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Financial Statement
1971-72
Antioch College
Yellow Springs, Ohio
Antioch College, Yellow Springs, Ohio 45387 (513) 767-7331
November 1, 1972
The Board of Trustees
Treasurer’s Report, 1971-72
The year ending June 30, 1972, was a dismal year financially for
private colleges throughout the country. Antioch was no exception. There
were losses in Yellow Springs, in the Washington-Baltimore campus, and in
the Graduate School of Education.
Yellow Springs met its budgeted income, but overexpenditures
amounted to $100,000. In addition, there were losses of $26,000 in the
dormitory operation and $152,000 in the dining halls.
The Graduate School of Education had a loss of $27,000 because we
failed to collect tuition fees completely.
Washington-Baltimore lost $489,000. We were unable to meet our
budgeted enrollment figures, we did not collect fees sufficiently, and we
did not cut expenses when the number of students declined.
For three years in a row we have had serious losses in Yellow Springs
dining halls and in our Washington-Baltimore general operation. These have
accumulated to a total of $375,000 in the Yellow Springs dining halls and
$700,000 in Washington-*Baltimore.
We have tried various plans for eliminating the dining halls loss.
None has worked. We may find that with the varied tastes of our student
body, the high costs of labor and food, and the shrinking clientele of
students and outside guests, we will have to curtail sharply or eliminate
our dining halls. The Yellow Springs administration is working hard trying
to solve this problem.
~reasurers Report -2-
We have made drastic changes in the Washington-Baltimore operation.
We transferred the Dean and placed the unit under a trusteeship of network
officers. Vice President
Keeton
is the on-site representative, and he has
revised the budget for 1972-73 to reflect the actual number of students
enrolled (360). New fiscal controls have been installed and stringent new
procedures instituted for making sure students pay past and present bills.
A team of experts from the network has spent a month getting the accounts
in order.
Investments have increased in value during the year by $590,437.
Through the transfer of $621,000 of gains from other funds to the general
fund, the net operating loss of the total College was reduced to $3,000.
There was a previous general fund deficit of $216,000, so that at the end of
the year the general fund deficit amounted to $219,000. The budget for
1972-73 includes $200,000 to reduce that deficit; so it is hoped that the
deficit will be virtually eliminated during the current year.
During the year there have been a number of changes in our physical
plant. We completed the Visual Arts building in Yellow Springs that we
badly needed for so many years. We sold our buildings in Putney, Vermont,
and purchased property 40 miles away in Harrisville, New Hampshire, where we
have much more adequate facilities. In Philadelphia we bought an old super-
market building that is being converted for use by the Graduate School center
there. We bought the Lutheran Center in Washington for the School of Law.
In addition, we have leased several new spaces for expanding programs.
We have plans for new student housing in Yellow Springs designed by
our environmental architect, Jerome Sirlin. It will include 24 units, each
Treasurer’s Report -3-
with four single bedrooms, living room, kitchen, and bath, and should be
completed by June 1973. A federal interest subsidy loan will provide the
funds for this building. We have needs but no funds for renovating unsafe
South Hall in Yellow Springs. Charles Moore, former Dean of the Yale School
of Architecture, has an exciting design for the use of this building, and
we hope to secure a grant so we can start to remodel it.
Chief network officers have moved from the Main Building to one
across town in Yellow Springs so that the staff of the Dean of the College
in Yellow Springs could use the suite formerly occupied by the President.
In conclusion, we see two major financial problems facing Antioch
in the current year: (1) we must reverse the seven year trend of spending
more than we receive in the general fund; we currently are revising budgets
so that we may accomplish this goal. (2) We must find new sources of funds
for working capital to replace our recent losses and to finance our growing
institution. For this we look to the Trustees for help.
Respectfully submitted,
Albert Berney
Antioch College BALANCE SHEET
June
3P,
1972
Assets
Cash
Sinking Fund Cash & Securities
Accounts Receivable (less allowance
for bad debts)
Notes Receivable
Prepaid Expenses
Investments at Market
College Plant
Total Assets
Liabilities and Fund Balances
Accounts Payable $ 931,204 $ 180,217
Student Fees Collected in Advance 338,173 283,184
Bonds, Notes, Mortgage Payables 2,003,000 1,244,000
Total Liabilities $ 3,272,377 $ 1,707,401
Fund Balances
General (Deficit)
Restricted General
Loan
Endowment
Annuity and Life Income
Plant
Total Fund Balance
T o t a
1
Liabilities and Fund Balances $22,807,352 $20,622,405
Notes: 1. For the first time, this is a consolidated statement including
the Washington-Baltimore campus and the Graduate School of Education.
Figures for 1971 were adjusted to make both years comparable.
2. Investments are valued at market instead of cost as was done
in the past. Again, 1971 figures were adjusted.
3. In accordance with normal accounting procedures, depreciation
in ph: .cal plant has been eliminated from figures for both :,.Lars.
GENERAL FUND RESULTS
Year Ended June 30, 1972
Budget Actual Favorable Unfavorable
INCOME
5tudent~Y.S.
$4,616,625 $4,613,358 $ 3,267
Investment 413,000 427,779 $ 14,779
Overhead 189,275 168,143 21,132
Contributions 477,889 499,960 22,071
International Educ. 429,925 459,260 29,335
San Francisco Center 234,000 284,868 50,868
Phila.
Urban Center 113,500 102,269 11,231
Total Y.S. & Network $6,474,214 $6,555,637 $ 81,423
Grad.Schoo1 of Educ. 1,267,490 1,200,316 $ 67,174
Wash.-Bait. Campus 1,261,203 803,346 457,857
Dormitories 557,893 515,044 42,849
Dining Halls 701,452 647 ,444 54,008
Transfer from $
Other Funds 0 621,230 621,230
TOTAL INCOME $10,262,252 $10,343,017 $ 80,765
EXPENSES
Y.S. Campus $ 4,410,735 $ 4,527,992 $ 117,257
Network Off ices 1,054,434 1,053,600 $ 834
Interntl. Educ. 461,545 506,158 44,613
S.F. Center 234,000 272,456 38,456
Phila.
Urban Center 113,500 124,943 11,443
Planned Surplus 200,000 0 200,000
Total Y.S. & Network $ 6,474,214 $ 6,485,149 $ 10,935
Grad.Schoo1
of Educ. 1,267,490 1,227,424 $ 40,066
Wash.-Bait. Campus 1,261,203 1,292,608 31,405
Dormitories 557,893 541,703 16,190
Dining Halls 701,452 799,420 97,968
TOTAL EXPENSES $10,262,252 $10,346,304 $ 84,052
Net Reductions
0 $ 3,287 $ 3,287
RECAP OF BUDGET DIFFERENCES
Year Ended June 30, 1972
Yellow Springs Campus
Dormitories
Dining Halls
Favorable Unfavorable
Yellow Springs Total $ 283,441
Graduate School of Education
Harrisville
Washington
Philadelphia
Yellow Springs
Administration & Misc.
Washington-Baltimore Campus
International Education
San Francisco Center
Philadelphia Urban Center
Network Offices
General Fund Reserve
-7 Transfer from Other Funds
(1) The areas with largest overexpenditures included Student Services
Committee $39,000, Telephone $37,000, Increase in Fringe Benefits
$27,000.
(2)
The reduction in income was based primarily on inability to recruit
enough students. In addition, those who came needed more financial
aid than was anticipated, so the income per student was lower than
budgeted. Other reasons for the deficit were excessive bad debts;
increased office space causing higher rent and utility charges; and
overspending on postage, telephone, and printing.
(3) This was a budgeted increase in Ceneral Fund Reserve which
disappeared because of the deficit.
(4) Gains in unrestricted invested funds were transferred to
reduce the deficit.
FIVE YEAR STATISTICS
Tuition– $ 2,925 $ 2,700 $ 2,500 S 2,200 $ 1,800
Yell ow Springs
Number Under-
graduate
Students 2,747 2,571 2,282 1,926 1,915
Financial Aid
–Federal
$1,112,025 $ 748,755 $ 612,955 $ 322,265 $ 262,490
–Institu-
tional 1,553,950 1,058,728 905,655 330,230 169,990
Total $2,665,975 $1,807,483 $1,518,610 $ 652,495 $ 432,480
Contributions
61 Gifts
–Governmt. $2,566,354 $1,100,921 $1,271,735 $ 405,645 $1,062,573
–Private 1,050,550 1,044,171 974,656 1,141,093 855,153
Total $3,616,904 $2,145,092 $2,246,391 $1,546,738 $1,917,726
Endowment Funds
(at market)
Contribut. $ 25,685 $ 14,426 $ 26,725 $ 10,755 $ 25,228
Transfer out 431,118
Increase, Mar-
ket Value 590,437 611,410
Decrease, Mar-
ket Value 476,820 158,030 62,600
Value, End
of Year $6,341,649 $6,156,645 $5,530,809 $5,980,904 $6,128,179
