Read the Curry College NEASC 2012 Self-Study Report.

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gradually developed a culture of timelier student payments; in 2011, student accounts
receivable was $754,000 with a bad debts provision of $410,000 on $69.6 million of student
revenue, which is considered low by industry standards.
Standard & Poor’s has rated the College’s debt since May 2003 when the College received an
investment grade SPUR rating (S&P underlying rating before consideration of bond insurance)
of BBB‐. In August 2007, the College’s rating was upgraded to BBB and has maintained it since,
with a “stable” outlook affirmed in February 2011. (These reports are provided in the
workroom).
In assuring continuing revenue streams, Curry has focused on and achieved diversification of
revenue in the following areas:
• Increased investment income. The College’s Board of Trustees has followed a policy of
transferring annually a portion of the surplus of revenues over expenses to internallyrestricted
or quasi‐endowments. Intended for the long‐term benefit of the College, any
use of these funds, including the earnings thereon, must be specifically approved by the
Board.
• Increased philanthropy. In 2008, before the economic recession, private gifts and grants
had increased from $697,000 in 2001 to $1.5 million, $765,000 of which was
unrestricted. As a result of the economy, private contributions had dropped to $867,000
by 2010. In 2011, private gifts and grants rebounded to $1.4 million, $792,000 of which
was unrestricted. The College exceeds industry norms for parent giving. The Office of
Institutional Advancement follows a Board‐approved Gift Acceptance Policy, which
provides guidance regarding the solicitation, acceptance and use of gifts.
• Additional Master’s programs. In 2001, the College had two graduate degree programs,
in Education and in Criminal Justice. In 2005, the College added a Master of Business
Administration Program and in 2008, a Master of Science in Nursing program. The
added programs have budgeted revenue of $1.7 million in 2012, accounting for 2.3% of
core College revenues.
• Increased Conference Center revenue. In 2001, Conference Center revenue was
$282,000 or less than 1.0% of core College revenues. From 2003 through 2009, these
revenues aggregated to $10.6 million and were equal to 2.9% of core revenues for the
seven‐year period. However, this revenue dropped to $472,000 in 2010 reflecting the
loss of a major customer, but increased to $594,000 in 2011 and is budgeted for
$663,000 or just under 1.0% of core College revenues in 2012.
From 2002 to 2011, the College has increased its gross fixed assets by $92 million and net fixed
assets by $64 million which reflected the construction of new buildings described above. The
College has approximately 670,000 square feet of building space, approximately half of which
has been constructed since 1999. Paying particular attention to costs associated with
maintenance of its buildings during its annual budget process, Curry officials anticipate no
significant amount of deferred maintenance.
The College’s audited financial statements are issued within 90 days of year end. There has
Curry College 2012 Self-Study
Standard Nine