Rock Valley College Comprehensive Annual Financial Report ...

Fiscal Years 2008, 2007 and 2006 Net Assets:
Analysis of Net Assets:
2008 2007 2006
Amount % Amount % Amount %
Invested in capital assets, net of related debt $ 23,479,342 48.3 $ 22,052,693 48.1 $ 18,635,795 43.0
Restricted scholarships & grants - - - - 25,611 0.1
Restricted debt service 2,994,056 6.2 2,530,685 5.5 2,096,421 4.8
Restricted liability, protection and settlement 4,215,370 8.7 3,951,999 8.6 3,722,817 8.6
Other restricted 7,187,956 14.7 4,110,409 8.9 14,374,494 33.2
Unrestricted 10,716,877 22.1 13,293,003 28.9 4,485,516 10.3
Total Net Assets $ 48,593,601 100.0 $ 45,938,789 100.0 $ 43,340,654 100.0
2008 Compared to 2007
The College’s total net assets have consecutively increased over the past few years to $48,593,601. The restricted
debt service and other restricted category increased in aggregate from $6,641,094 in 2007 to $10,182,012 in 2008 -
an increase of approximately 50 percent. A substantial portion of the increase in debt service and other restricted net
assets was attributed to an increase in building and improvements of approximately $10,000,000 offset by a transfer
from construction in progress of roughly $7,000,000 which was capitalized. A significant portion of the increase in
building and improvements was due to the Educational Resource Center remodel completion.
2007 Compared to 2006
The invested in capital assets, net of related debt, increased from fiscal year 2006 to fiscal year 2007 of
approximately $2,600,000 was attributed to an increase in construction in progress of approximately $6,100,000 of
which, approximately $2,000,000 was capitalized. A significant portion of the increase in construction in progress
was due to the Educational Resource Center remodel.
Factors Bearing on the College’s Future
At the time these financial statements were prepared and audited, the College was unaware of any adverse existing
circumstances that could significantly affect its financial health in the future.
Request for Information:
This financial report is designed to provide a general overview of Rock Valley College’s finances to all those
interested in the College’s accountability for the revenue it receives. Questions, concerns, or additional information
regarding this report or any information contained therein should be directed to the Vice President of Administrative
Services, 3301 North Mulford Road, Rockford, IL 61114.
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