Georgian Court University Honor Roll of Donors

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Georgian Court University Statement of Activities For the Year Ended June 30, 2010 56 | F ALL 2010 Temporarily Permanently Unrestricted Restricted Restricted Total REVENUE, GAINS, AND OTHER SUPPORT Student tuition and fees, net of scholarship expense of $11,485,942 $39,238,839 $ — $ — $39,238,839 Government grants and programs 1,921,769 — — 1,921,769 Gifts and private grants 501,874 96,893 81,058 679,825 Special events revenue 463,981 — — 463,981 Less: direct costs of special events (333,221) — — (333,221) 130,760 — — 130,760 Auxiliary enterprise revenues 4,243,693 — — 4,243,693 Other revenues 513,355 — — 513,355 Investment earnings distributed 1,265,000 — — 1,265,000 Total revenue, gains, and other support 47,815,290 96,893 81,058 47,993,241 Net assets released from restrictions 773,722 (773,722) — — Total revenues and other support and net assets released from restrictions 48,589,012 (676,829) 81,058 47,993,241 OPERATING EXPENSES Instructional 14,115,929 — — 14,115,929 Academic support 10,008,726 — — 10,008,726 Student services 8,235,260 — — 8,235,260 Institutional support 11,589,027 — — 11,589,027 Auxiliary enterprises 3,346,370 — — 3,346,370 Total operating expenses 47,295,312 — — 47,295,312 Increase (decrease) in net assets from operating activities 1,293,700 (676,829) 81,058 697,929 NON-OPERATING ACTIVITIES Interest and dividend income 1,032,590 328,171 — 1,360,761 Net unrealized and realized appreciation in fair value of investments 4,138,020 656,732 72,909 4,867,661 Distribution of investment earnings (1,265,000) — — (1,265,000) Other non-operating gain 25,693 — — 25,693 Increase in net assets from non-operating activities 3,931,303 984,903 72,909 4,989,115 Change in net assets 5,225,003 308,074 153,967 5,687,044 NET ASSETS, beginning of year 58,610,769 3,125,659 11,633,362 73,369,790 NET ASSETS, end of year $63,835,772 $3,433,733 $11,787,329 $79,056,834
Auxiliary 7% Investment Earnings Distribution 2% Other 1% Unrestricted Revenues 2010 Gifts, Private Grants, Special Events 2% Government Grants 3% Unrestricted Expenditures 2010 Financial Aid 19% Plant Operation 8% Student Services 11% Tuition & Fees 85% Tuition & Fees 84% Depreciation 6% Institutional 15% Auxiliary 4% Academic 14% Instructional 20% Net Assets Released 1% Other 3% Fiscal Notes Tough times on Wall Street plunged our country and New Jersey into one of the most tumultuous economic downturns in our nation’s history. In response to the severe market decline, and relatively flat tuition revenue, the university continued its long standing efforts of good stewardship and made adjustments continuously throughout the year to ensure a positive financial position. All schools, divisions, and departments helped the university achieve a positive bottom line through cost-cutting reductions of approximately $1.3 million. This is testimony to the cooperative sacrifices among all areas of the university. Despite the extraordinary challenges and the need to increase institutional aid to our students by $1.3 million over the 2008–2009 fiscal year, the university ended the last fiscal year with an operating budget surplus of $28,000. For the first time, the university withdrew endowment earnings made available under its spending policy in order to maintain a balanced budget, provide for cash needs, and end the year with an operating surplus. This distribution of earnings, which totaled $1,265,000, added to the $28,000, accounts for the increase in unrestricted net assets from operating activities of $1,293,700. Investment performance for the fiscal year regained $6.2 million of the previous year’s $8.2 million loss. The university takes a long view of its endowments and must balance current needs with the anticipated needs of future students. The spending from those funds cannot always meet the immediate demands and the utilization of the spending policy is revisited on an annual basis. Fiscal challenges in New Jersey contributed to an extremely difficult budget process. With a new governor and the state budget facing huge deficits, independent higher education faced its largest threat in history. At risk for the independent sector was the total elimination of direct state aid provided to the 14 independent colleges; a reduction in the Tuition Aid Grant (TAG) program of state aid, which would reduce the amount for private colleges to the level of the state institutions; and cuts to the Educational Opportunity Fund (EOF) for the state’s neediest students. Through an organized lobbying campaign by the independent sector, $1.7 million was added to the TAG program for FY2010 and $1.3 million was restored to the EOF program, but all state aid to independent colleges was eliminated. For Georgian Court University, this results in a loss of revenue of more than $1 million. GEORGIAN COURT UNIVERSITY PRESIDENT’S REPORT | 57
Page 1 and 2: Georgian Court University President
Page 3 and 4: Contents Year-End Highlights: 2009-
Page 5: . Awarded a $40,000 grant from the
Page 9 and 10: Georgian Court University Honor Rol
Page 11 and 12: Donald West, M.D., '98 Katherine Wh
Page 13 and 14: Sarah Flaherty Kenny † James J. K
Page 15 and 16: Beverly Milyo '69, '83 Monmouth-Oce
Page 17 and 18: Katherine Pillitteri Gatt '61 Patri
Page 19 and 20: Mary Cole '01 Elizabeth McIntyre Co
Page 21 and 22: Elayne Martin Leighton '93 and John
Page 23 and 24: Adelaide Ruggiero Roberts '57 Alish
Page 25 and 26: Georgian Court University Special G
Page 27 and 28: Office of Institutional Advancement

Georgian Court University Honor Roll of Donors

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