Report on Financial Position

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Designation of Funds

July 1, 2018–June 30, 2019

Designation of funds pie chart 2019

Current Operations
Berea Fund – Unrestricted
$4,708,336.27
Perpetual Trusts – Unrestricted
$951,099.64
Student Aid – Restricted
$212,318.19
Other – Restricted
$13,847,039.24
Subtotal – Current Operations

$19,718,793.34 (36.1%)

Capital Purposes
$18,333,587.61 (33.6%)
Endowment
Restricted
$2,378,520.64
Unrestricted
$12,341,453.30
Subtotal – Endowment
$14,719,973.94 (27.0%)
Other
Student Loan Fund
$500.00
Gift Value of Annuities and Life Income Agreements
$1,479,280.09
Gifts-In-Kind
$322,399.92
Subtotal – Other
$1,802,180.01 (3.3%)
GRAND TOTAL (100%)
$54,574,544.90

 

Source of Support

July 1, 2018–June 30, 2019

Source of Support pie chart 2019

Friends
Outright Gifts
$3,881,876.02
Bequests
$11,464,430.90
Gift Value of Annuities and Life Income Agreements
$414,624.27
Gifts-in-Kind
$314,667.92
Subtotal – Friends
$16,075,599.11 (29.5%)
Alumni
Outright Gifts
$2,394,725.34
Bequests
$2,214,694.84
Gift Value of Annuities and Life Income Agreements
$1,064,655.82
Gifts-in-Kind
$3,231.00
Subtotal – Alumni
$5,677,307.00 (10.4%)
Foundations, Corporations and Other Sources
General Welfare Foundations
$2,497,626.54
Corporations and Corporate Foundations
$30,244,378.43
Organizations, Associations, and Clubs
$55,170.56
Gifts-in-Kind
$4,501.00
Fundraising Consortia
$15,212.26
Religious Groups
$4,750.00
Subtotal – Foundations, Corporations, and Other Sources
$32,821,638.79 (60.1%)
Total Outright Gifts, Bequests, and Gift Value of Annuities and Life Income Agreements$54,252,144.98
Grand Total
$54,574,544.90 (100.0%)

 

Statements of Financial Position

Years ended June 30, 2019 and 2018

2019
2018
Assets
Current Assets
Cash and cash equivalents
$76,893,484
$58,462,357
Receivables and accrued interest
15,806,557
11,327,833
Inventories
1,167,028
1,267,481
Prepaid expenses and other assets
881,139
1,315,995
Contributions receivable and bequests in probate
15,090,929
27,624,049
Total current assets
109,839,137
99,997,715
Long-term Prepaid Expenses and Other Assets
912,559
1,135,066
Long-term Contributions Receivable and Bequests in Probate
12,354,282
12,108,881
Long-term Receivables
703,068
695,043
Long-term Investments
Donor restricted endowment
658,194,000
646,528,200
Board designated endowment
560,546,000
545,549,900
Annuity and life income
25,391,400
26,058,900
Funds held in trust by others
31,014,000
30,549,000
Other investments
4,748,500
4,924,700
Total long-term investments
1,279,893,900
1,253,610,700
Property, Plant, and Equipment (net)
248,643,545
237,393,342
Total assets
$1,652,346,491
$1,604,940,747
Liabilities and Net Assets
Current Liabilities
Accounts payable and accrued expenses
$13,775,856
$12,440,045
Accrued salaries and wages
$3,325,890
$3,096,967
Current portion of interest rate swap valuation
$471,918
$403,353
Current maturities of long-term debt
$3,085,328
$3,016,804
Other current liabilities
$881,257
$931,232
Total current liabilities
$21,540,249
$19,888,401
Long-term Liabilities
Actuarial liability for annuities payable and other liabilities
$14,505,797
$415,067,422
Deferred financing expense
(1,449,055)
(1,327,869)
Interest rate swap valuation
4,605,082
3,220,647
Long-term debt
43,092,758
41,452,086
Total long-term liabilities
60,754,582
58,412,286
Total liabilities
82,294,831
78,300,687
Net Assets
Without Donor Restrictions
812,590,400
743,169,802
With Donor Restrictions
757,461,260
783,470,258
Total net assets
1,570,051,660
1,526,640,060
Total liabilities and net assets
$1,652,346,491
$1,604,940,747

 

Statements of Activities

Years ended June 30, 2019 and 2018

2019
2018
Operating Revenue
Spendable return from long-term investments
$51,450,536
$48,731,355
Gifts and donations
5,929,382
5,391,277
Federal and state grants
49,074,491
36,000,949
Fees paid by students
1,339,595
1,385,929
Other income
6,481,311
4,872,332
Residence halls and dining service
9,472,182
8,868,478
Student industries and rentals
4,465,679
4,728,586
Net assets released from restrictions
14,717,396
16,711,516
Gross operating revenue
142,930,572
126,690,422
Less: Student aid
(2,978,961)
(3,291,840)
Net operating revenue
139,951,611
123,398,582
Operating Expenses
Program services
Educational and general
95,810,788
82,523,558
Residence halls and dining service
9,976,495
9,822,179
Student industries and rentals
6,173,474
5,734,504
Total program services
111,960,757
98,080,241
Support services
20,017,704
20,504,346
Total operating expenses
131,978,461
118,584,587
Operating revenue in excess of operating expenses
7,973,150
4,813,995
Other Changes in Net Assets
Gain on sale of property, plant and equipment
320
4,345
(Loss) Gain on valuation of interest rate swaps
(1,453,000)
1,459,000
Investment return more than amounts designated for current operations
8,923,482
23,981,648
Unrestricted bequests
12,625,360
9,953,457
Restricted gifts and donations
23,732,084
33,043,300
Restricted spendable return on endowment investments
5,384,093
5,310,813
Reclassification of net assets released from restrictions
(14,717,396)
(16,711,516)
Net adjustment of annuity payment and deferred giving liability
943,507
643,029
Total change in net assets
$43,411,600
$62,498,071

 

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