CONSOLIDATED STATEMENT OF ACTIVITIES
AND CHANGES IN NET ASSETS
Years Ended June 30, 2024 and 2023
(Dollars
in thousands)
REVENUES, GAINS AND OTHER SUPPORT 2024 2023
Tuition and fees
Less scholarships
$ 49,746
(5,119)
$ 46,731
(4,286)
Net revenue from tuition and fees 44,627 42,445
Contributions 4,638 4,297
Auxiliary programs 1,489 1,722
Other 436 426
Investment income 8,532 6,720
TOTAL REVENUE $ 59,722 $ 55,610
EXPENSES
Salaries, wages and benefits $ 36,993 $ 36,995
Operating expenses 7,938 7,770
Facilities and operations 3,070 2,746
Debt service costs 1,975 1,556
Depreciation and amortization 3,559 3,458
TOTAL EXPENSES $ 53,535 $ 52,525
Increase in Net Assets — Before other changes in net assets $ 6,187 $ 3,085
Other Changes in Net Assets
Gain on interest rate swaps
Change in postretirement benefits not yet recognized in operations
Loss on disposal of property and equipment
717
84
(282)
1,691
(1)
–
Increase In Net Assets $ 6,706 $ 4,775
Net Assets — Beginning of year $ 111,021 $ 106,246
Net Assets — End of year $ 117,727 $ 111,021
7 A N N UA L R E P O R T 2 0 2 3 – 24
