C O N S O L I D AT E D S TAT E M E N T O F A C T I V I T I E S
A N D C H A N G E S I N N E T A S S E T S
(Years Ended June 30, 2023 and 2022)
(Dollars in thousands)
Revenues, Gains and Other Support 2023 2022
Tuition and fees $ 46,731 $ 45,590
Less scholarships (4,286) (4,402)
Net revenue from tuition and fees 42,445 41,188
Contributions 4,297 3,935
Auxiliary programs 1,722 1,637
Other 426 196
Investment income (loss) 6,720 (11,212)
TOTAL REVENUE $ 55,610 $ 35,744
Expenses
Salaries, wages and benefits $ 36,995 $ 34,799
Operating expenses 7,770 8,189
Facilities and operations 2,746 2,877
Debt service costs 1,556 429
Depreciation and amortization 3,458 3,345
TOTAL EXPENSES $ 52,525 $ 49,639
Increase (Decrease) in Net Assets — Before other changes in net assets $ 3,085 $ (13,895)
Other Changes in Net Assets
Gain on interest rate swaps
Change in postretirement benefits not yet recognized in operations
1,691
(1)
1,386
252
Increase (Decrease) In Net Assets $ 4,775 ($ 12,257)
Net Assets — Beginning of year $ 106,246 $ 118,503
Net Assets — End of year $ 111,021 $ 106,246
A N N UA L R E P O R T 2 0 2 2 – 2 3 7
