2007-2008 News Highlights .................................1 - Norwich University

STATEMENTS OF FINANCIAL POSITION: 2-YEAR COMPARATIVE SUMMARY (IN THOUSANDS) *ASSETS 2008 2007Cash and cash equivalents $15,700 $21,162Pledges, Accounts and Loans Receivable, Net 26,684 22,993Investments 175,298 173,125Land, Buildings and Equipment 78,978 74,902Bond Funds on Deposit with Trustee 803 704Other Assets 13,788 13,940TOTAL ASSETS $311,251 $306,826LIABILITIES 2008 2007Accounts Payable and Accrued Expenses $8,957 $9,405Notes and Bonds Payable 50,750 51,675Other Liabilities 16,040 12,665TOTAL LIABILITIES $75,747 $73,745NET ASSETS $235,504 $233,081STATEMENTS OF ACTIVITIES: 2-YEAR COMPARATIVE SUMMARY (IN THOUSANDS) *OPERATING ACTIVITIES 2008 2007Other Income $3,140 $4,036Tuition, Fees, Room and Board and Other Ed. Programs 68,776 60,776Non-Education and Auxiliary Programs 1,776 3,303Contributions and Grants Used in Operations 5,538 6,177Endowment Spending and Investment Income 6,923 6,054TOTAL OPERATING REVENUES AND SUPPORT $86,153 $80,346Operating Expenses 81,670 72,524Change in Net Assets from Operating Activities $4,483 $7,822NON-OPERATING ACTIVITIES 2008 2007Endowment Investments Return Net of SpendingUsed to Support Operation($1,429) $22,221Other Non-Operating Activities (631) 876TOTAL CHANGE IN NET ASSETS FROMNON-OPERATING ACTIVITIES($2,060) $23,097TOTAL CHANGE IN NET ASSETS $2,423 $30,919* Represents non-audited results16