Georgian Court University Magazine

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Statement of Activities For the Twelve Periods Ending June 30, 2009 Temporarily Permanently Unrestricted Restricted Restricted Total REVENUE, GAINS, AND OTHER SUPPORT Student tuition and fees, net of scholarship expense of $10,135,103 $39,320,995 $ — $ — $39,320,995 Government grants and programs 1,740,324 — — 1,740,324 Gifts and private grants 459,257 1,466,510 5,861,648 7,787,415 Special events revenue 496,383 — — 496,383 Less: direct costs of special events (372,892) — — (372,892) 123,491 — — 123,491 Auxiliary enterprise revenues 4,116,467 — — 4,116,467 Other revenues 447,927 — — 447,927 Total revenue, gains, and other support 46,208,461 1,466,510 5,861,648 53,536,619 Net assets released from restrictions 1,548,781 (1,548,781) — — Total revenue, gains, and other support and net assets released from restrictions 47,757,242 (82,271) 5,861,648 53,536,619 OPERATING EXPENSES Instructional 13,528,868 — — 13,528,868 Academic support 10,262,413 — — 10,262,413 Student services 9,134,858 — — 9,134,858 Institutional support 12,209,689 — — 12,209,689 Auxiliary enterprises 3,405,052 — — 3,405,052 Total operating expenses 48,540,880 — — 48,540,880 (Decrease) increase in net assets from operating activities (783,638) (82,271) 5,861,648 4,995,739 NON-OPERATING ACTIVITIES Interest and dividend income 910,416 269,358 — 1,179,774 Unrealized and realized depreciation in fair market value of investments (9,032,693) (160,014) (187,368) (9,380,075) Other non-operating loss (57,745) — — (57,745) (Decrease) increase in net assets from non-operating activities (8,180,022) 109,344 (187,368) (8,258,046) Change in net assets (8,963,660) 27,073 5,674,280 (3,262,307) NET ASSETS, beginning of year 67,574,429 3,098,586 5,959,082 76,632,097 NET ASSETS, end of year $58,610,769 $3,125,659 $11,633,362 $73,369,790 58 | FALL 2009
Unrestricted Revenues FY 2009 Fiscal Notes Gifts, Private Grants, Special Events 1% Government Grants 3% Auxiliary 7% Other 1% Net Assets Released 3% Stable student demand and our strong market position as a Mercy, liberal arts university positioned Georgian Court well for the 2008–2009 fiscal year. Like many private universities in New Jersey, Georgian Court was not immune to the turmoil in the financial markets. The tightening of the credit market made it difficult for many of our students to obtain student loans. Because 51 percent of our students are first in family to attend college, many families were experiencing significant financial distress. Tuition & Fees 85% Tuition & Fees 85% This personal financial stress and credit crunch created the need for additional financial aid and counseling. Through the efforts of faculty and staff, we were able to retain many of our students who might otherwise have been forced to “step out” for the spring semester and put their educational dream of a Mercy education on hold. The operating budget ended the fiscal year with a deficit of $783,638 due to the need for increased student aid, a significant shortfall in summer revenue, and fewer resident students than projected. Unrestricted Expenditures FY 2009 Depreciation 6% Auxiliary 4% Other 3% The activity of the long-term investments during the fiscal year was subject to the market volatility experienced by many college and university endowments. However, prior diversification, conservative investing, and work with SEI, our investment management firm, helped to mitigate the impact to the university’s investment portfolio. Financial Aid 17% Plant & Operation 9% Student Services 11% Institutional 16% Academic 15% Instructional 19% The university’s planned giving charitable annuity program was managed by Wachovia Wealth Management. This company’s acquisition by Wells Fargo had no impact upon the university’s gift annuity program. The university is in the second year of a three-year commitment to invest with Leviticus for socially responsible investing. The university’s long-term investment portfolio as of June 30, 2009, was valued at $33,594,456. The university ended the fiscal year with total unrestricted net assets of $58,610,769 and total net assets of $73,369,790. GEORGIAN COURT UNIVERSITY PRESIDENT’S REPORT | 59
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volume 7 | number 1 Georgian Court
Page 4 and 5:
Lives Transformed T hroughout the a
Page 6 and 7:
Doreen celebrated her long-awaited
Page 8 and 9:
TheRoad LessTraveled GCU STUDENTS P
Page 10 and 11: This Appalachian resident was thril
Page 12 and 13: 10 | FALL 2009 Father Daniel Berrig
Page 14 and 15: Gail Holian, Ph.D., professor of En
Page 16 and 17: faculty Kudos Scott H. Bennett, Ph.
Page 18 and 19: faculty Cultural Conference. She al
Page 20 and 21: at the court Dr. Joseph M. Monahan
Page 22 and 23: at the court Centennial Commencemen
Page 24 and 25: at the court Georgian Court Granted
Page 26 and 27: at the court Lincoln Scholar Kunhar
Page 28 and 29: at the court Poetry in Ocean County
Page 30 and 31: at the court Court Shorts GCU place
Page 32 and 33: at the court Centennial Closing Spa
Page 34 and 35: at the court The History of Court T
Page 36 and 37: athletics From the BASKETBALL Chris
Page 38 and 39: at athletics the court Softball Squ
Page 40 and 41: alumni Woman on a Mission, Includin
Page 42 and 43: alumni Centennial Reunion 2009 CLAS
Page 44 and 45: sClass alumni class notes 40 s Clas
Page 46 and 47: alumni class notes 70 s Class Agent
Page 48 and 49: alumni class notes Emily Anne Schae
Page 50 and 51: alumni announcements Engagements We
Page 52 and 53: Calendar Margaret Farley, RSM, Ph.D
Page 54 and 55: Dear Friends of Georgian Court Univ
Page 56 and 57: Board of Trustees & President’s A
Page 58 and 59: Year-End Highlights of 2008-2009 T
Page 62 and 63: Georgian Court University Honor Rol
Page 78 and 79: Georgian Court University Special G
Page 80: Office of Public Information and Un
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