GIVING

GROVE CITY COLLEGE CONDENSED FINANCIAL STATEMENTS
As of June 30, 2012 and For the Year Then Ended
CONDENSED STATEMENT OF ACTIVITIES (000’s)
CONDENSED STATEMENT OF FINANCIAL POSITION
(000’s)
Operating Revenues
Unrestricted
Temporarily
Restricted
Permanently
Restricted 2012 Total 2011 Total
Net Student Tuition and Fees $28,361 — — $28,361 $27,863
Auxiliary Services 18,484 — — 18,484 18,416
Investment Income 22 2,800 — 2,822 2,214
Miscellaneous Income and Contributions 452 — — 452 499
Total Operating Revenues 47,319 2,800 — 50,119 48,992
Net Assets Released from Restrictions 5,407 (5,407) — — —
Assets
Unrestricted
Temporarily
Restricted
Permanently
Restricted 2012 Total 2011 Total
Cash $264 $176 $8 $448 $708
Receivables, Inventories and Prepaid Expenses 2,892 3,911 1,087 7,890 10,583
Investments 29,024 35,064 54,306 118,394 123,777
Fixed Assets, net 150,246 — — 150,246 125,981
Other Assets — 1,020 4,287 5,307 4,529
Total Assets $182,426 $40,171 $59,688 $282,285 $265,578
Operating Expenses
Education and General 46,430 — — 46,430 46,302
Auxiliary Services 7,543 — — 7,543 7,884
Total Operating Expenses 53,973 — — 53,973 54,186
Decrease in Net Assets from Operating Activities (1,247) (2,607) — (3,854) (5,194)
Non-Operating Activities
Contributions 6,967 5,034 578 12,579 15,032
Investment Income (including realized and unrealized gains) (1,019) (4,259) 683 (4,595) 14,936
Fundraising Expenses (1,594) — — (1,594) (1,947)
Other Expenses (723) — — (723) (309)
Net Assets Released from Restrictions 9,540 (9,102) (438) — —
Transfer of Net Assets (1,320) 1,320 — — —
Pension-related Changes other than Net Periodic Cost (4,275) — — (4,275) 3,827
Increase in Net Assets $6,329 $(9,614) $823 $(2,462) $26,345
Liabilities and Net Assets
Accounts Payable and Accrued Expenses $4,649 $2,852 — $7,501 $3,363
Deferred Revenue and Deposits 2,004 — — 2,004 2,076
Notes Payable and Line of Credit 23,802 — — 23,802 9,572
Accrued Pension Costs 7,228 — — 7,228 6,245
Fair Value of Derivative Investments 163 — — 163 272
Total Liabilities 37,846 2,852 — 40,698 21,528
Net Assets 144,580 37,319 $59,688 241,587 244,050
Total Liabilities and Net Assets $182,426 $40,171 $59,688 $282,285 $265,578
Note: Above amounts taken from audited financial statements.
70 2012 annual report & 2011–2012 honor roll of giving 2012 annual report & 2011–2012 honor roll of giving 71