Report on Financial Position

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Source of Support pie chart

Designation of Funds

July 1, 2017–June 30, 2018

Designation of funds pie chart

Current Operations
Berea Fund – Unrestricted
$4,520,888.59
Perpetual Trusts – Unrestricted
$761,327.35
Student Aid – Restricted
$84,116.89
Other – Restricted
$6,578,392.11
Subtotal – Current Operations

$11,944,724.94 (26.4%)

Capital Purposes
$19,585,137.19 (43.3%)
Endowment
Restricted
$1,285,543.25
Unrestricted
$10,541,095.20
Subtotal – Endowment
$11,826,638.45 (26.2%)
Other
Student Loan Fund
$300.00
Gift Value of Annuities and Life Income Agreements
$1,730,686.99
Gifts-In-Kind
$141,469.21
Subtotal – Other
$1,872,456.20 (4.1%)
GRAND TOTAL (100%)
$45,228,956.78

Source of Support

July 1, 2017–June 30, 2018

Source of Support pie chart

Friends
Outright Gifts
$3,424,563.70
Bequests
$10,093,851.05
Gift Value of Annuities and Life Income Agreements
$1,555,902.85
Gifts-in-Kind
$91,450.67
Subtotal – Friends
$15,165,768.27 (33.5%)
Alumni
Outright Gifts
$2,681,367.66
Bequests
$1,696,770.83
Gift Value of Annuities and Life Income Agreements
$174,784.14
Gifts-in-Kind
$27,443.54
Subtotal – Alumni
$4,580,366.17 (10.1%)
Foundations, Corporations and Other Sources
General Welfare Foundations
$2,871,471.24
Corporations and Corporate Foundations
$22,446,471.36
Organizations, Associations, and Clubs
$122,982.74
Gifts-in-Kind
$22,575.00
Fundraising Consortia
$14,321.00
Religious Groups
$5,001.00
Subtotal – Foundations, Corporations, and Other Sources
$25,482,822.34 (56.4%)
Total Outright Gifts, Bequests, and Gift Value of Annuities and Life Income Agreements$45,087,487.57
Grand Total
$45,228,956.78 (100.0%)

Statements of Financial Position

Years ended June 30, 2018 and 2017

2018
2017
Assets
Current Assets
Cash and cash equivalents
$58,462,357
$77,870,619
Receivables and accrued interest
11,327,833
7,523,551
Inventories
1,267,481
1,207,698
Prepaid expenses and other assets
1,315,995
1,066,758
Contributions receivable and bequests in probate
27,624,049
19,898,012
Total current assets
99,997,715
107,566,638
Long-term Prepaid Expenses and Other Assets
1,135,066
853,141
Long-term Contributions Receivable and Bequests in Probate
12,108,881
16,672,225
Long-term Receivables
695,043
813,867
Long-term Investments
Donor restricted endowment
646,528,200
629,421,300
Board designated endowment
545,549,900
520,939,000
Annuity and life income
26,058,900
24,533,700
Funds held in trust by others
30,549,000
29,017,000
Other investments
4,924,700
4,954,000
Total long-term investments
1,253,610,700
1,208,865,000
Property, Plant, and Equipment (net)
237,393,342
209,194,467
Total assets
$1 ,604,940,747
$1,543,965,338
Liabilities and Net Assets
Current Liabilities
Accounts payable and accrued expenses
$12,440,045
$13,722,640
Accrued salaries and wages
3,096,967
3,695,135
Current portion of interest rate swap valuation
403,353
568,414
Current maturities of long-term debt
3,016,804
3,577,966
Other current liabilities
931,232
811,615
Total current liabilities
19,888,401
22,375,770
Long-term Liabilities
Actuarial liability for annuities payable and other liabilities
15,067,422
14,216,648
Deferred financing expense
(1,327,869)
(430,462)
Interest rate swap valuation
3,220,647
4,514,586
Long-term debt
41,452,086
39,146,807
Total long-term liabilities
58,412,286
57,447,579
Total liabilities
78,300,687
79,011,734
Net Assets
Unrestricted
685,977,278
655,286,392
Temporarily restricted
534,022,354
509,531,257
Permanently restricted
306,640,428
299,324,340
Total net assets
1 ,526,640,060
1,464,141,989
Total liabilities and net assets
$1 ,604,940,747
$1,543,965,338

Statements of Activities

Years ended June 30, 2018 and 2017

2018
2017
Operating Revenue
Spendable return from long-term investments
$48,731,355
$47,250,668
Gifts and donations
5,391,277
6,952,098
Federal and state grants
36,000,949
30,562,529
Fees paid by students
1,385,929
1,325,111
Other income
4,872,332
4,220,999
Residence halls and dining service
8,868,478
8,648,486
Student industries and rentals
4,728,586
4,465,037
Net assets released from restrictions
20,019,528
16,586,449
Gross operating revenue
129,998,434
120,011,377
Less: Student aid
(3,291,840)
(3,676,734)
Net operating revenue
126,706,594
116,334,643
Operating Expenses
Program services
Educational and general
8 2,523,558
7 1,246,533
Residence halls and dining service
9,822,179
9,850,044
Student industries and rentals
5,734,504
5,457,895
Total program services
98,080,241
86,554,472
Support services
20,504,346
18,145,397
Total operating expenses
118,584,587
104,699,869
Operating revenue in excess of operating expenses
8,122,007
11,634,774
Other Changes in Net Assets
Gain on sale of property, plant and equipment
4,345
40,738
Gain on valuation of interest rate swaps
1,459,000
2,414,000
Investment return more than amounts designated for current operations
23,981,648
85,308,467
Gifts and bequests restricted or designated for long-term investments
15,152,624
12,456,048
Restricted gifts for property, plant and equipment and other specific purposes
27,844,133
29,702,093
Restricted spendable return on endowment investments
5,310,813
5,438,231
Reclassification of net assets released from restrictions
(20,019,528)
(16,586,449)
Net adjustment of annuity payment and deferred giving liability
643,029
(1,410,727)
Total change in net assets
$62,498,071
$128,997,175

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