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