Consolidated Statement of Activities
and Changes in Net Assets
Years Ended June 30, 2025 and 2024
(Dollars in thousands)
Revenues, Gains and Other Support 2025 2024
Tuition and fees
Less scholarships
$ 52,725
(5,255)
$ 49,746
(5,119)
Net revenue from tuition and fees 47,470 44,627
Contributions 4,410 4,638
Auxiliary programs 1,497 1,489
Other 514 436
Investment income 9,620 8,532
TOTAL REVENUE $ 63,511 $ 59,722
Expenses
Salaries, wages and benefits $ 38,927 $ 36,993
Operating expenses 9,305 7,938
Facilities and operations 3,176 3,070
Debt service costs 1,818 1,975
Depreciation and amortization 3,684 3,559
TOTAL EXPENSES $ 56,910 $ 53,535
Increase in Net Assets—Before other changes in net assets $ 6,601 $ 6,187
Other Changes in Net Assets
(Loss) gain on interest rate swaps
Change in postretirement benefits not yet recognized in operations
Loss on disposal of property and equipment
(279)
(105)
–
717
84
(282)
Increase In Net Assets $ 6,217 $ 6,706
Net Assets—Beginning of year $ 117,727 $ 111,021
Net Assets—End of year $ 123,944 $ 117,727
Financials
9 A N N UA L R E P O R T 2 0 24 / 2 5
