEs fewer than
budgeted. The
IR
program did not accept new students this year due to the partnership severance with the Intercultural
Communications Institute (ICI).

EXPENSE
Due to the budget shortfall associated with summer enrollment, salary expenses were reduced due to hiring delays and
other expenses were deferred. These are explained in detail in the section related to the budget revisions associated
with the request of the fiscal stabilization committee. However, it is important to note that these budget reductions were
made at the initiation of the McGregor administration in response to summer budgetary fluctuations.
McGregor has made a concerted effort to monitor and control expenses, as may be seen by the comparison to the
2001-
02 budget ($442,428 less than total budget; $433,636 of which is attributable to non-overhead expenses), the
comparison to 2000-01 actual ($277,448 less than total actual; $144,018 of which is attributable to non-overhead
expenses), and the comparison to 1999-2000 actual ($425,954 less than total actual; $226,345 of which is attributable to
non-overhead expenses).
2001-02 BUDGETS ADJUSTED FOR THE FISCAL STABILIZATION PLAN (Blue schedules)
REVENUE
Net tuition and fee revenue was reduced by approximate $189,000, due to revised projections. Endowment income of
$1 00,000 was eliminated at the direction of the University. Although the gifts category was left at $1 55,000, a
subsequent $20,000 restricted gift was made that we originally had expected to be in that category; therefore, the
released from restrictions category probably will be higher than projected, and the gift category probably will be lower by
the same amount. A $25,000 gift from the Mead Corporation was made in December that was restricted to the
Classroom of the Future project. We expected actual total revenue to approximate the revised budget amount.
EXPENSE
Budgeted salary and benefit expense was reduced by approximately $1 39,000 by eliminating the remainder of the salary
increases for
McGregor’s
unrepresented employees, and delaying or forgoing hiring of new employees. Non-salary
expense was reduced approximately $103,000, including reducing professional development from $45,000 to $5,000,
reducing honoraria and stipends expense more than $14,000, reducing student vouchers by approximately $33,000,
reducing supplies, purchased services, consulting, postage and memberships by more than $8,000, reducing employee
recruitment by nearly $3,000, and reducing travel and local meetings by nearly $3,000.

According to the instructions of the fiscal stabilization committee, we have removed all overhead and subsidies from our
original budget and have replaced it with a $500,000 assessment, which represents approximately $69,000 more than
what would be reflected by an 8% calculation. Also included is a $1 50,000 credit against overhead and $200,000 for
depreciation expense, which reflects a $48,000 increase from the itemized depreciation schedule amount received by
McGregor. Endowment income will be used for capital rather than operating items. McGregor received notice from the
Board that an additional $100,000 expense would be included due to the financial difficulties faced by Antioch College,
but that has not been included in this schedule, as it was indicated that the McGregor budget did not have to be adjusted
to cover this additional expense.
The net effect of the revenue and expense revisions is a revised excess revenue amount of $52,455, and a net cash
basis budget amount of $1 35,637.
OTHER
McGregor seeks permission from the Facilities Committee to release funds from the $1 00,000 endowment line and move
forward with expenses in excess of the $25,000 limit to open the Classroom of the Future (from both endowment and
restricted sources). The President is working with the Dayton business community for donations and loans to offset some
of the initial costs, but must be able to use internal funds as needed for that purpose. This will be presented formally to
the Facilities Committee at the Board meeting.
Barbara Gellman-Danley
President

Antioch University McGregor
December 31,2001 Actual Expenditure Summary by Function
Revenues
Tuition & Fees
Less Tuition Discounts
Gifts
Lead Gifts
Grants
Endowment income
Contracts
Other Income
Realized Gains
Unrealized Gains
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total E&G Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
Dec 31, 1999
Actual
——–
3,405,829
-37,190
1,548
70,574
0
61,857
5,512
0
0
3,508,130
18,460
0
3,526.590
1,107,657
0
76,863
70,615
391,018
1,047,440
49,676
6,494
2,749.763
30.000
2,779,763
746,827
8,783
0
0
0
0
8,783
738,044
Change From Change From
2001 -02 Budget 2000 Actual
Dec
31,2000 2001 -02
Dec
31,
2001 to 2001 -02 Actual to 2001 Actual
Actual Budget Actual $ % $ %
——– —.—- ——– ——– ——– ——– —.—-

Antioch University McGregor
December 31,2001 Actual Expenditure Summary by Category
Revenues
Dec 31, 1999
Actual
——–
3,526,590
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
Contingency/Reserves
Campus Contingency, Mandatory
Campus Program Contingency,
Discrestionary
Liquidity Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Con9
Depreciation
Total Operating Expenses
Excess Revenue over Expenses 746.827
Annual Budget Conversion to Cash Basis
Capital Expenditures 8,783
Borrowing Proceeds 0
Principal Payments 0
Prior Year Reserves 0
Add Back Depreciation 0
Total Cash Items 8.783
Net Cash Basis Budget 738,044
Dec 31,2000
Actual
——–
2,445,359
1,255,440
357,457
28,299
1 4,296
40,046
35,502
281,872
56,479
17,177
0
5,404
93,76
1
58.601
31 9,354
-1 16,129
17,100
0
1 66,598
0
2,631,257
-1 85,898
133.575
-125,061
0
0
0
8,514
Change From
2001 -02 Budget
2001-02 Dec 31.2001 to 2001 -02 Actual
Budget
——–
2,489,338
1,372,222
420,308
69,297
89,943
19,144
36,214
310,116
63,204
17,156
0
1 9,545
69,318
4,341
43,324
238,283
-90,114
16,702
0
97,234
0
2,796,237
-306,899
85,706
-85,706
16,818
0
0
16,818
Change From
2000 Actual
to 2001 Actual
$ %
——– ——–
-163,912 -6.70%

Antioch University McGregor
2001-02 Revised Budget Proposal Summary by Function
Revenues
Tuition & Fees
Less Tuition Discounts
Gifts
Lead Gifts
Grants
Endowment income
Contracts
Other Income
Realized Gains
Unrealized Gains
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total E&G Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
Original
2001-02
Budget
–
5,308,762
-37,130
155,000
0
82.134
100,000
10,000
10,750
0
0
5,629,516
0
51,250
5,680,766
2,626,971
0
17,374
115,010
713,621
2,058,972
121,000
11,000
5,663,948
0
5,663.948
16,818
100,000
-100,000
16,818
0
0
16,818
0
Revised
2001-02
Budget
–
5,120,040
-34,130
155,000
0
82,134
0
10,000
10,750
0
0
5,343,794
0
51,250
5,395,044
2,560,852
0
17,374
115,010
697,261
1,620.092
321,000
11,000
5,342,589
0
5,342,589
52,455
100,000
-100,000
16,818
0
-200,000
-183,182
235,637
Change From Balance
2001-02 Orig Budget of Revised Budget
to 2001-02 Rev Budget Dec 31,2001 at December 31,2001
$ % Actual $ %
– – – – k

Antioch University McGregor
2001-02 Revised Budget Proposal Summary by Category
Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Program Contingency, Discrestionary
Liquidity Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
Change From
Original Revised 2001-02 Orig Budget
2001-02 2001-02 to 2001-02 Rev Budget Dec 31,2001
Budget Budget $ Actual
–
2,281,447
1,276,230
377,321
20,131
35,145
11,169
14,881
187,739
52,633
10,082
0
2,343
69,318
0
43,324
238,283
-90,114
16,702
0
88,622
2,353,809
-72,362
9,942
-9,942
16,818
0
0
16,818
-89,180
Balance
of Revised Budget
at December 31,2001

ANTIOCH UNIVERSITY ADMINISTRATION
2001 -02 Mid-Year Performance
During the first half of 2001-02 the Chancellor has been concerned with recruitment of new members for the Board, the
upcoming NCA accreditation review, a presidential review, serving as Acting President of the College, and numerous
other responsibilities. The Capital Campaign is well under way, and the work of the Stabilization Taskforce has
consumed large amounts of staff time.
The Stabilization Taskforce began meeting in July and worked actively through the summer and fall. Numerous
opportunities to increase revenues and reduce expenses were explored before the outline for a revised budget was
presented to the Board in October. The Board directed that additional work be done and the Executive Committee
additionally endorsed the Taskforce effort in December.
As Acting President of the College, the Chancellor had the responsibility for converting the Taskforce recommendations
on the College into an operational budget for the balance of 2001-02. Large amounts of time were devoted to meetings
with
AdCil
and a special budget planning group that was created to develop a revised budget. After the budget was
approved on a close vote in
AdCil,
the Chancellor had the responsibility of informing the campus community of the
meaning of the changes reflected in the document. Additional meetings have been held and many questions have been
answered.
The NCA ten-year comprehensive reaccredidation review is scheduled for October 2002. Reviewers selected by the
North Central Association, in consultation with Antioch University, will consider each campus as an integrated academic
unit, and the university as a single institutional entity. In preparation for that review, each of the campuses has been
undergoing a process of self-study. Through the self-study process and resulting documentation, each campus presents
evidentiary information addressing five central criteria involving mission, use of resources, fulfillment of institutional
purposes, ability to continue to carry out its mission and purpose, and institutional integrity.

Antioch’s four nonresidential adult campuses submitted first drafts of their self-studies to a university steering group for
review in September 2001, and then second drafts in December. The steering group, with representation from the
Chancellor’s Office, ULC, the deans, and the faculty, reviewed the documents and provided comment and feedback,
noting in January that the self-studies were moving forward on schedule. Antioch College submitted an initial draft for
review in December and was given feedback and comment before the holiday break.
All campuses are expected to submit final drafts for necessary review and approvals by early May. During this spring
term, the university steering group, with input from the campuses, the board, and other stakeholders, will be drafting a
University-wide self-study document. The goal is to have final drafts, or near-final drafts, of all self-study work completed
by the June board meeting. The drafts will then be shared with NCA staff, printed and distributed to the reviewers in
preparation for the October visit.
Administrative consolidation of several support functions in the Yellow Springs area has consumed considerable staff
time during the first-half of 2001-02. In addition to developing cost estimates of potential savings, the staff has been
called upon to analyze position descriptions and create new position descriptions for the staff who will handle the work of
integrated units serving the College,
McGregor,
and the University Administration. In those cases where the employees
are represented by a union, additional time has been spent negotiating with the local leadership over the structure and
process.
All the while, the normal work of the Chancellor’s office was being handled, although not without considerable amounts of
evening and weekend work.
Glenn Watts
Vice Chancellor and
Chief Financial Officer

University Administration
December 31,2001 Actual Expenditure Summary by Function
Revenues
Tuition & Fees
Less Tuition Discounts
Gifts
Lead Gifts
Grants
Endowment Income
Contracts
Other Income
Realized Gains
Unrealized Gains
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Net Overhead for Central Operations
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total
E&G
Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenueover Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
Dec 31,1999 Dec 31,2000
Actual
–
0
0
5,074
0
0
0
0
0
0
5,074
0
0
5,074
973,957
0
0
0
0
60,454
893,906
0
0
954,360
0
954,360
24,671
24,671
0
0
0
0
24,671
0
Actual
–
0
0
15,578
0
0
0
0
0
0
0
15,578
0
0
15,578
987,299
0
0
0
0
57,328
935,551
0
0
992,879
0
992,879
9,998
9,998
0
0
0
0
9.998
0
2001-02 Dec 31,2001
Budget
–
0
0
3,350
0
0
0
0
0
0
0
3,350
0
0
3,350
1,057,845
0
0
0
0
49,881
965,314
0
0
1,015,195
0
1,015,195
46,000
46,000
0
0
0
0
46,000
0
Actual
–
0
0
9,914
0
0
0
0
0
0
0
9,914
0
0
9,914
908,736
0
0
0
0
48,689
862,765
0
0
91 1,454
0
91 1,454
7,196
7,196
0
0
0
0
7.196
0
Change From
2001-02 Budget
to 2001-02 Actual
Change From
2000 Actual
to 2001 Actual

University Administration
December 31,2001 Actual Expenditure Summary by Category
Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Program Contingency, Discretionary
Liquidity Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
Dec 31,1999
Actual
–
979,031
508,023
143,044
75,120
0
875
18,258
76,502
126,373
149
0
3,738
0
0
0
0
0
0
0
2,278
0
954,360
24,671
24,671
0
0
0
0
24,671
0
Dec 31,2000 2001-02 Dec 31,2001
Actual
–
1,002,877
536,685
155,098
59,947
0
0
13,563
84,695
136,782
4
0
3,826
0
0
0
0
0
0
0
2,279
0
992,879
9,998
9,998
0
0
0
0
9,998
0
Budget
–
1,061,195
503,619
169,945
71,210
0
0
15,482
93,853
135,154
0
0
3,756
20,124
0
0
0
0
0
0
2,052
0
1,015,195
46,000
46,000
0
0
0
0
46,000
0
Actual
–
918,650
502,274
153,709
51,361
0
0
12,959
54,602
133,476
282
0
513
0
0
0
0
0
0
0
2,278
0
91 1,454
7,196
7,196
0
0
0
0
7,196
0
Change From Change From
2001-02 Budget 2000 Actual
to 2001-02 Actual to 2001 Actual

University Administration
2001-02 Revised Budget Proposal Summary by Function
Revenues
Tuition & Fees
Less Tuition Discounts
Gifts
Lead Gifts
Grants
Endowment Income
Contracts
Other Income
Realized Gains
Unrealized Gains
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Net Overhead for Central Operations
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total E&G Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
Original
2001-02
Budget
–
0
0
35,000
0
0
0
0
0
0
0
35.000
0
0
35,000
1,927,164
0
0
0
0
100,722
1,805,442
0
0
1,906,164
0
1,906,164
56,000
56,000
0
0
0
0
56,000
0
Revised
2001-02
Budget
Change From
2001-02 Orig Budget
to 2001-02 Rev Budget Dec 31,2001
Actual
–
Balance
of Revised Budget
at December 31,2001

University Administration
2001-02 Revised Budget Proposal Summary by Category
Original
2001-02
Budget
Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencytReserves
Campus Contingency, Mandatory
Campus Program Contingency, Discretionary
Liquidity Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenueover Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
Revised
2001-02
Budget
–
1,908,912
991,918
331,740
165,300
0
0
30,986
144,425
157.529
300
0
5,714
0
25,000
0
0
0
0
0
0
0
1,852,912
56,000
56,000
0
0
0
0
56,000
0
Change From
2001-02 Orig Budget
to 2001-02 Rev Budget Dec 31,2001
Actual
–
91 8,650
Balance
of Revised Budget
at December 31,2001

ANTIOCH REVIEW
2001 -02 Mid-Year Performance
The mid-year budget performance showed an increase in gift revenues over the midpoint of last year based on the
annual appeal, and a decrease in sales revenues based on changes in distributors and a difficult market for magazines.
Production costs are slightly higher based on a larger fall issue. Fund raising during winter and spring will produce
additional revenues, but unless large gifts are generated we will show a deficit. This confirms my report to the Chancellor
in August 2001 that indicated difficulties in 2002 and outlined options. After two quarters, Total Revenue is at the
budgeted level, but Total Expenses are above budget by $2,387.
We are planning fund raising events in New
York,
Chicago, San Francisco (tentative), and Yellow Springs during the next
six months. News of award selections for magazines are beginning to arrive with word that Albert
Goldbarth’s
poem “The
Gold Star” will be included in “Best American Poetry-2002.” We continue to publish on schedule and have received a
grant of $3,200 from the Ohio Arts Council for publication costs. Finally, we are pleased to announce that a distinguished
graduate of the College, Warren Bennis, University Professor and Distinguished Professor of Business Administration at
the University of Southern California, has agreed to join our national advisory board.
Robert
Fogarty
Editor

Antioch Review
December 31,2001 Actual Expenditure Summary by Function
Revenues
Tuition & Fees
Less Tuition Discounts
Gifts
Lead Gifts
Grants
Endowment Income
Contracts
Other Income
Realized Gains
Unrealized Gains
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total E&G Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
Actual
——–
0
0
9,271
8,101
4,782
0
3,541
0
0
25,695
41,984
0
67,679
0
0
58,265
0
0
0
0
0
58,265
0
58,265
9,414
0
0
0
0
0
0
9,414
Actual
——–
0
0
12.398
0
0
4,770
0
4.897
0
0
22.065
44,930
0
66.995
0
0
63.953
0
0
0
0
0
63,953
0
63.953
3.042
0
0
0
0
0
0
3,042
Budget
——–
0
0
18,000
0
3.084
4,752
0
4,050
0
0
29.886
44.000
0
73.886
0
0
68,147
0
0
0
0
0
68,147
0
68,147
5,739
0
0
0
0
0
0
5.739
Actual
——–
0
0
14,600
0
3,084
4,819
0
3,643
0
0
26,)
46
47,789
0
73,935
0
0
70,534
0
0
0
0
0
70,534
0
70,534
3,401
0
0
0
0
0
0
3.401
Change From
2001 -02 Budget
to 2001 -02 Actual
Change From
2000 Actual
to 2001 Actual

Antioch Review
December 31, 2001 Actual Expenditure Summary by Category
Revenues
Operating Expenses
Salaries &Wages
Benefits
Training & Developmeni
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
Contingency/Reserves
Campus Contingency, Mandatory
Campus Program Contingency, Discretional
Liquidity Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
Dec 31, 1999 Dec 31,2000
Actual
——–
67,679
16.210
8,805
1,339
0
0
397
29,236
0
0
0
0
0
0
0
0
0
0
0
2,278
0
58,265
9,414
0
0
0
0
0
0
9,414
Actual
——–
66.995
25.090
12,113
0
0
0
223
25,621
0
0
0
0
0
0
0
0
0
0
0
906
0
63,953
3.042
0
0
0
0
0
0
3,042
Budget
——–
73,886
25.908
13,395
1,000
0
0
219
27,573
52
0
0
0
0
0
0
0
0
0
0
0
0
68,147
5,739
0
0
0
0
0
0
5,739
Actual
——–
73,935
25,947
1 3,355
0
0
0
172
31,060
0
0
0
0
0
0
0
0
0
0
0
0
0
70,534
3,401
0
0
0
0
0
0
3,401
Change From Change From
2001 -02 Budget 2000 Actual
to 2001 -02 Actual to 2001 Actual

Antioch Review
2001-02 Revised Budget Proposal Summary by Function
Revenues
Tuition & Fees
Less Tuition Discounts
Gifts
Lead Gifts
Grants
Endowment Income
Contracts
Other Income
Realized Gains
Unrealized Gains
Total
E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total E&G Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
Original
2001-02
Budget
–
0
0
56,509
0
3,084
9,500
0
6,700
0
0
75,793
56,000
0
131,793
0
0
131,793
0
0
0
0
0
131,793
0
131,793
0
0
0
0
0
0
0
0
Revised
2001-02
Budget
–
0
0
56,505
0
3,084
9,500
0
6,700
0
0
75,793
56,000
0
131,793
0
0
131,793
0
0
0
0
0
131,793
0
131,793
0
0
0
0
0
0
0
0
Change From
2001-02 Orig Budget
to 2001-02 Rev Budget Dec 31,2001
Actual
7
0
0
14,600
0
3,084
4,819
0
3,643
0
0
26,146
47,789
0
73,935
0
0
70,534
0
0
0
0
0
70,534
0
70,534
3,401
0
0
0
0
0
0
3,401
Balance
of Revised Budget
at December 31,2001

Antioch Review
2001-02 Revised Budget Proposal Summary by Category
Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Program Contingency, Discretionary
Liquidity Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
Original
2001-02
Budget
–
131,793
51,808
26,760
2,200
0
0
-2,575
53,500
100
0
0
0
0
0
0
0
0
0
0
0
0
131,793
0
0
0
0
0
0
0
0
Revised
2001-02
Budget
–
131,793
51,808
26,760
2,200
0
0
-2,575
53,500
100
0
0
0
0
0
0
0
0
0
0
0
0
131,793
0
0
0
0
0
0
0
0
Change From
2001-02 Orig Budget
to 2001-02 Rev Budget Dec 31,2001
% Actual
– –
0.00% 73,935
Balance
of Revised Budget
at December 31,2001

Ph.D. in LEADERSHIP AND CHANGE
2001 -02 Mid-Year Performance
The Ph.D. Program, as a separate operating cost center, began January 1, 2002. Thus, instead of the original $375,000
of budgeted Tuition and Fees, the actual tuition is 15 students at $8,000 (half year), plus a $500 discount per student, a
total of $1 20,000 less $7,500, or $1 12,500. Additional fee income is from non-refundable deposits, payment plan
charges, and application fees. Expenses will be covered from this amount in addition to the funds released from the
restricted account.
All
Ph.D.
Program expenses between July-December 2001 were covered from the restricted account. The actuals for
expense lines during this period ran at or under projection, with some savings in technology and advertising.
Program Update. At the writing of this update, the Ph.D. Program is two weeks away from the start of its first residency
(Seattle, January 25-27) with 15 students from across the country representing distinct professional environments and a
range of mid-to-senior level positions. Over the past several months, the faculty have been working together actively (on
line and face-to-face) to create the curriculum of this unique program. We have also put in place the Datatel systems to
integrate admissions, financial aid and registration processes. In addition, we have designed the program’s own First
Class (e-mail and conferencing desktop) which functions as a ‘virtual campus’ between residency meetings, and includes
among other things, on-line seminars, tutorials, student services, and library support.
Even as we are preparing for the upcoming Seattle meeting, we are also receiving applications for the July cohort. The
application deadline in January 31 and, at the time of this writing
(1/09),
we have 8 completed applications, 21 partially
completed applications, and the names of 24 other individuals who have indicated they intend to apply but, to date, we
have not received any part of their application materials. If these numbers hold, we can expect to have about 40
applications, which would again enable a competitive process to fill the 20-person cohort.
Laurien Alexandre
Director

Revenues
Tuition & Fees
Less Tuition Discounts
Gifts
Lead Gifts
Grants
Endowment income
Contracts
Other income
Realized Gains
Unrealized
Gains
Totai
E&G
Revenue
Auxiliary Enterprises
Released From Restrictions
Totai Revenues
Operating Expenses
instruction
Research
Public Service
Academic Support
Student Services
institutional
Support
Plant Maintenance
Scholarships
Totai E&G Expenses
Auxiliary Enterprises
Totai Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Totai Cash items
Net Cash Basis
Budge1
PhD in Leadership and Change
December 31,2001 Actual Expenditure Summary by Function
Dec
31. 1999
Dec
31.2000 2001 -02
Dec
31.2001
Actual ——–
131,325
-8,000
0
0
0
0
0
0
0
0
123,325
0
0
123,325
53
0
0
0
0
0
0
0
0
53
0
53
123,272
0
0
0
0
0
0
123,272
Change From
2001 -02 Budget
to 2001 -02 Actual
Change From
2000 Actual
to 2001 Actual

PhD in Leadership and Change
December 31,2001 Actual Expenditure Summary by Category
Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Program Contingency,
Discrestlonary
Liquidity Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Con0
Depreciotlon
Total Operating Expenses
Dec 31, 1999 Dec 31,2000 2001 -02 Dec 31,2001
Excess Revenue over Exoenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
Actual
——–
123,325
0
0
0
0
0
0
0
0
53
0
0
0
0
0
0
0
0
0
0
0
53
123,272
0
0
0
0
0
0
123,272
Change From Change From
2001 -02 Budget 2000 Actual
to 200 1-02 Actual to 2001 Actual
$ % $ %
——– ——– – -. – – – – – ——–
-370,379 -75.02% 123,325

PhD in Leadership and Change
2001-02 Revised Budget Proposal Summary by Function
Revenues
Tuition & Fees
Less Tuition Discounts
Gifts
Lead Gifts
Grants
Endowment income
Contracts
Other Income
Realized Gains
Unrealized Gains
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total E&G Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
Original
2001-02
Budget –
375,000
0
0
0
0
0
0
0
0
0
375,000
0
237.402
612,402
607,402
0
0
0
0
0
0
0
607,402
0
607,402
5,000
5,000
0
0
0
0
5,000
0
Revised
2001-02
Budget –
125,000
0
0
0
0
0
0
0
0
0
125,000
0
130,527
255,527
250,527
0
0
0
0
0
0
0
250,527
250,527
5,000
5,000
0
0
0
-2,110
2,890
2,110
Change From
2001-02 Orig Budget
to 2001-02 Rev Budget Dec 31,2001
Actual –
131,325
-8,000
0
0
0
0
0
0
0
0
123,325
0
0
123,325
53
0
0
0
0
0
0
0
53
0
53
123,272
0
0
0
0
0
0
123,272
Balance
of Revised Budget
at December 31.2001

PhD in Leadership and Change
2001-02 Revised Budget Proposal Summary by Category
Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
Contingency/Reserves
Campus Contingency, Mandatory
Campus Program Contingency, Discrestionary
Liquidity Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
Original
2001 -02
Budget
–
612,402
240,955
77,447
77,000
0
0
14,000
183,000
0
0
0
0
0
0
0
0
0
0
0
15,000
0
607,402
5,000
5,000
0
0
0
0
5,000
0
Revised
2001-02
Budget
–
255.527
112,161
33,006
28,000
0
0
2,250
67,000
0
0
0
0
0
0
0
0
0
0
0
61 000
2,110
250,527
5,000
5,000
0
0
0
-2,110
2,890
2,110
Change From Balance
2001-02 Orig Budget of Revised Budget
to 2001-02 Rev Budget Dec 31,2001 at December 31,2001
% Actual $ 1%

WYSO RADIO
2001 -02 Mid-Year Performance
Midway through the fiscal year, WYSO Public Radio is running a deficit. Despite this, management is confident that the
station will turn its fourth consecutive balanced budget by June 30, 2002 and has an action agenda to make this so.
WYSO faced one of its most significant broadcasting challenges beginning shortly after
9:OOam
on
11
September 2001.
The traumatizing events of that morning necessitated that, for all intents and purposes, the station transform its entire
operations into a
24/7
news organization. Station management suspended all programming, underwriting, and other
announcements for nearly a week, opting to present round-the-clock coverage from NPR News, BBC World Service,
World Radio Network, and other
newslinformation
sources. WYSO also allocated several hours a day to present the
local and regional reaction to the national tragedy, especially so in the form of providing listeners an opportunity to share
their thoughts and feelings via a series of open phones broadcasts. The station took great care to offer the widest
possible perspectives and analyses available to place the crisis in context.
During those days and the weeks immediately following, the station heard from a great many of its regular listeners, as
well as from quite a number of others who self-identified themselves as having never before listened to any public radio
station (let alone WYSO). Reaction was universally positive. The public expressed enthusiastic (and sometimes quite
emotional) appreciation that WYSO performed as it did in the aftermath of the terrorist attacks, grateful for the depth of
coverage and the non-sensational care, dignity, and diligence with which it served the citizens of the Miami Valley.
The tangible demonstrations of these positive reactions were seen in
WYSO’s
record-breaking Fall 2001 On-Air
Membership Campaign. The overall fundraising goal of the drive had been set, prior to 1 1 September, at $1 50,000
($30,000 more than the Fall 2000 goal) – $75,000 through telephone pledges, $73,000 though direct mail, and $2,000 via
Internet pledges placed at www.wyso.org. The final tally was $175,434 – $1 11,921 through phone pledges, $47,991
through direct mail, and $ 15,522 via Internet pledging. In addition, the station signed up several hundred first-time
subscribers.

Exchange of mailing lists with Dayton Philharmonic Orchestra and other arts/cultural organizations for additional
targeted acquisition mailings.
Spring 2002 Membership Campaign goal of $175,000 including direct mail, additional gift appeal to create a “new
member challenge fund.”
Increased grants writing efforts with the goal of raising an additional $50,000 in operational grants from identified
corporate and foundation sources.
Increased underwriting sales of $50,000 beyond 2001-02 budgeted goals.
More aggressive direct mail renewal efforts, including increasing renewal letter mailings from 4 to 5 for each
individual up for renewal.
Possible target-of-opportunity, on-air fund drives including a potential 3-5 day “End of Fiscal Year” drive in June
with a goal of $25,000, preceded by an additional gift mailing to all donors not in renewal cycle.
From all additional efforts mentioned above, the goal is to raise an additional $lOO,OOO over current projected revenues to
assure a balanced budget by 30 June 2002.
Management is extremely pleased with the station’s new development director, S.D. Yana Davis. Mr. Davis’ enthusiasm,
creativity, and diligence, as well as his depth of experience and professionalism are helping to further mature
WYSO’s
overall business operations.
WYSO secured the services of Tom Livingston & Associates to conduct a major national search for a HosVReporter for
the critical, Monday through Friday morning drivetime
daypart.
The individual in this position serves as local anchor for
NPR’s
Morning
~dition,
which is the single most listened to block of programming on
WYSO
and most other public radio
stations. The station hired a professional journalist for this job so that it could significantly improve its
locallregional
news
service, as well as its overall airsound. WYSO has hired Ryan Warner, who had been serving as the weekend news
anchor at
NBC-TV
affiliate KTIV, Sioux City, IA. Mr. Warner has both public and commercial radio experience, as well as

WYSO will receive additional revenues pledged during the Fall campaign period from federal employees via the
Combined Federal Campaign (CFC). That revenue figure will not be available until February or March 2002 and, thus,
will be a part of the station’s third quarter 2001-02 report.
Other revenue streams coming into WYSO include telemarketing to lapsed members of the station. Total telemarketing
revenues since the beginning of the fiscal year through December 31, 2001 were $9,016.
WYSO also conducted an additional gift appeal during the holiday season that included a one-time commitment to
provide 10% of all revenues secured as part of this initiative to WNYC Public Radio in New York City, which lost most of
its main and backup transmission facilities with the collapse of the World Trade Center. WYSO was among
approximately three dozen public radio stations nationwide that conducted similar joint fundraising efforts for its
beleaguered sister station. The additional gift appeal raised a total of $5,525 – $4,020 via direct mail and $1,505 from an
hour-long fundraising edition of
NPR’s
Car
~alk*
that was specially produced for the holiday season. Of the total raised,
$602 will be forwarded to WNYC for its rebuilding efforts (10% of $5,525 plus a designated gift of $50 to WNYC from one
donor).
Through the first half of 2001-02, underwriting has generated $108,734 in sales, with actual revenues of $1 1 1,063.
At the conclusion of the second quarter, WYSO received an unsolicited gift of $5,000 from an area Trust. The trust has
requested total anonymity.
For the remainder of the fiscal year, the following are highlights of new development initiatives at WYSO Public Radio:
Launch of the WYSO Leadership Circle (major donor club) with the goal of securing a minimum of thirty (30)
members, each pledging $1,000 annually for three (3) years – adding $30,000 to 2001-02 revenues.
At least one and possibly two acquisition mailings to targeted zip codes (Oakwood, Kettering, Centerville; where
the primary demographic component is household incomes of
$75,000+)
asking for significant initial gifts of non-
member, likely-listeners of $250 or more.

his recent credentials in commercial television. Mr. Warner brings a new dynamic to WYSO1s service to the community
and will help to increase both its ratings and fundraising opportunities.
The station has also hired its long-time contract engineer, Joseph
Rother,
as its Chief Engineer. For the immediate
future, Mr.
Rother
will be a half-time staff member. The growing audio plant and intensification of digital conversion
necessitated this step.
Management is somewhat concerned that the WYSO Resource Board has not grown and matured at the same pace as
the station. Indeed, it has shown some signs of regression. There is clearly a core membership that is focused and
ready to help the station to become a Top Ten station in its market, but a greater membership and more active
involvement is needed. To achieve this, there will need to be an aggressive recruitment effort to bring on members with a
similar commitment to WYSO1s future as has been demonstrated by its core, contributing members.
In the next year, the Resource Board will undertake an initiative to which it has long-been committed: a major strategic
planning process intended to produce a realistic business plan for WYSO. Management has worked with the Board to
identify a strategic planning consultant who is prepared to work with the board and management to create just such a
plan, along with the framework for a major capital campaign meant to provide the funding necessary to achieve the most
significant infrastructure objectives expected to be a part of this plan.
Management believes WYSO must proceed with strategic planning with all due diligence because of the entry into the
U.S. consumer marketplace of XM Satellite Radio. Its initial success in the marketplace suggests that it may very well
impact the terrestrial radio marketplace in a manner as significantly as television did to radio itself in the 1950s. WYSO
and other terrestrial radio broadcasters should be proactive, not reactive, to these changes in the way listeners use the
radio
Included here, accordingly, is the understanding by
WYSO’s
management, its Resource Board, and the Antioch
University administration that the station has no practical alternative but to reassess the totality of its broadcast offerings
and determine their pertinence to the core demographic it wishes to attract and can serve well. There is little doubt that
the station is serving too many constituencies (and a number of them not very well). Management expects it will, in the
not too distant future, need to jettison some formats. Equally, programmatic elements that remain must achieve the

standards of production and presentation that modern public radio listeners demand. These decisions will necessitate
hard choices and discomfort for some existing volunteer and other staff members at WYSO.
On the new media front, during this quarter (especially since 11 September) WYSO has seen an exponential increase in
the number of individuals accessing the station’s audio stream via its
website.
As the station pays for bandwidth use
above and beyond a predetermined, monthly baseline, WYSO has incurred unanticipated expenses in maintaining its
audio webstream. While the station will make this fact a part of its fundraising appeals throughout the remainder of the
fiscal year and beyond, management is concerned about the ongoing viability of this ancillary service without securing the
necessary financial support to maintain it.
Management is concerned about the fact that the State of Ohio continues to face severe economic pressures and that
prospects for improvement, even over the next one to two years, seem slight. In this regard, it may be that there will be
further reductions in state appropriations to the Ohio Educational Telecommunications Network Commission (OETNC),
from which WYSO currently derives approximately 2% of its annual operating budget (and from which it has obtained
several capital improvements grants over the past few years). Any reductions in anticipated revenues is certainly cause
for concern.
On the federal level, the current recession coupled with significant increases in national emergency spending have made
it all but assured that appropriations for the Corporation for Public Broadcasting (CPB), will remain frozen at current
levels. While this will translate into no anticipated increase in
WYS03s
annual base operating grant from CPB, the
station’s significant increases in non-federal financial support in the past two years have garnered it significant increases
in the incentive grants it receives from the CPB for community fundraising above and beyond an established threshold
level. Accordingly, WYSO will anticipate an increase in its incentive grant in the coming fiscal year, assuming it achieves
its revenue objectives in its current fiscal budget and as detailed above.
Steve Spencer
General Manager

WYSO-FM
December 31,2001 Actual Expenditure Summary by Function
Revenues
Tuition & Fees
Less Tuition Discounts
Gifts
Lead Gifts
Grants
Endowment Income
Contracts
Other Income
Realized Gains
Unrealized Gains
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total
E&G
Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
Dec 31. 1999 Dec 31,2000
Actual
——–
0
0
131,560
43,487
0
0
1 16.073
0
0
291,120
80
7,286
298,486
0
0
316,470
0
0
0
0
0
316,470
0
316,470
-1 7,984
53,109
-40,876
7,917
0
0
20,150
-38,134
Actual
——–
0
0
162,274
0
84,837
0
0
1 33,870
0
0
380.981
125
0
381,106
0
0
426,573
0
0
0
0
0
426.573
0
426,573
-45,467
3,369
0
1 0,096
0
0
1 3,465
-58.932
Budget
——–
0
0
1 66,000
0
84,73 I
0
0
152,002
0
0
402,733
252
0
402,985
0
0
460.057
0
0
0
0
0
460,057
0
460,057
-57,072
1 8.678
0
7.584
0
0
26,262
Actual
——–
0
0
21 1,408
0
25,356
0
0
121.927
0
0
358,691
140
0
358,831
0
0
518,547
0
0
0
0
0
518.547
518,547
-159,716
3,402
7,581
0
0
1 0.983
2001 -02 Dec 31.2001
-83,334 -1 70,699
Change From Change From
2001-02 Budget 2000 Actual
to 2001 -02 Actual to 2001 Actual

WYSO-FM
December 31,2001 Actual Expenditure Summary by Category
Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Program Contingency, Discretional
Liquidity Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Con9
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
Dec 31, 1999 Dec 31,2000
Actual
——–
298,486
101,543
30,947
4,585
0
0
15,782
137,890
13,932
6,355
0
0
0
0
0
0
0
0
0
5,436
0
31 6,470
– 1 7,984
53,109
-40,876
7,917
0
0
20,150
-38,134
Actual
——–
381,106
1 30,333
40,868
12,076
0
1 98
8,652
203,603
17,990
8,323
0
0
0
0
0
0
0
0
0
4,530
0
426,573
-45,467
3,369
0
1 0,096
0
0
1 3,465
-58,932
Budget
——–
402,985
1 39,343
42,451
17,827
0
252
9,053
212,232
27,338
4,807
0
1,252
0
0
0
0
0
0
0
5.502
0
460,057
-57,072
18.678
0
7.584
0
0
26,262
-83.334
Actual
——-.
358,831
159,760
47,529
1 6,736
0
0
9,103
237,244
37,665
4,904
0
171
0
0
0
0
0
0
0
5,435
0
518,547
-159,716
3,402
0
7.581
0
0
1 0,983
-1 70,699
Change From Change From
2001 -02 Budget 2000 Actual
to 2001 -02 Actual to 2001 Actual

WYSO-FM
2001-02 Revised Budget Proposal Summary by Function
Revenues
Tuition & Fees
Less Tuition Discounts
Gifts
Lead Gifts
Grants
Endowment Income
Contracts
Other Income
Realized Gains
Unrealized Gains
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total E&G Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
Original
2001-02
Budget
–
0
0
388,464
0
168,670
0
0
257,750
0
0
814,884
500
0
815,384
Revised
2001-02
Budget
–
Change From
2001-02 Orig Budget
to 2001-02 Rev Budget Dec 31,2001
$ % Actual
– – –
Balance
of Revised Budget
at December 31.2001

WYSO-FM
2001-02 Revised Budget Proposal Summary by Category
Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIRese~es
Campus Contingency, Mandatory
Campus Program Contingency, Discretionary
Liquidity Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Conf)
Depreciation
Total Operating Expenses
Excess
RevenueoverExpenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
Original
2001-02
Budget
–
815,384
278,671
83,677
28,935
0
500
16,095
295,891
54,656
9,613
0
2,500
0
0
0
0
0
0
0
11,000
0
781,538
33,846
18,678
0
15,168
0
0
33,846
0
Revised
2001-02
Budget
–
840,884
278,671
83,177
26,935
0
500
12,095
301,491
62,556
9,113
0
1.500
0
0
0
0
0
0
0
0
30,000
806.038
54,846
18,678
0
15,168
0
-30,000
3,846
31,000
Change From
2001-02 Orig Budget
to 2001-02 Rev Budget Dec 31,2001
Actual
–
358,831
159,760
47,529
16,736
0
0
9,103
237,244
37,665
4,904
0
171
0
0
0
0
0
0
0
5,435
0
518,547
-159,716
3,402
0
7,581
0
0
10,983
-170,699
Balance
of Revised Budget
at December 31,2001
$ %,
– –
482,053 57.33%

University Wide
December 31,2001 Actual Expenditure Summary by Function
Dec 31,1999
Actual
Dec 31,2000
Actual
Revenues
Tuition & Fees
Less Tuition Discounts
Gifts
Lead Gifts
Grants
Endowment Income
Contracts
Other Income
Realized Gains
Unrealized Gains
Total
E&G
Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Net Overhead for Central Operations
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total E&G Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
2001-02
Budget
–
0
0
0
0
62,502
67,384
0
106,360
0
0
236,246
0
279,232
515,478
138,375
36,000
0
0
84,681
0
484,572
1,450,002
62,502
2,117,757
0
2,117,757
-1,463,904
0
0
62,059
0
-1,450,002
-1,387,943
Change From Change From
2001-02 Budget 2000 Actual
Dec 31,2001 to 2001-02 Actual to 2001 Actual
Actual $ % $ %
– – – – –

University Wide
December 31,2001 Actual Expenditure Summary by Category
Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Program Contingency, Discretionary
Liquidity Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenueover Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
Dec 31,1999 Dec 31,2000
Actual Actual
2001-02
Budget
–
653,853
125,328
32,462
113,218
0
0
2,052
184,872
32,508
47,392
0
2,002
26,218
0
14,199
0
0
0
0
87,504
1,450,002
2.1
17,757
-1,463,904
0
0
62,059
0
-1,450,002
-1,387,943
-75,961
Dec 31,2001
Actual
Change From Change From
2001-02 Budget 2000 Actual
to 2001-02 Actual to 2001 Actual

University Wide
2001-02 Revised Budget Proposal Summary by Function
Revenues
Tuition & Fees
Less Tuition Discounts
Gifts
Lead Gifts
Grants
Endowment Income
Contracts
Other Income
Realized Gains
Unrealized Gains
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Net Overhead for Central Operations
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total E&G Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenueover Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
Original
2001-02
Budget
–
0
0
0
0
125,000
134,766
0
212,700
0
0
472,466
0
428,441
900,907
465,278
0
0
0
166,765
0
950,302
2,900,000
125,000
4,142,067
0
4,142,067
-2,775,882
0
0
124,118
0
-2,900,000
-2,775,882
0
Revised
2001-02
Budget
–
0
0
0
0
125.000
134,766
0
220,700
0
0
480,466
0
589,600
1,070,066
1,250,585
0
0
0
321,155
0
1,608,385
267,890
125,000
2,322,430
0
2,322,430
-1,779
0
0
124,118
0
-267,890
-143,772
141,993
Change From
2001-02 Orig Budget
to 2001-02 Rev Budget Dec 31,2001
Actual
Balance
of Revised Budget
at December 31,2001
$ %

University Wide
2001-02 Revised Budget Proposal Summary by Category
Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Program Contingency, Discretionary
Liquidity Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
Original
2001-02
Budget
–
1,366,185
250,649
114,861
191,917
0
0
4,100
327,346
79,000
94,777
0
4,000
26,218
0
14,199
0
0
0
0
135,000
2,900,000
4,142,067
-2,775,882
0
0
124,118
0
-2,900,000
-2,775,882
Change From
Revised 2001-02 Orig Budget
2001-02 to 2001-02 Rev Budget Dec 31,2001
Budget
–
$
–
2,320,651 954,466
Actual
–
-448,675
220,990
60,307
51,996
0
0
2,461
247,102
25,118
97,532
0
16,009
26,218
0
14,199
0
0
0
0
87,501
1,465,775
2,315,208
-2,763,883
3,406
0
62,062
0
-1,465,775
-1,400,307
-1.363.576
Balance
of Revised Budget
at December 31,2001

AIR AGING REPORT DECEMBER 31,2001
UNIT/
STUDY PERIOD
AMOUNT
BILLED
$3,575,923
$6,537,771
$10,113,694
$69531 8
$988,428
$936,616
$2,620,562
$1,341,439
$2,187,929
$1,550,573
$5,079,941
1,528,727
1,506,181
2,291,963
$5,326,871
$1,548,765
$3,648,374
$3,283,230
$8,480,369
$602,886
$1,546,447
$2,149,333
AMOUNT AMOUNT PERCENTAGE PERCENTAGE
COLLECTED OUTSTANDING COLLECTED
12/31/01
COLLECTED
12/31/00
COLLEGE (inc AEA)
2000101 Year
01 Summer
01 Fall
02 Spring
Total College
SANTA BARBARA
2000101 Year
01 Summer
01 Fall
02 Winter
02 Spring
Total S.B.
LOS ANGELES
2000101 Year
01 Summer
01 Fall
02 Winter
02 Spring
Total L.A.
SEATTLE
2000101 Year
01 Summer
01 Fall
02 Winter
02 Spring
Total Seattle
NEW ENGLAND
2000101 Year
01 Summer
01 Fall
02 Spring
Total NE
MCGREGOR
2000101 Year
01 Summer
01 Fall
02 Winter
02 Spring
Total McG
PhD in LEADERSHIP & CHANGE
2000101 Year
02
WinterlSpring
$123,325
Total PhD $123,325
TOTAL UNIV $33,894,095

ANTIOCH UNIVERSITY
Status of Accounts Payable
As of December 31,2001
Aged from Invoice Date
Percent of Total
Dec
31 2001
Dec
31 2000
Current (0 to 30) $84,120.99 31.60% 79.43%
31 -60 Days 119,567.1 1 44.92% 21.10%
61 to 90 Days 56,662.45 21.29% 1
.OO%
Over 90 Days 5,834.58 2.19% -1.53%

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

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