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Antioch Budgets for Dummies
The Antioch Papers 2008
TABLE OF CONTENTS
Pg. 2 Introduction
Pg. 3-8 Section 1 Antioch University – Antioch College Budgets – 1997 to 2007
Pg. 4-5 Antioch College Budgets
Pg. 6-7 Antioch University Budgets
Pg. 8 Antioch University – Realized and Unrealized Gains
Pg. 9-33 Section 2 Budget Reference Materials
Pg. 10-12 Budget Key for Spreadsheets
Pg. 13-15 The University’s 1995 Analysis of College Subsidies
Pg. 16-23 Source Documentation of the College’s Budget Numbers
Pg. 24-31 Source Documentation of the University’s Budget Numbers
Pg. 32-33 Source Documentation of Endowment and Investment Gains Budget Numbers
Pg. 34-42 Section 3 Antioch University – Statements of Financial Position
Pg. 35-38 1996 to 1999 – Statements of Financial Position
Pg. 39-41 2002 to 2004 – Statements of Financial Position
Pg. 42 Antioch University Endowment Summary Report – March 31,2007
A.B.D.
Page 1
Antioch Budgets for Dummies
Introduction
Given the recent accounting error by the University in which they projected their cash flow to be 30% worse
then it actually is (see pg. 3), the researchers at The Antioch Papers have created “Antioch Budgets for
Dummies.” It was created for Antioch Trustees, Alumni, Workers, Students, and Community Members as a
“tool-kit” they can use to make sure such accounting errors don’t occur in the future.
What is missing from these budgets is a complete picture of the University and its campuses based on assets,
liabilities, and net assets. After 2004, the University stopped giving this information to the Trustees as part of its
Year End Financial Statements. Without this information it is impossible to see a complete “bottom line”
picture of University finances, which is why we have titled this document ” Antioch Budgets for Dummies.” As
life-long learners, we are left with a rather dumbed-down fiscal language which, despite its limitations, is
capable of producing some insightful utterances about the economics of the College and University. A partial
set of the University’s un-audited breakout of assets, liabilities, and net assets for the individual campuses is
presented in section 3.
Because the budget spreadsheets in this document cover a 10-year span, they don’t fit neatly on one page. You
will need to print and tape the two-page spreadsheets together in order to view the total 10-year spreadsheet.
While this may seem cumbersome, we feel it is essential to see the fiscal life of the College and University in a
decade-long arc so that we can see where we have been and where we are going.
Also each budget contains 53 budget item rows. We could have condensed these rows down to the six major
sub-totals of the budget but once again we felt this type of simplification would render much of this rich fiscal
history invisible.
All the spreadsheets are available as Excel (.xls) spreadsheets with active formulas, so users can recalculate the
past and future of Antioch based on financial values they may wish to insert or delete. These documents are
copy and paste ready, so you are welcome to reformat the information as you see fit. In fact this whole
document should be seen as a tool kit or language system for beginning to articulate the fiscal lives of the
College and University.
For some this “tool-kit” will begin to form the basis for discovering where their cash donations to the College
went and how such donations might likely be spent in the future. For College workers we hope it will provide a
framework to begin tracking their considerable contributions of human capital in Antioch College/University in
the past and moving forward.
A.B.D.
Page 2
Section 1
Antioch University – Antioch College Budgets – 1997 to 2007
This section contains all of the Actual (instead of Projected or Proposed) Antioch University and Antioch
College budgets presented to the Antioch University Board of Trustees from 1997 to 2007. The only exception
to this rule is the 2007/08 budget which is Projected.
Over the past decade these budgets have been produced in various one and two page formats. These variations
in budget formats have made it extremely difficult to clearly and concisely review the fiscal life of Antioch
College and Antioch University over the past 10 years. AP researchers have painstakingly reformatted all of
these budgets into one format so that the fiscal lives of the College and University can begin to be rescued from
the wasteland of ephemeral economics. All budgets have been retrofitted to the budget format used in the 2007-
2008 fiscal year.
Everything above Row 46 is accounted for on an accrual basis. Accrual accounting requires income to be
recognized in a company’s books at the time the revenue is earned (but not necessarily received) and records
expenses when liabilities are incurred (but not necessarily paid for).
Everything below Row 46 is the University’s attempt to convert the accrual budget into a cash basis budget in
order to determine cash flow. Cash basis accounting only recognizes revenues and expenses at the time physical
cash is actually received or paid out.
1997-2007 Antioch College Budgets
[Description above]
Note – The 2001-2002 College Budget approved by the University contains an $85 error in calculation of the
College’s Revenue. The correct Revenue figure is 17,859,886. The University incorrectly calculated this figure
at 17,859,971, or $85 less then the above figure. The 10-year spreadsheet uses the correct Revenue figure in its
calculations.
1997-2007 Antioch University Budgets
[Description above]
Note – The Antioch College community found an accounting error in the “Net Cash Basis Budget” figure in the
2007-2008 University-wide projected budget (column L, row 53). The incorrect number (which the
University Board, Finance Committee, and CFO approved) projects the University’s Net Cash Basis to be
30% worse this year than it actually is. The University has acknowledged this miscalculation and this
spreadsheet has the corrected number of -2,457,508 instead of the -3,430,146 figure mistakenly approved by
the University. It is also worth noting that Antioch University’s cash flow analysis was the main budget
projection used to close Antioch College.
1997-2007 Antioch University – Realized and Unrealized Gains
This tab contains all of Antioch University’s Realized and Unrealized Gains (Losses) on endowments and other
investments as it was presented to the Antioch University Board of Trustees from 1997 to 2007.
Generally speaking, it is the University’s policy not to project Gains in the endowment in their projected
budgets. In this spreadsheet Gains are projected for the 2007-2008 budget based on a 10-year average.
A.B.D.
Page 3
1997-2007 Antioch College Budgets
1 A B C D E F
2 Year 97-98 98-99 99-00 00-01 01-02
3 Source (for internal use) bud-20 bud-20 bud-28 bud-28 bud-33
4 Revenues
5 Tuition & Fees 9,598,204 10,817,666 11,266,083 11,971,121 13,488,761
6 Less Tuition Discounts -2,167,392 -2,496,675 -3,112,064 -2,901,056 -3,901,907
7 Net Tuition and Fees 7,430,812 8,320,991 8,154,019 9,070,065 9,586,854
8 Gifts 1,980,001 1,292,339 1,303,415 1,382,641 1,436,317
9 Lead Gifts 0 0 0 639,612 500,000
10 Grants 1,349,156 1,406,747 1,426,879 1,537,841 1,707,919
11 Endowment Income 170,112 176,082 196,135 195,157 198,524
12 Contracts 996 891 1,135 1,305 28,887
13 Realized Gains (Losses) 0 0 -24,615 2,837 0
14 Unrealized Gains (Losses) 0 0 2,494 0 0
15 Other Income 752,614 89,748 185,512 218,108 111,620
16 Total E&G Revenue 11,683,691 11,286,798 11,244,974 13,047,566 13,570,121
17 Auxiliary Enterprises 2,265,022 2,277,600 2,480,522 2,542,508 2,768,779
18 Released From Restrictions 1,766,920 2,008,590 2,526,005 1,271,696 1,520,986
19 Net Over. to Univ. / Subsidy 0 0 0 0 0
20 Total Revenues 15,715,633 15,572,988 16,251,501 16,861,770 17,859,886
21 Operating Expenses
22 Salaries & Wages 7,041,143 7,380,829 8,057,006 8,290,415 8,955,012
23 Benefits 2,048,330 1,998,160 2,528,251 2,758,312 3,097,328
24 Training & Development 445,517 467,842 485,399 483,763 443,057
25 Student Aid Services 1,383,668 1,377,145 1,047,877 1,455,944 1,351,278
26 Special Events 78,671 66,771 111,335 102,638 94,130
27 Supplies 736,264 740,637 724,557 659,850 729,693
28 Business Operations 1,271,995 1,369,575 1,639,321 1,955,318 1,998,084
29 Plant Maintenance 1,093,328 1,086,310 1,091,322 1,352,022 1,287,721
30 Interest Expense 203,490 146,926 164,853 264,909 153,426
31 Resale Costs 401,125 340,077 322,811 303,167 275,605
32 Miscellaneous 256,612 229,529 251,786 251,563 236,725
33 Contingency/Reserves
34 Camp. Contin., Mandatory 0 0 0 0 0
35 Camp. Contin., Discretion. 0 0 5,400 0 1,715
36 Liquidity Reserve 69,832 90,636 90,545 90,316 0
37 Overhead
38 To the University 960,187 996,993 996,000 993,471 0
39 Rebates from University -550,000 -550,000 -550,000 -550,000 0
40 Subsidy from Adult Camp. -200,000 -200,000 -200,000 -200,000 0
41 Subsidy from Overhead -525,000 -400,000 -400,000 -400,000 -600,000
42 Other- IC Agree Univ Con. -539,604 -510,256 -505,669 -378,422 2,831
43 Depreciation 0 0 0 0 1,458,832
44 Total Operating Expenses 14,175,558 14,631,174 15,860,794 17,433,266 19,485,437
45 Excess Rev. Over Expenses 1,540,075 941,814 390,707 -571,496 -1,625,551
46 Ann. Bud. Conv. Cash Basis
47 Capital Expenditures -1,255,535 -556,210 -626,100 -1,687,564 -512,568
48 Borrowing Proceeds 142,569 40,110 154,045 1,585,709 258,673
49 Principal Payments -427,109 -425,714 -465,494 -529,206 -574,656
50 Prior Year Reserves 0 0 0 0 0
51 Add back Depreciation 0 0 0 0 1,458,832
52 Total Cash Items -1,540,075 -941,814 -937,549 -631,061 630,281
53 Net Cash Basis Budget 0 0 -546,842 -1,202,557 -995,270
A.B.D.
Page 4
1997-2007 Antioch College Budgets
1 G H I J K L
2 02-03 03-04 04-05 05-06 06-07 07-08 proj
3 bud-33 bud-33 bud-42 bud-42 bud-42 bud-42
4
5 14,327,740 15,204,950 13,394,846 10,855,418 10,058,316 6,606,178
6 -5,462,158 -7,052,364 -5,713,156 -4,268,041 -4,041,685 -2,708,533
7 8,865,582 8,152,586 7,681,690 6,587,377 6,016,631 3,897,645
8 1,480,550 1,709,825 1,334,483 1,551,640 1,219,455 200,000
9 0 541,408 0 0 0 0
10 1,389,691 1,496,331 1,583,179 2,069,488 1,334,572 1,090,637
11 155,759 195,279 192,207 261,159 309,086 150,000
12 10,330 4,260 9,074 3,725 6,313 0
13 4,088 263,996 0 0 0 0
14 5,863 0 0 0 0 0
15 125,981 130,043 476,887 138,386 1,282,985 284,500
16 12,037,844 12,493,728 11,277,520 10,611,775 10,169,042 5,622,782
17 2,902,247 2,881,181 2,628,121 2,370,382 2,178,378 1,438,920
18 2,575,889 2,042,379 5,058,597 4,626,107 7,413,838 7,673,506
19 0 0 600,000 740,000 740,000 740,000
20 17,515,980 17,417,288 19,564,238 18,348,264 20,501,258 15,475,208
21
22 8,234,889 8,332,188 8,054,875 8,462,634 8,404,596 8,058,675
23 3,013,637 2,961,844 2,903,400 3,059,646 2,946,107 2,641,785
24 487,144 496,188 702,211 690,883 721,246 517,461
25 1,339,724 1,441,589 1,082,584 1,126,954 978,193 1,074,644
26 130,086 124,495 160,323 101,660 168,999 106,819
27 846,135 720,985 729,156 771,502 706,280 595,288
28 2,065,636 1,927,541 2,377,502 2,109,987 2,295,121 1,491,204
29 1,449,506 1,490,339 1,754,018 1,693,127 3,038,242 1,743,888
30 117,741 105,843 119,598 123,275 142,032 105,298
31 276,297 309,215 276,398 222,441 230,902 148,674
32 231,970 258,057 238,222 212,094 266,425 261,965
33
34 0 0 0 0 0 0
35 0 0 0 0 0 0
36 0 0 0 0 0 0
37
38 0 0 0 0 0 664,791
39 0 0 0 0 0 0
40 0 0 0 0 0 0
41 -600,000 -600,000 0 0 0 0
42 -193,435 -196,004 -213,473 -183,900 -190,000 -75,000
43 1,409,580 1,374,955 1,379,882 1,401,190 1,513,605 1,480,000
44 18,808,910 18,747,235 19,564,696 19,791,493 21,221,748 18,815,492
45 -1,292,930 -1,329,947 -458 -1,443,229 -720,490 -3,340,284
46
47 -1,135,346 -787,752 -882,948 -2,440,203 -729,266 -540,000
48 198,237 0 0 0 0 0
49 -395,439 -411,515 -315,000 -330,000 -275,000 -220,000
50 0 0 0 0 0 0
51 1,409,580 1,374,955 1,379,882 1,401,190 1,513,605 1,480,000
52 77,032 175,688 181,934 -1,369,013 509,339 720,000
53 -1,215,898 -1,154,259 181,476 -2,812,242 -211,151 -2,620,284
A.B.D.
Page 5
1997-2007 Antioch University Budgets
1 A B C D E F
2 Year 97-98 98-99 99-00 00-01 01-02
3 Source (for internal use) bud-20 bud-20 bud-28 bud-28 bud-33
4 Revenues
5 Tuition & Fees 37,183,045 38,893,382 41,348,919 44,384,891 47,762,734
6 Less Tuition Discounts -2,484,257 -2,850,613 -3,551,561 -3,306,727 -4,253,169
7 Net Tuition and Fees 34,698,788 36,042,769 37,797,358 41,078,164 43,509,565
8 Gifts 2,395,959 1,801,716 2,076,954 2,256,349 2,157,268
9 Lead Gifts 0 0 0 639,612 500,000
10 Grants 2,514,304 2,945,442 2,881,550 2,730,659 3,242,681
11 Endowment Income 224,211 228,553 137,379 132,280 101,758
12 Contracts 414,884 575,943 750,104 737,487 545,420
13 Realized Gains (Losses) 0 0 716,721 -220,093 -649,275
14 Unrealized Gains (Losses) 0 0 730,529 620,736 -1,332,095
15 Other Income 2,202,123 1,784,358 1,412,681 1,532,479 1,229,472
16 Total E&G Revenue 42,450,269 43,378,781 46,503,276 49,507,673 49,304,794
17 Auxiliary Enterprises 2,884,208 3,010,065 3,359,625 3,400,471 3,672,379
18 Released From Restrictions 2,621,245 2,887,589 3,626,176 2,793,328 3,542,498
19 Net Over. to Univ. / Subsidy 2,406,928 2,379,979 2,557,615 2,549,500 2,374,497
20 Total Revenues 50,362,650 51,656,414 56,046,692 58,250,972 58,894,168
21 Operating Expenses
22 Salaries & Wages 22,885,358 24,426,941 26,208,729 28,195,318 29,576,592
23 Benefits 6,284,012 6,205,882 7,282,238 7,941,150 9,164,686
24 Training & Development 1,512,014 1,501,263 1,690,358 1,669,863 1,607,674
25 Student Aid Services 1,599,716 1,609,715 1,248,245 1,646,150 1,613,833
26 Special Events 207,120 209,851 311,849 245,477 232,990
27 Supplies 1,412,738 1,419,636 1,432,150 1,371,596 1,449,225
28 Business Operations 4,832,019 4,982,074 5,995,908 6,542,879 6,272,045
29 Plant Maintenance 3,330,642 3,158,937 3,254,441 3,784,320 3,772,930
30 Interest Expense 1,421,355 1,379,616 1,390,627 1,530,178 1,328,738
31 Resale Costs 610,603 660,867 776,230 779,198 718,866
32 Miscellaneous 406,447 384,284 380,985 493,923 611,660
33 Contingency/Reserves
34 Camp. Contin., Mandatory 0 0 0 0 0
35 Camp. Contin., Discretion. 0 0 5,400 0 1,715
36 Liquidity Reserve 0 0 0 0 0
37 Overhead
38 To the University 4,443,387 4,444,833 4,813,816 4,983,195 3,124,497
39 Rebates from University -1,511,459 -1,664,855 -1,856,201 -2,033,695 0
40 Subsidy from Adult Camp. 0 0 -5 0 0
41 Subsidy from Overhead -525,000 -400,000 -400,000 -400,000 -750,000
42 Other- IC Agree Univ Con. 122,812 116,055 243,760 169,498 147,562
43 Depreciation 2,503,482 2,721,206 2,785,307 2,920,157 2,959,298
44 Total Operating Expenses 49,535,246 51,156,305 55,563,837 59,839,207 61,832,311
45 Excess Rev. Over Expenses 827,404 500,109 482,855 -1,588,235 -2,938,143
46 Ann. Bud. Conv. Cash Basis
47 Capital Expenditures -3,701,291 -1,342,870 -1,530,101 -2,374,383 -2,061,158
48 Borrowing Proceeds 1,797,319 40,110 194,921 1,953,394 303,738
49 Principal Payments -1,066,325 -712,228 -740,635 -911,780 -1,010,305
50 Prior Year Reserves 277,888 178,534 265,547 0 119,122
51 Add back Depreciation 2,503,482 2,721,206 2,785,307 2,920,157 2,959,298
52 Total Cash Items -188,927 884,752 975,039 1,587,388 310,695
53 Net Cash Basis Budget 638,477 1,384,861 1,457,894 -847 -2,627,448
A.B.D.
Page 6
1997-2007 Antioch University Budgets
1 G H I J K L
2 02-03 03-04 04-05 05-06 06-07 07-08 proj
3 bud-33 bud-33 bud-42 bud-42 bud-42 bud-42
4
5 52,296,862 56,504,714 59,494,638 57,148,465 57,940,866 60,112,402
6 -5,701,406 -7,503,535 -6,197,694 -4,678,164 -4,469,062 -3,384,792
7 46,595,456 49,001,179 53,296,944 52,470,301 53,471,804 56,727,610
8 2,196,021 2,432,914 2,087,111 2,457,321 2,119,305 912,550
9 0 541,408 0 0 0 0
10 3,231,617 4,116,109 4,055,397 5,619,657 6,432,620 6,312,633
11 -128,301 -307,258 -331,455 -365,212 15,017 212,500
12 388,021 391,352 179,812 276,468 458,215 430,788
13 -2,441,235 1,143,222 1,441,669 2,673,751 2,541,551 0
14 996,509 3,157,881 1,086,225 601,402 907,339 0
15 1,333,927 1,320,911 1,858,606 1,917,237 3,757,364 1,502,291
16 52,172,015 61,797,718 63,674,309 65,650,925 69,703,215 66,098,372
17 3,774,241 3,871,733 3,607,992 3,327,887 2,905,517 2,222,480
18 4,415,946 4,398,485 7,698,805 7,386,775 8,823,540 8,169,347
19 2,138,106 2,866,284 3,855,082 4,241,572 4,659,436 6,399,006
20 62,500,308 72,934,220 78,836,188 80,607,159 86,091,708 82,889,205
21
22 29,951,594 32,805,010 34,740,728 37,512,148 37,540,370 39,024,333
23 9,342,028 10,319,425 11,103,046 12,413,620 13,126,379 13,028,200
24 1,865,262 2,020,662 2,411,446 2,482,057 2,421,047 2,292,287
25 1,734,063 1,823,503 1,529,169 1,897,688 1,755,094 1,825,707
26 282,078 314,277 389,123 447,274 516,953 456,679
27 1,782,043 1,549,889 1,700,453 1,719,816 1,574,000 1,695,247
28 7,116,965 7,159,092 8,349,234 7,847,102 7,753,600 6,948,754
29 4,034,207 4,075,286 4,844,509 5,137,166 7,134,749 5,913,047
30 1,285,713 1,250,821 1,339,013 814,527 1,049,234 794,906
31 738,404 829,106 814,454 739,428 504,739 313,134
32 595,806 1,311,013 1,121,252 1,233,932 1,438,348 1,732,583
33
34 0 0 0 0 0 803,495
35 1,000 0 0 0 0 191,170
36 0 0 0 0 0 298,296
37
38 2,738,106 3,466,284 3,855,082 4,244,697 4,659,436 6,997,102
39 0 0 0 0 0 0
40 0 0 0 0 0 0
41 -600,000 -600,000 0 0 0 0
42 417,330 331,146 361,620 466,382 439,767 135,205
43 2,951,263 2,961,505 3,162,129 3,189,922 3,335,956 3,382,887
44 64,235,862 69,617,019 75,721,258 80,145,759 83,249,672 85,833,032
45 -1,735,554 3,317,201 3,114,930 461,400 2,842,036 -2,943,827
46
47 -2,866,670 -2,740,059 -2,446,364 -4,620,178 -10,731,595 -6,953,226
48 242,771 0 11,100,000 0 9,098,150 4,820,939
49 -1,092,620 -868,887 -11,845,304 -761,756 -804,286 -764,281
50 0 0 0 0 0 0
51 2,951,263 2,961,505 3,162,129 3,189,922 3,335,956 3,382,887
52 -765,256 -647,441 -29,539 -2,192,012 898,225 486,319
53 -2,500,810 2,669,760 3,085,391 -1,730,612 3,740,261 -2,457,508
A.B.D.
Page 7
1997-2007 Antioch University – Realized and Unrealized Gains
Year 97-98 98-99 99-00 00-01 01-02
Source (for internal use) bud-33 bud-33 bud-33 bud-33 bud-33
Realized Gains (Losses) 588,433 2,316,608 716,721 -220,093 -649,275
Unrealized Gains (Losses) 877,376 -1,642,173 730,529 620,736 -1,332,095
Total 1,465,809 674,435 1,447,250 400,643 -1,981,370
Year 02-03 03-04 04-05 05-06 06-07
Source (for internal use) bud-33 bud-33 bud-42 bud-42 bud-42
Realized Gains (Losses) -2,441,235 1,143,222 1,441,669 2,673,751 2,541,551
Unrealized Gains (Losses) 996,509 3,157,881 1,086,225 601,402 907,339
Total -1,444,726 4,301,103 2,527,894 3,275,153 3,448,890
Year 07-08 proj Totals
Source (for internal use) 10 year avg
Realized Gains (Losses) 811,135 5,520,831
Unrealized Gains (Losses) 600,373 6,017,648
Total 1,411,508 11,538,479
A.B.D.
Page 8
Section 2
Budget Reference Materials
The items in this section are support materials for the spreadsheet/budgets in the previous section.
Budget Key for Spreadsheets
The definitions of row headings in the spreadsheet/budgets.
The University’s 1995 Analysis of College Subsidies
An excerpt from the “Chancellor’s Report to the Antioch University Board of Trustees, Background Materials,
October 1995.”
Source Documentation of the College’s Budget Numbers
The University source materials used to create the College spreadsheet/budgets.
Source Documentation of the University’s Budget Numbers
The University source materials used to create the University spreadsheet/budgets.
Source Documentation of Endowment and Investment Gains Budget Numbers
The University source materials used to create the Gains spreadsheet/budgets.
A.B.D.
Page 9
1997-2007 – Key to the University & College Spread sheets
# Line Item Definition
2
Year
The fiscal year from July 1st of the current year to June 30th of the
following year.
3
Source – data
All budget information is complied from budgets given to the University
Board of Trustees. The source data for the spreadsheets can be found in
the Section 2 of this document.
4
Revenues
Income earned by the College through the operation of its business
during a fiscal year.
5 Tuition & Fees Costs and fees charged for educational instruction.
6 Less Tuition Discounts Discounts for costs and fees charged for educational instruction.
7 Net Tuition and Fees Row 5 (Tuition & Fees) minus Row 7 (Less Tuition Discounts).
8
Gifts
Gifts include Private Gifts, Lead Gifts, and Unrestricted Campaign Gifts.
Only unrestricted gifts appear in this line.
9 Lead Gifts Unrestricted gifts to help with the operation of the capital campaign.
10
Grants
Grants from public or private entities, such as the Department of
Education’s grant for Financial Aid.
11
Endowment Income
The Endowment Income line shows only income from endowment
accounts that have no specified purpose.
12
Contracts
Contracts between the college and other entities. One example is the
contract with Yellow Springs High School to use the College’s swimming
pool.
13
Realized Gains (Losses)
A Realized Gain results when a security in the endowment or other
investment is sold after having appreciated in price.
14
Unrealized Gains (Losses)
An Unrealized Gain results when a security in the endowment or other
investment is not sold after having appreciated in price.
15
Other Income
Contains items such as earned interest income from investments
including cash, forfeited enrollment deposits and other items that don’t
fit anywhere else.
16
Total E&G Revenue
Equals the sum of Row 7 (Net Tuition and Fees ) to Row 15 (Other
Income).
17
Auxiliary Enterprises
Auxiliary Enterprises include support functions such as dining services,
housing, bookstore, and similar “businesses”.
18
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. 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.
19
Net Over to Univ./ Subsidy
This line is applies to the University and College budgets in different
ways.
In the University budgets “Net Overhead to the University” represents
funds paid by the central units (College, McGregor, Seattle, etc.) to
support the University Administration and University Wide Expenses.
In the College budgets “Subsidy” is defined in Row 41 below – Also see
Chancellor’s 1995 report in Section 2.
20 Total Revenues The sum of Row 16 (Total E&G Revenue) to Row 19 (Subsidy).
21
Operating Expenses
The essential things that a company must pay for in order to maintain
business.
A.B.D.
Page 10
1997-2007 – Key to the University & College Spread sheets
22
Salaries & Wages
Compensation paid to contracted employees. Examples include faculty,
administrators, staff, and students.
23
Benefits
Required and non-required benefits paid. Examples include Medical,
FICA, Worker’s Comp, and Unemployment.
24
Training & Development
Non-contracted Expenses for Training and Development. All categories
are Business Travel, Local Meetings/Workshops, Professional
Development, Employee Recruiting, and Program Development.
25
Student Aid Services
All categories are Restricted Grant Scholarships and
Student Vouchers.
26
Special Events
All categories are Graduation, Orientation, and Miscellaneous Special
Events.
27
Supplies
All categories are Office Supplies, Instructional Supplies, Research
Supplies, Duplicating Supplies, Computer Supplies Computer Software,
Maintenance Supplies, Furniture Supplies, Equipment Supplies, Library
Supplies, Food Supplies, and Miscellaneous Supplies.
28
Business Operations
General Cost of Doing Business. All categories are Subscriptions &
Publications, Purchased Services, Consulting, Honoraria/stipends,
Information & Communications, Memberships & Dues, Printing,
Postage/Freight, Audio/Visual, Advertising, Telecommunications, Internet
& Leased Lines, Legal, Audit, Bad Debt Expense.
29
Plant Maintenance
Costs Related to Facilities. All categories are Maintenance, Contracts &
Repairs, Computer Maintenance, Purchased Services, Utilities, Vehicle
Operation, Facility Rental, Equipment Rental, and Insurance/Taxes.
30 Interest Expense Interest payments, Bank Charges (include credit card charges), etc.
31
Resale Costs
All categories are Books for Resale, Computers for Resale, Supplies for
Resale.
32
Miscellaneous
Categories include Student Activities, Student Insurance, Payments to
Annuitants, and Miscellaneous Grants to Others.
33
Contingency/Reserves
A section of these schedules show the Contingency/Reserves that the
Campuses are required or encouraged to budget.
34
Camp. Contin., Mandatory
The “Campus Contingency, Mandatory” amount is budgeted at 1 % of
net student-derived revenue. These funds can be transferred to another
campus or can be used to meet unexpected expenses.
35
Camp. Contin., Discretion.
The “Campus Program Contingency, Discretionary” is a reserve amount
determined by the individual campus. The Campus determines the
amount of this Reserve, and the Campus determines when this Revenue
should be released for expenditure. Not all Campuses elect to place funds
in this Reserve.
36 Liquidity Reserve A percentage of the net tuition and fee revenue of each Campus.
37 Overhead
Assessments that are made against each Campus in order to support
operations of the University.
38 To the University Mandated campus payment to University Administration for services.
39
Rebates from University
Rebates from the University were transferred to the individual campuses
as Subsidy from Overhead.
40 Subsidy from Adult Camp.
Other campus subsidy agreements. Also see Chancellor’s 1995 report in
Section 2.
41
Subsidy from Overhead
Rebates from the University were transferred to the individual campuses
as Subsidy from Overhead. Also see Chancellor’s 1995 report in Section
2.
42 Other- IC Agree Univ. Con.
Transfers between campuses for services provided. Also see Chancellor’s
1995 report in Section 2.
43
Depreciation
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 equipment and facilities. Depreciation is a non-cash
expense that records the loss of value of assets (such as buildings,
equipment, etc.) due to age and wear and tear.
44 Total Operating Expenses The sum of Row 22 (Salaries & Wages) to Row 43 (Depreciation).
A.B.D.
Page 11
1997-2007 – Key to the University & College Spread sheets
45
Rev. over Expenses
Row 20 (Total Revenues) minus Row 44 (Total Operating Expenses) =
Revenues Over Expenses
46
Ann. Bud. Conv. Cash
Basis
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 that identifies those expenses and revenue sources that must be
considered when adjusting from an accrual basis to a cash basis. These
items are primarily concerned with equipment and facilities expenditures
which, although occurring in one fiscal year, are depreciated over their
useful life
47
Capital Expenditures
Funds used to acquire or upgrade physical assets such as property,
buildings or equipment. These expenditures can include everything from
repairing a roof to building a brand new dorm.
48 Borrowing Proceeds The amount of money borrowed from a bond.
49 Principal Payments Costs associated with paying down the principal of a bond.
50
Prior Year Reserves
Prior Year Reserves are maintained by the University as “funded” or
“unfunded”. Whenever the campuses end the year with an operating
surplus, this sum is recorded and carried forward on the books.
51
Add back Depreciation
Add back depreciation is shown as an offset to the Depreciation Expense,
Row 43
52
Total Cash Items
The Sum of Row 47 (Capital Expenditures) to Row 51 (Add back
Depreciation).
53
Net Cash Basis Budget
Row 45 (Excess Rev. over Expenses) plus Row 52 (Total Cash Items).
Cash Basis is a major accounting method that recognizes revenues and
expenses at the time physical cash is actually received or paid out. This
contrasts to the other major accounting method, accrual accounting,
which requires income to be recognized in a company’s books at the time
the revenue is earned (but not necessarily received) and records
expenses when liabilities are incurred (but not necessarily paid for).
A.B.D.
Page 12
FOOTNOTES
1. The College Fund: This subsidy was established in the 1986 University financial plan to
support the College and is a direct formula-based allocation from the adult campuses to the general
operating fund of the College. (All the other items listed below are allocated from the University
overhead account, unless otherwise noted.) This was approved as Board policy in 1993.
2. Development Subsidy: This subsidy did not include the costs for the capital campaign which
were to be met by the unrestricted gifts raised during the campaign. The capital campaign costs
ended on June 30, 1994 and, effective July 1,1994, the development office operating expenses were
reduced from $1.2 million to the present $800,000 with a primary focus on the annual fund and
planned giving. It was assumed that the College would utilize a combination of the $250,000
University subsidy, annual fund gifts and unrestricted bequests to meet these Development office
operating costs. It was also understood that this University subsidy for Development would not
increase. The underlying rationale was that since the College keeps 100% of the money raised, the
other campuses should not be underwriting the generation of these funds beyond the $250,000
subsidy. This was approved as Board policy in 1993.
3. McGregor Subsidy to the College: This fund was established in 1989-90 and was
arbitrarily increased by the University President based on
McGregor’s
capabilities until a formula
was established in 1993-94. The formula is set at 7% of student derived revenue and includes within
it a sum of $75,000 to support the College President’s Office. This was approved as Board policy in
1994, with the formula taking full effect on July 1, 1995.
4. College President’s Office: From 1987 to 1994, the functions of the College President were
carried out by the Office of the University President, which included the Executive Vice President.
Prior to July, 1987, the College had a Provost who was responsible for the College campus; from
July, 1987 to January, 1989, the University President acted alone. In October, 1988 the Board and
the President made a decision that the President could not do both jobs without major support, so an
Executive Vice President position was created. Michael
Bassis
filled the role in February, 1989. In
the University restructuring which created a University Chancellor and College President, the
Executive Vice President position was eliminated.
While it is difficult to disentangle the expenses within the University President’s office, it would
seem appropriate to use the full expenses of the University Executive Vice President’s function as a
base-line, including his assistant and support, to estimate the College President activities in the
University President’s office. These costs were about $180,000.
Creating a University allocation for the College President’s office was necessitated by the fact that
the resources that were used to fund the College Provost’s office had been reallocated to other
College areas and that the University had been covering the general expenses of the College
President’s office. The $225,000 allocation was based on an estimate of the costs of a President’s
office in a small liberal arts college of less than 700 students . The resources for this allocation were
handled by allocating $75,000 from the 1994-95 increase in the McGregor subsidy and $150,000
from the University overhead account. This was approved as Board policy in 1993.
5. Publications and Public Relations: This was one of the most difficult issues in the
restructuring. Originally, it was decided that this would remain an office of the University
administration that would, for a modest fee, serve the needs of the College and the McGregor School
as well as the University as a whole. While there was some unease among the Provosts regarding
the degree of service they would receive, this became the plan. In June, 1994, after Crowfoot was
appointed College President, he and the University President talked about this issue and he felt rather
A.B.D.
Page 13
A.B.D.
Page 14
funds like every other campus of the University. In the case of the personnel area, a new College
Director of Personnel felt that they needed an additional staff person, so they negotiated with the
McGregor School a contract for services which enabled the College to hire the additional position.
The general underlying rationale has been that until the College tuition generated
revenue
is large
enough to afford the needed services, the University should assure the College has adequate
administrative services to deal with its type of institution within the context of Antioch University
and University-wide resources. The allocation was to be in the form of a rebate from University
overhead. This was where the notion of “being held harmless” came from. There was a great deal
of discussion in the
UPC
about the level of overhead rebate support that the College should receive
for the administrative services area, and it was decided to support the proposal as submitted by the
College Dean of Financial and Administrative Affairs.
It should be noted that this support for College administrative services is not considered a subsidy in
the same sense as items 1-5. Rather, it is part of the overhead rebate policy approved by the UPC to
support the decentralization of University-wide administrative services at the College and all the adult
campuses. (It should ne noted that all of the adult campuses had to add or upgrade positions to deal
with the new decentralized operations and role of the University administration.) The assumption of
this policy is that over time the significantly reduced costs of the University administration–which is
basically on track, will lead to a reduction of University overhead from 13.75% to about 8%, thereby
enabling the College to pay for its own administrative services from its own resources (and for other
campuses to allocate these resources for their pressing needs). This would mean the College would
have to enroll about 700 full time students. The rebate policy also asumes that until the College
generates enough overhead dollars to fully fund this $550,000 University allocation, based on a
reduction of the University overhead rate from 13.75% to 8%, the University will continue to
provide the full $550,000. The impact of this rebate policy on the other campuses is that the College
allocation of
$550,000
has first call on the rebate pool. (The rebate pool is defined as University
overhead @ 13.75% of student derived revenue minus the costs for operating the University
administration and related University-wide expenses). Hence, if the rebate pool has $2,000,000, the
College receives
$550,000
and the other four campuses are allocated the remaining
$1,450,000
based on their percentage contribution to University overhead.
8. SEOG Offset: This refers to the campus-based federal student financial aid allocated to the
University. This $150,000 was originally allocated to other campuses, but as part of the 1986
University financial plan it was reallocated to the College thereby reducing dollar for dollar the
Antioch
grantltuition
discount needs of the College. This a direct loss for the students at the adult
campuses and a cash gain for the College. The $150,000 represents about a quarter of the total
SEOG received by the University. With this allocation, the entire amount of SEOG received by the
University was allocated to the College. This decision to reallocate the $150,000 was approved as
Board policy in 1993.
9. University President’s Special Contingency Account for the College: This account
existed for only two years and was an attempt to help the College with some one-year special costs.
Given the other changes and allocations,
e.g.,
the new
McGregor
School formula, this fund ended in
1994. It was felt that it would be inappropriate for the University Chancellor to have such an
account and that no other campus was treated by the University administration in this manner.
A.B.D.
Page 15
Antioch College
1998-99 Actual Expenditure Summary by Function
Revenues
Tuition & Fees
Less Tuition Discounts
Gifts
Grants
Endowment Income
Contracts
Other Income
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Operating Expenses
Instruction
Research
Public Service
Academic
Suppod
Student Services
Institutional
Suppod
Plant Maintenance
Scholarships
Total E&G Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenue over
Ex~enses
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
1996-97
Actual
– – – – – – – –
8,893,663
-2,310,298
1,114,121
1,403,628
188,687
1,455
214,455
9,505,71 I
2,048,157
3,244,930
14,798,798
Change From Change From
1998-99 Budget 1997-98 Actual
to 1998-99 Actual to 1998-99 Actual
A.B.D.
Page 16
Antioch College
1998-99 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
1996-97
Actual
– — — – – –
14,798,798
6,986,238
2,150,177
357,989
1,407,173
89.661
677,849
1,432,237
1,014,477
370,367
335,810
197,991
0
0
65,273
782,365
-550,000
-200.000
-525,000
-503,698
0
14,088,909
709,889
2,242,206
-484,186
444,452
0
0
2,202,472
-1,492,583
1997-98
1998-99
Actual Budget
— – – – – – – – — – – – —
15,715,633 16,153,071
1998-99
Actual
——–
15,572,988
7,380,829
1,998,160
467,842
1,377,145
66,771
740,637
1,369,575
1,086,310
146,926
340,077
229,529
0
0
90,636
996,993
-550,000
-200,000
-400,000
-510,256
0
14,631,174
941,814
556,210
-40,110
425,714
0
0
941,814
0
Change From
1998-99 Budget
to 1998-99 Actual
Change From
1997-98 Actual
to 1998-99 Actual
A.B.D.
Page 17
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%
A.B.D.
Page 18
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
–
