Fiscal 2009-2010
The College realized a surplus of $1,816,608 for the fiscal year ended June 30, 2010. Revenue for the year totaled $63,114,944 and expenses totaled $61,298,336. The surplus (change in net assets) of $1,816,608 resulted in increasing unrestricted net assets by $1,977,601 and decreasing restricted net assets by $160,993. Revenue increased $2,710,982 or 4.5% from the fiscal year ended June 30, 2009, to the fiscal year ended June 30, 2010. Continued expansion of online instruction was a major factor in revenue growth from the 2009 to 2010 fiscal year.
As of June 30, 2010, assets at the College totaled $43,327,755 and liabilities totaled $15,679,060 resulting in net assets of $27,648,695. The increase in net assets of the College in the amount of $1,816,608 represented a 7.0% increase in net assets from the 2009 to the 2010 fiscal year.
The statements on this and the following pages have been excerpted from the College's audited financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted. These statements should be read in conjunction with the complete audited financial statements and notes thereto; they reflect the operations of Excelsior College for 2009- 2010 and the prior fiscal year.
STATEMENT OF ACTIVITIES
FOR THE ANNUAL PERIOD ENDED
JUNE 30, 2010 AND 2009
2010
Revenues, gains, and other support:
Enrollment and other fees: 16,152,034
Tuition: 26,279,497
Examination fees: 17,882,750
Other sources: 2,800,663
Total revenues, gains, and other support: 63,114,944
Expenses:
Academic programs: 34,310,596
Student services: 7,539,214
Institutional support: 19,448,526
Total expenses: 61,298,336
Change in net assets: 1,816,608
Net assets at beginning of year: 25,832,087
Net assets at end of year: 27,648,695
2009
Revenues, gains, and other support:
Enrollment and other fees: 17,519,078
Tuition: 22,899,265
Examination fees: 18,499,505
Other sources: 1,486,114
Total revenues, gains, and other support: 60,403,962
Expenses:
Academic programs: 32,825,264
Student services: 7,692,113
Institutional support: 18,105,639
Total expenses: 58,623,016
Change in net assets: 1,780,946
Net assets at beginning of year: 24,051,141
Net assets at end of year: 25,832,087
STATEMENT OF FINANCIAL POSITION
JUNE 30, 2010 AND 2009
2010Assets:
Total current assets: 33,112,432
Fixed assets: 9,987,281
Other assets: 228,042
Total assets: 43,327,755
Liabilities:
Total current liabilities: 13,843,319
Other liabilities: 1,835,741
Total liabilities: 15,679,060
Net assets:
Total unrestricted: 26,809,778
Total restricted: 838,917
Total net assets: 27,648,695
Total liabilities and net assets: 43,327,755
2009
Assets:
Total current assets: 30,347,318
Fixed assets: 9,779,050
Other assets: 31,174
Total assets: 40,157,542
Liabilities:
Total current liabilities: 12,295,223
Other liabilities: 2,030,232
Total liabilities: 14,325,455
Net assets:
Total unrestricted: 24,832,171
Total restricted: 999,910
Total net assets: 25,832,087
Total liabilities and net assets: 40,157,542
16 | Live & Learn /Annual Report 2009-2010
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