Georgian Court University Honor Roll of Donors

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