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NTIOCH UNIVERSITY
REPORT TO THE
BOARD OF TRUSTEES
2001 -02 Year End Financial Statements
2002-03 First Quarter Performance
October 17-19, 2002
TABLE OF CONTENTS
Introduction 1 2002-03 First Quarter Budget Performance
2001-02 Year End Financial Statements 2002-03 First Quarter Performance 76
2000-01 Year-End Budget Report
Antioch University Summaries
Antioch College
Glen Helen
Antioch New England
Antioch Seattle
Antioch Southern California
Antioch University McGregor
Ph. D. in Leadership & Change
University Administration
Antioch Review
WYSO Radio
University-Wide Expenses
Antioch University Summaries
Antioch College
Glen Helen
Antioch New England
Antioch Seattle
Antioch Southern California
Antioch University McGregor
Ph.D.
in Leadership & Change
University Administration
Antioch Review
WYSO Radio
University-Wide Expenses
Receivables Aging Report
Carryforward, Liquidity and Depreciation 75 Status of Accounts Payable 127
Cost Centers 128
Line Items 129
REPORT TO THE BOARD OF TRUSTEES
OCTOBER 17-19,2002
I. INTRODUCTION
The first section of this report contains financial information concerning the performance of the University, its campuses
and associated units during 2001-02. The second section contains financial information on how the University and its
components have performed in the first quarter of the 2002-03 fiscal year. The Datatel Management System and the
cooperation of Campus personnel are necessary to enable us to present the full first quarter of information shortly after
the close of the period.
The information contained in this report is
presented
using the Financial Accounting Standards Board (FASB) 117
reporting standards that became mandatory for independent colleges and universities on July 1, 1995. The objective of
this FASB reporting standard is to enhance the relevance, clarity and comparability of financial statements issued by
not-
for-profit organizations, regardless of the nature of their operation or mission. The information on the
2001-02
fiscal year
expands and supplements the material presented in the draft Audited Financial Statements prepared by
Ernst & Young
LLP. The material presented in this document provides a more detailed view of the revenues and expenses of the
University and is intended to promote the understanding of University operations as a whole and of each of its units. If
you are familiar with the terms and format of this Report, you may want to begin reading the 2001-02 Year-End Budget
Performance Section on page 8 and then read the summary of the 2002-03 First Quarter Performance on page 76.
I. FORMAT AND CONTENT
The 2001-02 Year-End Financial Review section and the 2002-03 First Quarter Performance section contain summary
schedules for the entire University and similar schedules for each campus, the University Administration, Glen Helen,
WYSO
Radio, the Antioch Review, the new
Ph.D.
in Leadership and Change, and University Wide accounts. Each
campus and operating unit has prepared narrative descriptions of the significant events that caused the unit to deviate
from its budget. The purpose of the narrative is to provide an overview of how each Campus performed during the prior
fiscal year and how well it is managing during the first quarter of the current year. The narratives also provide an
opportunity for the President or unit manager to describe the problems he or she has dealt with during the previous year
and the opportunities that are being exploited during the current fiscal year.
Revisions to the 2002-03 Capital Budget may be necessary. 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 capital expenditures, but during the first quarter of the fiscal year, some Campuses have
identified changed conditions as well as 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.
Ill. THE FUNCTION SCHEDULE
For the University as a whole and for each of the Campuses and units, both sections of this Report contain two
schedules. The first is the Summary by Function. This schedule provides information about Revenues by Type and
Operating Expenses by Function. The purpose is to show what happened during the prior fiscal year and what is
happening during the current quarter to the various revenue and expense categories. This schedule shows how prior
year experience and the budget compare with what has actually happened during the two reporting periods.
In both the Revenues and Operating Expenses sections of this schedule is a reference to
“E&G1′.
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 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. Neither the administration or the Board of
trustees can impose restrictions on unrestricted funds; only donors can create restricted funds.
Because restricted revenues do not become part of the unrestricted operating funds of the University until they are
Released from Restrictions, the amounts shown for Gifts and Grants may vary from the figures reported by the
Development Offices for the same period. The Development Offices report gifts on a cash basis, or, as they are
received: the Accounting Offices report gifts on an accrual basis, or, when they are received or first pledged. Pledges are
commitments that will be realized at a future date and are not expendable until the funds are actually received. Funds
that are given for a restricted purpose are invested until they can be expended for the purpose specified by the donor.
Several years may pass before a campus can expend a restricted gift as the donor intended, but the restricted gift is
recorded by the Development Office when it is received. The financial schedules contained in this report do not reflect
restricted revenue until it is expended, and then it is reported on the Released from Restrictions line and not the Gifts line.
Therefore, reports from the Development Office may show higher or lower giving levels than will appear on these
schedules.
Restricted Funds should not be confused with Endowment Funds. Endowment Funds are also separated from
unrestricted revenues and are also limited to specific purposes as provided by their donor. The primary difference is that
the principal of Endowment Funds must be retained in perpetuity and only the annual income can be expended to satisfy
the purpose of the donor. On the other hand, the principal amount of a restricted gift can be used as soon as a valid
purpose has been identified. Income from the Endowment Funds appear as a Revenue Item on the Endowment Income
line. Separate lines report Realized and Unrealized Gains or Losses on the endowment and other investments.
The schedules in this Report for Antioch University as well as the schedule for University Administration and the
University Wide Expenses contain an additional line, “Net Overhead for Central Operations.” This line has been added
on these three schedules to more clearly display the cost of central operations. Ordinarily, the Overhead used to support
the University Administration and the University Wide Expenses budget would appear as a “negative expense” entry, but
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 “revenuen 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 128.
In the first section of this Report, the columns of the Summary by Function schedules present information about the
actual activity of the two prior years, the budget for 2001-02 and the actual experience for 2001-02. The last four
columns provide comparisons of the 2001-02 actual experience with the budget for that year and a comparison of how
the 2001-02 actuals compare with the actuals from 2000-01. The dollar variance is given for these comparisons and a
percentage of variance is also provided. Similar information is provided in the second section of this Report, but the data
and comparisons are for the first quarter of the fiscal year. Beginning with the reports for the first quarter of 2002-03, a
subtotal is provided to combine Tuition & Fees with Tuition Discounts. This subtotal, Net Tuition, shows what is available
to cover expenses.
FASB 117 requires the presentation of information on an accrual basis, but the actual management of the University also
depends on maintaining an appropriate cash flow so that current obligations can be met. The schedules in this Report
contain a Conversion to Cash Basis section 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 expenditures which, although occurring in one fiscal year, are depreciated over their useful life.
Accumulated depreciation is shown as an offset to the Depreciation Expense that is included as a part of the Plant
Maintenance function. Borrowing proceeds, if any, associated with the expenditures shown are reflected on a separate
line as are the Principle Payments necessary to retire the loans of previous years.
The Conversion to Cash Basis section also shows the use of any Prior Year Reserves. Prior Year Reserves are
maintained by the University as “funded” or “unfunded”. Prior to 2002-03, when a campus ended the year with an
operating surplus, this sum was recorded and carried forward on the books. If the University had sufficient surplus cash
at year-end, the surplus was funded and invested in an interest bearing account for the benefit of that campus. If there
was not sufficient cash to cover the surplus, the uncovered portion became a credit to the unfunded reserve. Campuses
may propose the use of their Funded Prior Year Reserves in the annual budget, or they may request the Chancellor’s
permission to use Funded Reserves to meet unexpected expenses during the year. After 2001-02, campus surpluses will
be used to fund unused depreciation.
IV. THE CATEGORY SCHEDULE
The second major schedule used in both sections of this Report is the Summary by Category. On this schedule, the
Revenues reported on the Function Schedule are condensed to a single line. For the University as a whole, the
University Administration and the University Wide Expenses schedules, a second line is added to show the Net Overhead
for Central Operations. Although technically not a revenue item, it is treated as a quasi-revenue on this schedule so that
these three units and the Campuses can be presented in similar ways.
Operating Expenses from the Function schedule are presented by category
(e.g.,
Salaries & Wages, Benefits, Supplies).
These categories show how expenditures have been made by the kinds of goods and services purchased. The
components of each of the Expense categories is listed in detail on page 129.
A section of these schedules shows the
ContingencyIReserves
that the Campuses are required or encouraged to
budget. The “Campus Contingency, Mandatoryn amount is budgeted at 1 % of net student-derived revenue and this sum
cannot be transferred to another campus without the approval of the Campus President. With the approval of the
Chancellor, these funds may be used during the year in order to meet unexpected expenses or to offset lower than
anticipated revenues. Campuses that are meeting their revenue targets may also request release of these funds to pay
for special capital improvements that they might not otherwise have been able to make. These requests can be honored
only when the University as a whole is performing well.
The “Campus Program Contingency, Discretionary” is a reserve amount determined by the individual campus. *
Depending on the volatility of its programs, a campus may elect to hold an additional sum above the Mandatory amount
to offset possible revenue fluctuations. The amount of this Reserve is determined by the Campus, and the Campus
determines when this Revenue should be released for expenditure. Not all Campuses elect to place funds in this
Reserve.
Prior to 2001-02, the Liquidity Reserve was equal to 1.25% (1.5% for Seattle) of the net tuition and fee revenue of each
Campus. Although no new funds are being collected, the amounts already in the Liquidity Reserve Fund are not
available for expenditure for any purpose. The amounts in the Liquidity Reserve is held in a University-wide account. At
the end of 2001-02, the sixth year in which the Liquidity Reserve has been in operation, the University account contained
$2,216,165. This sum is identified with each campus through a series of sub-accounts and has been invested in
accordance with University policy. Earned interest is annually credited to the campuses on the Realized Gains line. A
schedule showing the Funded and Unfunded Reserves, Depreciation Reserves and the Liquidity Reserves balance for
each of the Campuses is on page 75.
The Overhead section of the Summary by Category schedule shows the assessments that are made against each
Campus in order to support operations of the University. Prior to 2001-02 assessments were made at the rate of 13.75%
of net student revenue. Net student revenue excludes tuition generated by new programs less than two years in
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 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. The effect of the Rebates
was to significantly lower the true overhead rate paid by the Campuses.
Beginning in 2001-02, the complex array of subsidies was eliminated and the Overhead calculation was changed to a
proration of a set amount determined to cover the costs of central operations and any subsidy to the College. The
proration of the Overhead charge to the non-residential campuses and the
Ph.D.
program uses a three-year average of
the operating revenues.
Depreciation is a major expense for the University. Prior to 2001-02, it was carried centrally, but now it is allocated to
each operating unit based on the value of the scheduled equipment and facilities. Both the Depreciation Expense and
the Add Back Depreciation entries for years prior to 2001-02 appear in the University Wide Expenses section
on
pages
73 and 125.
The columns for 2001-02 and for the first quarter of 2002-03 on the Category schedules are identical to those on the
Function schedules.
2001-02 YEAR-END BUDGET REPORT
The financial performance of the University in 2001-02 cannot be summarized in a single sentence. On the one hand,
2001-02 produced the largest accrual deficit ever recorded by the University as a result of major declines in the US stock
markets. On the other hand, if the investment losses in the endowment are excluded from operations, the financial
performance of the University was considerably better in 2001-02 than it was in the preceding year. Paradoxically, the
success that the College has had in increasing the size of the endowment has contributed to the appearance of poor
financial performance for University operations. The role of the stock market in 2001-02 cannot be overemphasized.
Financial reporting standards followed by the University require that both realized and unrealized gains and losses on
investments, including the endowment, be reported as revenue even though the endowment funds are restricted. That is,
endowment can only be used as the donors intended and the principal is not available for use. Endowment gains in
recent years have been accumulated to increase the size of the endowment and to insure that years with losses will not
result in reduced principal. However, in years such as 2001-02 the losses in the endowment must be reported against
total revenues and this helped produced the record accrual deficit.
Antioch College
Glen Helen
New England
Seattle
Southern California
McGregor
University
Ph.D
University Administration
WYSO Radio
University Wide
Antioch Review
Totals
1997-98
Accrual Cash
1,540,075 0
-8,835 -23,464
254,358 0
284,658 0
-310,044 -256,357
145,543 50,017
ACCRUAL AND CASH BALANCES
1998-99 1999-00 2000-0 1 2001 -02
Accrual Cash Accrual Cash Accrual Cash Accrual Cash
941,814 0 390,707 -546,842 -571,496 -1,202,557 -1,625,466 -995,185
-87,387 -90,025 6,561 4,706 40,359 -6,541 143,688 608
535,726 0 205,709 40,000 254,463 47,900 50,255 143,878
276,779 107,173 553,972 16,797 433,425 243,804 193,158 0
49,295 0 22,697 -47,325 130,294 94,614 727,170 575,386
-53,324 0 -170,730 0 12,592 12,592 491 -30,053
899 3,116
46,961 0 109,798 0 54,112 0 7,196 0
32,848 0 58,209 2,610 52,025 -7,696 -89,705 -79,719
-1,242,603 1,367,713 -693,106 1,988,910 -1,986,301 824,745 -2,318,429 -2,218,079
0 0 -962 -962 -7,708 -7,708 -27,400 -27,400
$500,109 $1,384,861 $482,855 $1,457,894 -$I ,588,235 -$847 -$2,938,143 -$2,627,448
The above table shows the accrual and cash balances recorded by the University in each of the last five years. This
table shows that the University had positive balances in the first three years of the period and deficits in the most recent
two.
The campuses and operating units have performed reasonably well during the five-year period, even though several of
the units have had negative accrual years. In most cases these negatives were offset by positive balances produced by
other units. This year, however, the accrual deficit produced by the College, although $355,053 less than the budgeted
deficit, was too large to be absorbed by surpluses generated by the other campuses.
Part of the reason for the larger operating deficit at the College in 2001-02 is a change in the way depreciation is
budgeted. Beginning in 2001-02, each campus and operating unit has been required to budget depreciation and
generate sufficient revenue to cover this cost. Because the College has the majority of
Antioch’s
buildings, it also has the
largest depreciation expense. When the 2001-02 budget was approved by the Board of Trustees, it was understood that
this change in the way depreciation is budgeted would have a significant impact on the College. For that reason, the
budgeted deficit was considerably larger than had been permitted in previous years. Fortunately, the College performed
better than budgeted and so the overall deficit was not as large as it might have been.
Prior to 2001-02, depreciation was budgeted centrally in a University Wide account. The University budgeted an overall
accrual deficit with the expectation that it would be covered by the Liquidity Reserve and Mandatory Contingency
Reserve that each campus was required to budget. The expectation was that realized and unrealized gains on the
endowment and other investments would be larger than the amounts budgeted in these categories so that the Mandatory
Contingency could be used to meet emergencies or generate a surplus. During most of the decade of the 1990s this
expectation was fulfilled and the University as a whole generated positive cash and accrual balances. The following table
shows the degree to which investments contributed to the positive accrual balances:
REALIZED AND UNREALIZED GAINS AND LOSSES
ENDOWMENT AND OTHER INVESTMENTS
Actual Actual Actual Actual Actual
Realized
GainsILosses
588,433 2,316,608 . 716,721 -220,093 -649,275
Unrealized
GainsILosses
877,376 -1,642,173 73,529 620,736 -1,332,095
Totals $1,465,809 $674,435 $1,447,250 $400,643 -$I ,981,370
Unfortunately, inclusion of realized and unrealized gains and losses on investments tends to mask the performance of the
campuses and operating units. The endowment is sufficiently large, and becoming larger, that gains and losses
significantly distort the combined operational surpluses or deficits. If the investment gains and losses are subtracted
from the accrual balances in each of the last five years, it becomes apparent that operational expenses have exceeded
operational revenues in each of these years.
The primary reason that operational expenditures have exceeded operational revenues in each of these years is largely
due to the practice of budgeting depreciation as a central expense tied to anticipated gains on investments. Fortunately,
this practice has been discontinued and the College is beginning to adjust its expenditure patterns to recognize this
expense within its budget.
ACCRUAL BALANCES ADJUSTED FOR INVESTMENT GAINS AND LOSSES
Actual Actual Actual Actual Actual
Accrual Balances 827,404 500,109 482,855 -1,588,235 -2,938,143
Gains and Losses 1,465,809 674,435 1,447,250 400,643 -1,981,370
Adjusted Balances
-$638,405
-$174,326
-$964,395
-$I
,988,878
-$956,773
The above table shows that while the 2001-02 accrual deficit was the largest of the five year period, after gains and
losses are factored out, the 2001-02 deficit is actually smaller than the operations deficit incurred in 2000-01. In fact,
were it not for the stock market losses in 2001-02, the deficit of
-$956,773
would not have caused the University to violate
the covenants of the Seattle and New England bonds.
At present, balancing the College and University budgets depends heavily on gift revenue and bequests. The Annual
Fund contributed nearly $1.5 million to College operations in 2001-02, but there were no large unrestricted bequest
during the year. As the following schedule shows, unrestricted bequests have played an important role in many of the
recent budgets, but it is important that the College strive to balance its budget without anticipating extraordinary levels of
annual giving or bequests. If this can be achieved, unrestricted bequests could then be used to meet special needs or to
cover one-time program enrichments.
UNRESTRICTED BEQUESTS RECEIVED
1995-96 through 2001 -02
Seven-
1995-96 1996-97 1997-98 1998-99 1999-00 2000-01 2001 -02 Year
Amount Number Amount Number Amount Number Amount Number Amount Number Amount Number Amount Number
Averaae
$550,000 2 $125,000 1 $522,998 1 $112,368 2 $550,000 1 $639,612 4 $0 0 $357,140
UNRESTRICTED STATEMENT OF ACTIVITIES
The Statement of Activities is most comparable to the Income Statement of a for-profit organization. The purpose of the
Statement of Activities is to summarize unrestricted operations of the 2001-02 fiscal year. The full Statement of Activities
for the entire University is contained in the Audited Financial Statements prepared by
Ernst & Young. Their statement
contains the unrestricted, temporarily restricted, and permanently restricted funds and thereby provides a complete
picture of the entire “bottom
line.”
The schedule contained in this report focuses on Unrestricted Funds which constitute
the operating revenues and expenses of the campuses and the University as a whole. By looking at the increase or
decrease in net assets as show on the Statement of Activities, it is possible to get a quick understanding of how well the
University performed during the fiscal year.
In 2001-02, Net Assets decreased by
-$2,938,145
compared with the prior year decrease of
-$I
,588,235. In previous
years, depreciation played a major role in the annual change in Net Assets. However, depreciation is now a cost
assigned to the individual campuses and operating units. The expectation is that campuses and operating units will
generate funds to cover this cost, and in this first year of direct budgeting, this expectation has generally been met. In
2001-02, depreciation for all units totaled nearly $2.96 million. In previous years when depreciation was centrally
budgeted, campuses and operating units could achieve a positive accrual balance and still show large Cash Basis
deficits. Now however, if a campus achieves an accrual surplus, it has funded a significant amount which is credited back
against its principal payments and its Capital Expenditures. When combined with Borrowing Proceeds and Prior Year
Reserves, campuses and operating units are expected to produce positive Cash Basis balances at the end of the year.
University-Wide no longer contains the depreciation expense for all units, but this account continues to record the Net
Realized and Unrealized Gains and Losses on the Endowment and on other Investments as well as the Investment
Income on the Endowment. In 2001-02 the Investment Income on the Endowment line shows a loss of
4148,928
because the endowment did not generate sufficient income to cover the budgeted spending allocations made to the
College
($198,524),
Glen Helen ($42,000) and the Antioch Review ($10,162).
Realized and unrealized gains have been retained in the endowment, less any amount needed for the annual allocations
to the campuses for operating expenses. Were it not for the depreciation expense that has been previously carried in
University Wide, this account would have had a positive balance in previous years. However, realized and unrealized
gains have not matched depreciation and University Wide has had an accrual deficit more often than not,
The University Wide decrease in Net Assets at the end of 2001-02 shown on the Statement of Activities is primarily due
to Net Realized Losses on the Endowment. Growth in the Endowment Fund makes changes in the fund’s value an even
greater influence on the growth or decline of the University’s Net Assets.
STATEMENT OF FINANCIAL POSITION
The campus Statement of Financial Position represents information similar to what can be found on the Balance Sheet of
a for-profit organization. The official Statement of Financial Position is contained in the Audited Financial Statements
prepared by
Ernst & Young, but that schedule does not provide detail for the individual campuses. The campus
Statement of Financial Position contained in this report shows the Total Assets, Total Liabilities, and Total Liabilities and
Net Assets for each of the campuses. Even though depreciation has now been assigned to the individual campuses,
receivables and investments are recorded on a University-Wide basis which means that Total Assets and Total Liabilities
and Net Assets balance only at the total University level.
The Statement of Financial Position is a snapshot of the condition of the University as of June 30, 2002. However, it
does provide insight into the financial status at the close of business for 2001-02, and when compared to the Statements
from the prior years can be a useful indicator of the financial direction of the University. On June 30, 1998 the Total
Liabilities and Net Assets of the University was $75,897,621. At June 30, 1999 this figure had slipped to $74,614,981. In
2000, Total Liabilities and Net Assets rebounded slightly to $78,671,311, but declined last year to $77,347,993. In
2001-
02, this indicator grew to $85,500,388.
UNRESTRICTED REVENUE
In 2001-02, Educational and General (E&G) Revenue for the University as a whole was nearly 5.5% below budget.
Although six of the ten operating units failed to meet their
E&G
revenue targets, by far the most critical factor was the
decline in the value of the endowment portfolio which is reflected in the figures for University Wide. University Wide is
-$2,382,007
below budget and this variance of nearly 500% accounted for more than 83% of the total negative
variance from the budget.
EDUCATIONAL & GENERAL REVENUE
2001 -02 Year-End
2000-01 2001 -02 200 1-02 Variance
Actual Budaet Actual Budaet to Actual
Antioch College
Glen Helen
New England
Seattle
Southern California
McGregor
University
Ph.D.
University Administration
WSO
Public Radio
University Wide
Antioch Review
TOTALS
The failure by the six operating units to reach their budgeted revenue targets required that they make adjustments in their
spending patterns in order to complete the fiscal year without a deficit. The spending expectations created by the
revenue projections contained in the budget resulted in hiring and spending decisions that are difficult to reverse once it is
realized that revenue targets will not be realized. In the case of New England
(-$592,870),
Seattle
(4277,684)
and
McGregor
(-$160,305),
adjusting to the lower revenues presented a major challenge.
Net Tuition Revenue was nearly 74% of total University revenue in 2001-02. In recent years, overly optimistic projections
of tuition and fee income created problems that were difficult to resolve during the fiscal year. However, in 2001-02
actual tuition revenue slightly exceeded the budgeted level. Although New England, Seattle, and McGregor missed their
targets, Southern California did considerably better than expected and the College was precisely on target.
NET TUITION AND FEE INCOME
2001 -02 Year-End
2000-01
Actual
Revenue
2001 -02
Budgeted
Revenue
2001 -02 Budgeted
Actual to Actual
Revenue Variance
Antioch College
Glen Helen
New England
Seattle
Southern California
McGregor
University
Ph.D.
Other
TOTALS
Variance as
a Percentage of
Budgeted Revenue
0.1%
12.5%
-0.8%
-2.5%
4.8%
-1.3%
-24.6%
In 2000-01, net tuition and fee income for the University as a whole was
4480,312
(-12%) below budget. In 2001-02, as
the above table shows, the Net Tuition and Fee income was $1 17,543, just slightly more (0.3%) than budgeted.
The net tuition and fee income shown in the above table includes Tuition Discounts. Tuition Discounts are the
scholarship and aid assistance funded by the campuses from their own revenues. The College reported nearly 92% of
the $4,253,169 of Tuition Discounts awarded in 2001-02. This percentage should increase in 2002-03 as a result of the
policy of aggressively recruiting students by providing for full financial need.
Across the University Gifts revenue was nearly 16% below budget and -4.4% (-$99,081) below the 2000-01 level. Gifts
were below budget at all campuses except Southern California, and this lower level of support may be a reflection of the
economic downturn and the significant drop in the value of stock market portfolios. University Wide,
Contracts.revenue
was $332,181 (155.8%) greater than budget, but -$192,067 (-26.0%) below the actual for the prior year. New England
exceeded its budget projection for Contract revenue
($255,377),
but generated less contract revenue than in the prior
year (-$133,194). McGregor had a similar experience with Contracts revenue: up by $39,379 over budget, but
-$95,069
below the prior year.
Grants income for the University as a whole failed to reach the budgeted level by more than -12%
(-$451,703),
but was
18.75% ahead of the prior year. The College showed a significant increase over budget, up $369,919 (27.65%) while
Grants income at New England decreased by
-$482,442
(-35.11 %). Grants income at Seattle, Southern California and
McGregor also failed to reach budget projections.
In 2001-02, Other Income was below the budgeted level by -4.8%
(-$62,253),
and significantly below the level for the
prior year. In
2000-01,
actual Other Income was $1,532,479, but in 2001 -02 it declined by
-$303,007
(-1 9.8%). Other
Income, as the name suggests, combines several revenue sources, but the most significant is earnings on investments
outside the Endowment Fund. Just as returns
onsthe
endowment have declined, so have earnings on investments
outside of the endowment. Other major revenue items in this category include rent from tenants in Seattle and at other
locations, parking fees at Southern California and Seattle, subscription fees for the Antioch Review, underwriting support
for
WYSO,
library fines and miscellaneous fees and charges.
UNRESTRICTED OPERATING EXPENSES
In 2001-02, Total
E&G
Expenses were $380,141, or
.65%,
above the budgeted level and $2,033,323, or 3.57% above the
level of the prior year. Of the campuses, the College ($870,831) and Southern California ($1 0,157) had actual E&G
expenses above their budgets. New England, Seattle and McGregor all made significant efforts to lower their expenses
from the budgeted levels.
EDUCATIONAL & GENERAL EXPENSES
2001 -02 Year-End
2000-01 200 1-02 200 1-02 Variance
Actual Budaet Actual
Budget
to Actual
Antioch College
Glen Helen
New England
Seattle
Southern California
McGregor
University
Ph.D.
University Administration
WYSO Public Radio
, University Wide
Antioch Review
TOTALS
While total E&G expenses exceeded budget by $380,141, E&G revenue was falling short of budget by $2,865,147.
Spending above budget is certainly a part of the deficit problem, particularly at the College where depreciation expense
has been a significant addition this year, and at WSO, but the major factor behind the 2001-02 University deficit is the
realized and unrealized losses in the endowment due to the weakness in the stock market.
, CAMPUS ACCRUAL AND CASH BALANCES
2001 -02 Actual
Revenue
Antioch College 17,859,971
New England 11,265,521
Seattle 9,729,973
Southern California 11,562,817
McGregor
5,224,296
University
Ph.D.
221,172
Totals $55,863,750
Expense
19,485,437
11,215,266
9,536,815
10,835,647
5,223,805
220,273
$56,517,243
Accrual
Balance
-1,625,466
50,255
193,158
727,170
491
899
-$653,493
Cash
Balance
-995,185
143,878
0
575,386
-30,053
3,116
-$302,858
On a total revenue and expense basis, the campuses and the Ph.D. in Leadership and Change were responsible for a
accrual deficit of
-$653,493
out of the total deficit of
-$2,938,143.
This means that campus operations accounted for only
22.2% of the total accrual deficit with declines in the endowment accounting for most of the rest.
In 2001-02, Salaries and Wages increased by $1.38 million (4.90%) over 2000-01. The total Salaries and Wages
expense of $29.6 million was over budget by $730,903 (2.53%). While campus Salaries & Wages were increasing by
4.90% over the prior year, the accompanying fringe benefits were growing by 15.41 %. In prior years the University
Administration has been able to rebate some fringe benefit charges at year-end because actual costs were running below
the amount budgeted. However, most of the fringe benefit categories increased over their budgeted levels in 2001-02.
The following table shows the changes by benefit type.
FRINGE BENEFIT COSTS
2000-01 2001 -02 2001 -02 Budgeted Variance as
Actual Budgeted Actual to Actual a Percentage of
Expense Expense Expense Variance Budgeted Expense
Medical Coverage 2,172,814 2,631,723 3,052,853 421,130 16.00%
Dental Coverage
FICA
Workers Compensation
Unemployment Compensation
Life Insurance
TIAAICREF
Retirement
Short & Long-Term Disability
Deferred Compensation
Professional Development
Tuition Waivers
Moving Expenses
Other
TOTALS
The above table shows that Medical Coverage accounted for nearly 80% of the total budget cost overrun. Medical
Coverage was 16% greater than budget, but more than 40% greater than in 2000-01. While medical expenses have
been growing rapidly at Antioch and across the nation, the drug component of this cost has been growing even more
rapidly. Experts in these areas predict that we should anticipate continued rapid growth in the cost of these services for
the next several years.
Workers Compensation showed a large percentage increase over budget as states like California moved to increase the
size of their funds. Deferred Compensation, primarily recognition of future sabbaticals for senior administrators,
increased significantly over budget because of the need to catch-up on previously unbudgeted commitments. Tuition
waivers for staff also exceeded the amounts budgeted and higher Moving Expenses reflect the recent turnover,
particularly in senior administrative positions.
Of the several Operating Expenses other than Salaries and Benefits, only Resale Costs and Miscellaneous exceeded the
budgeted amounts. Resale Costs are primarily merchandise items and text books sold in campus bookstores. The
Miscellaneous Expenses include a variety of items, but some of the largest expenses are for certain Student Activities,
Student Health Insurance, and payments to Annuitants.
Capital expenditures were $294,480 (16.7%) above budget, but
-$313,225
(-13.2%) below the previous year. The
additional capital expenditures in 2001-02 resulted from renovation expenses in conjunction with the lease renewal at
Southern California and roof repair and Classroom of the Future equipment purchases by McGregor.
Funded Reserves are retained earnings that can be used by the campuses to cover the cost of capital projects and
equipment purchases. With the advance approval of the Chancellor, these funds can be used to offset revenue
expenses in the operating budget or to cover emergency needs. Funded Reserves are also referred to as Carry-Forward
Funds, and two campuses utilized their balances during 2001-02. Antioch Seattle budgeted $85,000, but used only
$66,869 to partially finance the expansion of the library and classroom facilities into the interior area that was formerly
rented. McGregor used $52,253 of its Prior Year Reserves to finance equipment purchases.
Although the University had a cash deficit in 2001-02, provisions have been made to fully fund the depreciation amounts
that were not used during the year. Page ?? shows the Depreciation Reserves as of the end of 2001-02. Because the
College had a cash deficit in 2001-02, it was not able to fund its depreciation. Seattle, Southern California and McGregor
each used their full depreciation amount, while New England, the Ph. D. program and the University Administration did
not use all of their depreciation. In total, the Depreciation Reserves has $193,293.
Page 75 also shows the Carry-Forward Funds balance as of the end of 2001-02. The unfunded total is $3.56 million
while the funded portion is $309,140. At one time, the Carry-Forward funds provided a significant contingency for the
campuses and considerable operating cash for the University. Over time, however, the Carry-Forward Funds were used
for various projects and to cover cash deficits so that today the Fund has little cash. In order to insure that the University
had operating funds, the Liquidity Reserves were created. These mandatory “savings accounts” were established to
cover low points in the University annual cash flow cycle as well as to insure that the University was able to satisfy the
various equity ratios on its bonds and to meet the solvency requirements of the federal student loan programs. With the
assignment of depreciation to the campuses, the Stabilization Committee elected to end the annual assessments for the
Liquidity Reserves in 2001-02. The Liquidity Reserve balances will be maintained to provide operating cash for the
University, but no additional funding will be added to the reserves. Therefore, there will no longer be any mandatory
addition to balances in order to help meet the bond ratios or the federal student loan liquidity requirements. These will
need to be met by operating surpluses, but the funding of depreciation will substantially contribute to positive accrual
balances. At the end of 2001-02, Liquidity Reserves amounted to more than $2.2 million.
CONCLUSION
The poor performance of the stock market and the resultant realized and unrealized losses in the endowment fund
caused a significant deficit for the University. College operations, while better than projected in the budget, added to the
deficit. Positive performances by the non-residential campuses were not sufficient to offset these two large negatives.
However, had it not been for the endowment loses, the operating shortfall would not have been sufficient to trigger the
technical violations of the Seattle and New England bond covenants. In 2001-02, Net Tuition & Fees exceeded budget
by $1 17,543. However, Gifts, Lead Gifts, Grants and Endowment Income all failed to reach their budgeted level. For the
University as a whole, revenues were down by
-$1,333,979
(-2.2%) while expenses exceeded budget by $436,992 (.7%).
Although there is little that we can do to influence the performance of the stock market, attention must be directed to
increasing revenues and controlling expenses.
Glenn H. Watts
Vice Chancellor and
Chief Financial Officer
ANTIOCH UNIVERSITY
Unrestricted Statement of Activities
As of June 30. 2002
By Campus
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
galns(loss)
on endowment
Net realized
gains(loss)
on other investments
Sales and service of auxiliary enterprises
Other Income
Total revenues and galns
Net assets released from restrictions
Total unrestricted revenues, galns and other support
Expenses and Losses:
Educational and General:
Instruction
Research
Public Service
Academic support
Student services
Institutional support
Operation and maintenance of plant
Depreciation
Scholarships and Fellowships
Total educational and general expenses
Auxiliary enterprises
Total expenses
Actuarial (gain) loss on annuity obligations
Payments to life income beneficiaries
Total expenses and losses
Increase(decrease)
in net assets
Net assets at beginning of year
Net assets at end of year
College
Inc Glen Helen New England Seattle
——-
8,814,346
25.283
178,897
24,457
320.887
332,291
9,696,161
33.812
9,729,973
4.040.474
0
11,349
455.280
832,393
2,408,485
841.627
466,825
167,808
9,224,241
312,574
9,536,815
9,536,815
193,158
3,584.752
3,777,910
===as====
Unlversky
PhD
Program
Southern
California
——-
10,773.786
66,140
161,096
14,804
221,936
44,016
11,281,778
281,039
11,562,817
4,071,614
0
187,992
800,161
1,175,431
2,687,876
1,378,292
115,138
170,029
10,586,533
249,114
10,835,647
10,835,647
727.170
2,070,088
2,797,258
— —— ———
Central Admln
Inc WYSO,
McGregor Antioch Review
University
Wide
——
150
82.258
-148,928
33,707
-1,999,591
18,020
112.841
-1,901,543
725,944
-1,175.599
-39,982
324,095
-1.320.001
234,857
82,258
-718,773
0
-718.773
-71 8,773
-456,826
-5,827,919
-6,284,745
——— —– -b—
Total
ANTIOCH UNIVERSITY
Statement of Financial Position
June 30,2002
Cash and cash equivalents
Accounts receivable
Grants receivable
Contributions receivable
Prepaid expenses
Loans to students
Investments
Land, buildings and equipment
Total Assets
Accounts payable
Accrued benefit liabilities
Other accrued liablilities
Deferred revenue
Notes and bonds payable
Annuities payable
Deposits held on behalf of others
Advances from government
for student loans
Total Liabilities
Net Assets
Unrestricted
Temporarily restricted
Permanently restricted
Total net assets
Total Liabilities and Net Assets
College New England Seattle
—–
109,583
1,253,202
81,866
341,429
7,646,830
9,432,910
222,087
1,567,547
6,900,000
68,455
8,758,089
3,777,885
384,971
4,162,856
12,920,945
Southern
California
—–
215,142
834,750
149,460
1 1,562
480,016
1,690,930
103,198
869,051
69,720
37,224
1,079,193
2,796,238
132,834
6,662
2,935,734
4,014,927
University
McGregor
Administration
Total
University
.—–
2,344,446
7,106,514
354,628
8,012,290
942,449
4,728,349
32,775,748
29,235,964
Antioch University
2001 -02 Actual Expenditure Summary by Function
Revenues
Tuition & Fees
Less Tuition Discounts
Gifts
Lead Gifts
Grants
Endowment Income
Contracts
Realized Gains (Losses)
Unreailzed
Gains (Losses)
Other Income
Total
E&G
Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Net Overhead for Central Operations
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
institutional Support
Plant Maintenance
Scholarships
Total E&G Expenses
Auxiltary
Enterprises
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capltai
Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add bock Depreciation
Total Cosh Items
Net Cash Basis Budget
2000-01
Actual ——–
44,384,891
-3,306.727
2,256.349
639.61 2
2.730.659
132.280
737,487
-220,093
620.736
1.532.479
49,507,673
3,400,471
2.793.328
55,701.472
2,549,500
19,155.718
8.600
2.980.279
3,394,265
5,796,767
14,967,606
7,742,236
2,974.725
57,022,216
2.816.991
59,839.207
-1,568,235
2,374.383
-1.953.394
911.780
0
-2,920.157
-1,587,388
-847
200 1 -02
Budget ——–
47,182.91 1
-3,790,889
2.566.272
645,033
3,694.384
367,266
2 13.239
0
0
1,291.725
52,169,941
3,324.278
2.359.43 1
57.853.650
2.374.497
20.71
1.438
0
3.160.349
3.224.720
5.849.302
l4.994.430
7,677.721
3.057.438
58,675.398
2719.921
61.395.319
-1,167,172
1.76&678
-656,609
988.1 75
-85,000
-2.930.000
-916.756
-250.416
2001 -02
Actual ——..
47.762.734
-4.253.169
2 157.268
500,000
3.242.681
101.758
545,420
-649,275
-1.332095
1,229,472
49,304.794
3,672379
3,542,498
56,519.67 1
2,374,497
20,244.916
0
3.163.989
3.319.937
6.026.561
15,483,905
7.73739
3.078.91
2
59.055.539
2776.772
61.832.31 1
-2,938,143
2.061.158
-303.738
1,010,305
-119,122
-2959,298
-310.695
-2.627.448
Change From Change From
2001 -02 Budget 2000-01 Actual
to 2001 -02 Actual to 2001 -02 Actual
Antioch University
2001 -02 Actual Expenditure Summary by Category
Revenues
Operating Expenses
Salories & 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 Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Bock Depreciation
Total Cash Items
Net Cash Basis Budget
1999-00
Actual
——–
56,046,692
26,208,729
7,282,238
1,690,358
1,248.245
311.849
1.432.150
5.995.908
3.254.441
1.390.627
776.230
380.985
0
5.400
0
4,813,816
-1,856,201
-5
-400,000
243.760
2 785.307
55.563.837
482.855
1,530.101
-194,921
740.635
-265.547
-2,785.307
-975.039
1,457,894
2000-0 1
Actual
.——-
58.250.972
28,195,318
7.941.150
1,669,663
1,646.150
245,477
1.371.596
6.542.879
3.784.320
1.530.178
779.198
‘ 493.923
0
0
0
4,983.195
-2033,695
0
-400.000
169.498
2.920.1
57
59.839.207
-1,588,235
2374.383
-1.953.394
91 1.780
0
-2920.157
-1,587,388
-847
2001 -02
Budget
——–
60,228,147
28.845.689
8.636.390
1,782,832
1.702154
277.356
1.472910
6.591.458
3.841.071
1.407.340
678.352
471,714
0
129.759
0
3,124,497
0
0
-750,000
253.797
2.930.000
61,395.319
-1,167,172
1.766.678
-656,609
988.175
-85.000
-2930.000
-916.756
-250,416
2001 -02
Actual
——–
58,894,168
29,576.592
9,164,686
1,607,674
1.613.833
232990
1.449.225
6.272045
3,772,930
1.328.738
718.666
61
1.660
0
1.715
0
0
3.124.497
0
0
-750000
147.562
2.959.298
61.832.31
1
-2.938.143
2061,158
-303.738
1.010.305
-119.122
-2.959.298
-3 10.695
-2,627.448
Change From
2001 -02 Budget
to 2001 -02 Actual
Change From
2000-01 Actual
to 200 1-02 Actual
ANTIOCH COLLEGE
2001 -02 Year-End Review
This has been a year of transition, and like so many transitions, it involved a degree of stress and tension as previous
practices and procedures were scrutinized and revised. Financial tension has been no stranger to Antioch College and
2001-02 was no exception. In order to reduce the deficit from the level that was established in the prior year, spending
constraints were necessary and these limited what faculty, staff, and students were able to achieve. The need to control
spending resulting in the administrative restructuring mandated by the Board’s Stabilization Committee, and tension
increased as past practices were modified and some familiar personalities departed the campus. During the year, other
issues such as mold in Spalt and Presidents dormitories and the outsourcing of dining services attracted considerable
attention and debate. The use of the golf course and the campus’ commitment to environmental causes also became
major topics for campus discussion. By and large, the debates and discussions around these and other issues were
healthy and constructive, but they required a great deal of energy from students, faculty and staff.
During the past year, the College made significant progress in the face of these many challenges. A summary
of
this
progress and the challenges, and how they affected the 2001-02 budget appears below.
Operating Revenues: Enrollment in 2001-02 continued to grow modestly but steadily, compared with previous years.
One useful indicator of this growth is total headcount, calculated according to nationally followed guidelines. Headcount
for the year increased from 650 in 2000 to 691 in 2001. This resulted in gross Tuition & Fees growth of $1,517,640
(12.7%) more than in the prior year and nearly $380,000 more than had been projected in the budget. However, Tuition
Discounts also grew significantly. The year-to-year increase in Tuition Discounts was just over $1.0 million and nearly
$375,000 more than had been budgeted. he variance in Tuition Discounts and Tuition & Fees were offsetting leaving
the College with just over one-half million dollars of new net Tuition & Fee Revenue to spend in 2001-02.
Less encouraging was the fact that Gifts were $1 18,372 (7.6%) below budget although just over $50,000 more than in the
previous year. Lead Gifts totaled $500,000, but ran $145,000 below budget. Grants, which is primarily student financial
aid, surpassed budget by nearly $370,000 while Endowment Income and Contracts Revenue provided modest
increases
and Other Income declined slightly. Auxiliary Enterprises generated $300,000 more than had been planned and we were
able to release from Restrictions $808,000 more than had been budgeted. In total, College revenue exceeded budget by
nearly $1.3 million (7.6%).
Operating Expenses: As I took office in February, I proposed some new programs and further analysis of some existing
ones. Three commissions, dealing with Admissions, Co-op, and a new change institute for educating leaders in social
change, were appointed and made their recommendations in the spring term. Several of these recommendations were
implemented or resulted in grant proposals:
Reorganization of the Admissions Staff
Admissions research to ascertain reasons for enrollment and non-enrollment of admitted students
A new volunteer coordinator position in the Admissions Office
A “Way-Finders” Committee, and implementation of a comprehensive plan to install permanent maps and
direction signs on the campus
Direction signs on nearby Interstate highways marking the proper exits to reach the College
Promise of a $50,000 grant from the Carnegie Corporation to support co-op opportunities focused on social
change for students from other colleges
Appointment of a national advisory committee for the Change Institute
A grant of $10,000 from the Vanguard Foundation for publications of the Change Institute
A $350,000 proposal submitted to the US Department of Education for support of the Change Institute
Some of these innovations will require additional support over time while others will actually contribute funding to College
operations. All of them share the objective of making the College work better to better serve its students.
In 2001-02, Salaries & Wages and Benefits increased over budget by more than $1.0 million. Overtime in Physical Plant
to deal with plant maintenance problems associated with our older buildings and the mold and bacteria problems that we
experienced in the spring constituted a significant proportion of the overage. Expansion of the Admissions staff and the
Development staff also were factors. Fringe benefit costs, particularly those associated with medical insurance and
prescription drugs, contributed significantly. Virtually all of the other expense categories were below budget so that Total
Operating Expenses ended the year about $900,000 more than budget. This meant that the accrual deficit for the year
came in at $1,625,466, or $355,053 below the Board-approved deficit for 2001-02.
Joan Straumanis
President
Antioch College
2001 -02 Actual Expenditure Summary by Function
Revenues
Tuition & Fees
Less Tuition Discounts
Gifts
Lead Gifts
Grants
Endowment Income
Contracts
Realized Gains (Losses)
Unrealized
Gains
(Losses)
Other Income
Totol
E&G Revenue
AuxUIOry
Enterprises
Released From Restrictions
Total Revenues
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Instltutbnal
Support
Plont
Maintenance
Scholarships
Total E&G Expenses
Auxltary
Enterprises
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget
Conversion
to Cash Basis
Capital Expenditures
Borrowing Proceeds
Prlnclpol
Payments
Prior Year Reserves
Add bock Depreciation
Total
Cash
Items
Net Cash Basis Budget
1999-00
Actual —–.–
11,266,083
-3.1
12064
1,303,415
0
1.426.879
196.135
1.135
-24.615
2.494
185.512
1
1.244.974
2,480,522
2.526.005
16.251.501
4,634,004
0
2.000
1.059.894
2.313.755
2.394.088
1.562869
1.663.313
13.629.923
2230,871
1 5,8643,794
390,707
626.100
-154.045
465.494
0
0
937,549
-546,842
2000-01
Actual ——–
11,971,121
-2901.056
1,382,441
639.61 2
1,537,641
195.157
1.305
2,837
0
218.108
13,047.566
2542,508
1,271,696-
16.861.770
4.871.646
0
1.066
1,122587
2453.336
2 868.269
1,785,445
2.1 10,081
15,212430
2220.836
17,433,266
-571,496
l,W.&M
-1,585,709
529.206
0
0
631.061
-1.202557
2001 -02
Budget .—.—
13,109,448
-3.529.379
1.554.689
645.033
1,338.000
181.000
1.212
0
0
133.139
13.433.142
2.455.635
713.298
16,602075
5.1 09.865
0
0
1.065.587
2.454.072
2 746.309
3.029.627
1,994,062
16,399,522
2.183.072
18.582.594
-1.980.519
536.000
-396.000
575.071
0
-1,432,000
-716,929
-1.263.590
2001 -02
Actual –.—.-
13,486,761
-3,901,907
1,436.317
500.000
1.707.919
198,524
28.687
85
0
11 1.620
13,570.206
2768.779
1.520.986
17,859,971
4862 103
0
1.431
1,066.313
2.591.976
3,322391
3,227,044
2 199.095
1
7.270.353
2,215.084
19.485.437
-1,625.466
51 2.566
-258,673
574.656
0
-1.458.832
-630.28
1
-995.185
Change From
2001 -02 Budget
to 2001 -02 Actual
$ ——– % –.—–
379.313 2.89%
-372,528 -10.56% .
-1 18.372 -7.61%
-145.033 -22.48%
369,919 27.65%
1 7,524 9.68%
27.675
2283.42%
85
0
-21.519 -16.16%
137.064 1.02%
313.144 12.75%
807.688 113.23%
1,257,896
7.58%
Change From
2000-01 Actual
to 2001 -02 Actual
$ % ——– ——–
1,517,640 12.68%
1.000.851
-34.50%
53.676 3.88%
-139,612 -21.83%
170.078 1 1.06%
3.367 1.73%
27.582 21 13.56%
-2.752 -97.00%
0
-106.486 -48.82%
522.640
4.01%
226.271 8.90%
249.290
19.60%
998.201
5.92%
Antioch College
2001 -02 Actual Expenditure Summary by Category
Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Student Aid Services
Specie) 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 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
1999-00
Actual
-.——
16,251.501
8.057.006
2.528,25
1
485,399
1.047.877
1 1 1.335
724,557
1,639,321
1,091.322
164.853
322.81 1
251,786
0
5.400
90.545
996.000
-550.000
-200.000
-400.000
-505.669
1
5,860.794
390,707
626.100
-154.045
465.494
0
0
937.549
-546.842
2000-01
Actual
..—..-
16.861.770
8.290.415
2758.312
483.763
1,455,944
102.636
659.850
1,955,318
1,352.022
264.909
303.167
251.563
0
0
90.316
993.471
-550.000
-200,000
-400.000
-378,422
17,433.266
-57 1,496
1,687,564
-1.585.709
529.206
0
0
631,061
-1,202.557
2001 -02
Budget
——–
16,602,075
8.235.437
2773.232
518,430
1,389,317
137.585
709,652
2,158,088
1.128.432
208.408
256.352
235,661
0
0
0
0
0
0
-600.000
0
1.432000
18,582594
-1,980,519
536.000
-396.000
575,071
0
-1,432,000
-7 16,929
-1.263.590
200 1 -02
Actual
——–
17.859.971
8,955.012
3,097,328
443.057
1,351.278
94.130
729.693
1,998,084
1,287,721
1 53,426
275,605
236.725
0
1,715
0
0
0
0
–
