Issue link: http://latinschool.uberflip.com/i/1054109
(1) The school entered into a note payable and swap agreement with a financial institution to purchase the land and building at 1547–1551 N. Dearborn. (2) The school's endowment balance of $58,501,764 (excludes pledges) consists of the board-designated endowments, a portion of the temporarily restricted and all of the permanently restricted net assets. (3) For FY2018 and FY2017, the school was budgeted at break-even operating result. Due to better-than-budgeted enrollment, strong annual giving and endowment, there was an operating surplus, which was transferred to board-designated endowment. (4) Increase in Restrictions Not Met in FY2018, is related to fundraising for the Learning Commons project. (5) Latin has a policy of appropriating for distribution each year 4.5% of the endowment fund's average fair value over the prior three years. (6) The consolidated financial statements of the school include High Jump, Inc., a not-for-profit organization that operates an academic enrichment program for seventh and eighth grade students from Chicago public and parochial schools. Non-Operating Revenue 2018 2017 Restricted Gifts 4 Restrictions Not Met $ 3,901,156 $ 260,688 Restrictions Met $ (1,547,247) $ (1,277,157) Endowment Gifts $ 1,118,845 $ 2,544,954 5 Operating Payout $ (1,971,227) $ (1,737,398) Restricted Endowment Income Not Met $ 44,276 $ 62,740 Endowment Investment Return $ 4,354,002 $ 6,466,770 Unrealized Swap Gain (Loss) $ 911,548 $ 702,810 6 High Jump $ 1,918,227 $ 1,703,401 TOTAL NON-OPERATING REVENUES $ 8,729,580 $ 8,726,808 Non-Operating Expense Endowment Fund Expenses $ 228,303 $ 87,902 Temporarily Restricted Fund Expenses $ 102,476 $ 72,993 Non Cash Capital and Debt Expenses $ (33,503) $ 46,503 6 High Jump $ 1,812,352 $ 2,119,480 TOTAL NON-OPERATING EXPENSE $ 2,109,628 $ 2,326,878 NET NON-OPERATING INCOME (LOSS) $ 6,619,952 $ 6,399,930 INCREASE IN NET ASSETS $ 6,806,189 $ 6,763,417 F I N A N C I A L S Consolidated Statement of Activities (Years ended June 30, 2018 and 2017), continued Latin School of Chicago 8