Antioch College Corporation Financial Statements, FY2024 and FY2023 (Independent Auditors’ Report)

Antioch College Corporation Financial Statements, FY2024 and FY2023 (Independent Auditors’ Report)

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ANTIOCH COLLEGE CORPORATION
(A NONPROFIT ORGANIZATION)
FINANCIAL STATEMENTS
AND SUPPLEMENTARY INFORMATION
YEARS ENDED JUNE 30, 2024 AND 2023

TABLE OF CONTENTS
Page
INDEPENDENT AUDITORS’ REPORT ON THE BASIC FINANCIAL
STATEMENTS PRESENTED WITH A SCHEDULE OF FEDERAL
AWARDS AS SUPPLEMENTAL DATA 1 – 3
FINANCIAL STATEMENTS
Statements of Financial Position 4
Statements of Activities and Changes in Net Assets 5 – 6
Statements of Functional Expenses 7 – 8
Statements of Cash Flows 9
Notes to Financial Statements 10 – 22
SUPPLEMENTARY INFORMATION
Financial Responsibility Supplemental Schedule 23 – 27
Independent Auditors’ Report on Internal Control Over Financial Reporting
and on Compliance and Other Matters Based on an Audit of Financial
Statements Performed in Accordance with Government Auditing Standards 28 – 29
Independent Auditors’ Report on Compliance For Each Major Program and
on Internal Control Over Compliance Required by the Uniform Guidance 30 – 32
Schedule of Expenditures of Federal Awards 33 – 34
Schedule of Findings and Questioned Costs 35 – 36
Summary Schedule of Prior Audit Findings 37 – 38
Corrective Action Plan 39

& schoenfeld
3601 Rigby Road l Suite 400 l Dayton, Ohio l 45342-4981
2206 Chester Blvd. l Richmond, Indiana l 47374-1219
3 Easton Oval l Suite 300 l Columbus, Ohio l 43219-6287
11175 Cicero Drive l Suite 300 l Alpharetta, Georgia l 30022-1166
www.bradyware.com
INDEPENDENT AUDITORS’ REPORT ON THE BASIC FINANCIAL STATEMENTS PRESENTED
WITH A SCHEDULE OF FEDERAL AWARDS AS SUPPLEMENTAL DATA
To the Board of Trustees
Antioch College Corporation
Yellow Springs, Ohio
Report on the Audit of the Financial Statements
Opinion
We have audited the accompanying financial statements of Antioch College Corporation (a nonprofit
Organization), which comprise the statements of financial position as of June 30, 2024 and 2023, and the
related statements of activities and changes in net assets, functional expenses, and cash flows for the
years then ended, and the related notes to the financial statements.
In our opinion, the financial statements present fairly, in all material respects, the financial position of
Antioch College Corporation as of June 30, 2024 and 2023, and the changes in its net assets and its
cash flows for the years then ended in accordance with accounting principles generally accepted in the
United States of America.
Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards
issued by the Comptroller General of the United States. Our responsibilities under those standards are
further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our
report. We are required to be independent of
Antioch College Corporation and to meet our other
ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinions.
Substantial Doubt about the College’s Ability to Continue as a Going Concern
The accompanying financial statements have been prepared assuming that the College will continue as a
going concern. As described in Note 2 to the financial statements, the College’s significant decreases in
net assets, reliance on contributions and borrowings from its endowment fund raise substantial doubt
about its ability to continue as a going concern. Management’s evaluation of the events and conditions
and management’s plans regarding those matters are described in Note 2. The financial statements do
not include any adjustments that might result from the outcome of this uncertainty. Our opinion is not
modified with respect to that matter.

& schoenfeld
INDEPENDENT AUDITORS’ REPORT ON THE BASIC FINANCIAL STATEMENTS PRESENTED
WITH A SCHEDULE OF FEDERAL AWARDS AS SUPPLEMENTAL DATA – CONTINUED
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in
accordance with accounting principles generally accepted in the United States of America, and for the
design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
In preparing the financial statements, management is required to evaluate whether there are conditions or
events, considered in the aggregate, that raise substantial doubt about
Antioch College Corporation’s
ability to continue as a going concern within one year after the date that the financial statements are
available to be issued.
Auditors’ Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that
includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance
and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing
standards and Government Auditing Standards will always detect a material misstatement when it exists.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control. Misstatements are considered material if there is a substantial likelihood that, individually
or in the aggregate, they would influence the judgment made by a reasonable user based on the financial
statements.
In performing an audit in accordance with generally accepted auditing standards and Government
Auditing Standards, we:
 Exercise professional judgment and maintain professional skepticism throughout the audit.
 Identify and assess the risks of material misstatement of the financial statements, whether due
to fraud or error, and design and perform audit procedures responsive to those risks. Such
procedures include examining, on a test basis, evidence regarding the amounts and disclosures
in the financial statements.
 Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of Antioch College Corporation’s internal control. Accordingly, no
such opinion is expressed.
 Evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of the
financial statements.
 Conclude whether, in our judgment, there are conditions or events, considered in the aggregate,
that raise substantial doubt about Antioch College Corporation’s ability to continue as a going
concern for a reasonable period of time.
2

& schoenfeld
INDEPENDENT AUDITORS’ REPORT ON THE BASIC FINANCIAL STATEMENTS PRESENTED
WITH A SCHEDULE OF FEDERAL AWARDS AS SUPPLEMENTAL DATA – CONTINUED
We are required to communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit, significant audit findings, and certain internal control-related
matters that we identified during the audit.
Supplementary Information
Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole.
The accompanying financial responsibility supplemental schedule and the schedule of expenditures of
federal awards, as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, are
presented for purposes of additional analysis and are not a required part of the financial statements.
Such information is the responsibility of management and was derived from and relates directly to the
underlying accounting and other records used to prepare the financial statements. The information has
been subjected to the auditing procedures applied in the audit of the financial statements and certain
additional procedures, including comparing and reconciling such information directly to the underlying
accounting and other records used to prepare the financial statements or to the financial statements
themselves, and other additional procedures in accordance with auditing standards generally accepted in
the United States of America. In our opinion, the financial responsibility supplemental schedule and the
schedule of expenditures of federal awards are fairly stated, in all material respects, in relation to the
financial statements as a whole.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated
March 28,
2025, on our consideration of the Organization’s internal control over financial reporting, and on our tests
of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other
matters. The purpose of that report is solely to describe the scope of our testing of internal control over
financial reporting and compliance and the results of that testing, and not to provide an opinion on the
effectiveness of the Organization’s internal control over financial reporting or on compliance. That report
is an integral part of an audit performed in accordance with Government Auditing Standards in
considering the Organization’s internal control over financial reporting and compliance.
Columbus, Ohio
March 28, 2025
3

ANTIOCH COLLEGE CORPORATION
STATEMENTS OF FINANCIAL POSITION
JUNE 30, 2024 AND 2023
2024 2023
ASSETS
Cash and cash equivalents $ 633,369 $ 414,100
Restricted cash 301,295 792,800
Accounts and grants receivable 108,928 48,888
Employee Retention Tax Credit receivable 1,240,474 1,240,474
Contributions receivable, net 5,893,179 5,482,942
Prepaid expenses 249 109,591
Investments 2,248,581 2,098,066
Property and equipment, net 25,455,523 26,914,229
Assets held for sale 1,689,108 1,412,572
Investments held in trust 175,770 161,168
Note receivable 1,807,336 1,857,336
Beneficial interest in perpetual and remainder trusts 589,718 541,812
Total Assets $ 40,143,530 $ 41,073,978
LIABILITIES AND NET ASSETS
LIABILITIES
Accounts payable and accrued liabilities $ 1,575,067 $ 1,258,426
Gift annuity obligations 271,095 329,042
Amounts held on behalf of others in trust 69,445 76,249
Long-term debt 1,675,000 1,375,000
Total Liabilities 3,590,607 3,038,717
NET ASSETS
Without donor restrictions 7,946,170 10,158,550
With donor restrictions 28,606,753 27,876,711
Total Net Assets 36,552,923 38,035,261
Total Liabilities and Net Assets $ 40,143,530 $ 41,073,978
See notes to financial statements. 4

ANTIOCH COLLEGE CORPORATION
STATEMENT OF ACTIVITIES AND CHANGES IN NET ASSETS
YEAR ENDED JUNE 30, 2024, WITH COMPARATIVE TOTALS FOR 2023
2024 2023
Without
Donor
Restrictions
With
Donor
Restrictions Total Total
OPERATING REVENUE AND
SUPPORT
Student tuition and fees $ 5,431,885 $ – $ 5,431,885 $ 5,212,562
Less scholarships and
grants 3,947,505 – 3,947,505 3,945,650
Net Student Tuition and Fees 1,484,380 – 1,484,380 1,266,912
Grants 213,795 – 213,795 189,067
Gifts, pledges and bequests 1,539,025 2,367,822 3,906,847 5,288,645
Investment return, net 16,365 162,975 179,340 137,358
Other program income 363,207 – 363,207 441,198
Other income 234,022 – 234,022 137,970
Employee Retention Tax Credit – – – 1,240,474
Net assets released from
restrictions 1,868,556 (1,868,556) – –
Total Operating Revenue and
Support 5,719,350 662,241 6,381,591 8,701,624
FUNCTIONAL EXPENSES
Program services 6,510,367 – 6,510,367 7,460,318
Management and general 3,081,619 – 3,081,619 3,348,721
Fundraising 456,493 – 456,493 813,133
Total Functional Expenses 10,048,479 – 10,048,479 11,622,172
INCOME FROM (DEFICIT OF)
OPERATIONS (4,329,129) 662,241 (3,666,888) (2,920,548)
NON-OPERATING ACTIVITIES
Change in value of gift annuity – 13,091 13,091 (37,682)
Change in value of remainder and
perpetual trusts – 54,710 54,710 14,780
Gain on disposal of property and
equipment 2,116,749 – 2,116,749 –
Total Non-Operating Activities 2,116,749 67,801 2,184,550 (22,902)
CHANGE IN NET ASSETS (2,212,380) 730,042 (1,482,338) (2,943,450)
NET ASSETS
Beginning of year 10,158,550 27,876,711 38,035,261 40,978,711
End of year $ 7,946,170 $ 28,606,753 $ 36,552,923 $ 38,035,261
See notes to financial statements. 5

ANTIOCH COLLEGE CORPORATION
STATEMENT OF ACTIVITIES AND CHANGES IN NET ASSETS
YEAR ENDED JUNE 30, 2023
2023
Without
Donor
Restrictions
With
Donor
Restrictions Total
OPERATING REVENUE AND SUPPORT
Student tuition and fees $ 5,212,562 $ – $ 5,212,562
Less scholarships and grants 3,945,650 – 3,945,650
Net Student Tuition and Fees 1,266,912 – 1,266,912
Grants 189,067 – 189,067
Gifts, pledges and bequests 3,503,719 1,784,926 5,288,645
Investment return, net 415,044 (277,686) 137,358
Other program income 441,198 – 441,198
Other income 137,970 – 137,970
Employee Retention Tax Credit 1,240,474 – 1,240,474
Net assets released from restrictions 2,403,125 (2,403,125) –
Total Operating Revenue and Support 9,597,509 (895,885) 8,701,624
FUNCTIONAL EXPENSES
Program services 7,460,318 – 7,460,318
Management and general 3,348,721 – 3,348,721
Fundraising 813,133 – 813,133
Total Functional Expenses 11,622,172 – 11,622,172
DEFICIT OF OPERATIONS (2,024,663) (895,885) (2,920,548)
NON-OPERATING ACTIVITIES
Change in value of gift annuity – (37,682) (37,682)
Change in value of remainder and perpetual
trusts – 14,780 14,780
Total Non-Operating Activities – (22,902) (22,902)
CHANGE IN NET ASSETS (2,024,663) (918,787) (2,943,450)
NET ASSETS
Beginning of year 12,183,213 28,795,498 40,978,711
End of year $ 10,158,550 $ 27,876,711 $ 38,035,261
See notes to financial statements. 6

ANTIOCH COLLEGE CORPORATION
STATEMENT OF FUNCTIONAL EXPENSES
YEAR ENDED JUNE 30, 2024
Program
Services
Management
and General Fundraising Total
Compensation:
Salaries and wages $ 3,042,571 $ 1,378,681 $ 228,461 $ 4,649,713
Benefits 672,410 188,478 29,131 890,019
Payroll taxes 214,654 91,468 15,908 322,030
Total Compensation 3,929,635 1,658,627 273,500 5,861,762
Professional and contract services 460,765 346,613 83,941 891,319
Office expense 28,450 50,248 2,112 80,810
Information technology 25,472 157,819 47,535 230,826
Travel and meetings 5,496 23,023 5,687 34,206
Advertising and public relations 45,415 288,391 11,995 345,801
Insurance 247,687 100,678 – 348,365
Miscellaneous 38,296 42,370 26,349 107,015
Training 5,987 4,289 – 10,276
Utilities 633,883 76,497 – 710,380
Interest and bank fee expense 77,814 48,671 5,374 131,859
Student services and supplies 181,499 – – 181,499
Maintenance and repairs 146,625 6,635 – 153,260
Depreciation 683,343 277,758 – 961,101
Total Functional Expenses $ 6,510,367 $ 3,081,619 $ 456,493 $ 10,048,479
See notes to financial statements. 7

ANTIOCH COLLEGE CORPORATION
STATEMENT OF FUNCTIONAL EXPENSES
YEAR ENDED JUNE 30, 2023
Program
Services
Management
and General Fundraising Total
Compensation:
Salaries and wages $ 3,465,809 $ 1,500,046 $ 449,472 $ 5,415,327
Benefits 460,546 199,330 59,727 719,603
Payroll taxes 286,762 124,115 37,190 448,067
Total Compensation 4,213,117 1,823,491 546,389 6,582,997
Professional and contract services 640,537 492,720 98,544 1,231,801
Office expense 51,291 19,857 13,351 84,499
Information technology 204,856 21,777 26,588 253,221
Travel and meetings 28,778 38,130 5,036 71,944
Advertising and public relations 292,531 130,830 66,640 490,001
Insurance 205,665 83,597 – 289,262
Miscellaneous 158,960 137,656 31,136 327,752
Training 36,178 – – 36,178
Utilities 570,351 231,354 1,607 803,312
Interest and bank fee expense 69,429 37,727 23,842 130,998
Student services and supplies 173,360 – – 173,360
Maintenance and repairs 101,644 41,517 – 143,161
Depreciation 713,621 290,065 – 1,003,686
Total Functional Expenses $ 7,460,318 $ 3,348,721 $ 813,133 $ 11,622,172
See notes to financial statements. 8

ANTIOCH COLLEGE CORPORATION
STATEMENTS OF CASH FLOWS
YEARS ENDED JUNE 30, 2024 AND 2023
2024 2023
OPERATING ACTIVITIES
Change in net assets $ (1,482,338) $ (2,943,450)
Adjustments to reconcile change in net assets to net cash, cash
equivalents and restricted cash used by operating activities:
Depreciation 961,101 1,003,686
Change in discount for future pledges (37,306) (97,136)
Net realized loss on investments – 26
Net unrealized gain on investments (128,437) (72,605)
Change in beneficial interest in remainder and perpetual trusts (54,710) (14,780)
Change in value of gift annuity (13,091) 37,682
Gain on assets held for sale (182,627) –
(Gain) loss on disposal for property and equipment (1,934,122) 82,248
(2,871,530) (2,004,329)
Changes in operating assets and liabilities:
Accounts and grants receivable (60,040) 20,060
Employee Retention Tax Credit receivable – (1,240,474)
Contributions receivable (372,931) 852,411
Prepaid expenses 109,342 30,958
Accounts payable and accrued liabilities 316,641 351,949
Accounts held on behalf of others in trust (6,804) (6,637)
Net Cash, Cash Equivalents and Restricted Cash Used by
Operating Activities (2,885,322) (1,996,062)
INVESTING ACTIVITIES
Purchases of property and equipment – (107,343)
Proceeds from sale of property and equipment 1,352,307 –
Proceeds from sale of assets held for sale 985,511 –
Principal payments on note receivable 50,000 50,000
Reinvestment of dividends (50,904) (57,971)
Proceeds from sale of investments 14,224 932,599
Net Cash, Cash Equivalents and Restricted Cash Provided by
Investing Activities 2,351,138 817,285
FINANCING ACTIVITIES
Borrowings on long-term debt 300,000 –
Payments of gift annuity and trust obligations (38,052) (55,775)
Net Cash, Cash Equivalents and Restricted Cash Provided
(Used) by Financing Activities 261,948 (55,775)
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED
CASH (272,236) (1,234,552)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Beginning of year 1,206,900 2,441,452
End of year $ 934,664 $ 1,206,900
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Noncash transactions:
Property and equipment transferred to held for sale $ 463,481 $ –
Cash paid during the year for interest $ 83,740 $ 75,968
See notes to financial statements. 9

ANTIOCH COLLEGE CORPORATION
NOTES TO FINANCIAL STATEMENTS
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nature of Operations – Antioch College Corporation (the “College”), originally founded in 1854 in
Yellow Springs, Ohio, was formerly a wholly-owned subsidiary of Antioch University (“the University”)
which ceased Antioch College operations in 2008 due to financial reasons. An organization of former
alumni and other interested parties subsequently purchased Antioch College and related assets and
obligations from the University on September 4, 2009. Included with the purchase were an endowment
and other investments, obligations under various split interest agreements, campus buildings and land,
and various other assets and obligations. The College, which provides a rigorous liberal arts education,
awards the Bachelor of Arts and Bachelor of Science degrees. Revenue is generated from tuition and
fees, grants and general contributions.
Basis of Accounting – The College’s financial statements are prepared on the accrual basis of
accounting. The College’s financial statement presentation is in accordance with generally accepted
accounting principles (“GAAP”). Under GAAP, the College reports information regarding its financial
position and activities according to two classes of net assets: net assets without donor restrictions and
net assets with donor restrictions.
Net assets without donor restrictions are those that are not subject to donor-imposed restrictions and are
available for use in the College’s ongoing operations. Net assets with donor restrictions are those whose
use by the College has been limited by donors for scholarships, loans, academic programs, a specific
time period or have been restricted by donors to be maintained by the College in perpetuity, the income
of which is expendable to support scholarship and educational programs.
Financial Estimates – The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets
and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses
during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents and Restricted Cash – For purposes of the statements of cash flows, the
College considers all highly liquid investments with an initial maturity of three months or less to be cash
equivalents, excluding cash and cash equivalents held for endowments, third-party trusts, gift annuities
and other restricted investments. Certain cash balances are classified as restricted and listed as a
separate line item in the statements of financial position.
Restricted Cash – The College had $301,295 and $792,800 of restricted cash at June 30, 2024 and
2023. Restricted cash represents donor’s request for cash to be maintained in separate bank account
and Department of Education Escrow funds.
Concentration of Credit Risk – The College’s cash, cash equivalents and restricted cash as of
June 30, 2024 and 2023 were on deposit in various financial institutions which, at various times
throughout the period were in excess of FDIC insurance limits of $250,000.
Adoption of New Accounting Standards – In June 2016, the Financial Accounting Standards Board
(“FASB”) issued guidance (FASB ASC 326) which significantly changed how entities will measure credit
losses for most financial assets and certain other instruments that aren’t measured at fair value through
change in net assets. The most significant change in this standard is a shift from the incurred loss model
to the expected loss model. Under the standard, disclosures are required to provide users of the financial
statements with useful information in analyzing an entity’s exposure to credit risk and the measurement of
credit losses. Financial assets held by the College that are subject to the guidance in FASB ASC 326
were student, note and other receivables.
The College adopted the standard effective July 1, 2023. The impact of the adoption was not considered
material to the financial statements and resulted in enhanced/new disclosures only.
10

ANTIOCH COLLEGE CORPORATION
NOTES TO FINANCIAL STATEMENTS
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED
Accounts and Grants Receivable – Student accounts receivable are carried at the unpaid balance of
the original amount billed to students and student notes receivable are carried at the amount of unpaid
principal.
The College recognizes an allowance for losses on receivables in an amount equal to the current
expected credit losses. The estimation of the allowance is based on an analysis of historical loss
experience, current receivables aging, and management’s assessment of current conditions and
reasonable and supportable expectation of future conditions, as well as an assessment of specific
identifiable customer accounts considered at risk or uncollectible. The College assesses collectability by
pooling receivables where similar characteristics exist and evaluates receivables individually when
specific customer balances no longer share those risk characteristics and are considered at risk or
uncollectible. The expense associated with the allowance for expected credit losses is recognized in
institutional and administrative expenses. Management determined an allowance for credit losses and
allowance for doubtful accounts of $42,846 to be necessary as of June 30, 2024 and 2023 related to
student receivables. No allowance for credit losses and allowance for doubtful accounts was deemed
necessary as of June 30, 2024 and 2023 related to notes receivable.
Grants receivable are reported at amounts billed or billable to grantors based on amounts awarded and
expended under these awards prior to the end of the year.
The College writes off receivables when there is information that indicates the amounts will be
uncollectible and there is no possibility of recovery. If any recoveries are made from any accounts
previously written off, they will offset to credit loss expense in the year of recovery. There were no write
offs for the years 2024 and 2023.
Contributions Receivable – Unconditional promises to give that are expected to be collected within one
year are recorded at their net realizable value. Unconditional promises to give that are expected to be
collected in future years are recorded at the present value of estimated future cash flows. The discounts
are computed using a risk-free interest rate of 4.15% at June 30, 2024 and 2023. Conditional promises
to give are not included as support until such time as the conditions are substantially met.
Investments – Investments in equity securities with readily determinable fair values and all investments in
debt securities are reported at fair value in the statements of financial position with gains and losses
included in the statements of activities. Dividend and interest income are accrued as earned. Realized
gains and losses are determined on the average cost method and are reflected in revenue.
Property and Equipment – Property and equipment are stated at cost, while donated items are reported
at fair value on the date of the contribution, and depreciated over their estimated useful lives using the
straight-line method. Depreciation expense was $961,101 and $1,003,686 for the years 2024 and 2023.
Routine repairs and maintenance are charged to expense when incurred.
The College capitalizes all expenditures in excess of $5,000 for property and equipment at cost.
Contributed property and equipment is recorded at fair value at the date of donation. If donors stipulate
how long the assets must be used, the contributions are recorded as support and net assets with donor
restrictions. In the absence of such stipulations, contributions of property and equipment are recorded as
support and net assets without donor restrictions.
The College reviews for impairment of long-lived assets in accordance with accounting standards. These
standards require organizations to determine if changes in circumstances indicate that the carrying
amount of its long-lived assets may not be recoverable. If a change in circumstances warrants such an
evaluation, undiscounted future cash flows from the use and ultimate disposition of the asset, as well as
respective market values, are estimated to determine if an impairment exists. Management believes that
there has been no impairment of the carrying value of its long-lived assets at June 30, 2024 and 2023.
11

ANTIOCH COLLEGE CORPORATION
NOTES TO FINANCIAL STATEMENTS
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED
Contributions and Net Asset Classifications – Gifts of cash and other assets, without donor
stipulations, are reported as revenue and net assets without donor restrictions. Gifts received with a
donor stipulation that limits their use are reported as revenue and net assets with donor restrictions.
When a donor stipulated time restriction ends, or purpose restriction is accomplished, net assets with
donor restrictions are reclassified to net assets without donor restrictions, and reported in the statements
of activities as net assets released from restrictions. Gifts and investment income having donor
stipulations, which are satisfied in the period the gift is received, are reported initially as revenue and net
assets with donor restrictions, reflected as released from restriction, and reclassified as net assets
without donor restrictions.
Gifts of land, buildings, equipment, and other long-lived assets are reported as revenue and net assets
without donor restrictions unless explicit donor stipulations specify how such assets must be used, in
which case the gifts are reported as revenue and net assets with donor restrictions. Absent explicit
donor stipulations for the time long-lived assets must be held, expirations of restrictions resulting
in reclassification of net assets with donor restrictions as net assets without donor restrictions are
reported when the long-lived assets are placed in service.
Functional Allocation of Expenses – Directly identifiable expenses are charged to programs and
supporting services. Certain categories of expenses are attributable to more than one program or
supporting function and are allocated on a reasonable basis that is consistently applied. Such allocations
are determined by management on an equitable basis. Salaries and wages, taxes and benefits are
allocated based upon time and effort. Utilities, maintenance and repairs and depreciation are allocated
based upon square footage. Allocations for other expenses are based on estimates.
Income Tax Status – The College is a not-for-profit organization incorporated under the laws of the State
of Ohio, and is exempt from the payment of federal income taxes under Section 501(c)(3) of the Internal
Revenue Code. However, the College is subject to federal income tax on any unrelated business taxable
income.
Accounting for Uncertainty in Income Taxes – Accounting standards require the evaluation of tax
positions taken, or expected to be taken, in the course of preparing the College’s tax returns, to
determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax
authority. This statement provides that a tax benefit from an uncertain tax position may be recognized
in the financial statements only when it is “more-likely-than-not” the position will be sustained upon
examination, including resolution of any related appeals or litigation processes, based upon the technical
merits and consideration of all available information. Once the recognition threshold is met, the portion of
the tax benefit that is recorded represents the largest amount of tax benefit that is greater than 50 percent
likely to be realized upon settlement with a taxing authority. Based on its review, management does not
believe the College has taken any material uncertain tax positions, including any position that would place
the College’s exempt status in jeopardy as of June 30, 2024 and 2023.
Reclassifications – Certain prior year amounts in the financial statement have been reclassified to
conform with current year presentation.
Subsequent Events – In preparing these financial statements, the College has evaluated events and
transactions for potential recognition or disclosure through March 28, 2025, the date the financial
statements were available to be issued.
12

ANTIOCH COLLEGE CORPORATION
NOTES TO FINANCIAL STATEMENTS
NOTE 2 – GOING CONCERN
The College relies on significant contributions to pay operating expenses. This reliance along with the
significant endowment loans described in Note 16, unfunded gift annuity obligations described in Note 9,
callable bonds described in Note 13, and continuing significant decreases in net assets, create
uncertainty about the College’s ability to continue as a going concern. The ability of the College to
continue as a going concern is dependent upon successfully achieving the strategic plan implementation
results described below for obtaining financial stability. These financial statements do not include any
adjustments that might be necessary if the College is unable to continue as a going concern. The
College has developed a strategic plan of financial sustainability through the following key components:
 Working towards a sustainable structure and business model that keeps us from borrowing
from restricted sources, strengthens our financial position, and enables us to begin repaying
our endowment over time;
 Investing in advancement capacity for increased revenue across all areas including annual
giving, major gifts, grant income and events;
 Identifying a core college footprint and reducing ongoing facilities expenses through building
sale, investment, and/or long-term leasing;
 Adjusting financial aid packages and increasing student-derived revenue;
 Increasing admissions of new students and retention of current students resulting in higher
overall enrollment numbers;
 Adopting and implementing interdisciplinary curriculum pathways and generating these
developments as noteworthy through strategic communications and highlighting our world-
class faculty
 Supporting learning hubs to sustain the cost of their operations through earned and
philanthropic revenues, alongside contributing to college overhead;
 Exploring potential game changers, including the Federal Work College model, transfer
pathways, prison education, and community based learning. As an important sign of
progress, Antioch College received Federal Work College designation in 2024.
The College has been implementing this strategic plan for several years and has significantly reduced
year over year decreases in net assets.
NOTE 3 – REVENUE RECOGNITION
Student Tuition and Auxiliary Enterprises
Student tuition and auxiliary enterprises (room and board) are related to the College’s undergraduate
programs. The tuition and auxiliary enterprises are recognized over the academic period of the course or
program offered based on time elapsed, and scholarships awarded to students reduce the amount of
revenue recognized. Revenue recognized reflects the consideration the College expects to be entitled to
in exchange for those services. The academic cycle and programs are completed within the fiscal year.
Tuition auxiliary enterprise deposits received prior to the end of the fiscal year for subsequent semesters
are deferred for recognition in the following fiscal year. Refunds of student tuition are issued to students
who withdraw from the course or program within six weeks, on a prorated basis, from the start of the
course or program.
The contract balances at June 30, 2024 and 2023 are presented on the statements of financial position.
At July 1, 2022, contract balances included student receivables of $44,883. Student accounts receivable
is included in accounts and grants receivable in the statements of financial position with balances at
June 30, 2024 and 2023 of $106,719 and $48,392.
13

ANTIOCH COLLEGE CORPORATION
NOTES TO FINANCIAL STATEMENTS
NOTE 4 – LIQUIDITY AND AVAILABILITY
The following reflects the College’s financial assets as of the statements of financial position dates,
reduced by amounts not available for general use within one year of the statements of financial position
dates because of donor-imposed restrictions or internal designations. Financial assets are considered
unavailable when not convertible to cash within one year such as perpetual endowments.
2024 2023
Cash and cash equivalents $ 633,369 $ 414,100
Restricted cash 301,295 792,800
Accounts and grants receivable 108,928 48,888
Employee Retention Tax Credit receivable 1,240,474 1,240,474
Contributions receivable, net 5,893,179 5,482,942
Investments 2,248,581 2,098,066
Beneficial interest in perpetual and remainder trust 589,718 541,812
Note receivable 1,807,336 1,857,336
Financial assets, at year-end 12,822,880 12,476,418
Less those unavailable for general expenditure within one year due to:
Restricted cash 301,295 792,800
Contributions receivable due greater than one year 4,317,115 3,966,483
Investments held for perpetual endowment 2,259,978 2,097,003
Investments restricted for endowment – 1,360
Beneficial interest in perpetual and remainder trusts 589,718 541,812
Note receivable 1,757,336 1,807,336
Total unavailable for general expenditure within one year 9,225,442 9,206,794
Financial assets available to meet cash needs for general
expenditures within one year $ 3,597,438 $ 3,269,624
Financial assets available to meet cash needs doesn’t reflect amounts borrowed from endowment funds
(see Note 16) as there is no defined repayment terms.
NOTE 5 – PROPERTY AND EQUIPMENT
2024 2023
Land $ 379,769 $ 646,389
Buildings and improvements 34,507,987 34,743,004
Furniture and equipment 945,208 945,207
Construction in process 12,500 12,500
35,845,464 36,347,100
Less accumulated depreciation 10,389,941 9,432,871
$ 25,455,523 $ 26,914,229
14

ANTIOCH COLLEGE CORPORATION
NOTES TO FINANCIAL STATEMENTS
NOTE 6 – ASSETS HELD FOR SALE
During 2023 and 2024, the College classified various buildings and plots of land as held for sale.
Depreciation is no longer recorded once an asset has been identified as held for sale. There can be no
assurance if or when sales will be completed; however, it is expected that the sales will be completed
within one year. During fiscal year 2024, two of the buildings were sold by the College for $985,511,
and three additional plots of land were classified as held for sale.
Included in assets held for sale in the accompanying statement of financial position as of June 30, 2024
and 2023 are the following categories of assets:
2024 2023
Land and buildings $ 1,932,739 $ 1,738,318
Buildings and improvements 425,876 430,981
2,358,615 2,169,299
Less accumulated depreciation 669,507 756,727
$ 1,689,108 $ 1,412,572
NOTE 7 – BENEFICIAL INTEREST IN PERPETUAL AND REMAINDER TRUST
As part of the acquisition of Antioch College, the College also inherited a beneficial interest in three
charitable remainder trusts which are administered by outside parties. Two of the trusts are perpetual
trusts which provide the College with the irrevocable right to income, approximately $12,000 annually, in
perpetuity from the trusts. The College is the beneficiary (remainder designee) of the final trust in which it
is to receive a 15% interest in the remainder upon termination of the trust. The beneficial interests are
valued at the fair value of the underlying investments of each trust multiplied by the College’s ownership
or remainder percentage. At year end June 30, 2024 and 2023, the College’s beneficial interest in these
trusts was $589,718 and $541,812.
NOTE 8 – CHARITABLE REMAINDER TRUSTS
The College serves as trustee for various charitable remainder trusts. The College is obligated to make
periodic payments, generally quarterly, to the respective trust annuitants. The College records the trust
investments as net assets with donor restrictions and reclassifies them according to the trust’s directive at
the termination of the trust. Currently, the College is paying approximately $11,000 annually to the
respective trust annuitants.
The College has valued the future liability for annuity contract payments by calculating the present value
of the expected payments based upon the anticipated remaining length of the trust, with a rate of 3.25%
at June 30, 2024 and 2023, to calculate the present value of the future liability. At June 30, 2024 and
2023, the estimated liability was $69,445 and $76,249. The investments backing the trusts are managed
by Morgan Stanley Smith Barney, and totaled $175,770 and $161,168 at June 30, 2024 and 2023. The
College has no responsibility to continue making trust payments once the assets of the respective trust
assets have expired.
15

ANTIOCH COLLEGE CORPORATION
NOTES TO FINANCIAL STATEMENTS
NOTE 9 – GIFT ANNUITIES
As part of the acquisition of Antioch College, the College inherited 34 gift annuity contracts for which the
College is obligated to make a periodic payment, generally quarterly, to the respective annuitant. The
College records the gift annuities investments as net assets with donor restrictions and reclassifies them
according to the donor’s wishes at the termination of the annuity contract. Currently, the College is
paying approximately $55,000 annually to the respective annuitants.
The College has valued the future liability for annuity contract payments by calculating the present
value of the expected payments based upon the anticipated remaining length of the annuity contract,
with a rate of 3.25% at June 30, 2024 and 2023, to calculate the present value of the future liability.
At June 30, 2024 and 2023, the estimated liability was $271,095 and $329,042. The investments backing
the gift annuities are managed by Fifth Third Institutional Services, and totaled a negative balance of
$11,708 at June 30, 2024 and $766 at June 30, 2023. The College is responsible for continuing to pay
the annuitants under the contract even if there are no remaining investment assets.
NOTE 10 – CONTRIBUTIONS RECEIVABLE
The College has recognized certain pledges as unconditional promises to give and are included in the
financial statements as contributions receivable and revenue of the appropriate net asset category.
Unconditional promises to give are expected to be realized in the following periods as of June 30, 2024
and 2023:
2024 2023
Amounts due in:
Less than one year $ 1,576,064 $ 1,516,459
One to five years 408,070 178,445
Over five years 5,693,315 5,625,372
Total contributions receivable 7,677,449 7,320,276
Less unamortized discount 1,784,270 1,837,334
Net contributions receivable $ 5,893,179 $ 5,482,942
NOTE 11 – INVESTMENTS
2024 2023
Money market $ 9,158 $ 4,157
Mutual fund – equities 1,238,547 888,048
Mutual funds – fixed income 1,000,876 1,205,861
$ 2,248,581 $ 2,098,066
16

ANTIOCH COLLEGE CORPORATION
NOTES TO FINANCIAL STATEMENTS
NOTE 12 – FAIR VALUE MEASUREMENTS
The three levels of the fair value hierarchy under the accounting standards are described as follows:
Level 1 – Inputs to the valuation methodology are unadjusted quoted prices for identical assets or
liabilities in active markets that the College has the ability to access.
Level 2 – Inputs to the valuation methodology include:
 quoted prices for similar assets or liabilities in active markets;
 quoted prices for identical or similar assets or liabilities in inactive markets;
 inputs other than quoted prices that are observable for the asset or liability;
 inputs that are derived principally from or corroborated by observable market data by correlation
or other means
Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value
measurement.
Fair values of the College’s financial assets measured on a recurring basis at June 30, 2024 and 2023
are as follows:
2024
Total Level 1 Level 2 Level 3
Money market funds $ 9,158 $ 9,158 $ – $ –
Mutual funds – equity 1,238,547 1,238,547 – –
Mutual funds – fixed income 1,000,876 1,000,876 – –
Investments held in trusts 175,770 175,770 – –
Beneficial interest in perpetual and
remainder trusts 589,718 – – 589,718
$ 3,014,069 $ 2,424,351 $ – $ 589,718
2023
Total Level 1 Level 2 Level 3
Money market funds $ 4,157 $ 4,157 $ – $ –
Mutual funds – equity 888,048 888,048 – –
Mutual funds – fixed income 1,205,861 1,205,861 – –
Investments held in trusts 161,168 161,168 – –
Beneficial interest in perpetual and
remainder trusts 541,812 – – 541,812
$ 2,801,046 $ 2,259,234 $ – $ 541,812
17

ANTIOCH COLLEGE CORPORATION
NOTES TO FINANCIAL STATEMENTS
NOTE 13 – LONG-TERM DEBT
At June 30, 2024 and 2023, the College had debt of $1,675,000 and $1,375,000 in the form of bonds
payable at an interest rate of 5% with maturity and collateral described below. In July 2016, the College
established a program under which it may, from time to time, borrow up to $20 million in principal amount
at any one time outstanding by issuing “Invest in Antioch’s Future Bonds” to persons lending funds to
Antioch under the program.
The bonds carry interest at an annual rate determined by the Board of Trustees and fixed at the time
the bond is issued. Interest on each bond is payable annually on the anniversary date of the date of
issuance of that bond. Once a bond has been outstanding for at least three years, if the holder wishes to
redeem the bond, the principal amount of that bond, plus accrued interest, will be payable at the request
of the holder at any time upon at least 90 days prior notice to the College. The College has the right to
redeem any bond at any time by giving notice to the holder. The term of each bond is ten years, if not
earlier redeemed by the holder or the College. Bond maturities range from 2027 to 2033. The bonds are
secured by a mortgage on real property and by a security interest in the tangible personal property of
the College. In conjunction with this program, the College has entered into a Trust Indenture with the
Huntington National Bank, which provides for the issuance of the bonds and the execution of a mortgage
and security agreement providing security for the bonds. The Huntington National Bank will have the
right to foreclose on the collateral in the event of any default.
NOTE 14 – NET ASSETS WITH DONOR RESTRICTIONS
2024 2023
Subject to expenditure for a specific purpose:
Academic and student programs $ 956,713 $ 923,509
Scholarships 488,986 606,786
Other programs 259,007 65,487
Subject to the passage of time:
Contributions receivable, net 5,893,179 5,482,942
Remainder trusts 58,714 52,084
Subject to spending policy and appropriation:
Perpetual trusts 531,004 489,728
Endowment gifts – unexpended income 688,477 525,502
Endowment gifts held in perpetuity 19,730,673 19,730,673
$ 28,606,753 $ 27,876,711
NOTE 15 – NET ASSETS RELEASED FROM RESTRICTIONS
Net assets released from restriction during the years 2024 and 2023 are as follows:
2024 2023
Time restricted $ 252,879 $ 944,419
Purpose restricted 1,615,677 1,458,706
Net assets released from restrictions $ 1,868,556 $ 2,403,125
18

ANTIOCH COLLEGE CORPORATION
NOTES TO FINANCIAL STATEMENTS
NOTE 16 – ENDOWMENT FUNDS
Interpretation of Relevant Law
The Board of Trustees of the College has interpreted the State of Ohio’s Uniform Prudent Management
Institutional Funds Act (UPMIFA) as requiring the preservation of the fair value of the original gift as of
the gift date of the donor-restricted endowment funds absent explicit donor stipulations to the contrary.
As a result of this interpretation, the College classifies as donor restricted net assets (a) the original
value of gifts donated to the endowment, (b) the original value of subsequent gifts to the endowment,
and (c) accumulations to the endowment made in accordance with the direction of the applicable donor
gift instrument at the time the accumulation is added to the fund. The remaining portion of the donor
restricted endowment fund that is not classified as donor restricted net assets for endowment is
classified as donor restricted net assets available for appropriation until those amounts are appropriated
for expenditure by the College in a manner consistent with the standard of prudence prescribed by
UPMIFA.
In accordance with UPMIFA, the College considers the following factors in making a determination to
appropriate or accumulate donor-restricted endowment funds:
1. The duration and preservation of the donor-restricted endowment fund
2. The purposes of the College and the donor-restricted endowment fund
3. General economic conditions
4. The possible effect of inflation and deflation
5. The expected total return from income and the appreciation of investments
6. Other resources of the College
7. The investment policies of the College
Changes in Endowment Net Assets:
2024
With
Temporary
Donor
Restrictions
With
Perpetual
Donor
Restrictions Total
Endowment net assets, beginning of year $ 525,502 $ 19,730,673 $ 20,256,175
Investment return:
Net realized and unrealized gain on
investments 162,975 – 162,975
Endowment net assets, end of year $ 688,477 $ 19,730,673 $ 20,419,150
19

ANTIOCH COLLEGE CORPORATION
NOTES TO FINANCIAL STATEMENTS
NOTE 16 – ENDOWMENT FUNDS – CONTINUED
2023
With
Temporary
Donor
Restrictions
With
Perpetual
Donor
Restrictions Total
Endowment net assets, beginning of year $ 809,188 $ 19,724,673 $ 20,533,861
Investment return:
Dividends and interest, net of fees 69,085 – 69,085
Net realized and unrealized loss on
investments (352,771) – (352,771)
Total investment return (283,686) – (283,686)
Contributions – 6,000 6,000
Endowment net assets, end of year $ 525,502 $ 19,730,673 $ 20,256,175
Funds with Deficiencies
From time to time, the fair value of assets associated with individual donor-restricted endowment funds
may fall below the level that the donor or UPMIFA requires the College to retain as a fund of perpetual
duration. In accordance with accounting principles generally accepted in the United States of America,
deficiencies of this nature are reported in net assets with donor restrictions. The College’s deficiencies
are composed of withdrawals of endowment fund principal as disclosed in table below.
Return Objectives and Risk Parameters
The College has adopted investment and spending policies for endowment assets that attempt to
accumulate a pool of assets sufficient to build capital for future use while providing a predictable level of
funding to meet current needs.
Endowment assets include those assets of donor-restricted funds that the College must hold in perpetuity
or for a donor-specified period. Under this policy, as approved by the Board of Trustees, the endowment
assets are invested in manner that is intended to produce results with a moderate level of investment risk.
Strategies Employed for Achieving Objectives
To satisfy its long-term rate-of-return objectives, the College relies on a total return strategy in which
investment returns are achieved through both capital appreciation (realized and unrealized) and current
yield (interest and dividends). The College targets a diversified asset allocation within both equity and
fixed income securities, so as to provide a balance that will enhance total return, while avoiding undue
risk concentrations in any single asset class or investment category.
Spending Policy and How the Investment Objectives Relate to Spending Policy
The College has a policy of appropriating for distribution each year 4% of the value of the endowment
investments. In establishing this policy, the College considered the long-term expected return on its
endowment, including endowment loans.
20

ANTIOCH COLLEGE CORPORATION
NOTES TO FINANCIAL STATEMENTS
NOTE 16 – ENDOWMENT FUNDS – CONTINUED
Endowment Loans
The College has borrowed from its endowment funds for campus renovations and to cover certain
operating expenses of the College prior to and immediately following its accreditation and approval to
participate in federal student financial aid programs. As such, the fair value of assets associated with
the donor-restricted endowment funds has fallen below the level that the donor or UPMIFA requires the
College to retain as a fund of perpetual duration. According to UPMIFA, a responsible organization may
nevertheless spend below the original gift amount as long as the spending is prudent and is in fulfillment
of the mission of the organization.
Such deficiencies are as follows at June 30, 2024 and 2023:
2024 2023
Fair value of endowment assets $ 2,259,978 $ 2,097,003
Endowment funds gifts and undistributed income 20,419,150 20,256,175
Endowment funds in excess of endowment assets $ (18,159,172) $ (18,159,172)
The Board of Trustees regularly evaluates repayment of borrowings to the endowment and places limits
on amounts that may be borrowed. The College has borrowed funds from its endowment in the amount
of $17,122,977 and $17,204,789 as of June 30, 2024 and 2023. Related accrued interest (4%) on these
loans was $2,330,766 and $1,642,575 as of June 30, 2024 and 2023. The Board of Trustees regularly
evaluates repayment of borrowings to the endowment and places limits on amounts that may be
borrowed.
NOTE 17 – NOTES RECEIVABLE
Agreement Regarding Transfer of Glen Helen Nature Preserve (the Glen)
The $2,500,000 note receivable from Glen Helen Association is secured by a mortgage on the Glen.
The note receivable balance is $1,807,336 and $1,857,336, as of June 30, 2024 and 2023. Beginning
September 4, 2021, the note is payable in annual installments of $50,000 through September 4, 2030.
The remaining balance is due and payable on September 4, 2031. In connection with this note and the
related Agreement Regarding Transfer of Glen Helen Nature Preserve, the College is to maintain the
Birch Endowment, the income of which is to support the Glen. Each year beginning on September 4,
2021, in lieu of distribution of endowment income to the Glen, such income is to be kept by the College
and is considered interest on the note. After the note is paid in full, the College will make annual
distributions of income from the Birch Endowment to Glen Helen Association.
NOTE 18 – RETIREMENT PLAN
The College maintains a 401(k) defined contribution retirement plan (the Plan) for its eligible employees
who are 21, have completed one year of service and elect to participate. The College may contribute a
discretionary matching contribution and a discretionary profit-sharing contribution, as defined by the Plan.
There were no discretionary profit-sharing contributions for the years 2024 and 2023. There were
discretionary matching contributions of $120,624 and $103,217 as of June 30, 2024 and 2023.
21

ANTIOCH COLLEGE CORPORATION
NOTES TO FINANCIAL STATEMENTS
NOTE 19 – EMPLOYEE RETENTION CREDIT
The College experienced a significant decrease in gross receipts in certain 2021 quarters as compared to
2019 resulting from the COVID 19 pandemic. Due to this decline in gross receipts, the College qualified
for the Employee Retention Credit (“ERC”). The ERC was provided for under the Coronavirus Aid, Relief
and Economic Security Act (“CARES Act”), including subsequent amendments.
For 2021, the ERC was equal to 70% of qualified wages paid to employees during a qualifying quarter,
capped at $10,000 of qualified wages per employee. This payroll tax credit was available to offset certain
employment taxes with any excess being refunded. The ERC is estimated to be $1,240,474, and is
reported as a receivable on the statement of financial position and as revenue on the statement of
activities in the 2023 financial statements.
NOTE 20 – CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
For purposes of the statements of financial position and the statements of cash flows, cash is considered
operating cash in checking accounts with financial institutions, cash maintained in certificates of deposit
that mature in three months or less and restricted cash. The following table provides a reconciliation of
cash, cash equivalents and restricted cash reported within the statements of financial position that sum to
the total of the same such amounts shown in the statements of cash flows.
2024 2023
Cash and cash equivalents $ 633,369 $ 414,100
Restricted cash 301,295 792,800
Cash, cash equivalents and restricted cash $ 934,664 $ 1,206,900
NOTE 21 – FINANCIAL RESPONSIBILITIES STANDARDS
In order to participate in the Title IV Student Financial Assistance programs, an institution must meet
specific standards of financial responsibility as defined in the Code of Federal Regulations (CFR) Part
668. One of the standards is to maintain a composite score of at least 1.5 out of a possible 3.0 for the
combination of Equity, Primary Reserve, and Net Income ratios, as defined in the CFR. If an institution
does not maintain a composite score of at least 1.5, the Department of Education (DOE) will require
an institution to participate in additional monitoring activities. An institution that fails the financial
responsibility standards (less than 1.0) may continue to participate in the Title IV programs under
provisional certification for three years with additional monitoring and reporting requirements. To
continue to participate in Title IV programs under provisional certification, an institution will be required
to provide surety to DOE of 10% or more of its previous year’s Title IV funding, as determined by DOE,
or 50% and not be subject to the additional monitoring and reporting requirements. The College’s
composite score for 2024 and 2023 was 0.6. The College paid $261,958 in surety to the DOE as of June
30, 2024. There was no surety paid as of June 30, 2023.
22

ANTIOCH COLLEGE CORPORATION
FINANCIAL RESPONSIBILITY SUPPLEMENTAL SCHEDULE
YEAR ENDED JUNE 30, 2024
Primary Reserve Ratio:
Expendable Net Assets
SFP Net assets without donor restrictions 7,946,170 $
SFP Net assets with donor restrictions – $ 28,606,753
N/A Secured and unsecured related party receivable –
N/A Unsecured related party receivable –
SFP Property and equipment, ne t 25,455,523
Table 1 Property and equipment pre-implementation 25,115,559
N/A Property and equipment post-implementation –
Table 1 327,464
Table 1 Construction in progress 12,500
N/A Lease right-of-use asset, net –
N/A Intangible assets –
Table 3 Post-employment and pension liabilities 186,200
Table 2 Long-term debt – for long-term purposes 1,675,000 –
Table 2 Long-term debt – for long-term purposes pre-implementation 1,375,000
N/A Long-term debt – for long-term purposes post implementation –
N/A Line of credit for construction in progress –
N/A Lease right-of-use asset liability –
N/A Pre-implementation right-of-use asset liability –
N/A Post-implementation right-of-use asset liability –
Note 1 Net assets with donor restrictions restricted in perpetuity 19,730,673 –
Note 2 Net assets with donor restrictions other for purpose or time 8,876,080
N/A Life income funds with donor restrictions –
Total Expendable Net Assets (7,072,073) $
Total Expenses and Losses
SOA Total expenses without donor restrictions 10,048,479 $
SOA Non-Operating and Net Investment (loss) –
SOA Net investment losses –
N/A Pension-related changes other than periodic costs –
Total Expenses and Losses without donor restriction 10,048,479 $
-0.7038
Note 1 – Balance agrees to the endowment funds held in perpetuity disclosed in Note 14 of the financial statements.
See independent auditors’ report. 23
Note 2 – Balance agrees to net assets with donor restrictions less net assets with donor restrictions restricted in perpetuity.
Property and equipment post-implementation without
outstanding debt
Primary Reserve Ratio

ANTIOCH COLLEGE CORPORATION
FINANCIAL RESPONSIBILITY SUPPLEMENTAL SCHEDULE – CONTINUED
YEAR ENDED JUNE 30, 2024
Primary Reserve Ratio Tables
Table 1 – Property and Equipment
A Pre-implementation property and equipment 25,115,559 $
B Post-implementation property and equipment –
C Construction in-progress 12,500
D Post-implementation property and equipment 327,464
Total Property and Equipment 25,455,523$
A – Ending balance on the last financial statement submission prior to the
implementation of the regulations, less any depreciation or disposals.
B – Balance of assets purchased after the implementation of the regulations
that was purchased by obtaining debt.
C – Asset value of construction in process.
D – Post-implementation property and equipment with no outstanding debt.
Table 2 – Long-Term Debt
A Pre-implementation long-term debt 1,375,000 $
N/A Allowable post-implementation long-term debt –
N/A Construction in-progress –
N/A Long-term debt not for the purchase of property and equipment 300,000
Total Long-Term Debt 1,675,000 $
A – The ending balance on the last financial statement submission prior to the
implementation of the regulations, less any repayments. The note payable disclosed in
Note 13 of the financial statements, was issued on August 5, 2019 in the amount of
$1,375,000 for the acquisition, construction, equipping, and installation of various
facilities of the College.
Table 3 – Accrued Expenses
A Post-employment and pension liability 186,200 $
B Other accrued expenses 1,388,867
C Total accrued expenses 1,575,067 $
A – The College’s vacation accrual included in accrued expenses.
B – The balance of the accruals, excluding the vacation accrual.
C – Total of accrued expenses that agreed to the statement of financial position.
See independent auditors’ report. 24

ANTIOCH COLLEGE CORPORATION
FINANCIAL RESPONSIBILITY SUPPLEMENTAL SCHEDULE – CONTINUED
YEAR ENDED JUNE 30, 2024
Equity Ratio
Modified Net Assets
SFP Net assets without donor restrictions 7,946,170 $
SFP Net assets with donor restrictions 28,606,753
N/A Intangible assets –
N/A Secured and unsecured related party receivable –
N/A Unsecured related party receivable –
Total Modified Net Assets 36,552,923 $
Modified Assets
SFP Total Assets 40,143,530$
N/A Lease right-of-use asset pre-implementation –
N/A Pre-implementation right-of-use asset liability –
N/A Intangible assets –
N/A Secured and unsecured related party receivable –
N/A Unsecured related party receivable –
Total Modified Assets 40,143,530 $
0.9106
See independent auditors’ report. 25
Equity Ratio

ANTIOCH COLLEGE CORPORATION
FINANCIAL RESPONSIBILITY SUPPLEMENTAL SCHEDULE – CONTINUED
YEAR ENDED JUNE 30, 2024
Net Income Ratio
SOA Change in net assets without donor restrictions (2,212,380) $
SOA Total Revenues and Gains 5,702,985 $
SOA Gain on investments without donor restriction 16,365
SOA Paycheck protection program loan forgiveness income –
SOA Gain on disposal of property and equipment 2,116,749
Total 7,836,099$
-0.2823
See independent auditors’ report. 26
Net Income Ratio

ANTIOCH COLLEGE CORPORATION
FINANCIAL RESPONSIBILITY SUPPLEMENTAL SCHEDULE – CONTINUED
YEAR ENDED JUNE 30, 2024
Composite Score
Primary Reserve strength factor score = 10x the primary reserve ratio result
Equity strength factor score = 6x the equity ratio result
Negative net income ratio result: Net Income strength factor = 1 + (25x net income ratio)
Positive net income ratio result: Net Income strength factor = 1 + (50x net income ratio)
Zero result net income ratio: Net Income strength factor = 1
If the strength factor score for any ratio is greater than or equal to 3, strength factor score is 3
If the strength factor score for any ratio is less than or equal to -1, strength factor score is -1
Step 2: Calculate the weighted score for each ratio and calculate the composite score by adding the
three weighted scores.
Primary Reserve weighted score = 40% x the primary reserve strength factor score
Equity weighted score = 40% x the primary reserve strength factor score
Net Income weighted score = 20% x the primary reserve strength factor score
Composite Score = the sum of all weighted scores
Round the Composite score to one digit after the decimal point to determine the final scor
e
Strength Composite
Ratio Factor Weight Score
Primary Reserve Ratio -0.7038 -1 40% -0.4
Equity Ratio 0.9106 3 40% 1.2
Net Income Ratio -0.2823 -1 20% -0.2
0.6
See independent auditors’ report. 27
Step 1: Calculate the strength factor score for each ratio by using the following algorithms:
Total Composite Score – Rounded

& schoenfeld
3601 Rigby Road l Suite 400 l Dayton, Ohio l 45342-4981
2206 Chester Blvd. l Richmond, Indiana l 47374-1219
3 Easton Oval l Suite 300 l Columbus, Ohio l 43219-6287
11175 Cicero Drive l Suite 300 l Alpharetta, Georgia l 30022-1166
www.bradyware.com
INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL
STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
To the Board of Trustees
Antioch College Corporation
Yellow Springs, Ohio
We have audited, in accordance with the auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards
issued by the Comptroller General of the United States, the financial statements of
Antioch College
Corporation (the “College”), which comprise the statement of financial position as of June 30, 2024, and
the related statements of activities and changes in net assets, functional expenses, and cash flows for the
year then ended, and the related notes to the financial statements, and have issued our report thereon
dated
March 28, 2025.
Report on Internal Control over Financial Reporting
In planning and performing our audit of the financial statements, we considered the College’s internal
control over financial reporting (internal control) as a basis for designing audit procedures that are
appropriate in the circumstances for the purpose of expressing our opinion on the financial statements,
but not for the purpose of expressing an opinion on the effectiveness of the College’s internal control.
Accordingly, we do not express an opinion on the effectiveness of the College’s internal control.
A deficiency in internal control exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to prevent,
or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a
combination of deficiencies, in internal control, such that there is a reasonable possibility that a material
misstatement of the entity’s financial statements will not be prevented, or detected and corrected, on a
timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control
that is less severe than a material weakness, yet important enough to merit attention by those charged
with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this
section and was not designed to identify all deficiencies in internal control that might be material
weaknesses or significant deficiencies and therefore, material weaknesses or significant deficiencies may
exist that were not identified. We identified certain deficiencies in internal control, described in the
accompanying schedule of findings and questioned cost item 2024-001 that we consider to be a material
weakness.

& schoenfeld
INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL
STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS –
CONTINUED
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the College’s financial statements are free from
material misstatement, we performed tests of its compliance with certain provisions of laws, regulations,
contracts, and grant agreements, noncompliance with which could have a direct and material effect on
the financial statements. However, providing an opinion on compliance with those provisions was not an
objective of our audit, and accordingly, we do not express such an opinion. The results of our tests
disclosed no instances of noncompliance or other matters that are required to be reported under
Government Auditing Standards.
Response to Findings
Government Auditing Standards requires the auditor to perform limited procedures on the College’s
response to the findings identified in our audit and described in the accompanying schedule of findings
and questioned costs. The College’s response was not subjected to the other auditing procedures
applied in the audit of the financial statements and, accordingly, we express no opinion on the response.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance
and the results of that testing, and not to provide an opinion on the effectiveness of the College’s internal
control or on compliance. This report is an integral part of an audit performed in accordance with
Government Auditing Standards in considering the College’s internal control and compliance.
Accordingly, this communication is not suitable for any other purpose.
Columbus, Ohio
March 28, 2025
29

& schoenfeld
3601 Rigby Road l Suite 400 l Dayton, Ohio l 45342-4981
2206 Chester Blvd. l Richmond, Indiana l 47374-1219
3 Easton Oval l Suite 300 l Columbus, Ohio l 43219-6287
11175 Cicero Drive l Suite 300 l Alpharetta, Georgia l 30022-1166
www.bradyware.com
INDEPENDENT AUDITORS’ REPORT ON COMPLIANCE FOR EACH MAJOR PROGRAM AND ON
INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY THE UNIFORM GUIDANCE
To the Board of Trustees
Antioch College Corporation
Yellow Springs, Ohio
Report on Compliance for Each Major Federal Program
Opinion on Each Major Federal Program
We have audited the
Antioch College Corporation’s (the “College’s”) compliance with the types of
compliance requirements identified as subject to audit in the OMB Compliance Supplement that could
have a direct and material effect on each of the College’s major federal programs for the year ended
June 30, 2024. The College’s major federal programs are identified in the summary of auditors’ results
section of the accompanying schedule of findings and questioned costs.
In our opinion, the
Antioch College Corporation complied, in all material respects, with the types of
compliance requirements referred to above that could have a direct and material effect on each of its
major federal programs for the year ended June 30, 2024.
Basis for Opinion on Each Major Federal Program
We conducted our audit of compliance in accordance with auditing standards generally accepted in the
United States of America; the standards applicable to financial audits contained in Government Auditing
Standards, issued by the Comptroller General of the United States; and the audit requirement of Title 2
U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and
Audit Requirements for Federal Awards (Uniform Guidance). Our responsibilities under those standards
and the Uniform Guidance are further described in the Auditors’ Responsibilities for the Audit of
Compliance section of our report.
We are required to be independent of
Antioch College Corporation and to meet our other ethical
responsibilities, in accordance with relevant ethical requirements relating to our audit. We believe that
the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on
compliance for each major federal program. Our audit does not provide a legal determination of
Antioch
College Corporation’s compliance with the compliance requirements referred to above.
Responsibilities of Management for Compliance
Management is responsible for compliance with the requirements referred to above and for the design,
implementation, and maintenance of effective internal control over compliance with the requirements of
laws, statutes, regulations, rules, and provisions of contracts or grant agreements applicable to
Antioch
College Corporation’s federal programs.

& schoenfeld
INDEPENDENT AUDITORS’ REPORT ON COMPLIANCE FOR EACH MAJOR PROGRAM AND ON
INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY THE UNIFORM GUIDANCE –
CONTINUED
Auditors’ Responsibility for the Audit of Compliance
Our objectives are to obtain reasonable assurance about whether material noncompliance with the
compliance requirements referred to above occurred, whether due to fraud or error, and to express an
opinion on
Antioch College Corporation’s compliance based on our audit. Reasonable assurance is a
high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit
conducted in accordance with generally accepted auditing standards, Government Auditing Standards,
and the Uniform Guidance will always detect material noncompliance when it exists. The risk of not
detecting material noncompliance resulting from fraud is higher than for that resulting from error, as fraud
may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control. Noncompliance with the compliance requirements referred to above is considered material if
there is a substantial likelihood that, individually or in the aggregate, it would influence the judgment
made by a reasonable user of the report on compliance about
Antioch College Corporation’s
compliance with the requirements of each major federal program as a whole.
In performing an audit in accordance with generally accepted auditing standards, Government Auditing
Standards, and the Uniform Guidance, we:
 Exercise professional judgment and maintain professional skepticism throughout the audit.
 Identify and assess the risks of material noncompliance of the financial statements, whether due
to fraud or error, and design and perform audit procedures responsive to those risks. Such
procedures include examining, on a test basis, evidence regarding Antioch College
Corporation’s compliance with the compliance requirements referred to above and performing
such other procedures as we considered necessary in the circumstances.
 Obtain an understanding of Antioch College Corporation’s internal control over compliance
relevant to the audit in order to design audit procedures that are appropriate in the circumstances
and to test and report on internal control over compliance in accordance with the Uniform
Guidance, but not for the purpose of expressing an opinion on the effectiveness of Antioch
College Corporation’s internal control over compliance. Accordingly, no such opinion is
expressed.
We are required to communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit and any significant deficiencies and material weaknesses in
internal control over compliance that we identified during the audit.
31

& schoenfeld
INDEPENDENT AUDITORS’ REPORT ON COMPLIANCE FOR EACH MAJOR PROGRAM AND ON
INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY THE UNIFORM GUIDANCE –
CONTINUED
Report on Internal Control Over Compliance
A deficiency in internal control over compliance exists when the design or operation of a control over
compliance does not allow management or employees, in the normal course of performing their assigned
functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a
federal program on a timely basis. A material weakness in internal control over compliance is a
deficiency, or combination of deficiencies, in internal control over compliance, such that there is a
reasonable possibility that material noncompliance with a type of compliance requirement of a federal
program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in
internal control over compliance is a deficiency, or combination of deficiencies, in internal control over
compliance with a type of compliance requirement of a federal program that is less severe than a material
weakness in internal over compliance, yet important enough to merit attention by those charged with
governance.
Our consideration of internal control over compliance was for the limited purpose described in the
Auditors’ Responsibilities for the Audit of Compliance section above and was not designed to identify all
deficiencies in internal control over compliance that might be material weaknesses or significant
deficiencies in internal control over compliance. Given these limitations, during our audit we did not
identify any deficiencies in internal control over compliance that we consider to be material weaknesses,
as defined above. However, material weaknesses or significant deficiencies in internal control over
compliance may exist that have not been identified.
Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal
control over compliance. Accordingly, no such opinion is expressed.
The purpose of this report on internal control over compliance is solely to describe the scope of our
testing of internal control over compliance and the results of that testing based on the requirements of the
Uniform Guidance. Accordingly, this report is not suitable for any other purpose.
Columbus, Ohio
March 28, 2025
32

ANTIOCH COLLEGE CORPORATION
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
YEAR ENDED JUNE 30, 2024
Federal Grantor/Pass-Through
Grantor/Program or Cluster Title
Federal
Assistance
Listing
Number
Total
Federal
Expenditures
U.S. Department of Education:
Student Financial Aid Cluster:
Federal Work Study 84.033 $ 29,084
Federal Direct Student Loans Program 84.268 569,914
Federal Supplemental Educational Opportunity Grant
Program (FSEOG) 84.007 40,980
Federal Pell Grant Program 84.063 479,739
Total Student Financial Aid Cluster 1,119,717
Total expenditures of federal awards $ 1,119,717
See independent auditors’ report. 33

ANTIOCH COLLEGE CORPORATION
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS – CONTINUED
YEAR ENDED JUNE 30, 2024
Note 1 – Basis of Presentation
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the
federal award activity of the College under programs of the federal government for the year ended
June 30, 2024. The information in this Schedule is presented in accordance with the requirements of
Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles,
and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a
selected portion of the operations of the College, it is not intended to, and does not, present the financial
position, changes in net assets, or cash flows of the College.
Note 2 – Summary of Significant Accounting Policies
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following cost principles contained in the Uniform Guidance, wherein
certain types of expenditures are not allowable or are limited to reimbursement.
The College has elected not to use the 10 percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
Note 3 – Subrecipients
The College provided no federal awards to Subrecipients.
Note 4 – Processed Loans
The Direct Student Loans Program consists of subsidized, unsubsidized, and graduate plus federal
Stafford Loans. Federal statute requires that proceeds from Stafford Loans be disbursed to the College
to be directly applied to students’ accounts. New loans processed for students during the year ended
June 30, 2024 were as follows:
Program Title
Federal
Assistance
Listing
Number
Amount
Provided
Federal Direct Student Loans
Stafford
Subsidized 84.268 $ 338,985
Graduate Plus 84.268 56,864
Unsubsidized 84.268 174,065
$ 569,914
See independent auditors’ report. 34

ANTIOCH COLLEGE CORPORATION
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
YEAR ENDED JUNE 30, 2024
Summary of Auditors’ Results
1. The auditors’ report expresses an unmodified opinion on whether the financial statements of the
College were prepared in accordance with GAAP.
2. No significant deficiencies and one material weakness was disclosed during the audit of the financial
statements in the Independent Auditors’ Report on Internal Control Over Financial Reporting and on
Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance
with Government Auditing Standards.
3. No instances of noncompliance material to the financial statements of the College, which would be
required to be reported in accordance with Government Auditing Standards, were disclosed during
the audit.
4. No significant deficiencies or material weakness in internal control over major federal award
programs are reported in the Independent Auditors’ Report on Compliance For Each Major Program
and on Internal Control Over Compliance Required by the Uniform Guidance.
5. The auditors’ report on compliance for the major federal award programs for the College expresses
an unmodified opinion on all major federal programs.
6. An audit finding that is required to be reported in accordance with 2 CFR section 200.516(a) is
reported in this Schedule.
7. The programs tested as a major program include: Student Financial Aid Cluster Federal Assistance
Listing Numbers; 84.007, 84.033, 84.063 and 84.268.
8. The threshold used for distinguishing between Type A and B programs was $750,000.
9. The College was determined to not be a low-risk auditee.
FINDINGS – FINANCIAL STATEMENT AUDIT
Finding 2024-001 – Material Weakness – Borrowings from Endowment Fund
Criteria: Ohio Revised Code 1715.53 (Ohio UPMIFA) Appropriations from net appreciation states that
“an institution may appropriate for expenditure or accumulate so much of an endowment fund as the
institution determines is prudent for the uses, benefits, purposes, and duration for which an endowment
fund is established. Unless stated otherwise in the gift instrument, the assets in an endowment fund are
donor-restricted assets until appropriated for expenditure by the institution. In making a determination to
appropriate or accumulate, the institution shall act in good faith, with the care that an ordinary prudent
person in a like position would exercise under similar circumstances.”
See independent auditors’ report. 35

ANTIOCH COLLEGE CORPORATION
SCHEDULE OF FINDINGS AND QUESTIONED COSTS – CONTINUED
YEAR ENDED JUNE 30, 2024
FINDINGS – FINANCIAL STATEMENT AUDIT
Finding 2024-001 – Material Weakness – Borrowings from Endowment Fund – continued
Condition: The College has borrowed from its endowment funds for campus renovations and to cover
certain operating expenses of the College prior to and immediately following its accreditation and
approval to participate in federal student financial aid programs. As such, the fair value of assets
associated with the donor-restricted endowment funds has fallen below the level that the donor or
UPMIFA requires the College to retain as a fund of perpetual duration.
Cause: When the purchase of the College happened in 2009, the buildings were in such despair that
they were not able to be used. The College deemed it prudent to borrow from endowment to repair the
buildings to be able to meet accreditation standards.
Effect or potential effect: The judgment of the Board of Trustees is that the endowment exists for the
sole purpose of benefiting the College and that the continuing operation of the College could not be
assured without borrowing of funds from the endowment. Potential effect is that donor would not agree
with “prudence” of the borrowing of the endowment funds.
Recommendation: The College should continue to work long-term plans for maintaining and sustaining
financial stability and full restoration of the endowment.
Repeat finding: Yes. Prior year finding number 2023-002. The College was not in financial position to
repay loans from endowments.
Views of responsible officials: See attached.
FINDINGS – COMPLIANCE AUDIT
No matters are reportable.
See independent auditors’ report. 36

ANTIOCH COLLEGE CORPORATION
SUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS
YEAR ENDED JUNE 30, 2024
PRIOR YEAR FINANCIAL STATEMENT AUDIT FINDINGS
Finding 2023-001 – Material Weakness – Required Material Adjustments
Criteria: Management is responsible for reconciling the accounts at end of year and ensuring accounting
records are kept in accordance with generally accepted accounting principles (GAAP).
Condition: There were insufficient internal controls over financial reporting requiring material audit
adjustments during the audit to prevent the financial statements from being materially misstated.
Cause: Due to staffing turnover and shortages, all required entries needed were not recorded and
management relied on auditors to propose entries after audit procedures.
Effect or potential effect: Adjustments required were due to staffing turnover issues. The risk with this
condition is that the financial statements could be material misstated, and there is no control in place to
detect and correct this condition.
Recommendation: The College and accounting industry in general have had some significant staffing
issues over the past few years that have led to the issues noted. The College needs to:
 Assess accounting staff to ensure you have the correct number for size of the College and proper
skill set.
 Ensure processes and internal controls are documented and staff has appropriate training.
Current Status: Corrected. The College successfully restructured accounting procedures to ensure
reliable internal financial reporting including an improvement in accounting systems.
Finding 2023-002 – Material Weakness – Borrowings from Endowment Fund
Criteria: Ohio Revised Code 1715.53 (Ohio UPMIFA) Appropriations from net appreciation states that
“an institution may appropriate for expenditure or accumulate so much of an endowment fund as the
institution determines is prudent for the uses, benefits, purposes, and duration for which an endowment
fund is established. Unless stated otherwise in the gift instrument, the assets in an endowment fund are
donor-restricted assets until appropriated for expenditure by the institution. In making a determination to
appropriate or accumulate, the institution shall act in good faith, with the care that an ordinary prudent
person in a like position would exercise under similar circumstances.”
Condition: The College has borrowed from its endowment funds for campus renovations and to cover
certain operating expenses of the College prior to and immediately following its accreditation and
approval to participate in federal student financial aid programs. As such, the fair value of assets
associated with the donor-restricted endowment funds has fallen below the level that the donor or
UPMIFA requires the College to retain as a fund of perpetual duration.
Cause: When the purchase of the College happened in 2009, the buildings were in such despair that
they were not able to be used. The College deemed it prudent to borrow from endowment to repair the
buildings to be able to meet accreditation standards.
Effect or potential effect: The judgment of the Board of Trustees is that the endowment exists for the
sole purpose of benefiting the College and that the continuing operation of the College could not be
assured without borrowing of funds from the endowment. Potential effect is that donor would not agree
with “prudence” of the borrowing of the endowment funds.
See independent auditors’ report. 37

ANTIOCH COLLEGE CORPORATION
SUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS – CONTINUED
YEAR ENDED JUNE 30, 2024
Finding 2023-002 – Material Weakness – Borrowings from Endowment Fund – continued
Recommendation: The College should continue to work long-term plans for maintaining and sustaining
financial stability and full restoration of the endowment.
Current Status: Repeat finding in 2024. See 2024-001
Views of responsible officials: See attached.
FINDINGS – COMPLIANCE AUDIT
Finding 2023-003 – Significant Deficiency – Gramm-Leach Bliley Act (GLBA) – Student Information
Security
Criteria: Management is required to explain their information-sharing practices to their customers and to
safeguard sensitive data, as dictated by GLBA.
Condition: The College did not implement the GLBA policy.
Cause: Due to staffing turnover this policy was not enacted.
Effect or potential effect: Possible effect is that the College does not have the proper controls over
information-sharing and safeguard of sensitive data of customers.
Current Status: Corrected. The College implemented a GLBA policy meeting the necessary
compliance requirements.
See independent auditors’ report. 38

ANTIOCH COLLEGE
Corrective Action Plan
For the Year Ended June 30, 2024
Finding 2024-001 – Material Weakness – Borrowings from Endowment Fund
Condition Found
The College has borrowed from its endowment funds for campus renovations and to cover
certain operating expenses of the College prior to and following its accreditation and approval to
participate in federal student financial aid programs. As such, the fair value of assets associated
with the donor-restricted endowment funds has fallen below the level that the donor or UPMIFA
requires the College to retain as a fund of perpetual duration.
Corrective Action Plan
The College obtained guidance from legal counsel regarding the appropriateness of borrowing
from the endowment fund under Ohio UPMIFA. The College has developed long-term plans for
maintaining and sustaining its financial stability, including restoration of the endowment,
through the following strategies outlined in the board-approved Social Enterprise and Enrollment
Plan:
● Grow advancement-derived revenue
● Implement core college footprint
● Align student-derived revenue
● Activate learning hubs
● Explore potential game changers, such as the College’s recent Federal Work College
designation
● Assess non-payroll cost reduction strategies
● Invest in additional capacity incrementally
● Monitor performance, evaluate results, and course-correct as needed
Responsible Person for Corrective Action Plan
Jane Fernandes, President