2011 Annual Report - USNH Financial Services - University System ...

USNH 2011 ANNUAL REPORTUniversity System of New HampshireStatement of Revenues, Expenses and Changes in Net Assets($ in thousands)For the year ended June 30,2011 2010OPERATING REVENUESResident tuition $ 167,891) $ 154,239)Nonresident tuition )192,387) 188,032)Student fees revenue 30,639) 26,385)Total tuition and fees 390,917) 368,656)Less: student financial aid - grants and contracts (35,537) (31,349)Less: student financial aid - all other (85,171) (77,923)Net tuition and fees 270,209) 259,384)Grants and contracts - direct revenues 126,346) 103,837)Grants and contracts - facilities & administrative recovery 20,561) 18,687)Sales of auxiliary services 191,753) 187,588)Other operating revenues 25,056) 22,708)Total Operating Revenues 633,925) 592,204)OPERATING EXPENSESEmployee compensation and benefits - grants and contracts 59,783) 56,130)Employee compensation and benefits - all other 405,132) 387,578)Employee separation incentives 6,342) 750)Supplies and services - grants and contracts 51,219) 35,343)Supplies and services - all other 151,331) 138,801)Utilities 17,847) 18,338)Depreciation 50,730) 47,776)Total Operating Expenses 742,384) 684,716)Operating loss (108,459) (92,512)NONOPERATING REVENUES (EXPENSES)State of New Hampshire general appropriations 100,000) 100,000)Federal Pell grants 24,107) 20,159)Gifts 8,998) 8,444)Operating investment income, net 9,726) 14,707)Endowment return used for operations 12,685) 11,811)Interest expense, net (20,426) (20,856)Other nonoperating revenue (expense) (see Note 15) 443) (24,462)NET INCOME BEFORE OTHER CHANGES IN NET ASSETS 27,074) 17,291OTHER CHANGES IN NET ASSETSState of New Hampshire capital appropriations 22,907) 22,135)Plant gifts, grants, and other changes, net 7,022) 8,330)Endowment and similar gifts 9,367) 8,223)Endowment return, net of amount used for operations 46,791) 16,705)Total Other Changes in Net Assets 86,087) 55,393)INCREASE IN NET ASSETS 113,161) 72,684)Net assets at beginning of year 896,926) 824,242)NET ASSETS AT END OF YEAR $1,010,087) $896,926)The accompanying notes are an integral part of these financial statements.24