TheAntiochPapers: bud 29

TheAntiochPapers: bud 29

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TABLE OF CONTENTS
Introduction ………………………………………………………………………………………………………………………………………….. 1
2002-03 Mid-Year Budget Performance …………………………………………………………………………………………………….. 7
Antioch University Statement of Activities ………………………………………………………………………………………………… 13
Antioch University Statement of Financial Position ……………………………………………………………………………………. 14
Antioch University Statement of Cash Flows …………………………………………………………………………………………….. 15
………………………………………………………………………………………………………………… Antioch University Summaries 16
Antioch College ……………………………………………………………………………………………………………………………………. 18
Glen Helen ………………………………………………………………………………………………………………………………………….. 23
……………………………………………………………………………………………………………………………. Antioch New England 26
Antioch Seattle …………………………………………………………………………………………………………………………………….. 30
……………………………………………………………………………………………………………………. Antioch Southern California 34
…………………………………………………………………………………………………………………. Antioch University McGregor 38
………………………………………………………………………………………………………………………. University Administration -43
…………………………………………………………………………………………………………………………………….. Antioch Review 47
……………………………………………………………………………………………………………. Ph.D. in Leadership and Change 50
WYSO Public Radio ……………………………………………………………………………………………………………………………… 54
……………………………………………………………………………………………………………………… University-Wide Expenses 62
……………………………………………………………………………………………………………………… Receivables Aging Report 64
Status of Accounts Payable …………………………………………………………………………………………………………………… 65
……………………………………………………………………………………………………………………………………….. Cost Centers 66
……………………………………………………………………………………………………………………………………………. Line Items 67

REPORT TO THE BOARD OF TRUSTEES
February 6-8, 2003
I. INTRODUCTION
This report contains financial information concerning the performance of the University, its campuses and associated units
during the first half of 2002-03. The information is presented using the Financial Accounting Standards Board (FASB) 11 7
reporting standard that became mandatory for independent colleges and universities on July 1, 1995. The objective of this
FASB reporting standard is to enhance the relevance, clarity and comparability of financial statements issued by
not-for-
profit organizations, regardless of the nature of their operation or mission. The material presented in this document
provides a detailed view of the operating revenues and expenses of the University and is intended to promote the
understanding of University operations as a whole and of each of its units. By clearly identifying areas of strength and
weakness, this report is intended to serve as a tool for improving the University and allowing managerial attention to be
focused where it is most needed. If you are familiar with the terms and format of this report, you may want to begin
reading about the 2002-03 Mid-Year Performance section on page 7.
II. FORMAT AND CONTENT
In this report are Mid-Year summary schedules for the entire University and similar schedules for each campus, the
University Administration, Glen Helen, WYSO Radio, the Antioch Review, the
Ph.D.
in Leadership and Change, and
University Wide accounts. These schedules compare the first six months of operation with the budgeted expenses and
revenues for the same period. Additionally, each campus and operating unit has prepared a narrative description of the

significant events that caused the unit to deviate from its budget. The purpose of the narrative is to provide an overview of
how each Campus performed during the first six months of the current year.
Revisions to the 2002-03 capital budget may be necessary due to changes in operating income. Under Board of Trustee
policy, Trustee approval is required for any non-personnel expenditure of more than $25,000. The Capital Budget that was
presented to the Board at the June meeting contains plans for specific capital expenditures, but during the first half of the
fiscal year, some Campuses have identified changed conditions as well as restricted resources or unanticipated needs that
require changes to their capital improvement plans. In some cases, a campus may need to acquire additional equipment,
particularly technology, while in other cases repairs or improvements to the physical plant may be needed. However,
even when needed, planned capital expenditures may be cancelled or deferred if revenues are insufficient.
I. THE FUNCTION SCHEDULE
For the University as a whole and for each of the Campuses and units, this Report contains two mid-year schedules. The
first is the Summary by Function. This schedule provides information about Revenues by Type and Operating Expenses
by Function. The purpose is to show what has happened during the first half of the year to the various revenue and
expense categories. This schedule shows how prior year experience and the budget compare with what has actually
happened during the reporting period.
In both the Revenues and Operating Expenses sections of this schedule is a reference to
“E&G1l.
This abbreviation stands
for Educational and General and the Total E&G lines show the Revenues and the Operating Expenses of all functions
other than those that are classified as Auxiliary Enterprises. The E&G subtotals are provided to simplify comparison of the
revenues and expenses of the primary missions of the University while excluding “support
functions”
that are not part of the
primary missions. Auxiliary Enterprises include support functions such as dining services, housing, bookstore, and similar
“businesses”.
An additional Revenues item that appears below the Total E&G Revenue totals is Released from Restrictions. The
amounts on this line reflect funds that were initially received by the University or Campuses for specific purposes and held
until they could be spent to further the specific purpose. Most of this money represents gifts or bequests that have been

provided for such things as scholarships or specific program initiatives. Much of the funding of this type is expended in the
year it is received, but Restricted Funds are often held for several years until they can be expended in accordance with the
conditions set out by the donor. For example, scholarship funds that provide for students with certain types of abilities or
needs will not be expended until such students can be identified. Restricted Funds do not become part of the Operating
Budget until released. Prior to being transferred to the Operating Budget, Restricted Funds are carried in the accounts of
the University and invested in accordance with University policy.
The amounts shown on the Gifts line may vary from the figures reported by the Development Offices for the same period.
The Development Offices report gifts and pledges to the Annual Funds as they are received. The Accounting Offices
report Annual Fund gifts only when the cash is received. Pledges are commitments that will be realized at a future date
and are not expendable until the funds are actually received. Funds that are given for a restricted purpose are invested
until they can be expended for the purpose specified by the donor. Several years may pass before a campus can expend
a restricted gift as the donor intended, but the restricted gift is recorded by the Development Office when it is received.
The financial schedules contained in this report do not reflect restricted revenue until it is expended. Therefore, reports
from the Development Offices may show higher or lower giving levels than will appear on these schedules.
Restricted Funds should not be confused with Endowment Funds. Endowment Funds are also separated from
unrestricted revenues and are also limited to specific purposes as provided by their donor. The primary difference is that
the principal of Endowment Funds must be retained in perpetuity and only the annual income can be expended to satisfy
the purpose of the donor. On the other hand, the principal amount of a restricted gift can be used as soon as a valid
purpose has been identified. Income from the Endowment Funds appear as a Revenue Item on the Endowment Income
line. Although accounting standards permit realized and unrealized endowment gains to be expended without restrictions,
University policy does not permit this type of expenditure.
The Summary by Function schedule in this Report for Antioch University as well as the schedule for University
Administration and the University Wide Expenses contain an additional line, “Net Overhead for Central Operations.” This
line has been added on these three schedules to more clearly display the cost of central operations. Ordinarily, the
Overhead used to support the University Administration and the University Wide Expenses budget would appear as a
“negative expense” entry, but the Board of Trustees has requested that central operations be displayed more in keeping
with the way the budgets of the individual Campuses are displayed. Accordingly, this line has been added to these three

schedules and appears as a quasi-revenue entry. It shows how much is transferred from the operating units to meet the
costs of central operations and it clearly separates the
“revenue”
of the central operations from their expenses and makes
it easier to see the true cost of these units.
The Operating Expenses section of the Function schedule provides financial information for each of the primary activities
or programs. Each operating department of the University is classified in accordance with its primary function. For
example, the Languages Department of the College is classified as Instruction and all of its expenditures will be combined
with those of other teaching departments and reported on the Instruction line of the Function schedules. A list of the Cost
Centers that comprise each of the Functions is presented on page 66.
The columns of the Summary by Function schedules present information about the first six months of actual activity of the
two prior years and the first six months of budget for 2002-03. The last four columns provide a comparison of the 2002-03
actual year-to-date experience with the mid-year budget and a comparison of how the mid-year 2002-03 actuals compare
with the actuals for the same period of 2001-02. The dollar variance is given for these comparisons and a percentage of
variance is also provided.
FASB 117 requires the presentation of information on an accrual basis, but the actual management of the University also
depends on maintaining an adequate cash flow so that current obligations can be met. The schedules in this Report
contain a Conversion to Cash Basis section which identifies those expenses and revenue sources that must be considered
when adjusting from an accrual basis to a cash basis. These items are primarily concerned with equipment. and facilities
which, although occurring in one fiscal year, are depreciated over their useful life. Accumulated depreciation is shown as
an offset to the Depreciation Expense that is included as a part of the Plant Maintenance function. Borrowing proceeds, if
any, associated with the expenditures shown are reflected on a separate line as are
ths
retire the loans of previous years.
Principal Payments necessary to
Prior Year Reserves are
tear
with an operating surplus, this
The Conversion to Cash Basis section also shows the use of any Prior Year Reserves.
maintained by the University as
“funded”
or “unfunded”. Whenever a campus ends the v
sum is recorded and carried forward on the books. If the University has sufficient surplus cash at year-end, the surplus is
funded and invested in an interest bearing account for the benefit of that campus. If there is not sufficient cash to cover
the surplus, the uncovered portion becomes a credit to the unfunded reserve. Campuses may propose the use of their

Funded Prior Year Reserves in the annual budget, or they may request the Chancellor’s permission to use Funded
Reserves to meet unexpected expenses during the year. Because expenditures from Funded Reserves will reduce the
accrual balance of the campus, care must be taken to insure that such expenditures do not create an untenable deficit for
the University.
IV. THE CATEGORY SCHEDULE
The second major schedule used in this Report is the Summary by Category. On this schedule, the Revenues reported on
the Function Schedule are condensed to a single line. For the University as a whole, the University Administration and the
University Wide Function schedules, a second line is added to show the Net Overhead for Central Ops. Although
technically not a revenue item, it is treated as a quasi-revenue on this schedule so that these three units and the
Campuses can be presented in similar ways.
Operating Expenses from the Function schedule are presented by category
(e.g.,
Salaries & Wages, Benefits, Supplies).
These categories show how expenditures have been made by the kinds of goods and services purchased. The
components of each of the Expense categories is listed in detail on page 67.
A section of these schedules shows the ContingencyIReserves that the Campuses were required, and now are
encouraged, to budget. The “Campus Contingency, Mandatory” amount was required to be budgeted at 1% of net
student-derived revenue and this sum could only be released by the Chancellor late in the year in order to meet
unexpected expenses or to offset lower than anticipated revenues. Beginning in January 2002, this Contingency was no
longer required following the change to direct budgeting of depreciation. The schedules show the prior year Contingency
amounts as an expense.
The “Campus Program Contingency, Discretionary” is a reserve amount determined by individual Campuses. Depending
on the volatility of its programs, a Campus may elect to hold an additional sum in reserve to offset possible revenue
fluctuations. The amount of this Reserve is determined by the Campus, and the Campus determines when this Revenue is
released for expenditure. Beginning July 1, 2000, Campuses have the opportunity to reserve money in an account in the
Major Capital Improvement Fund. This fund has been established to permit campuses to prepare for predictable future

capital purchases such as roof replacements. Deposits to the Major Capital Improvement Fund are budgeted on this line.
Not all Campuses elect to place funds in this Reserve.
The Liquidity Reserve had accumulated $2.2 million at the end of 2000-01, and beginning in 2001-02, campuses were no
longer required to make additions. The Liquidity Reserve is not available for expenditure for any purpose. The
Accumulated amounts will be held to increase the financial integrity of the University. The funding of Depreciation at the
campus level reduced the need for annual additions to the Liquidity Reserve.
The Overhead section shows the assessments that are made against each Campus in order to support operations of the
University. Prior to July 1, 2001, assessments were made at the rate of 13.75% of net student revenue. The method-
ology excluded tuition generated by new programs less than two years in operation, tuition discounts and waivers, and
uncollectable tuition and fees. From the overhead, Rebates from the University were transferred to the individual
campuses, as was the Subsidy from Adult Campuses and the Subsidy from Overhead. Campuses that received
Rebates and Subsidies show negative amounts in the various historical columns of this schedule because the transfer
was shown as a “negative expense” rather than as a Revenue. Although these transfers were “income” to the receiving
campus, from the standpoint of the University they represented only the reassignment of revenue from one campus to
another. In 2001-02, the Stabilization Task Force simplified the mechanism for support of the University and the
College. In 2002-03, Overhead was allocated to the non-residential campuses and other units in proportion to the size
of their operating budgets. The total is $2.8 million. The College does not contribute to Overhead in 2002-03.
The Other line in this section of the Category schedule shows the effect of various contractual relationships between
Campuses as well as certain University-wide assessments, such as for the University Conference. The University
Conference is not scheduled to be held during 2002-03.
The columns on the 2002-03 Proposed Budget by Category schedule are identical to those on the Budget by Function
schedule.

V. 2002-03 MID-YEAR PERFORMANCE
Halfway through the fiscal year, the non-residential campuses are performing quite well against their budgeted expec-
tations. Tuition and fee income at Seattle is 10% below budget
(-$467,500),
but Seattle has adjusted its expenditures to
more than offset the lost tuition revenue. The College continues to struggle with enrollment problems and the
consequential shortfall in tuition and fee revenue. At mid-year, the College’s tuition and fee income shortfall is only
$127,342
(-2.6%),
but the full magnitude of the shortfall is masked by better than projected performance of the Antioch
Education Abroad program which realizes most of its revenue during the fall term.
Based on the budget, actual net Tuition & Fees for the entire University are just slightly positive. The excess over budget
at mid-year is $64,800 (0.2%).
With the exception of the College, total revenue as a percentage of total expense is favorable to budget at all campuses.
As the following table shows, not all campuses has exceeded their budged revenue expectations (only Southern California
and
McGregor),
but with the exception of the College, all campuses have reduced their expenditures below the budgeted
figure. The result of adjusting expenditures to match revenue means that at mid-year, the nonresidential campuses are
showing positive accrual balances (Excess Revenue over Expense).
Revenue and Expenditure Comparison
Budget vs. Actual
ANTIOCH COLLEGE NEW ENGLAND
Budget Actual Variance % Budget Actual Variance %
Total Revenues 9,222,168 8,584,114 -638,054 -6.92% 9,187,183 9,039,134 -148,049 -1.61%
Total Expenses 9,828,962 9,993,734 164,772 1.68% 5,873,157 5,641,891 -231,266 -3.94%
Excess Revenue over Expense -606,794 -1,409,620 -802,826 -132.31% 3,314,026 3,397,243 83,217 2.51 %
Net Cash -766,376 -1,576,782 -81 0,406 -1 05.75% 3,367,368 3,304,005 -63,363 -1.88%
Revenue as Oh of Expense 93.83% 85.89% -7.93% 156.43% 160.21 % 3.79%

SEATTLE SOUTHERN CALIFORNIA
Bud
Actual Variance % % Budget Actual Variance –
Total Revenues 5,449,679 4,848,864 -600,815 -1 1.02% 8,523,373 8,602,760 79,387 0.93%
Total Expenses 5,716,307 5,031,955 -684,352 -1 1.97% 6,200,343 5,379,937 -820,406 -1 3.23%
Excess Revenue over Expense -266,628 -183,091 83,537 31.33% 2,323,030 3,222,823 899,793 38.73%
Net Cash -1 65,326 -25,415 139,911 84.63% 2,370,843 3,258,574 887,731 37.44%
Revenue as % of Expense 95.34% 96.36% 1.03% 137.47% 159.90% 22.44%
McGREGOR ALL CAMPUSES
Bud
Actual Variance % Budget Actual Variance – %
Total Revenues 2,539,436 2,785,133 245,697 9.68% 34,921,839 33,860,005 -1,061,834 -3.04%
Total Expenses 2,922,249 2,656,832 -265,417 -9.08% 30,541,018 28,704,349 -1,836,669 -6.01 Oh
Excess Revenue over Expense -382,813 128,301 51 1,114 133.52% 4,380,821 5,155,656 774,835 17.69%
Net Cash -386,442 45,845 432,287 11 1.86% 4,420,067 5,006,227 586,160 13.26%
Revenue as % of Expense 86.90% 104.83% 17.93% 114.34% 117.96% 3.62%
Because of the nature of the programs, the student calendars, and other factors, the individual campuses do not spend at
the same rate throughout the year. However, the campuses have attempted to budget accurately by month so that it is
possible to compare budgeted revenues with actual revenues and budgeted expenditures with actual expenditures at any
point during the year. In the above table, “Revenue as % of Expense” shows how much revenue was budgeted versus the
expected expenses and this percentage can be compared with the actual. In the case of the College, total revenue was
expected to be 93.83% of the total expenses at the mid-year. However, actual Revenue as % of Expense is only 85.89%, a
variance of -7.93%. If the College were on track, its variance would be zero or positive, but revenues are below target and
expenses are above.

Total revenues for the University as a whole at mid-year are $34.8 million, which is 43.3 million below target (-8.8%), but
$1.8 million (5.3%) above the level of last year. Total Operating Expenses are $31.6, million or just under $2.0 million (5.9%)
better than budget. Current expenditures are about $600,000 larger (1.9%) than last year at the mid-point.
The University as a whole has a favorable accrual balance of $3.2 million, which is almost $1.2 million better than a year
ago.
There are two factors operating that have a significant impact on the mid-year accrual balance. The first factor is the
inclusion of realized and unrealized gains and losses on investments in Operating Revenues. Most of the University’s
investments are in the endowment, but the accounting standards which govern universities and other non-profit
organizations require that investment gains and losses be included in operating revenues. At the mid-point of the year, the
poor performance of the stock market is significantly influencing total operating revenues. The 2002-03 budget was
constructed with the expectation that there would be neither gains nor losses on investments. However, at this point we are
recording unrealized Gains of $512,880 and Realized Losses of
-$2,308,759
for a net loss of
-$I
,788,226. If investment
performance had been neutral, as anticipated in the budget, total revenue for the University as a whole would have been
below budget by
-$I
,560,142, a shortfall of 4.1%. The actual total revenue shortfall from budget is
43,348,368
or -8.8%.
With total operating expenses being reduced by 5.9% and revenues, excluding gains and losses, being reduced by only
4.1
Oh,
operationally, the University as a whole is doing quite well.
The second significant factor influencing the accrual balances of the individual campuses and the University as a whole is
the change in policy regarding the budgeting of depreciation that was adopted by the Board of Trustees last year. Halfway
through the 2001-02 fiscal year, the Board changed the way in which depreciation is handled. Prior to that time, depreciation
was budgeted centrally with the expectation that gains on the endowment and required savings would be sufficient to cover
the expense. Beginning in January of 2002, campuses and other units were required to budget depreciation as an operating
expense. As a result, campuses have had to adjust their budgets collectively to absorb about $1.4 million of expense that
previously had been carried centrally. By including depreciation within the operating budgets of the individual campuses and
units, revenue is committed to cover these expenses. Largely for this reason, actual expenditures at the mid-point of
2002-
03 are slightly less than they were at this point two years ago.

Gift Income halfway through the fiscal year is trailing the budget by -$361,845. More than half of this shortfall (-$A 97,185) is
at the College with the rest distributed to other units. No unit that budgets gift income has actual gift revenue ahead of the
budgeted expectation. This is clearly an indication of how the economy is affecting giving to Antioch.
Another major revenue shortfall appears in Released from Restrictions. For the University as a whole, Released from
Restrictions is down from budget by
-$442,472
(-19.5%). More than 60% of this reduction (-$279,033) is at the College, with
New England exceeding its budgeted amount by $1 90,787 and Southern California below its budgeted target by
-$215,393.
University Wide is off by
-$77,062,
while Glen Helen is below budget by
-$41,367.
There are a variety of reasons why funds
that are restricted to specific purposes have not been spent when expected, or why expenditures of restricted funds are
running ahead of the budgeted projection. In the case of the College, the purchase of library books from endowed funds is
proceeding more slowly than planned, and funds provided to support the Capital Campaign have not been expended due to
staff vacancies and the resultant inability to arrange and hold events, prepare publications, and
travel.
University Wide is
under budget because we anticipated that the Financial Modeling Project (Tom Clough) would have proceeded faster and
because the Future of Higher Education Project (Al Guskin) is spending more slowly than anticipated. Glen Helen is under
budget because of delays in planned renovation of some of its facilities. New England is above budget because of the
arrival of additional grant funds.
VI. CONCLUSION
The University as a whole has the largest mid-year accrual balance that it has had in several years. This is due primarily to
the balances generated by Southern California and
McGregor
and the management of expenditures by Seattle and New
England. However, the College is projecting a $600,000 tuition shortfall for the year at a time when its expenses are running
above budget.
Those campuses that have developed positive accrual balances at mid-year have already taken steps to invest much of the
money. Some of the surplus is due to vacant positions that have now been filled, or delays in the acquisition of equipment
and supplies. The campuses with surplus funds should be expected to spend a good portion of the surpluses that they have
generated at mid-year to strengthen their programs and insure their future competitiveness. If this happens as expected, the
University as a whole will experience an operational deficit unless the College is able to reduce its expenses and keep them
in line with its reduced revenues. This will not be easy because the College has been operating under fairly constrained

budgets for the past several years. Nonetheless, the College needs to do everything possible to limit its 2002-03 deficit to
the
-$600,000
level contained in the budget.
The performance of the stock market and its affect on gains and losses in the endowment is largely beyond our control.
However, our Seattle and New England bond covenants have been amended to exclude investment gains and losses from
the calculation that has put us in technical default in the past two years. From now on, investment gains and losses will not
be a part of the calculation on any of our bond issues; future calculations will be based entirely on operating income and
expense.
In summary, the nonresidential campuses should be encouraged to generate surpluses at year-end and the College must
significantly reduce spending during the balance of the fiscal year. The nonresidential campuses can be encouraged to
produce surpluses if they are assured that these funds can be made available for future program development, and the ULC
will consider ways to make this possible.
Glenn H. Watts
Vice Chancellor and
Chief Financial Officer

ANTIOCH UNIVERSITY
Statement of Activities
For the
six
months ended
December 31, 2002
Revenues and Gains:
Tuition and fees
Contributions
Contracts and other exchange transactions
Investment income on life income and annuity agreements
Investment income on endowment
Other investment income
Net realized
gains(loss)
on endowment
Net realized
gains(loss)
on other investments
Sales and service of auxiliary enterprises
Other Income
Total revenues and gains
Net assets released from restrictions
Total unrestricted revenues, gains and other support
Expenses and Losses:
Educational and General:
Instruction
Research
Public Service
Academic support
Student services
Institutional support
Operation and maintenance of plant
Scholarships and fellowships
Total educational and general expenses
Auxiliary enterprises
Total expenses
Actuarial (gain) loss on annuity obligations
Payments to life income beneficiaries
Total expenses and losses
Excess of Revenueover Expense
Unrealized gains on investments
Change in donor intent on gifts from previous year
Increase (decrease) in net assets
Net assets at beginning of year
Net assets at end of period

ASSETS
—–
Cash and Cash Equivalents
Accounts Receivable
Less Allowance for Bad Debts
Grants Receivable
Contributions Receivable
Less Allowance for Uncollectible
Prepaid Expenses
Loans To Students
Long Term Investments
Land, Buildings and Equipment
Less Accumulated Depreciation
TOTAL ASSETS
LIABILITIES
——–
Accounts Payable
Accrued Benefit Liabilities
Other Accrued Liabilities
Deferred Revenue
Notes and Bonds Payable
Annuities Payable
Deposits Held on Behalf of Others
Advances from Government for Student Loans
TOTAL LIABILITIES
NET ASSETS
——-
Unrestricted
Temporarily Restricted
Permanently Restricted
TOTAL NET ASSETS
TOTAL LIABILITIES AND NET ASSETS
ANTIOCH UNIVERSITY
Statement of Financial Position
December 31, 2002
December 31,2002 June 30,2002

ANTIOCH UNIVERSITY
Statement of Cash Flows
For the 6 Months Ended
December 31. 2002
Cash flows from operating activities:
Change in net assets
Adjustments to reconcile change in net assets
to net cash provided by (used for) operating activities:
Depreciation
(Gain) loss on sale of equipment
(Increase) decrease in accounts and grants receivable
(Increase) decrease in contibutions receivable
(Increase) decrease in
prepaids
Increase (decrease) in accounts payable and accrued expenses
Increase (decrease) in annuity liability
Increase (decrease) in deferred revenues
Increase (decrease) in deposits held for others
Net (gain) loss on sales of investments
Contributions restricted for permanent investment
Net cash provided by (used for) operating activities
Cash flows from investing activities:
Net Proceeds from sales and maturities of investments
Purchases of land, building and equipment
Proceeds from the sale of equipment
Disbursements of loans to students
Repayments of loans from students
Net cash provided by (used for) investing activities
Cash flows from financing activities:
Contributions restrited for permanent investment
Proceeds from issuance of indebtedness
Repayments of principal of indebtedness
Receipts from (contributions to) governmental loan funds
Net cash provided by (used for) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of
per~od
December 31,2002
———-

Antioch University
December 31, 2002 Actual Expenditure Summary by Function
Change From
2002-03 Budget
Dec 31, 2002 to 2002-03 Actual
Change From
2001 Actual
to 2002 Actual
$ Yo
— – – – – – – – – – – – – -.
Dec 31,2000
Actual
– – – – – – – –
Dec 31, 2001 2002-03
Actual Budget Actual
Revenues
Tuition & Fees
Less Tuition Discounts
Net Tuition and Fees
Gifts
Lead Gifts
Grants
Endowment Income
Contracts
Other Income
Realized Gains
Unrealized Gains
Total
E&G
Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Net Overhead for Central Operations
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total
E&G
Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget

Antioch University
December 31, 2002 Actual Expenditure Summary by Category
Revenues
Operating Expenses
Salaries &Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Program Contingency, Discretionary
Liquidity Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree
& Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenueover
Exoenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
Change From Change From
2002-03 Budget 2001 Actual
Dec 31, 2000 Dec 31, 2001 2002-03 Dec 31, 2002 to 2002-03 Actual to 2002 Actual
Budget
– – – – – – – –
38,142,168
15,195,533
4,748,020
1,239,570
1 ,I 14,242
126,740
900,681
3,901,145
2,068,094
668,644
348,496
244,008
256,303
93,274
0
1,369,067
0
0
-300,000
148.774
1,442,606
33,565.197
4,576,971
1,011,980
0
370,008
0
-1,442,606
-60,618
4,637.589
Actual
– – – – – – – –
34,937,073

ANTIOCH COLLEGE
2002-03 Mid-Year Performance
Enrollment:
The fall 2002 College enrollment improved over the prior year with 190 new students beginning study, five more than in
2001, and 234 students continuing study on the campus and 167 participating in co-ops. The degree-seeking enrollment for
the fall term was 591 compared with 550 in the previous year. The total enrollment, including non-degree seeking students,
totaled 727 compared with 673 in the previous year. Despite the growth over 2001, the 2002 fall enrollment did not reach the
projected budget target of 618 students, and the lower fall enrollment produced a shortfall of
4162,187.
Tabulation of the spring 2003 enrollment has not been completed because students are continuing to register. A number of
these students are already on campus, while others are settling in at their new co-op positions and have not had time to
complete the second semester registration requirements. Nonetheless, we have some indication that enrollment will be
lower in the second semester than we had anticipated. The budget projected that we would have 26 new students enrolling
for the spring semester, but so far we have only 15. Continuing enrollment, both on-campus and in co-op, was budgeted at
572. In total, we budgeted for a spring enrollment of 598 students, but we may have as many as 37 students fewer than
anticipated. At the moment, 61 students who we expected to enroll in the spring semester (21 on campus and 40 on co-op)
have not completed registration. Until these 61 students are accounted for, we cannot issue the final report on enrollment.
Although we may have been overly optimistic in projecting our enrollment growth for 2002-03, the recent changes in our
Admissions operation designed to correct enrollment shortfalls are producing promising results. Due to these changes, we
are seeing an increase of 38% in applications for the fall 2003 semester compared with this date last year. For many years,
Antioch College has had a large number of inquiries, but has not been able to convert the inquiries to applications. The
efforts of the Admissions Office this year have been focused on generating applications rather than inquiries. (Conversion of
applicants to matriculants has historically not been a problem; Antioch College has an enviable yield rate hovering around
40%-that is, 40% of accepted candidates actually enroll.)
Operating Revenues:
Tuition and Fee Income: The fall term is our largest enrollment period and because it was down by 29 students from the
budgeted level, and we also projected as many as 37 more students in the budget for the spring term and 39 more
continuing in the summer than now seems likely. Discounts for College undergraduates were about $200,000 less than
budgeted because of the lower than anticipated enrollment, but higher AEA enrollments resulted in discounts that are greater

ANTIOCH COLLEGE
2002-03 Mid-Year Performance
Enrollment:
The fall 2002 College enrollment improved over the prior year with 190 new students beginning study, five more than in
2001, and 234 students continuing study on the campus and 167 participating in co-ops. The degree-seeking enrollment for
the fall term was 591 compared with 550 in the previous year. The total enrollment, including non-degree seeking students,
totaled 727 compared with 673 in the previous year. Despite the growth over 2001, the 2002 fall enrollment did not reach the
projected budget target of 618 students, and the lower fall enrollment produced a shortfall of
-$162,187.
Tabulation of the spring 2003 enrollment has not been completed because students are continuing to register. A number of
these students are already on campus, while others are settling in at their new co-op positions and have not had time to
complete the second semester registration requirements. Nonetheless, we have some indication that enrollment will be
lower in the second semester than we had anticipated. The budget projected that we would have 26 new students enrolling
for the spring semester, but so far we have only 15. Continuing enrollment, both on-campus and in co-op, was budgeted at
572. In total, we budgeted for a spring enrollment of 598 students, but we may have as many as 37 students fewer than
anticipated. At the moment, 61 students who we expected to enroll in the spring semester (21 on campus and 40 on co-op)
have not completed registration. Until these 61 students are accounted for, we cannot issue the final report on enrollment.
Although we may have been overly optimistic in projecting our enrollment growth for 2002-03, the recent changes in our
Admissions operation designed to correct enrollment shortfalls are producing promising results. Due to these changes, we
are seeing an increase of 38% in applications for the fall 2003 semester compared with this date last year. For many years,
Antioch College has had a large number of inquiries, but has not been able to convert the inquiries to applications. The
efforts of the Admissions Office this year have been focused on generating applications rather than inquiries. (Conversion of
applicants to matriculants has historically not been a problem; Antioch College has an enviable yield rate hovering around
40%-that
is, 40% of accepted candidates actually enroll.)
Operating Revenues:
Tuition and Fee Income: The fall term is our largest enrollment period and because it was down by 29 students from the
budgeted level, and we also projected as many as 37 more students in the budget for the spring term and 39 more
continuing in the summer than now seems likely. Discounts for College undergraduates were about $200,000 less than
budgeted because of the lower than anticipated enrollment, but higher AEA enrollments resulted in discounts that are greater

than budgeted by $44,200. The Antioch Education Abroad program has enrolled more students than anticipated and the fall
term is showing increased revenue of $97,874. Because most AEA activity occurs during the fall term, we are not
anticipating a surplus for the spring or summer terms. Counting the positive affect of AEA, gross tuition and fee income for
the year is expected to be about
-$518,100
below budget.
The most disturbing aspect of the budget has been the unanticipated impact of the Pre-Paid Tuition Term. Although we
should have been able to forecast this amount when developing the 2002-03 budget, the actual impact has been understated
by
-$216,100.
We now have accurate projections of the impact of the Pre-Paid Term and we are taking steps to reduce the
impact of this policy. In total, the tuition discounts for the year should run about $58,500 more than we had anticipated in the
budget.
Room and board revenue is running below the anticipated level because of the lower than expected enrollment. Although
the budget anticipated lower tuition and fee revenue as a result of the increased tuition discount policy, we had expected to
generate surplus room and board revenue as a result of the higher enrollments. Because enrollments did not reach the
budgeted level, this has not happened and we are expecting an annual shortfall in auxiliary income of
-$I
35,021.
At this point in the year with the spring semester enrollment unclear and summer yet to materialize, we are projecting a
student-related income shortfall for the year of about
-$600,000.
Gift Income: The College’s Summary by Function schedule indicates that gift income for 2002-03 is below budget by
-$I
97,185 as of December 31. However, the Development Office reports that it was unable to process many of the
contribution letters received late in the calendar year due to the holiday break. As of January 8, the Development Office had
received, but not fully processed, $564,779 in unrestricted cash gifts. This figure is more than the $51 9,502 that was
budgeted for the first six months of the year, and it appears that gift income is at least where it should be at mid-year.
This positive result comes despite the fact that the economy is having a depressing effect on annual giving. We have
identified a number of reduced gifts as well as some significant gifts that will not be repeated in the current year. In addition,
staff turnover in the Development Office no doubt reduced our ability to raise funds in the fall. However, beginning in
January, three new members have been added to the development team. A director of development, a director of
communications, and a director of the annual fund are now available to help us reach our potential.
Grants Income: Grant income appears to be $65,769 ahead of budget, but this is actually the result of accelerated Federal
Work Study Program spending. Because we used a larger portion of our annual FWSP allocation in the first half of the year,
we are drawing down funds at a faster rate.

Released from Restrictions: At the mid-point of the fiscal year, Released from Restrictions revenue is -$279,033 below
budget. While there has been increased spending in a number of areas, the most significant reductions in planned spending
are in the library where about $40,000 that was budgeted for library book purchases has not been spent, and the Capital
Campaign, which has spent about $326,000 less than had been anticipated. Development staff vacancies account for some
of the reduced spending and, without staff, other activities have been curtailed.
Operating Expenses:
Operating expenses at the mid-point of the fiscal year are running slightly ahead of budget, primarily due to increased FWSP
spending during the fall term. This increased spending appears on the Salaries & Wages line where virtually all of the
additional $144,081 is the result of the accelerated FWSP commitments. The Financial Aid Office is working to insure that
the College does not exceed the 2002-03 allocation.
Business Operations expenditures are running $70,358 ahead of budget. This is due to the cost of mold and bacteria
remediation efforts required during the fall term. Both Spalt and Presidents were identified as having high levels of mold and
bacteria, and without
remediation,
we would not be able to continue using these buildings. The work is now almost complete
and, while much of the expense has been for capital equipment and improvements, operating expenses were also increased
for unanticipated services such as testing, and for cleaning materials.
Training & Development is $55,922 below budget due to efforts to limit travel expenses in light of our lower revenues.
Similarly, Special Events are $26,153 below budget and our Supplies budget is $1 1,468 under budget. Plant maintenance is
$60,322 below budget.
At mid-year, expenses are $1.4 million greater than revenue, but only $803,000 more than budget. If the updated Gifts figure
from the Development Office is considered, expenses are less than $1.2 million greater than revenue. We at the College
understand that we need to do everything possible to stay within our revenues, and efforts are well along to reduce expenses
during the remainder of the year. However, the College has been operating on a very limited budget for several years and it
may not be possible to totally prevent the deficit from exceeding the $600,000 amount included in the 2002-03 budget.
Joan Straumanis
President

Antioch College
December 31, 2002 Actual Expenditure Summary by Function
Revenues
Tuition & Fees
Less Tuition Discounts
Net Tuition and Fees
Gifts
Lead Gifts
Grants
Endowment Income
Contracts
Other Income
Realized Gains
Unrealized Gains
Total
E&G
Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total
E&G
Expenses
Auxiliary Enterprises
Total Operating Expenses
ExcessRevenue
over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
Dec 31,2000
Actual
Dec 31,2001
Actual
——–
7,478,130
-2,366,994
5,111,136
465,482
0
964,021
93,146
24,907
65,019
647
0
6,724,358
1,403,032
295,889
8,423,279
2002-03
Budget
——–
8,173,310
-3,213,358
4,959,952
519,502
0
750,894
86.323
1,500
55,380
0
0
6,373,551
1,643,042
1,205,575
9,222,168
2,725,312
0
0
553,161
1,393,687
1,313,787
1,514,525
1
,I
57,252
8,657,724
1,171,238
9,828,962
-606,794
605,438
0
264,715
0
-710.571
159,582
-766,376
Dec 31, 2002
Actual
– – – – – – – –
8,108,997
-3,276,387
4,832,610
322,317
0
816,663
70,446
5,080
50,002
-2,803
0
6,094,315
1,563,257
926,542
8,584,114
2,800,314
0
0
523,864
1,464,148
1,101,814
1,623,007
1,268,241
8,781,388
1,212,346
9,993,734
-1,409,620
756,950
-162,206
280,044
0
-707,626
167,162
-1,576,782
Change From
2002-03 Budget
to 2002-03 Actual
Change From
2001 Actual
to 2002 Actual
$ %
——– – – – – – – – –

Antioch College
December 31, 2002 Actual Expenditure Summary by Category
Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Program Contingency, Discretionary
Liquidity Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree
& Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
Dec 31,2000
Actual
——
8,282,562
4,128,149
1,385,179
325,357
840,986
38,439
399,655
1,173,353
607,515
159,061
200,241
197,629
144,505
0
90,316
496,736
-275,000
-100,000
-200,000
-192,164
0
9,419,957
-1,137,395
1,108,781
-1,052,939
295,209
0
0
351,051
-1,488,446
Dec 31, 2001 2002-03 Dec 31, 2002
Actual
—
8,423,279
4,272,739
1,403,350
185,996
936,606
22,666
377,233
840,220
52 1,060
102,153
163,980
130,762
135,567
84,730
565,385
-275,000
-100,000
-374,250
-120,675
8,872,522
-449,243
220,895
-195,333
364,831
0
0
390,393
-839,636
Budget
—
9,222,168
4,041,117
1,391,374
416,006
91
1,680
76,096
488,493
1,157,694
697,137
76,943
130,006
111,459
17,102
0
0
0
0
0
-300,000
-96,716
710,571
9,828,962
-606,794
605,438
0
264,715
0
-710,571
159,582
-766,376
Actual
—-
8,584,114
4,185,198
1,394,659
360,084
907,210
49,943
477,025
1,228,052
636,815
68,582
168,699
206,559
0
0
0
0
0
0
-300,000
-96,718
707,626
9,993,734
-1,409,620
756,950
-162,206
280,044
0
-707,626
167,162
-1,576,782
Change From Change From
2002-03 Budget 2001 Actual
to 2002-03 Actual to 2002 Actual

GLEN HELEN ECOLOGY INSTITUTE
2002-03 Mid-Year Performance
Revenues: Total revenue for the quarter ending was $31 3,655, $63,924 below budget. To date, funds released from
restriction are $41,367 below budget, accounting for the largest portion of the overall revenue variance. Gifts show a
negative variance of $6,721, typical for this time of year. (It doesn’t account for the usual year-end gifts that get recorded
in January.)
Expenses: Operating expenses were favorable to budget by $70,401. Business Operations, Plant Maintenance,
Supplies, and Salaries & Wages all contributed to this favorable balance.
Actual Revenue over Expenses (Net Total) for the year to date is
$16,782.
This reflects a continued decline in the
overall deficit. The third quarter typically represents a period of increased giving, reflecting the Institute’s annual year-end
appeal.
The Glen Helen Crew Leader (maintenance) was recently placed on medical leave (disability). Depending upon his
return, this may be a budget concern as the Glen is responsible for
113
of his current salary in addition to paying the full-
time salary for the staff replacement. Because the Glen has only a single maintenance staff person to maintain its 23
facilities and 1000 acres, this position must be maintained.
Robert S. Whyte
Executive Director

Glen Helen
December 31, 2002 Actual Expenditure Summary by Function
Revenues
Tuition & Fees
Less Tuition Discounts
Net Tuition and Fees
Gifts
Lead Gifts
Grants
Endowment Income
Contracts
Other Income
Realized Gains
Unrealized Gains
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total E&G Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
Dec 31, 2000 Dec 31, 2001
Actual
– – – – – – – –
58,527
0
58,527
21,564
0
4,001
21,000
3,410
0
0
0
108,502
128,456
7,460
244.418
0
0
306,698
0
0
0
0
0
306,698
0
306,698
-62,280
0
0
0
0
0
0
-62,280
Actual
– – – — – – –
70,793
0
70,793
43,662
0
0
21,000
5,013
0
0
0
140,468
150,544
178,347
469,359
0
0
310,037
0
0
0
0
0
310,037
0
310,037
159,322
153,020
0
0
0
0
153,020
6,302
2002-03 Dec 31, 2002
Budget
——–
56,210
0
56,210
41,883
0
7,500
21,000
5,215
0
0
0
131,808
136,586
109,185
377,579
0
0
392,336
0
0
0
8,502
0
400,838
0
400,838
-23,259
21.760
0
0
0
-8,502
13,258
-36,517
Actual
– – – – – – – –
52,842
0
52,842
35,162
0
5,844
21,000
4,684
308
0
0
11 9,840
125,997
67,818
31 3,655
0
0
321,954
0
0
0
8,483
0
330,437
0
330,437
-16,782
21,587
0
0
0
-8,483
13,104
-29,886
Change From Change From
2002-03 Budget 2001 Actual
to 2002-03 Actual to 2002 Actual

Glen Helen
December 31, 2002 Actual Expenditure Summary by Category
Revenues
Operating Expenses
Salaries &Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Program Contingency, Discretionary
Liquidity Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
Dec 31, 2000
Actual
——–
244,418
Dec 31, 2001
Actual
– —– —
469,359
2002-03 Dec 31, 2002
Budget
– – – – – – – –
377,579
179,747
45,201
3.578
0
300
33,221
58,897
62,744
36
4,002
2,938
0
1,672
0
0
0
0
0
0
8,502
400,838
-23,259
21.760
0
0
0
-8,502
13,258
-36,517
Actual
——–
31 3,655
163,073
50,680
3,107
0
109
19,038
42,620
37,844
35
5,281
167
0
0
0
0
0
0
0
0
8,483
330,437
-1 6,782
21,587
0
0
0
-8,483
13.104
-29,886
Change From
2002-03 Budget
to 2002-03 Actual
Change From
2001 Actual
to 2002 Actual
$ %
– – – – – – – – – -. – – – – –
-1 55,704 -33 17%

ANTIOCH NEW ENGLAND GRADUATE SCHOOL
2002-03 Mid-Year Performance
The financial health of Antioch New England as of the end of the second quarter of 2002-03 is good. Our income to-date
is a bit shy of budget, but current enrollment predicts that we’ll be ahead of budget by year-end. Our spending has been
about $200,000 below budget year-to-date. Our enrollment of new students is substantially up for the current year (total
new enrollment for the current academic year stands now at 350, compared to 304 for last year, a 15% increase in new
headcount). Total applications for Fall 2003 enrollment now stands at 21 5; at this time a year ago, total applications were,
170, so this is additional cause for optimism for continued substantial growth.
Looking at our revenue numbers, we are about $63,000 below expectation in tuition income to-date, about $43,000 of
that is ordinary income, and $20,000 is restricted. The restricted income will not generate an expense unless it is actually
received. The ordinary income variance, which is potentially more worrying, reflects a greater balance of part-time to full-
time students this past summer, and will be erased as the year continues through the continuing payment of tuition by the
larger number of fall and spring students we’ve enrolled.
We are down in gifts we recognize as current income, but up in restricted gifts. Some of our annual giving has migrated
into our capital campaign. We’re not focusing on collecting capital gifts yet -that comes later in the four-year campaign
– but we have been pushing to match a faculty donation for a scholarship that was recorded as a future liability because
of the requirement that the donation be returned if the match is not raised.
We are down $206,000 on the grant line, but $1 90,000 of that is actually a grant that entered our budget as fund-3,
restricted, that has just been released. You can see that $1 90,000 as funds “released from restriction,” balancing the
largest piece of this hit. We do have some diminished income on the grant side that we have to recognize, though,
reflecting the conservative posture of grant-makers in this tough economy. The $38,000 in “other income” we see here
as a negative variance is actually a timing issue – two entries made late will set this variance back to zero.

You can see that our instruction expenses are $238,000 under budget; some, but not all, of that will come back into
balance during the remainder of the year.
We’ve spent about $22,000 more in benefits this year than expected; most of this sum comes from unanticipated
recruitment and moving expenses for new employees.
Capital expenditures are $1 39,000 over what we had anticipated, mostly due to improvements as part of the build-out of
the new public high school on our grounds. We have taken a $125,000 capital charge to-date for that project, which is
entirely funded by third parties.
Finally, we are now predicting that attrition for the year will be about 2.5% lower than last year, which should allow us an
additional $225,000 in retained tuition, and we have no shortage of uses for those funds.
The bottom line at mid-year is that we’re predicting a clean break-even for the year, and a good deal of current growth
and growth going forward into the next year.
Peter S. Temes
President

Antioch New England Graduate School
December 31, 2002 Actual Expenditure Summary by Function
Revenues
Tuition & Fees
Less Tuition Discounts
Net Tuition and Fees
Gifts
Lead Gifts
Grants
Endowment Income
Contracts
Other Income
Realized Gains
Unrealized Gains
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total E&G Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
Dec 31, 2000 Dec 31, 2001
Actual
– – – – – – – –
7,484,766
-1,485
7,483,281
70,458
0
245,206
0
341,106
138,292
4,757
0
8,283,100
0
174,789
8,457,889
2,280,178
0
479,450
290,621
305,725
1,760,790
331,750
183,738
5,632,252
0
5,632,252
2,825,637
83,937
0
85,000
0
0
168,937
2,656,700
Actual
– — – – – – –
7,729,021
-1,910
7,727,111
4,385
0
393,560
0
199,026
102,081
0
0
8,426,163
434
322,312
8,748,909
2,254,783
0
580,282
241,166
31 1,873
1,599,519
303,769
205,975
5,497,367
0
5,497,367
3,251,542
208,174
0
11 5,073
0
0
323,247
2,928,295
2002-03 Dec 31, 2002
Budget Actual
– – – – – – – –
8,194,652
-1,680
8,192,972
11,999
0
396,560
0
95,245
46,122
-4,850
8,738,048
1,356
299,730
9,039,134
2,361,232
0
477,194
308,531
345,349
1,389,405
568,899
191,281
5,641,891
0
5,641,891
3,397,243
302,998
0
23,476
0
-233,236
93,238
3,304,005
Change From
2002-03 Budget
to 2002-03 Actual
Change From
2001 Actual
to 2002 Actual

Antioch New England Graduate School
December 31, 2002 Actual Expenditure Summary by Category
Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Program Contingency, Discretionary
Liquidity Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
Dec 31, 2000 Dec 31, 2001
Actual Actual
– – – – – – – –
8,748,909
2,686,710
800,950
233,958
30,198
1,414
69,954
587,153
150,416
196,991
0
19,597
176,150
11 0,094
605,517
-228,995
27,050
0
30,210
0
5,497,367
3,251,542
208,174
0
115,073
0
0
323,247
2,928,295
2002-03 Dec 31, 2002
Budget
– – – — – – –
9,187,183
2,887,964
912,019
258,622
21,500
5,327
94,135
557,784
161,016
210,561
0
14,064
95,156
0
0
371,664
0
0
0
49,345
234,000
5,873,157
3,314,026
163,504
0
17,154
0
-234,000
-53,342
3,367,368
Actual
– – – – – – – –
9,039,134
2,813,009
934,563
173,816
63,744
8,562
65,048
575,160
171,491
197,693
0
15,466
0
0
0
371,664
0
0
0
18,439
233,236
5,641,891
3,397,243
302,998
0
23,476
0
-233,236
93,238
3,304.005
Change From Change From
2002-03 Budget 2001 Actual
to 2002-03 Actual to 2002 Actual

ANTIOCH SEATTLE
2002-03 Mid-Year Performance
REVENUE
Tuition and fee revenue is low for the first two quarters of the 2002-03 fiscal year. The source of the shortage this year is
lower than projected enrollments in all programs. The largest discrepancies are in education and psychology. While the
psychology program clearly had a waiting list for fall quarter, apparently there was a miscalculation in the ratio between
headcount and FTE amounting to a premature and costly cap on enrollments. Education’s enrollment problems center on
the off-site projections for the MA program, while their teacher certification and BATC enrollments remain strong. The
primary problem rests with a lack of planning and organized recruiting in the department responsible for the off-site
cohorts. These issues have continued to plague Seattle year after year, particularly with the Education projections. We
have made a concerted effort to build a system into our 2003-04 FTE projection process that we hope will result in much
more accurate projections in the future.
Gift revenue is also below projections. The untimely death of our Dean of University Relations last year was a real set
back. Fortunately, we now have a very experienced fund raising professional aboard and we begin again. Although we
conducted an annual campaign before the holidays, the results were below norm and the downturn in the Northwest
economy continues to have its impact on individual donations. We picked up an additional $14,000 in unrestricted money
over the holidays that is not reflected in these reports due to when the money was deposited. However, we have seen
activity in the restricted area and received $1 8,000 from US Bank in scholarship money for students enrolled in our BATC
program. The focus of the new director for the next few months is to build a lasting foundation for fund raising by
expanding our Board of Visitors, locating lost alumni, and establishing a
brandinglimaging
exercise that will provide the
basis for the redesign of our Web site.
EXPENSES
Overall, our operating expenses are $684,000 below projections and our capital expenses are $60,000 below projections.
The operating expenses are low due to a budget cutting exercise we initiated when it was clear we were not going to

meet our revenue projections. The major categories of non-salary activities, supplies, and other expenses that have
been put on hold or cut include travel, professional development, food, furnishings, supplies, and consultants.
When compared to previous years, several expense categories show increases that are due to the Gate’s & Kellogg
grants. Miscellaneous, salaries, business operations, and academic support in the functional report are all impacted by
the spending associated with the grant. Grant spending is below budget to date due to some positions starting later than
originally anticipated.
The two areas where spending is marginally above budget are student aid services and special events. Student aid
services spending is the result of beginning to award some scholarships out of the restricted funds that have been set
aside over time. This is a nice milestone for us. As the scholarship endowment grows and organizations, such as US
Bank, now have us on their radar screens, we expect to continue to have scholarship money to award each year. Special
event spending is over slightly due to scheduling of some alumni and graduation events compared to the budget spread
projections. These areas are not problematic in terms of balancing our budget for the year.
Not reflected in the worksheets through December, are our mandatory and discretionary contingency budgets. Both were
spread later in the fiscal year. Part of our mandatory contingency was earmarked during the budget process for the 2%
raises that we delayed until this winter. When our Winter Quarter enrollments are finalized we will be able to assess if
further cuts will be needed to assure a balanced budget at year-end. When we are clear that we can demonstrate the
budget cuts are adequate, we will seek permission to give the raises.
Toni Murdock
President

Antioch Seattle
December 31,2002 Actual Expenditure Summary by Function
Revenues
Tuition & Fees
Less Tuition Discounts
Net Tuition and Fees
Gifts
Lead Gifts
Grants
Endowment Income
Contracts
Other Income
Realized Gains
Unrealized Gains
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total E&G Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenueover Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
Dec 3 1,2000
Actual
– – – – – – – –
Dec 31, 2001
Actual
– – — – – —
4,015,130
-68,628
3,946,502
15,990
0
67,515
0
0
199,898
0
0
4,229,905
139,740
607
4,370,252
2002-03 Dec 31, 2002
Budget
– – – – – – – –
4,612,973
-41,502
4,571,471
20,002
0
126,453
0
0
197,416
0
0
4,915,342
204,189
330,148
5,449,679
2,285,933
0
939
598,494
464,030
1,342,362
731,575
125,594
5,548,927
167,380
5,716,307
-266,628
131,750
0
0
0
-233,052
-101,302
-165,326
Actual
– – – – – – – –
4,169,749
-65,760
4,103,989
3,773
0
88,497
0
0
195,248
0
0
4,391,507
136,289
321,068
4,848,864
1,974,385
0
887
530,168
402,310
1,210,723
674,214
98,674
4,891,361
140,594
5,031,955
-1 83,091
71,684
0
0
0
-229,360
-157,676
-25,415
Change From
2002-03 Budget
to 2002-03 Actual
change
From
2001 Actual
to 2002 Actual
$ %
– – – – – – – – – – – – – – – –

Antioch Seattle
December 31, 2002 Actual Expenditure Summary by Category
Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Program Contingency, Discretionary
Liquidity Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
Dec 31, 2000
Actual
– – – – – – – –
4,400,226
Dec 31, 2001
Actual
– – – – – — –
4,370,252
2,481,276
596,765
44,122
24,912
24,525
45,441
279,900
123,036
293,711
134,388
4,995
153,796
0
1 15,347
528,677
-1 99,938
26,850
0
0
0
4,677,803
-307,551
505,102
-375,000
0
0
0
130,102
-437,653
2002-03 Dec 31. 2002
Budget
– — – – – – –
5,449,679
2,883,086
747,724
135,351
22,792
17,178
88,205
475,976
198,135
292,513
124,234
95,529
0
0
0
369,532
0
0
0
33,000
233,052
5,716,307
-266,628
131,750
0
0
0
-233,052
-101,302
-165,326
Actual
– – – — – – –
4,848,864
2,543,004
635,008
87,882
33,161
23,392
64,366
327,846
162,205
288,448
101,176
141,719
0
0
0
369,530
0
0
0
24,858
229,360
5,031,955
-1 83,091
71,684
0
0
0
-229,360
-1 57,676
-25,415
Change From
2002-03 Budget
to 2002-03 Actual
Change From
2001 Actual
to 2002 Actual
s %
– – – – – — – – – – – – – – –
478,612 10.95%

ANTIOCH SOUTHERN CALIFORNIA
2002-03 Mid-Year Performance
Enrollments for Southern California have come in above projections for both campuses for the summer and fall quarters.
Early winter enrollments are on track to exceed projections as well. (The Winter quarter numbers will not be final until
after the end of the
addldrop
period on January 18.) While it is too early to project spring, we are confident that we will
meet our targets, assuming there is no major earthquake, brush fire or tidal wave to hit in southern California.
Revenues: Our total revenue picture is positive. The year-to-date numbers exceed budget due to higher enrollments.
In terms of operating challenges, most of the open positions at the Los Angeles campus have been filled. We still have
two vacant positions in admissions and one in facilities. In Santa Barbara we’ve made a critical hire, a new Director of
Admissions who comes with experience. However, we are losing a long-time SB employee – the Director of Financial Aid
and the Executive Dean for the campus. Regionally, we are in the process of restoring our Development Office and are
searching for a Director of University Relations. And, of course we have the vacant position of President to be filled.
Our biggest challenge is filling faculty positions regionally — we have two in MAOM, one in BA, one in MAETC, and a
chair in MFA. The salary schedule is not attractive. We’re trying to help on this front by having a faculty workgroup
review the current salary placement index. Their recommendation will be submitted to the President in early January.
While their recommendations on the criteria will help increase salaries somewhat, the overall schedule is about 5 years
out of date.
In the area of Development, we have hired an independent contractor to work on fundraising (which included a holiday
fund drive), development for our Community Humanities and Education Program (CHE), resurrecting our newsletter and
assisting in some alumni activities. We will be hiring an administrative associate this quarter to work in the Development
Office, the first full-time employee working in that office in over a year. A temp has cleaned and updated the regional
alumni database.

We have received a $20,000 grant from the Mark Taper Foundation to be spent on Development activities to benefit CHE
as well as a few smaller grants.
Expenses: Our total expenses are also well within budget. The following variances are noteworthy (all positive):
-Salaries and wages are lower due to vacancies through the year.
-Benefits are lower due to lower salaries and lower medical costs.
-Training is lower as the search costs for president have not been spent and due to lower travel.
-Business operations shows savings due to no newsletter being printed, lower legal and advertising to date.
-Plant maintenance is lower due to lower expenses on rent in SB to date.
The overall budget picture is positive and we anticipate ending the year with a balanced budget and a small surplus.
The focus away from financial exigencies is welcome as we grapple with two major challenges – the search for a new
president who will start in September 2003 and planning for the relocation of the LA campus in March 2004.
Chloe Reid
Interim President

Antioch Southern California
December 31,2002 Actual Expenditure Summary by Function
Revenues
Tuition & Fees
Less Tuition Discounts
Net Tuition and Fees
Gifts
Lead Gifts
Grants
Endowment Income
Contracts
Other Income
Realized Gains
Unrealized Gains
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total E&G Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
Dec 31, 2000
Actual
– – – – – – – –
6,867,051
-1 18,966
6,748,085
4,190
0
87,997
0
0
7,749
897
0
6,848,918
101,129
86,141
7,036,188
1,797,772
8,600
53,801
381,651
694,044
1,565,785
783,085
91,681
5,376,419
11 1,592
5,488,011
1,548,177
21,317
0
0
0
0
21,317
1,526,860
Change From Change From
2002-03 Budget 2001 Actual
Dec 31, 2001 2002-03 Dec 31, 2002 to 2002-03 Actual to 2002 Actual
Actual Budget Actual $ % $ %
——– – – – – – – – – ——– ——-a – – – – – – – – – * – – – – – – – – – – – – –

Antioch Southern California
December 31, 2002 Actual Expenditure Summary by Category
Dec 31, 2000
Actual
Revenues
Operating Expenses
Salaries &Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Program Contingency, Discretionary
Liquidity Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
Dec 31, 2001
Actual
– – – – – – – –
7,714,972
2002-03 Dec 31, 2002
Budget
– – – – – – – –
8,523,373
2,755,403
881,174
180,089
33,970
11,654
125,806
641,752
751,962
24,830
90,254
11,836
116,543
91,602
0
421,838
0
0
0
11,339
50,291
6,200,343
2,323,030
2,478
0
0
0
-50,291
-47,813
2,370,843
Actual
– – – – – – – –
8,746,033
2,620,871
677,960
86,547
30,544
1,320
112,260
442,530
779,660
28,366
109,148
2,563
0
0
0
420,830
0
0
0
4,367
62,971
5,379,937
3,366,096
13,730
0
13,490
0
-62,971
-35,751
3,401,847
Change From Change From
2002-03 Budget 2001 Actual
to 2002-03 Actual to 2002 Actual

ANTIOCH UNIVERSITY McGREGOR
2002-03 Mid-Year Performance
Enrollment:
Antioch University McGregor is enjoying another successful quarter, overall. The attached budget sheets do not reflect
our winter enrollment, but the following is a summary to date.
The undergraduate program is
14FTE
over budget as of January 8. Our education offerings are substantially over
budget. This is, in part, due to taking more students and an extra
M.Ed.
cohort in the fall. Additionally, we took 5-6 new
M.Ed.
students who are not in the budget. Conflict Resolution is slightly over budget. Individualized Liberal and
Professional Studies is right at budget.
The disappointing news is that we did not engage enough prospective students to run a winter cohort for the Graduate
Management Program. The institution is contracting with a local marketing research firm to determine the possible
causes for the decrease in inquiries and to study overall the best format and delivery system to effectively compete with
area institutions offering MBA degrees.
The Community College Management program is starting late but has good long-term promise. We have formed a
contractual relationship with Dr. Terry
O’Banion,
former head of the League for Innovation in the Community College to
serve as Distinguished Scholar “in Residence.” Dr.
O’Banion
is the leading person in community colleges in the country
and a few years ago was named one of the top five most influential people in higher education.
We have several important initiatives underway to stabilize our good financial situation and plan for the future of
McGregor. They include:
1. Plans to hire a consultant to help our faculty and academic leaders develop an academic plan. This plan will
include organizational reengineering, as we have a long history of departmental “silos.” I have tried for a few years
to get the academic directors to do this type of planning themselves, but they feel they are too close to the
situation. I am actually grateful we have consensus to bring in an expert from the outside.

2. We are beginning a strategic planning process with a retreat January 22, headed by a distinguished and affordable
leader – Chancellor Jim Craiglow.
3. If the market research for Graduate Management is successful, we will do more in other areas.
4. As part of the strategic planning process, we are bringing in a consultant on culture and change management.
Facilities:
McGregor is basically out of space for classrooms and offices. We are studying ways to upgrade the Sontag Fels
Building for office space. Classroom space and quality remain problems. For those classrooms dedicated to McGregor
in the Kettering Building, we will do some renovation and add technology tools this year, as possible. Our infrastructure
dilemma is growing, however.
Development:
Other sources of funding beyond tuition include Development. Below is a mid-year update.
1. The annual fund has raised $25,000 in gifts and pledges to date with $1 3,348 recorded at December 31. We are
ahead of last year by $8,000 as we push to grow the campaign to $40,000 this year, an increase of approximately
25% over 2001-02.
2. We will present a second annual fund-raising special event, the 2003 Executive Spelling Bee, on April 29 at the
Loft Theatre in Dayton. We have secured a $2,500 sponsorship and are in discussion with a few businesses for
the $5,000 sponsorship. In addition, we are currently in the process of recruiting 32 teams from area businesses.
3. In December, we launched the online Gift Center, www.mcgregor.edu/giftcenter/, making it easier for donors to
contribute online.
4. In October, we submitted a $20,000 funding proposal to the
Levan
Family Foundation to help fund a scholarship
program at McGregor. We expect to be notified of the foundation’s decision at the end of January 2003.
5. We continued communication with alumni and businesses through the
McGregorian
Chant, as well as through
face-to-face meetings.

6. We may seek grant funding to enhance some Education program offerings.
Urgent Financial Dilemma:
What does it matter if we are financially successful if those programs that bring in the extra funds cannot use them in a
planful way? We are in dire need of a way to self-fund program development. Are we to spend all our overage this year
and not be encouraged to set aside program
development/growth
funds? Current policy says yes and precludes wise
financial management. The Education Program, for example, has been encouraged to offer a cohort at Wright Patterson
Air Force Base (rather brilliant advice from the Board of Visitors). To do so, seed funding is needed. The result would be
a trained core of high level teachers who are nearing retirement from the military, but who could teach for many years.
Many are science and math experts. This would be like a local “Troops to Teachers” bringing bright and experienced
adults into classroom teaching positions. The local economic development possibilities are very attractive. The potential
students at the Base can afford to enter this important but low-paying career as they will be receiving pensions. But we
cannot afford to deliver this program without seed funding.
We also have a ready-made cohort in Cincinnati. Again, we will make money but we have no mechanism to allow us to
set aside planning funds. I encourage the Board to work with the ULC to help remedy this dilemma. Our key pressures
points are – faculty salaries, infrastructure, capacity, and program development. We stand ready to meet these
challenges collaboratively with the Board.
Barbara Gellman-Danley
President

Antioch McGregor
December 31, 2002 Actual Expenditure Summary by Function
Revenues
Tuition & Fees
Less Tuition Discounts
Net Tuition and Fees
Gifts
Lead Gifts
Grants
Endowment income
Contracts
Other Income
Realized Gains
Unrealized Gains
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total
E&G
Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
Dec 31, 2000
Actual
– – – – – – – –
2,286,937
-25,143
2,261,794
1,432
0
21,152
0
126,462
14,024
4,934
0
2,429,798
10,650
4,911
2,445,359
Dec 31, 2001
Actual
– – – – – – – –
2,184,810
-26,614
2,158,196
6,779
0
60.979
0
48,733
6,760
0
0
2,281,447
0
0
2,281,447
2002-03
Dec 31, 2002
Budget Actual
Change From
2002-03 Budget
to 2002-03 Actual
Change From
2001 Actual
to 2002 Actual

Antioch McGregor
December 31, 2002 Actual Expenditure Summary by Category
Revenues
Operating Expenses
Salaries &Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Program Contingency, Discrestionary
Liquidity Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenueover Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
Dec 31, 2000 Dec 31, 2001
Actual
– –
2,445,359
1,255,440
357,457
28,299
14,296
40,046
35,502
281,872
56,479
17,177
0
5,404
93,761
58,601
319,354
-116,129
17,100
0
166,598
0
2,631,257
-185,898
133,575
-125,061
0
0
0
8,514
-194,412
Actual
——–
2,281,447
1,276,230
377,321
20,131
35,145
11,169
14,881
187,739
52,633
10,082
0
2,343
69,318
0
43,324
238,283
-90,114
16,702
0
88,622
2,353,809
-72,362
9,942
-9,942
16,818
0
0
16,818
-89,180
2002-03 Dec 31, 2002
Budget
– – – – — – –
2,539,436
1,494,087
437,906
62,679
124,300
15,933
38,268
342,930
29,176
10,876
0
4,005
13,248
0
0
206,033
0
0
0
64,392
78,416
2,922,249
-382,813
63,550
0
18,495
0
-78,416
3,629
-386,442
Actual
– – – – – — –
2,785,133
1,399,570
437,148
38,888
66,776
11,644
36,799
274,645
15,902
8,696
0
3,344
0
0
0
206,031
0
0
0
60,139
97,250
2,656.832
128,301
161,261
0
18,445
0
-97,250
82,456
45,845
Change From
2002-03 Budget
to 2002-03 Actual
Change From
2001 Actual
to 2002 Actual

ANTIOCH UNIVERSITY ADMINISTRATION
2002-03 Mid-Year Performance
Much of the first half of 2002-03 has been occupied with the NCA Accreditation review. In October, a large team
composed of members of various NCA member institutions arrived in Yellow Springs and began a comprehensive review
of our programs. In addition, the team and participants from the western and eastern accrediting bodies paid visits to the
other Antioch campuses. The Chancellor was significantly involved in preparing and responding to the NCA team,
including representing the University in Yellow Springs and meeting with the regional team in New England. Although the
chair of the accreditation team indicated that a preliminary report would be available to the University within a few weeks
of the completion of their visit, no formal communication has been received as of this writing.
A local group in Yellow Springs concerned about program changes at WYSO has been aggressively attempting to.
reinstate programs that were removed from the broadcast schedule. While their initial focus was to restore programming,
they have since expanded their aims to include the restructuring the governance of the station and have even called for
the removal of the station manager. The Chancellor has met frequently with this group and has attempted to negotiate a
resolution of the controversy, but these efforts have had only modest success.
Meeting with Southern California Los Angeles faculty to help guide the establishment of a process to identify and recruit a
new president has been a time-consuming process. The Chancellor has made numerous trips to Southern California, but
the preliminary work is now complete and announcements of the vacancy will appear in the Chronicle of Higher Education
and regional publications. The national search is now officially started and a new president should be identified in time to
join the campus by the fall of 2003.
Implementation of the Yellow Springs administrative consolidation continued during the fall. University Administration
staff are directly involved in all aspects of the consolidation and much of their time has been focused on the consolidation.
For example, the Controller is now chairing the College budget committee as well as working closely with McGregor staff
in the development of their budgets. The Human Resources Director has been working to insure smooth consolidation of
services and has worked closely with the McGregor team that negotiated a new union contract this fall. I have devoted

considerable time to the mold and bacteria remediation problems as well as the other physical plant needs of the College
I have also been involved with the acquisition of a new integrated e-maillvoice mail system for all of the Yellow Springs
units.
A number of Yellow Springs-wide projects have produced beneficial results this fall. For the first time in many years, a
telephone directory for all units in Yellow Springs was prepared and issued. A vending machine contract was bid and a
new vendor selected who will provide better service and a greater return of revenue for the College, and a contract for
copy machines was bid and the leased machines replaced with purchased machines at a great savings to the College.
Revenuesand Expenses:
Virtually all of the revenue that supports operations of the University Administration is provided by the non-residential
campuses. Operating expenses for 2002-03 are
-$54,830
below budget, primarily in the Salaries, Wages and Benefits
area. Positions associated with the administrative consolidation were vacant at the beginning of the fiscal year and
resulted in lower staff costs. In addition, travel costs are below budget as are supply costs. Both areas of reduced
spending are the result of conscience efforts to limit expenses.
Glenn Watts
Vice Chancellor and
Chief Financial Officer

University Administration
December 31, 2002 Actual Expenditure Summary by Function
Change From Change From
2002-03 Budget 2001 Actual
to 2002-03 Actual to 2002 Actual
$ % $ %
– – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –
Dec 31, 2000 Dec 31, 2001 2002-03 Dec 31, 2002
Actual Actual Budget Actual
– – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –
Revenues
Tuition & Fees
Less Tuition Discounts
Net Tuition and Fees
Gifts
Lead Gifts
Grants
Endowment Income
Contracts
Other Income
Realized Gains
Unrealized Gains
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Net Overhead for Central Operations
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total E&G Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget

University Administration
December 31, 2002 Actual Expenditure Summary by Category
Revenues
Operating Expenses
Salaries &Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Program Contingency, Discretionary
Liquidity Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
Dec 31, 2000
Actual
– – – – – – – –
1,002,877
536,685
155,098
59,947
0
0
13,563
84,695
136,782
4
0
3,826
0
0
0
0
0
0
0
2,279
0
992,879
9,998
9,998
0
0
0
0
9,998
0
Dec 31, 2001
Actual
– – – – – – – –
91 8,650
502,274
153,709
51,361
0
0
12,959
54,602
133,476
282
0
513
0
0
0
0
0
0
0
2,278
0
91 1,454
7,196
7,196
0
0
0
0
7,196
0
2002-03 Dec 31, 2002
Budget
– – – – – – – –
940,554
482,768
172,198
48,316
0
0
22,650
59,874
141,190
150
0
906
12,502
0
0
0
0
0
0
0
0
940,554
0
0
0
0
0
0
0
0
Actual
Change From Change From
2002-03 Budget 2001 Actual
to 2002-03 Actual to 2002 Actual

ANTIOCH REVIEW
2002-03 Mid-Year Performance
Our three major areas of revenue are: sales, gifts and endowment income. Sales are in line with projections and there
has been an increase in electronic fees for library access. Gifts are exactly where they were last year (when you include
a large end of year gift – not booked here – the total comes to $1 9,500) and endowment income is below estimates by a
quarter. A reminder letter to past donors will go out in January and we expect revenues from events in New York,
Chicago and Los Angeles to add to the gift category. Having said all that, there will be a deficit at year-end unless some
major gifts ($5,000 plus) are forthcoming. Expenditures are in line with projections and we see no significant problem
with maintaining a barebones budget. We are sorely in need of updated computer equipment to replace worn out
machines.
On a positive note Sylvia Nasar, the author of A Beautiful Mind, has agreed to speak on behalf of the Review at a fund
raiser in New York and a featured speaker at our last event in New York, Jeffrey
Renard
Allen, won a distinguished
Whiting award recently given to “writers of exceptional talent and promise.” Another Whiting award winner was Elizabeth
Arnold, who has a poem in our winter issue.
Robert
Fogarty
Editor

Revenues
Tuition & Fees
Less Tuition Discounts
Net Tuition and Fees
Gifts
Lead Gifts
Grants
Endowment Income
Contracts
Other Income
Realized Gains
Unrealized Gains
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total E&G Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenueover Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
Antioch Review
December 31, 2002 Actual Expenditure Summary by Function
Dec 31, 2000
Actual
——–
0
0
0
12.398
0
0
4,770
0
4,897
0
0
22,065
44,930
0
66,995
Dec 31, 2001
Actual
– – – – –
0
0
0
14,600
0
3,084
4,819
0
3,643
0
0
26,146
47,789
0
73,935
2002-03 Dec 31. 2002
Budget
——–
0
0
0
22,000
0
2,993
4,752
0
3,600
0
0
33,345
47,500
0
80,845
0
0
69,318
0
0
0
0
0
69,318
0
69,318
11,527
0
0
0
0
0
0
11,527
Actual
——–
0
0
0
13,887
0
2,993
3,757
0
7,517
0
0
28,154
36.583
0
64,737
0
0
71,656
0
0
0
0
0
71,656
0
71,656
-6,919
0
0
0
0
0
0
491 9
Change From
2002-03 Budget
to 2002-03 Actual
$ %
– — – – – — – – – – – – – –
Change From
2001 Actual
to 2002 Actual
$ Yo
– – — – – – – – – – – – – – –

Antioch Review
December 31, 2002 Actual Expenditure Summary by Category
Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Program Contingency, Discretionary
Liquidity Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
Dec 31, 2000 Dec 31, 2001
Actual
– – – – – – – –
66,995
25,090
12,113
0
0
0
223
25,621
0
0
0
0
0
0
0
0
0
0
0
906
0
63,953
3,042
0
0
0
0
0
0
3,042
Actual
– – – – – – – –
73,935
25,947
13,355
0
0
0
172
31,060
0
0
0
0
0
0
0
0
0
0
0
0
0
70,534
3,401
0
0
0
0
0
0
3,401
2002-03 Dec 31, 2002
Budget
– – – – – – – –
80,845
25,652
14,546
0
0
0
267
28,853
0
0
0
0
0
0
0
0
0
0
0
0
0
69,318
11,527
0
0
0
0
0
0
11,527
Actual
– – – – – – – –
64,737
26,527
14,417
402
0
0
99
30,211
0
0
0
0
0
0
0
0
0
0
0
0
0
71,656
-6,919
0
0
0
0
0
0
-6.919
Change From Change From
2002-03 Budget 2001 Actual
to 2002-03 Actual to 2002 Actual

Ph.D. in LEADERSHIP AND CHANGE
2002-03 Mid-Year Performance
As of January 2003, the Ph.D. in Leadership and Change is in a good position to complete the year on target, and
possibly even have a small surplus. Let me explain.
Income
Tuition income remains slightly over projection, as we continue to hold on to two students over enrollment projection, with
a total of 38 FTE students (instead of 36). As of the writing of this report, we have had no attrition this year, although I
still believe this is possible. Thus, at year-end we should have an additional $33,000 (2 students @ $16,500) above our
tuition income projection.
We have just received the first payment ($18,000) of a year-long $90,000 grant from the Central Pennsylvania Forum for
the Future. This grant is being run through the program’s Leadership Institute (our newly created outreach arm). In the
case of this contract, we are convening a series of meetings with six colleges and other stakeholders in order to develop
an action plan for youth leadership development in the heartland. Faculty member Richard Couto is the director of this
project. While the majority of the funds cover project operations, we have included an 8% overhead ($6,000) to the
universitylprog
ram.
Expenses
Spending as of the end of December is on target. In the first six months, the program has spent a total of $299,786
(approximately $50,000 a month). We are learning about the flow of expenses in the program: for example, July-August
are more expensive months because of the year’s start-up, and the major week-long summer residency. We spent
approximately $55,000 each of those two months, whereas December expenditures totaled $43,000. Our estimates of
projected expenses seem to have been fairly accurate in most cases. We have spent slightly over projection in business
travel and technology support (covering some development costs), for example, but slightly less on advertising and
postage. I believe that the end result will be overall expenses close to or slightly under overall projections.

Important Updates:
8 Dr. Jon Wergin, a nationally recognized leader in higher education reform (recently featured in The
Chronicle of Higher Education) and currently full professor of adult education at Virginia Commonwealth
University, will be joining the
Ph.D.
in Leadership & Change as full professor in July 2003.
A national search is underway for a senior faculty in organizational change to begin in
SummerIFall
2003.
The Search Committee is currently reviewing the 50 applications, with final cut interviews to be held in
MarchIApril.
8 As of this writing (1/8), we have 16 student applications for the next 25-student cohort, which begins
Summer 2003. Priority deadline is February 14. Since this is the program’s first ‘normal’ year of
operations, I do not have comparison data as to the pace of applications at this time last year. However,
inquiries per week have definitely increased. 1 believe we are in good shape, but will know more by the
February Board meeting.
8 We have converted the program’s website (www.phd.antioch.edu) to an entirely FirstClass-based set-up.
While there were one-time conversion costs to pay, we are now able to change and update any page of
the
website
with the ease of sending an
email.
There is virtually no need for a ‘webmaster’ and all
information can be made up-to-the-minute current and accurate on a regular basis.
Laurien Alexandre
Director

PhD in Leadership and Change
December 31, 2002 Actual Expenditure Summary by Function
Revenues
Tuition & Fees
Less Tuition Discounts
Net Tuition and Fees
Gifts
Lead Gifts
Grants
Endowment income
Contracts
Other Income
Realized Gains
Unrealized Gains
Total
E&G
Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total
E&G
Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
Dec 31,2000 Dec 31,2001
Actual Actual —- –
Change From
2002-03 Budget
2002-03 Dec 31,2002 to 2002-03 Actual
Budget —
596,130
-5,500
590,630
0
0
0
0
0
0
0
0
590,630
0
0
590,630
294,934
0
0
0
0
0
1,482
0
296,416
0
296,416
294,214
0
0
0
0
-1,482
-1,482
295,696
Change From
2001 Actual
to 2002 Actual

PhD in Leadership and Change
December 31,2002 Actual Expenditure Summary by Category
Change From
2002-03 Budget
to 2002-03 Actual
s %
Change From
2001 Actual
to 2002 Actual
s %
31, 2000 Dec 31, 2001 2002-03 Dec 31, 2002
Actual Actual Budget Actual
——- ——- ——-
123,325 590,630 612,792 Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Program Contingency, Discrestionary
Liquidity Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget

WYSO RADIO
2002-03 Mid-Year Performance
Midway through the fiscal year, WYSO Public Radio is running a deficit. Management and staff are working hard to
address this situation. However, all acknowledge that the fundraising environment for not-for-profits nationwide has been
significantly depressed for the past year, with some reports noting an aggregate decline in revenues of well over 20
percent. The public radio system’s experience is running parallel with that of other non-profit fundraising. The troubled
economy, coupled with significant uncertainty about prospects for its return to stability, is clearly at the core of this
situation.
In the August 5, 2002 edition of Current, the biweekly newspaper about public broadcasting, an article addressed the
emerging trends:
Public radio fundraisers heard troubling news at last month’s Public Radio
DevelopmentIMarketing
Conference: after
an unprecedented six-year growth spurt when
pubradio
net revenues per listener-hour grew by nearly 30 percent, that
trend reversed itself. The figure dropped 12 percent in fiscal years 2000 and 2001, reported Tom Thomas, Co-CEO of
the Station Resource Group.
The station consultant blamed two emerging trends for the downward dip: fundraising costs are growing faster than
the revenues they produce, and gross revenues per listener are falling.
Between 1994 and 1999, the opposite was true. Fundraising costs were rising but not as fast as the proceeds that
poured into stations, and more listeners were donating more as they consumed greater amounts of public radio.
Not surprisingly, the.. .drop.. . over two years coincides with the dot-corn bust and ensuing recession, Thomas said.
Listeners are more reluctant to give when times are tight.
The sobering decline appears to fly in the face of pubradio’s more familiar good news.

It’s true that more people are listening to – and giving to – public radio than ever before. But despite that, pubradio
failed to cajole from its audience as many dollars per listener-hour as in the past. One reason, Thomas says, is the
“membership lag,” in which listeners who discover public radio often wait a few years before they start to contribute.
Later in the same article:
Development consultants Helen Kennedy and Jim Lewis elaborated on Thomas’s remarks in their annual State of the
System report.. .
While overall giving increased by nearly $17 million in fiscal 2000 and 2001 for select stations, most of the gain, $10
million, was in the first year. And while the audience grew as well, the system experienced slower growth in average
gifts and gifts per member.
Stations saw no growth in additional gifts and major giving renewals were down and upgrade rates declined.
When additional gifts are the first thing to go down, Kennedy said, it’s a surefire sign that the economy is in trouble.
The trends cited in this article have only intensified in the past several months as key economic indicators show no signs
of the economy improving anytime in the near future.
Nevertheless, it should be noted that WYSO has never been better positioned to overcome its current financial situation.
In terms of audience,
WYSO’s
average weekly listenership continues to be at an all-time high. More importantly, by
focusing the broadcast schedule on programming that is of high value to the Miami Valley community, the two most
critical indicators of radio station success have posted the most dramatic gains the station has ever seen. These
indicators are the audience measurements of AQH (average quarter hour) and TSL (time spent listening). Insofar as
public radio fundraising is concerned, when these two measures rise, stations witness a rise in “listener loyalty.” In other
words, if a station attracts more AQH listeners and gives these listeners a reason to stick around, it decreases audience
turnover and, thereby, increases the average TSL. Thus, more committed listening equals intensified loyalty. Loyalty, in
this regard, is not a concept or a feeling, but rather a direct measure of how much a listener is using a given station’s
services. Higher loyalty sustained over time directly relates to increased fundraising

With WYSO1s AQH and TSL at all-time highs, its fundraising opportunities are also rising. However, the several
difficulties cited in the article quoted above are hurdles that must be overcome.
One hurdle is the “membership
lag”
factor, to which Tom Thomas referred. New listeners and even existing listeners who
now find themselves listening longer hours do not immediately start contributing (or, among current members,
contributing at higher levels). In good economic times or bad, the public radio system experience is that it takes a couple
of years of sustained, reliable programming for a given station to translate an increase in listener loyalty into an increase
in revenue.
And here is where WYSO finds itself in a bit of a Catch-22. WYSO has been and is experiencing the same fundraising
difficulties being experienced across the public radio system. However, certain reductions in expenditures would likely
reduce productivity, as well as impact service to listeners. If listenership patterns return to “case study” lows, listener
loyalty declines. Then the station is less capable of growing out of its current financial situation.
All of this said, WYSO is taking several steps to reduce costs and raise additional revenues:
Plans are underway to conduct an extended Spring 2003 On-Air Membership Campaign. Over the past several
years
WYSO1s
two major seasonal campaigns have run 9-10 days. The upcoming campaign may run as many as
14 days. This may be a bit problematic as there can be some negative repercussions to taking up too much
airtime for fundraising. However, the times and circumstances offer little choice. More listeners with the means to
do so must be encouraged and convinced that without their support, services cannot be sustained.
As has been the case for several of the past few years, WYSO will conduct an end-of-fiscal year on-air campaign.
This, too, may be lengthened to, perhaps, 5-6 days (as opposed to those that have run 3-4 days).
Direct mail appeals will continue to make use of the industry’s best practices to optimize returns.
Management has received a commitment from the WYSO Resource Board’s chairman that he will provide
necessary leadership to help the station establish a major donors circle. It is hoped that WYSO will be able to

generate some significant revenues from this effort even before the close of the current fiscal year
The station’s News Director position will remain vacant for the current quarter, at least. The savings on salary and
benefits will ease budgetary pressures, however, it is unclear at this writing whether audiences perceive any
significant reduction in service and, thereby, impact listening patterns, loyalty, etc. Should this be the case,
savings may be somewhat illusory as fundraising opportunities are reduced due to the impact on the broadcast
product.
The station’s Chief Engineer has recently accepted a position with a radio group in Cincinnati and will soon vacate
his part-time assignment at WYSO. The station moved from having a contract engineer to making this a staff
position a little over a year ago because of the station’s increased engineering needs as a result of broadcasting’s
ongoing transition to fully digital operations. Much has been accomplished in having a staff engineer and
management is reasonably satisfied that WYSO can, at least for a time, function again with a contract engineer.
There will be a savings witnessed on the salary and benefits currently being spent on this position.
Management is attempting to identify “capacity building” grant funds that can help to support ongoing operations.
I also serve as the current President of Ohio Public Radio (OPR). In this role, I have made it a priority with my
colleagues that the state’s public radio stations formally adopt a statewide underwriting plan. The concept of these
statewide programs is that there are statewide and regional businesses and industries that would benefit from
underwriting public radio programming and stations. However, in a given state, these firms are disinclined to do
this if it requires them to have to work with 10, 15, or 20 different stations, each with its own guidelines and
policies. A statewide underwriting plan allows all stations in a state to have a single, unified policy so as to
facilitate these underwriting opportunities. In the past year, the public radio stations of North Carolina and Florida
have raised an average of
$1.5M
each because of their willingness to collaborate. The OPR stations have little
doubt that similar opportunities exist in this region of the country, so long as an acceptable agreement can be
forged and implemented. At this writing, the plan is almost complete and OPR expects to adopt it before the end
of this quarter. While revenues will not flow immediately thereafter, the prospects for revenue growth for all
~articioatina
stations is
exoected
to be sianificant within the next 18 months and bevond.

Opportunities for creative allianceslpartnerships will be explored. A decade ago, WYSO and WDPR engaged in
the “Twin Signals Project,” a joint, major capital campaign to raise the funds necessary for WYSO to upgrade its
transmission capacity from 11,000 to 37,000 watts and WDPR to establish a secondary transmission facility in
Greenville, OH. Since this time, the two stations have maintained a cordial and collaborative relationship
(e.g.,
the
stations continue to abide by an informal arrangement not to present duplicative programming). Since Twin
Signals, WYSO and WDPR have, from time to time, discussed options for combining some operations as a way of
creating efficiencies, while remaining separately licensed stations. Ever since public broadcasting’s federal
funding crisis of the
mid-1990’~~
the Corporation for Public Broadcasting (CPB) has been encouraging stations to
explore such arrangements as the cost savings can only benefit the overall growth of service and opportunities for
self-sufficiency. When economic conditions were strong and new competitive pressures were a little over the time
horizon, many stations did not feel as compelled to vigorously pursue collaborative arrangements. As
circumstances have changed dramatically, there is now renewed interest in these opportunities.
WYSO’s
Fall 2002 On-Air Membership Campaign set an overall fundraising goal of $160,000 ($10,000 more than the Fall
2001 goal). The final tally was $160,150 – $75,620 through telephone pledges, $53,179 though direct mail, $1 5,130 via
Internet pledges, and $16,221 in challenge funds. WYSO had the experience of many public radio stations throughout
the nation this past fall in that it reached its goal, but only just. Other stations fell short of their goals (a notable example
is WBEZ, Chicago Public Radio, which fell $700,000 short).
The station’s overall membership goal for the fiscal year is $450,000. Actual dollars received as of December 31, 2002
was $181,066, which constitutes slightly more than 40% towards goal.
Per usual, WYSO will receive additional revenues pledged during the fall campaign period by federal employees via the
Combined Federal Campaign (CFC). That revenue figure will not be available until February or March 2003 and, thus,
will be a part of the station’s fiscal year 2002-03 report.
The underwriting goal for the fiscal year is $250,000. As of December 31, 2002, total billable underwriting was $144,617
or 58% towards goal, with actual receipts of $81,807 or 33% towards goal.
Over the past few years, WYSO has had success in bringing in additional revenues via telemarketing to lapsed members
of the station. However, the previous success rate has fallen precipitously for WYSO and stations nationwide ever since

a new law went into effect that requires telemarketers to specifically identify the ownership and location of the
organization for which they are soliciting funds. There are a variety of analyses regarding how this mandatory verbiage is
negatively impacting fundraising. Regardless, the fact is that it has placed yet another difficulty in the path of
organizations already trying to cope with several other problems in raising revenues. There are efforts underway to
encourage legislators to enact an exemption to this regulation for not-for-profits, but at this writing it is doubtful that such
will occur anytime in the near future.
Steve Spencer
General Manager

WYSO-FM
December 31, 2002 Actual Expenditure Summary by Function
Revenues
Tuition & Fees
Less Tuition Discounts
Net Tuition and Fees
Gifts
Lead Gifts
Grants
Endowment Income
Contracts
Other Income
Realized Gains
Unrealized Gains
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total E&G Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
Dec 31, 2000
Actual
– – – – – – – –
Dec 31, 2001
Actual
2002-03 Dec 31, 2002
Budget
– – – – – – – –
0
0
0
220,000
0
85,000
0
0
169,029
0
0
474,029
252
0
474,281
0
0
485,682
0
0
0
15,219
0
500,901
0
500,901
-26,620
3,500
0
7,584
0
-15,219
-4,135
-22,485
Actual
Change From
2002-03 Budget
to 2002-03 Actual
Change From
2001 Actual
to 2002 Actual

WYSO-FM
December 31, 2002 Actual Expenditure Summary by Category
Revenues
Operating Expenses
Salaries &Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Program Contingency, Discretionary
Liquidity Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Univ Conf)
Depreciation
Total Operating Expenses
Excess Revenue over Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
Dec 31, 2000 Dec 31, 2001
Actual Actual
– – – – – – – – ——–
381,106 358,831
2002-03 Dec 31, 2002
Budget
– – – – – – – –
474,281
150,949
51,960
16,893
0
252
5,428
233,556
22,990
2,402
0
1,252
0
0
0
0
0
0
0
0
15,219
500,901
-26,620
3,500
0
7,584
0
-15,219
-4,135
-22,485
Actual
– – – – – – – –
381,013
179,498
54,941
7,442
0
0
1,949
248,492
33,107
3.649
0
51
0
0
0
0
0
0
0
0
14,212
543,341
-1 62,328
0
0
7.582
0
-14,212
-6,630
Change From
2002-03 Budget
to 2002-03 Actual
Change From
2001 Actual
to 2002 ‘Actual
$ %
– – – – – – – – – – – – – – – –
22,182 6.18%

University Wide
December 31, 2002 Actual Expenditure Summary by Function
Revenues
Tuition & Fees
Less Tuition Discounts
Net Tuition and Fees
Gifts
Lead Gifts
Grants
Endowment Income
Contracts
Other Income
Realized Gains
Unrealized Gains
Total E&G Revenue
Auxiliary Enterprises
Released From Restrictions
Total Revenues
Net Overhead for Central Operations
Operating Expenses
Instruction
Research
Public Service
Academic Support
Student Services
Institutional Support
Plant Maintenance
Scholarships
Total E&G Expenses
Auxiliary Enterprises
Total Operating Expenses
Excess Revenueover Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add back Depreciation
Total Cash Items
Net Cash Basis Budget
Dec 31, 2000 Dec 31, 2001
Actual
– – – – – – – –
70
0
70
0
0
50,438
-106,760
0
189,127
-235,762
-651,951
-754,838
0
344,959
-409,879
343,791
4,066
0
0
210,568
0
488,016
1,406,495
61,349
2,170,494
0
2,170,494
-2,236,582
22,738
0
59,546
0
-1,406,495
-1,324,211
-91 2,371
Actual
– – – – – – – –
0
0
0
0
0
61,753
-1 17,676
0
153,201
-263,873
-1,034,595
-1,201,190
0
465,030
-736,160
287,485
0
0
0
202,269
0
576,834
1,465,775
70,330
2,315,208
2,315,208
-2,763,883
3,406
0
62,062
0
-1,465,775
-1,400,307
-1,363,576
2002-03
Dec 31, 2002
Budget
* – – – – – – –
0
0
0
0
0
52,085
88,460
0
80,589
0
0
221,134
0
366,858
587,992
168,448
0
0
0
30,057
0
622,937
11 1,073
52,085
816,152
0
816,152
-59,712
20.000
0
62,060
0
-1 11,073
-29,013
-30,699
Actual
– – – – – – – –
0
0
0
0
0
57,171
-203,630
0
137,434
-2,305,956
517,730
-1,797,251
0
289,796
-1,507,455
177,050
0
0
0
29,952
0
576,867
114,716
64,255
785,790
0
785,790
-2,116.195
15,573
0
62,061
0
-1 14,716
-37,082
-2,079,113
Change From Change From
2002-03 Budget 2001 Actual
to 2002-03 Actual to 2002 Actual

University Wide
December 31, 2002 Actual Expenditure Summary by Category
Revenues
Operating Expenses
Salaries & Wages
Benefits
Training & Development
Student Aid Services
Special Events
Supplies
Business Operations
Plant Maintenance
Interest Expense
Resale Costs
Miscellaneous
ContingencyIReserves
Campus Contingency, Mandatory
Campus Program Contingency, Discretionary
Liquidity Reserve
Overhead
To the University
Rebates from the University
Subsidy from Adult Campuses
Subsidy from Overhead
Other (Intercampus Agree & Un~v Conf)
Depreciation
Total Operating Expenses
Excess Revenueover Expenses
Annual Budget Conversion to Cash Basis
Capital Expenditures
Borrowing Proceeds
Principal Payments
Prior Year Reserves
Add Back Depreciation
Total Cash Items
Net Cash Basis Budget
Dec 31, 2000 Dec 31, 2001
Actual Actual
– – – – – – – –
-448,675
220,990
60,307
51,996
0
0
2,461
247,102
25,118
97,532
0
16,009
26,218
0
14,199
0
0
0
0
87,501
1,465,775
2,315,208
-2,763,883
3,406
0
62,062
0
-1,465,775
-1,400,307
-1,363,576
2002-03 Dec 31, 2002
Budget
——–
756,440
143,710
40,153
82,780
0
0
1,859
295,819
2,742
49,831
0
2,019
1,752
0
0
0
0
0
0
84,414
11 1,073
816,152
-59,712
20,000
0
62,060
0
-1 11,073
-29,013
Actual
– – – – – – – –
-1,330,405
137,787
39,474
59,483
0
0
11,253
243,028
359
66,947
0
16,159
0
0
0
0
0
0
0
96,584
114,716
785,790
-2,116,195
15,573
0
62,061
0
-114,716
-37,082
Change From
2002-03 Budget
to 2002-03 Actual
Change From
2001 Actual
to 2002 Actual
$ . O/o
—- —- – – – – – – – –
881,730 -196 52%

AIR AGING REPORT DECEMBER 31, 2002
U N IT1 AMOUNT
STUDY PERIOD BILLED
COLLEGE (inc AEA)
2001102 Year
02 Summer
02 Fall
03 Spring
Total College
SANTA BARBARA
2001 102 Year
02 Summer
02 Fall
03 Winter
03 Spring
Total S.B.
LOS ANGELES
2001 102 Year
02 Summer
02 Fall
03 Winter
03 Spring
Total L.A.
SEATTLE
2001 102 Year
02 Summer
02 Fall
03 Winter
03 Spring
Total Seattle
NEW ENGLAND
2001 102 Year
02 Summer
02 Fall
03 Spring
Total NE $9,071,171
MCGREGOR
2001 102 Year
02 Summer $732,653
02 Fall $2,036,598
03 Winter
03 Spring
Total McG $2,769,251
PhD in LEADERSHIP & CHANGE
2001 102 Year
2002103 Year $617,650
Total PhD $617,650
TOTAL UNIV $42,878,602
AMOUNT AMOUNT PERCENTAGE PERCENTAGE
COLLECTED OUTSTANDING COLLECTED COLLECTED
12/31 102 12/31/01

AIR AGING REPORT DECEMBER 31,2002
UNIT/
AMOUNT
STUDY PERIOD BILLED
AMOUNT AMOUNT PERCENTAGE PERCENTAGE
COLLECTED OUTSTANDING COLLECTED
12/31/02
COLLECTED
12/31/01
COLLEGE (inc AEA)
2001102 Year
02 Summer
02 Fall
03 Spring
Total College
SANTA BARBARA
200 1102 Year
02 Summer
02 Fall
03 Winter
03 Spring
Total S.B.
LOS ANGELES
2001102 Year
02 Summer
02 Fall
03 Winter
03 Spring
Total L.A.
SEATTLE
2001
102
Year
02 Summer
02 Fall
03 Winter
03 Spring
Total Seattle
NEW ENGLAND
2001 102 Year
02 Summer
02 Fall
03 Spring
Total NE
MCGREGOR
2001102 Year
02 Summer
02 Fall
03 Winter
03 Spring
Total
McG
PhD
in LEADERSHIP & CHANGE
2001102 Year
2002103 Year $617,650
Total
PhD
$617,650
TOTAL UNIV $42,878,602

ANTIOCH UNIVERSITY
Status of Accounts Payable
As of December 31,2002
Aged from Invoice Date
Current (0 to 30) $99,567.63
31 -60 Days 190.78
61 to 90 Days 0.00
Over 90 Days 805.00
Percent of Total
Dec
31 2002
Dec
31 2001
99.01 % 31 .60°/
0.19%
44.92%
0.00% 21.29%
0.80% 2.19%

COST CENTERS
INSTRUCTION:
Undergraduate
Heritage Institute
Preparatory-Remedial Education
Teacher Certification
Arts
Human Services
Computer Instruction
Cooperative Education
Environmental Field Program
Continuing Education
History, Philosophy & Religion
Physical Sciences
Languages, Literature & Culture
Environmental & Biological Sciences
Self, Society & Culture
Cultural & Interdisciplinary Studies
Social & Global Studies
AEA (Antioch Education Abroad)
MS Management
MA Psychology
MA Education
OSR
Whole System Design
MA Organizational Management
DanceIMovement
Therapy
Counseling Psychology
Marriage and Family Therapy
Environmental Studies
Education
Organization & Management
Applied Psychology
Clinical Psychology
IMA
Weekend Program
Intercultural Relations
INSTRUCTION
(Cont’d):
Conflict Resolution
Environment & Community
Fine Arts
PhD
in Leadership & Change
RESEARCH:
Individual and Project Research
PUBLIC SERVICE:
Glen Helen
Antioch Review
WYSO
Counseling Centers
ACADEMIC SUPPORT:
Academic Administration
General Faculty
AEA Administration
Cross Cultural Program
ArchivesIAntiochiana
LibraryIMedia
Services
Psychological Services Center
Research and Evaluation
Writing Center
WSD Institute
Academic Computing
STUDENT SERVICES:
Financial Aid Administration
Student Admissions
Registrar (Student Records)
Student Services
Advocate’s Office
Infirmary
Counseling
STUDENT SERVICES Cont’d:
Security
Student Loan Office
Community Government
INSTITUTIONAL SUPPORT:
Chancellor
Trustees
Provosff
President
Fiscal Operations
Business Operations
General Administration
Central Services
Personnel
Alumni
DevelopmenffAdvancement
Public Relations
Publications
Administrative Computer Service
University Administration
PLANT MAINTENANCE:
Maintenance
Custodial
Building & Grounds
Power Plant
Depreciation
SCHOLARSHIPS:
Grants & Scholarship
AUXILIARY ENTERPRISES:
Dining Services1 Gathering Space
HousingIBookstore
Computer Sales
McGregor
Conference Center

LINE ITEMS
SALARIES & WAGES: Compensation
Paid to Contracted Employees
Core Faculty
Associate Faculty
Adjunct Faculty
Administrators
Administrative Associate
Teaching Assistants
Unionized Staff
Non-Unionized Staff
Students
Retirees
Other Staff Employees
Student Vouchers
Student Stipends
Overseas Allowance
BENEFITS: Required and Non-Required
Benefits Paid
MedicalIDental
Card
Dental
FICA
Worker’s Comp
Unemployment
Life Insurance
Long & Short Term Disability
Retirement
Moving Expenses
Employee Tuition Waivers
Miscellaneous Benefits
TRAINING & DEVELOPMENT:
Non-Contracted Expenses for Trg &
Develop
Business Travel
Local
MeetingslWorkshops
Professional Development
Employee Recruiting
Program Development
STUDENT AID:
Restricted Grant Scholarships
Student Vouchers
SPECIAL EVENTS:
Graduation
Orientation
Miscellaneous Special Events
SUPPLIES:
Office Supplies
Instructional Supplies
Research Supplies
Duplicating Supplies
Computer Supplies
Computer Software
Maintenance Supplies
Furniture Supplies
Equipment Supplies
Library Supplies
Food Supplies
Miscellaneous Supplies
BUSINESS OPERATIONS COSTS:
General Cost of Doing Business
Subscriptions
& Publications
Purchased Services
Consulting
Honoraria/Stipends
Information & Communications
Memberships & Dues
Printing
PostageIFreight
AudioNisual
Advertising
Telecommunications
Internet & Leased Lines
Legal
Audit
Bad Debt Expense
PLANT MAINTENANCE COSTS:
Costs Related to Facilities
Maintenance Contracts & Repairs
Computer Maintenance
Purchased Services
Utilities
Vehicle Operation
Facility Rental
Equipment Rental
InsurancelTaxes
DEPRECIATION:
INTEREST EXPENSE:
Interest
Bank Charges (include credit card charges)
RESALE COSTS:
Books for Resale
Computers for Resale
Supplies for Resale
MISCELLANEOUS COSTS:
Miscellaneous
Student Activities
Student Insurance
Payments to Annuitants
CONTINGENCYIRESERVES:
Campus Contingency, Mandated
Campus Contingency, Discretionary
Liquidity Reserve
OVERHEAD COSTS:
Regional Overhead
University
OverheadIRebate
University Conference
College Fund
Operation Subsidy
Inter-Campus Agreements