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“There’s the bullshit, then there’s The Blaze.”
Fall 2007 issue three Antioch college
blazenews.org
Antioch College Budgets
10-26-07
1 A B C D E F G H I J K L
2 Year 97-98 98-99 99-00 00-01 01-02 02-03 03-04 04-05 05-06 06-07 07-08 proj
3 Source – data bud-16 p20 bud-23 p30 bud-28 p29 bud-28 p29 bud-31 p30 bud-33 p19 bud-40 p23 bud-40 p23 bud-40 p23 bud-42 p08 bud-42 p41
4 Revenues
5 Tuition & Fees 9,598,204 10,817,666 11,266,083 11,971,121 13,488,761 14,327,740 15,204,950 13,394,846 10,856,418 10,058,316 6,606,178
6 Less Tuition Discounts -2,167,392 -2,496,675 -3,112,064 -2,901,056 -3,901,907 -5,462,158 -7,052,364 -5,713,156 -4,268,041 -4,041,685 -2,708,533
7 Net Tuition and Fees 7,430,812 8,320,991 8,154,019 9,070,065 9,586,854 8,865,582 8,152,586 7,681,690 6,587,377 6,016,631 3,897,645
8 Gifts 1,980,001 1,292,339 1,303,415 1,382,641 1,936,317 1,480,550 2,251,233 1,334,483 1,551,640 1,219,455 200,000
9 Lead Gifts 0 0 0 639,612 0 0 0 0 0 0 0
10 Grants 1,349,156 1,406,747 1,426,879 1,537,841 1,707,919 1,389,691 1,496,331 1,583,179 2,069,488 1,334,572 1,090,637
11 Endowment Income 170,112 176,082 196,135 195,157 198,524 155,759 195,279 192,207 261,159 309,086 150,000
12 Contracts 996 891 1,135 1,305 28,887 10,330 4,260 9,074 3,725 6,313 0
13 Realized Gains (Losses) 0 0 -24,615 2,837 0 4,088 0 0 0 0 0
14 Unrealized Gains (Losses) 0 0 2,494 0 0 5,863 0 0 0 0 0
15 Other Income 752,614 89,748 185,512 218,108 111,705 125,981 394,039 476,887 138,386 1,282,985 284,500
16 Total E&G Revenue 11,683,691 11,286,798 11,244,974 13,047,566 13,570,206 12,037,844 12,493,728 11,277,520 10,611,775 10,169,042 5,622,782
17 Auxiliary Enterprises 2,265,022 2,277,600 2,480,522 2,542,508 2,768,779 2,902,247 2,881,181 2,628,121 2,370,382 2,178,378 1,438,920
18 Released From Restrictions 1,766,920 2,008,590 2,526,005 1,271,696 1,520,986 2,575,889 2,042,379 5,058,597 4,626,107 7,413,838 7,673,506
19 Subsidy 0 0 0 0 0 0 600,000 600,000 740,000 740,000 740,000
20 Total Revenues 15,715,633 15,572,988 16,251,501 16,861,770 17,859,971 17,515,980 18,017,288 19,564,238 18,348,264 20,501,258 15,475,208
21 Operating Expenses
22 Salaries & Wages 7,041,143 7,380,829 8,057,006 8,290,415 8,955,012 8,234,889 8,332,188 8,054,875 8,462,634 8,404,596 8,058,675
23 Benefits 2,048,330 1,998,160 2,528,251 2,758,312 3,097,328 3,013,637 2,961,844 2,903,400 3,059,646 2,946,107 2,641,785
24 Training & Development 445,517 467,842 485,399 483,763 443,057 487,144 496,188 702,211 690,883 721,246 517,461
25 Student Aid Services 1,383,668 1,377,145 1,047,877 1,455,944 1,351,278 1,339,724 1,441,589 1,082,584 1,126,954 978,193 1,074,644
26 Special Events 78,671 66,771 111,335 102,638 94,130 130,086 124,495 160,323 101,660 168,999 106,819
27 Supplies 736,264 740,637 724,557 659,850 729,693 846,135 720,985 729,156 771,502 706,280 595,288
28 Business Operations 1,271,995 1,369,575 1,639,321 1,955,318 1,998,084 2,065,636 1,927,541 2,377,502 2,109,987 2,295,121 1,491,204
29 Plant Maintenance 1,093,328 1,086,310 1,091,322 1,352,022 1,287,721 1,449,506 1,490,339 1,754,018 1,693,127 3,038,242 1,743,888
30 Interest Expense 203,490 146,926 164,853 264,909 153,426 117,741 105,843 119,598 123,275 142,032 105,298
31 Resale Costs 401,125 340,077 322,811 303,167 275,605 276,297 309,215 276,398 222,441 230,902 148,674
32 Miscellaneous 256,612 229,529 251,786 251,563 236,725 231,970 258,057 238,222 212,094 266,425 261,965
33 Contingency/Reserves
34 Camp. Contin., Mandatory 0 0 0 0 0 0 0 0 0 0 0
35 Camp. Contin., Discretion. 0 0 5,400 0 1,715 0 0 0 0 0 0
36 Liquidity Reserve 69,832 90,636 90,545 90,316 0 0 0 0 0 0 0
37 Overhead
38 To the University 960,187 996,993 996,000 993,471 0 0 0 0 0 0 664,791
39 Rebates from University -550,000 -550,000 -550,000 -550,000 0 0 0 0 0 0 0
40 Subsidy from Adult Camp. -200,000 -200,000 -200,000 -200,000 0 0 0 0 0 0 0
41 Subsidy from Overhead -525,000 -400,000 -400,000 -400,000 -600,000 -600,000 0 0 0 0 0
42 Other- IC Agree Univ Con. -539,604 -510,256 -505,669 -378,422 2,831 -193,435 -196,004 -213,473 -183,900 -190,000 -75,000
43 Depreciation 0 0 0 0 1,458,832 1,409,580 1,374,955 1,379,882 1,401,190 1,513,605 1,480,000
44 Total Operating Expenses 14,175,558 14,631,174 15,860,794 17,433,266 19,485,437 18,808,910 19,347,235 19,564,696 19,791,493 21,221,748 18,815,492 TOTALS
45 Rev. Over Expense 1,540,075 941,814 390,707 -571,496 -1,625,466 -1,292,930 -1,329,947 -458 -1,443,229 -720,490 -3,340,284 -9,752,759
46 Gains Held by University bud-33 p8 bud-33 p8 bud-33 p8 bud-33 p8 bud-33 p8 bud-33 p8 bud-33 p8 bud-42 p6 bud-42 p6 bud-42 p6 10 yr avg
47 Realized Gains – University 588,433 2,316,608 716,721 -220,093 -649,275 -2,441,235 1,143,222 1,441,669 2,673,751 2,541,551 811,135
48 Unrealized Gains-University 877,376 1,642,173 730,529 620,736 -1,332,095 996,509 3,157,881 1,086,225 601,402 907,339 928,807
49 Rev. Over Expense w Gains 3,005,884 4,900,595 1,837,957 -170,853 -3,606,836 -2,737,656 2,971,156 2,527,436 1,831,924 2,728,400 -1,600,342 2,114,131
Antioch College Budgets
10-26-07
1 A B C D E F G H I J K L
2 Year 97-98 98-99 99-00 00-01 01-02 02-03 03-04 04-05 05-06 06-07 07-08 proj
3 Source – data bud-16 p20 bud-23 p30 bud-28 p29 bud-28 p29 bud-31 p30 bud-33 p19 bud-40 p23 bud-40 p23 bud-40 p23 bud-42 p08 bud-42 p41
4 Revenues
5 Tuition & Fees 9,598,204 10,817,666 11,266,083 11,971,121 13,488,761 14,327,740 15,204,950 13,394,846 10,856,418 10,058,316 6,606,178
6 Less Tuition Discounts -2,167,392 -2,496,675 -3,112,064 -2,901,056 -3,901,907 -5,462,158 -7,052,364 -5,713,156 -4,268,041 -4,041,685 -2,708,533
7 Net Tuition and Fees 7,430,812 8,320,991 8,154,019 9,070,065 9,586,854 8,865,582 8,152,586 7,681,690 6,587,377 6,016,631 3,897,645
8 Gifts 1,980,001 1,292,339 1,303,415 1,382,641 1,936,317 1,480,550 2,251,233 1,334,483 1,551,640 1,219,455 200,000
9 Lead Gifts 0 0 0 639,612 0 0 0 0 0 0 0
10 Grants 1,349,156 1,406,747 1,426,879 1,537,841 1,707,919 1,389,691 1,496,331 1,583,179 2,069,488 1,334,572 1,090,637
11 Endowment Income 170,112 176,082 196,135 195,157 198,524 155,759 195,279 192,207 261,159 309,086 150,000
12 Contracts 996 891 1,135 1,305 28,887 10,330 4,260 9,074 3,725 6,313 0
13 Realized Gains (Losses) 0 0 -24,615 2,837 0 4,088 0 0 0 0 0
14 Unrealized Gains (Losses) 0 0 2,494 0 0 5,863 0 0 0 0 0
15 Other Income 752,614 89,748 185,512 218,108 111,705 125,981 394,039 476,887 138,386 1,282,985 284,500
16 Total E&G Revenue 11,683,691 11,286,798 11,244,974 13,047,566 13,570,206 12,037,844 12,493,728 11,277,520 10,611,775 10,169,042 5,622,782
17 Auxiliary Enterprises 2,265,022 2,277,600 2,480,522 2,542,508 2,768,779 2,902,247 2,881,181 2,628,121 2,370,382 2,178,378 1,438,920
18 Released From Restrictions 1,766,920 2,008,590 2,526,005 1,271,696 1,520,986 2,575,889 2,042,379 5,058,597 4,626,107 7,413,838 7,673,506
19 Subsidy 0 0 0 0 0 0 600,000 600,000 740,000 740,000 740,000
20 Total Revenues 15,715,633 15,572,988 16,251,501 16,861,770 17,859,971 17,515,980 18,017,288 19,564,238 18,348,264 20,501,258 15,475,208
21 Operating Expenses
22 Salaries & Wages 7,041,143 7,380,829 8,057,006 8,290,415 8,955,012 8,234,889 8,332,188 8,054,875 8,462,634 8,404,596 8,058,675
23 Benefits 2,048,330 1,998,160 2,528,251 2,758,312 3,097,328 3,013,637 2,961,844 2,903,400 3,059,646 2,946,107 2,641,785
24 Training & Development 445,517 467,842 485,399 483,763 443,057 487,144 496,188 702,211 690,883 721,246 517,461
25 Student Aid Services 1,383,668 1,377,145 1,047,877 1,455,944 1,351,278 1,339,724 1,441,589 1,082,584 1,126,954 978,193 1,074,644
26 Special Events 78,671 66,771 111,335 102,638 94,130 130,086 124,495 160,323 101,660 168,999 106,819
27 Supplies 736,264 740,637 724,557 659,850 729,693 846,135 720,985 729,156 771,502 706,280 595,288
28 Business Operations 1,271,995 1,369,575 1,639,321 1,955,318 1,998,084 2,065,636 1,927,541 2,377,502 2,109,987 2,295,121 1,491,204
29 Plant Maintenance 1,093,328 1,086,310 1,091,322 1,352,022 1,287,721 1,449,506 1,490,339 1,754,018 1,693,127 3,038,242 1,743,888
30 Interest Expense 203,490 146,926 164,853 264,909 153,426 117,741 105,843 119,598 123,275 142,032 105,298
31 Resale Costs 401,125 340,077 322,811 303,167 275,605 276,297 309,215 276,398 222,441 230,902 148,674
32 Miscellaneous 256,612 229,529 251,786 251,563 236,725 231,970 258,057 238,222 212,094 266,425 261,965
33 Contingency/Reserves
34 Camp. Contin., Mandatory 0 0 0 0 0 0 0 0 0 0 0
35 Camp. Contin., Discretion. 0 0 5,400 0 1,715 0 0 0 0 0 0
36 Liquidity Reserve 69,832 90,636 90,545 90,316 0 0 0 0 0 0 0
37 Overhead
38 To the University 960,187 996,993 996,000 993,471 0 0 0 0 0 0 664,791
39 Rebates from University -550,000 -550,000 -550,000 -550,000 0 0 0 0 0 0 0
40 Subsidy from Adult Camp. -200,000 -200,000 -200,000 -200,000 0 0 0 0 0 0 0
41 Subsidy from Overhead -525,000 -400,000 -400,000 -400,000 -600,000 -600,000 0 0 0 0 0
42 Other- IC Agree Univ Con. -539,604 -510,256 -505,669 -378,422 2,831 -193,435 -196,004 -213,473 -183,900 -190,000 -75,000
43 Depreciation 0 0 0 0 1,458,832 1,409,580 1,374,955 1,379,882 1,401,190 1,513,605 1,480,000
44 Total Operating Expenses 14,175,558 14,631,174 15,860,794 17,433,266 19,485,437 18,808,910 19,347,235 19,564,696 19,791,493 21,221,748 18,815,492 TOTALS
45 Rev. Over Expense 1,540,075 941,814 390,707 -571,496 -1,625,466 -1,292,930 -1,329,947 -458 -1,443,229 -720,490 -3,340,284 -9,752,759
46 Gains Held by University bud-33 p8 bud-33 p8 bud-33 p8 bud-33 p8 bud-33 p8 bud-33 p8 bud-33 p8 bud-42 p6 bud-42 p6 bud-42 p6 10 yr avg
47 Realized Gains – University 588,433 2,316,608 716,721 -220,093 -649,275 -2,441,235 1,143,222 1,441,669 2,673,751 2,541,551 811,135
48 Unrealized Gains-University 877,376 1,642,173 730,529 620,736 -1,332,095 996,509 3,157,881 1,086,225 601,402 907,339 928,807
49 Rev. Over Expense w Gains 3,005,884 4,900,595 1,837,957 -170,853 -3,606,836 -2,737,656 2,971,156 2,527,436 1,831,924 2,728,400 -1,600,342 2,114,131
The FASB (Financial Accounting Standards Board) accounting rules
that Antioch University uses requires the University to recognize Real-
ized and Unrealized Gains in the revenue section of its budget. These
gains document the appreciation of University held securities and in-
vestments during a fiscal year. Since about 95% of all University held
securities and investments are comprised of funds earmarked solely for
Antioch College (such as the College’s endowment), nearly all gains
are the revenue ‘profits’ of the College. When the University accounts
for these gains or ‘profits’ of the College’s endowment, they are booked
at the University level under “ Realized and Unrealized Gains” (see
Rows 47 and 48).
The University’s choice to book the College’s gains in the University’s
budget has had a severe impact on the perceived budgetary health of
the College. From fiscal year 97-98 to 07-08 the College’s total “Real-
ized and Unrealized Gains” (Rows 13 and 14) adds up to about $10,000.
During this same timeframe the University’s “ Realized and Unrealized
Gains” (Rows 47 and 48) adds up to about $12,000,000.
There is nothing in the FASB rules that states the University must
recognize gains at the University level, as opposed to the College level.
If the University decided to attribute gains to the campus that gener-
ated these gains then Rows 47 and 48 would be transferred to Rows 13
and 14. The result of this transfer can be seen in Row 49 “Revenues
Over Expenses with Gains” and an accumulated zero deficit for Anti-
och College over the past decade.
This spreadsheet contains all of the “actual” revenue and expense budgets approved by the Antioch University Board of
Trustees from 1997-98 to 2006-07 for Antioch College. The 2007-08 budget is the ‘proposed’ College budget for this year.
Antioch College Budgets: 1997-98 to 2007-08
Brian Springer
# Line Item Definition
2 Year The fiscal year from July 1st of the current year to June 30th of the following year.
3 Source – data All budget information is complied from budgets given to the University Board of Trustees. The full title of University budget documents can be found in the table below.
4 Revenues Income earned by the College through the operation of its business during a fiscal year.
5 Tuition & Fees Costs and fees charged for educational instruction.
6 Less Tuition Discounts Discounts for costs and fees charged for educational instruction.
7 Net Tuition and Fees Row 5 (Tuition & Fees) minus Row 7 (Less Tuition Discounts).
8 Gifts Gifts include Private Gifts, Lead Gifts, and Unrestricted Campaign Gifts. Only unrestricted gifts appear in this line.
9 Lead Gifts Unrestricted gifts to help with the operation of capital campaign.
10 Grants Grants from public or private entities, such as the Department of Education’s grant for Financial Aid.
11 Endowment Income Restricted Funds should not be confused with Endowment Funds. Endowment Funds are also separated from unrestricted revenues and are also limited to specific purposes as provided by their donor. The primary difference is that the principal of Endowment Funds
must be retained in perpetuity and only the annual income can be expended to satisfy the purpose of the donor. On the other hand, the principal amount of a restricted gift can be used as soon as a valid purpose has been identified. Income from the Endowment Funds
appear as a Revenue Item on the Endowment Income line. Separate lines report Realized and Unrealized Gains or Losses on the endowment and other investments.
12 Contracts Contracts between the college and other entities. One example is the contract with Yellow Springs High School to use the college’s swimming pool.
13 Realized Gains (Losses) A Realized Gain results when a security in the endowment or other investment is sold after having appreciated in price.
14 Unrealized Gains (Losses) An Unrealized Gain results when a security in the endowment or other investment is not sold after having appreciated in price.
15 Other Income Contains items such as earned interest income from investments including cash, forfeited enrollment deposits and other items that don’t fit anywhere else.
16 Total E&G Revenue Equals the sum of Row 7 (Net Tuition and Fees ) to Row 15 (Other Income).
17 Auxiliary Enterprises Auxiliary Enterprises include support functions such as dining services, housing, bookstore, and similar “businesses”.
18 Released From Restrictions The amounts on this line reflect funds that were initially received by the University or Campuses for specific purposes and held until they could be spent to further the specific purpose. Most of this money represents gifts or bequests that have been provided for such
things as scholarships or specific program initiatives. Prior to being transferred to the Operating Budget, Restricted Funds are carried in the accounts of the University and invested in accordance with University policy. Neither the administration or the Board of trust-
ees can impose restrictions on unrestricted funds; only donors can create restricted funds.
19 Subsidy See Row 41
20 Total Revenues The sum of Row 16 (Total E&G Revenue) to Row 19 (Subsidy).
21 Operating Expenses The essential things that a company must pay for in order to maintain business.
22 Salaries & Wages Compensation paid to contracted employees. Examples include faculty, administrators, staff, and students.
23 Benefits Required and non-required benefits paid. Examples include Medical, FICA, Worker’s Comp, Unemployment.
24 Training & Development Non-contracted Expenses for Training and Development. All categories are Business Travel, Local Meetings/Workshops, Professional Development, Employee Recruiting, Program Development.
25 Student Aid Services All categories are Restricted Grant Scholarships and Student Vouchers.
26 Special Events All categories are Graduation, Orientation, and Miscellaneous Special Events.
27 Supplies All categories are Office Supplies, Instructional Supplies, Research Supplies, Duplicating Supplies, Computer Supplies Computer Software, Maintenance Supplies, Furniture Supplies, Equipment Supplies, Library Supplies Food Supplies, Miscellaneous Supplies.
28 Business Operations General Cost of Doing Business. All categories are Subscriptions & Publications, Purchased Services Consulting, Honoraria/stipends, Information & Communications, Memberships & Dues, Printing, Postage/Freight, Audio/Visual, Advertising, Telecommunications,
Internet & Leased Lines, Legal, Audit, Bad Debt Expense.
29 Plant Maintenance Costs Related to Facilities. . All categories are Maintenance, Contracts & Repairs, Computer Maintenance, Purchased Services, Utilities, Vehicle Operation, Facility Rental, Equipment Rental, Insurance/Taxes.
30 Interest Expense Interest payments, Bank Charges (include credit card charges), etc.
31 Resale Costs All categories are Books for Resale, Computers for Resale, Supplies for Resale.
32 Miscellaneous Categories include Student Activities, Student Insurance, Payments to Annuitants, Miscellaneous Grants to Others.
33 Contingency/Reserves A section of these schedules shows the Contingency/Reserves that the Campuses are required or encouraged to budget.
34 Camp. Contin., Mandatory The “Campus Contingency, Mandatory” amount is budgeted at 1 % of net student-derived revenue. These funds can be transferred to another campus or can be used to meet unexpected expenses.
35 Camp. Contin., Discretion. The “Campus Program Contingency, Discretionary” is a reserve amount determined by the individual campus. The amount of this Reserve is determined by the Campus, and the Campus determines when this Revenue should be released for expenditure. Not all Cam-
puses elect to place funds in this Reserve.
36 Liquidity Reserve A percentage of the net tuition and fee revenue of each Campus.
37 Overhead Overhead items.
38 To the University Mandated campus payment to University Administration for services.
39 Rebates from University Rebates from the University were transferred to the individual campuses as Subsidy from Overhead.
40 Subsidy from Adult Camp. Other campus subsidy agreements.
41 Subsidy from Overhead Rebates from the University were transferred to the individual campuses as Subsidy from Overhead.
42 Other- IC Agree Univ. Con. Transfers between campuses for services provided.
43 Depreciation Depreciation is a major expense for the University. Prior to 2001-02, it was carried centrally, but now it is allocated to each operating unit based on the value of the equipment and facilities. Depreciation is a non-cash expense that records the loss of value of assets
(such as buildings, equipment, etc.) due to age and wear and tear.
44 Total Operating Expenses The sum of Row 22 (Salaries & Wages) to Row 43 (Depreciation).
45 Rev. over Expenses Row 20 (Total Revenues) minus Row 44 (Total Operating Expenses) = Revenues Over Expenses
46 Gains Held by University The appreciation of securities and investments held at the University Level
47 Realized Gains – University Same definition as row 13, but held at the University level
48 Unrealized Gains-University Same definition as row 14, but held at the University level
49 Rev. over Expenses w Gains If the values of row 46 and 47 were transferred to Rows 13 and 14 then this amount would be Total College Revenues Over Expenses with Gains.
Campus.
37 Overhead Overhead items.
38 To the University
Mandated campus payment to University Administration
for services.
39 Rebates from University
Rebates from the University were transferred to the
individual campuses as Subsidy from Overhead.
40 Subsidy from Adult Camp. Other campus subsidy agreements.
41 Subsidy from Overhead
Rebates from the University were transferred to the
individual campuses as Subsidy from Overhead.
42 Other- IC Agree Univ. Con. Transfers between campuses for services provided.
43 Depreciation
Depreciation is a major expense for the University. Prior
to 2001-02, it was carried centrally, but now it is
allocated to each operating unit based on the value of the
equipment and facilities.
Depreciation is a non-cash expense that records the loss
of value of assets (such as buildings, equipment, etc.)
due to age and wear and tear.
44 Total Operating Expenses
The sum of Row 22 (Salaries & Wages) to Row 43
(Depreciation).
45 Rev. over Expenses
Row 20 (Total Revenues) minus Row 44 (Total Operating
Expenses) = Revenues Over Expenses
46 Gains Held by University
The appreciation of securities and investments held at the
University Level
47 Realized Gains – University Same definition as row 13, but held at the University level
48 Unrealized Gains-University Same definition as row 14, but held at the University level
49 Rev. over Expenses w Gains
If the values of row 46 and 47 were transferred to Rows
13 and 14 then this amount would be Total College
Revenues Over Expenses with Gains.
References used for this budget document include:
File ID Document Title Document Date
bud_16 1997-98 Year End Financial Statements
1998-99 First Quarter Performance
October 16-17, 1998
bud_23 1999-2000 Year End Projection
2000-01 Proposed Budget
June 1-3, 2000
bud_28 2001-02 Year End Financial Statements
2002-03 First Quarter Performance
October 17-19, 2002
bud_31 2002 – Year End Projection
2003 – Proposed Budget
June 5-7, 2003
bud_33 2003-04 Year End Financial Statements
2004-05 First Quarter Performance
October 14-16, 2004
bud_40 2005-06 Year End Financial Statements
2006-07 First Quarter Performance
November 2-4, 2006
Bud_42 2006-07 Year End Financial Statements
2007-08 First Quarter Performance
October 25-27, 2007
