breaking NEW GROUND - Illinois Institute of Technology

CONSOLIDATED
STATEMENT
of financial position
CONSOLIDATED
STATEMENT
of activity
May 31, 2004 and 2003
2004 2003
ASSETS (in $ thousands)
Cash $ 7,201 7,943
Bond proceeds held by trustees 1,567 1,711
Investments 201,746 187,729
Investments from sale of IITRI net assets 63,104 74,535
Notes and accounts receivable 59,861 60,016
Inventories, prepaid expenses, and deferred charges 3,128 3,184
Physical properties, less accumulated depreciation 185,371 169,548
Beneficial interest in perpetual trusts 19,043 14,956
TOTAL ASSETS $ 541,021 519,622
LIABILITIES AND NET ASSETS
Liabilities
Accounts payable and accrued expenses $ 14,025 14,449
Accrued salaries and wages 12,337 14,110
Deferred revenue 23,821 15,081
Deposits by students and others 4,173 2,408
Obligation under split-interest agreements 1,363 1,940
Notes and bonds payable 120,128 111,331
Advances from the U.S. Government for student loans 8,093 7,791
TOTAL LIABILITIES 183,940 167,110
Net assets
Unrestricted 193,107 163,879
Temporarily restricted 29,818 60,022
Permanently restricted 134,156 128,611
TOTAL NET ASSETS 357,081 352,512
TOTAL LIABILITIES AND NET ASSETS $ 541,021 519,622
Year ended May 31, 2004
OPERATING REVENUE (in $ thousands)
TEMPORARILY PERMANENTLY
UNRESTRICTED RESTRICTED RESTRICTED TOTAL
Tuition and fees, net of scholarships of $27,474 $ 65,279 — — 65,279
Government grants and contracts 35,937 207 — 36,144
Private grants and contracts 15,853 — — 15,853
Private gifts 6,137 2,275 — 8,412
Endowment income 3,787 — — 3,787
Interest from ALION investments 2,536 — — 2,536
Other 17,147 481 — 17,628
Net assets released from restrictions 10,280 (10,280) — —
OPERATING EXPENSES
TOTAL OPERATING REVENUE 156,956 (7,317) —- 149,639
Salaries and benefits 92,078 — — 92,078
Operations and maintenance 15,466 — — 15,466
Supplies and services 28,561 — — 28,561
Other expenses 12,729 — — 12,729
IITRI research 15,200 — — 15,200
Depreciation 11,751 — — 11,751
TOTAL OPERATING EXPENSES 175,785 —- —- 175,785
DECREASE IN NET ASSETS
FROM OPERATING ACTIVITIES (18,829) (7,317) —- (26,146)
NON-OPERATING REVENUE AND EXPENSES
Private gifts — — 2,604 2,604
Net gain on investments 30,674 (129) 2,610 33,155
Interest on indebtedness (4,721) — — (4,721)
Net assets released from restrictions 22,525 (22,525) — —
Other (421) (233) 331 (323)
INCREASE (DECREASE) IN NET ASSETS
FROM NON-OPERATING ACTIVITIES 48,057 (22,887) 5,545 30,715
INCREASE (DECREASE) IN NET ASSETS 29,228 (30,204) 5,545 4,569
NET ASSETS AT BEGINNING OF YEAR 163,879 60,022 128,611 352,512
NET ASSETS AT END OF YEAR $ 193,107 29,818 134,156 357,081
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