2015 Annual Report
New England College of Optometry Annual Report 2015
New England College of Optometry Annual Report 2015
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NEW ENGLAND COLLEGE OF OPTOMETRY AND NEE CONSOLIDATED STATEMENTS OF ACTIVITIES<br />
Year Ended June 30, <strong>2015</strong><br />
(with comparative totals for 2014)<br />
Unrestricted<br />
Temporarily<br />
Restricted<br />
Permanently<br />
Restricted<br />
<strong>2015</strong><br />
2014<br />
Operating revenues<br />
Tuition and fees<br />
$ 20,796,025<br />
-<br />
-<br />
$ 20,796,025<br />
$ 19,229,341<br />
Less scholarships and grants<br />
(528,783)<br />
-<br />
-<br />
(528,783)<br />
(388,779)<br />
Tuition and fees, net<br />
20,267,242<br />
-<br />
-<br />
20,267,242<br />
18,840,562<br />
Contributions<br />
241,125<br />
60,983<br />
8,275<br />
310,383<br />
473,310<br />
Patient care<br />
4,443,987<br />
-<br />
-<br />
4,443,987<br />
4,262,753<br />
Grants and contracts<br />
1,147,485<br />
-<br />
-<br />
1,147,485<br />
1,084,493<br />
Interest income<br />
32,021<br />
-<br />
-<br />
32,021<br />
24,517<br />
Other sources<br />
57,041<br />
-<br />
-<br />
57,041<br />
195,941<br />
Auxiliary enterprises<br />
125,880<br />
-<br />
-<br />
125,880<br />
113,149<br />
Total operating revenues<br />
26,314,781 60,983 8,275 26,384,039 24,994,725<br />
Net assets released from restrictions<br />
338,882<br />
(338,882)<br />
-<br />
-<br />
-<br />
Total operating revenues and net assets<br />
released from restrictions<br />
26,653,663<br />
(277,899)<br />
8,275<br />
26,384,039<br />
24,994,725<br />
Operating expenses<br />
Clinical instruction and patient care<br />
8,100,868<br />
-<br />
-<br />
8,100,868<br />
8,385,894<br />
Instruction<br />
5,646,906<br />
-<br />
-<br />
5,646,906<br />
5,324,443<br />
Research<br />
1,102,381<br />
-<br />
-<br />
1,102,381<br />
1,076,715<br />
Academic support<br />
2,035,413<br />
-<br />
-<br />
2,035,413<br />
1,785,812<br />
Student services<br />
1,612,733<br />
-<br />
-<br />
1,612,733<br />
1,514,243<br />
Institutional support<br />
4,697,966<br />
-<br />
-<br />
4,697,966<br />
5,688,037<br />
Auxiliary enterprises<br />
275,613<br />
-<br />
-<br />
275,613<br />
237,320<br />
Total operating expenses<br />
23,471,880<br />
-<br />
-<br />
23,471,880<br />
24,012,464<br />
Change in net assets from operating activities<br />
3,181,783<br />
(277,899)<br />
8,275<br />
2,912,159<br />
982,261<br />
Non-operating activities<br />
Investment return<br />
212,780<br />
197,265<br />
-<br />
410,045<br />
2,246,241<br />
Change in value of charitable remainder trust<br />
(3,300)<br />
-<br />
-<br />
(3,300)<br />
22,207<br />
Change in value of annuity obligations<br />
-<br />
-<br />
5,148<br />
5,148<br />
(5,727)<br />
Change in fair value of interest rate swap<br />
-<br />
-<br />
-<br />
-<br />
65,679<br />
Change in net assets<br />
3,391,263<br />
(80,634)<br />
13,423<br />
3,324,052<br />
3,310,661<br />
Net assets as of beginning of year<br />
13,349,337<br />
5,817,361<br />
2,234,464<br />
21,401,162<br />
18,090,501<br />
Net assets as of end of year<br />
$ 16,740,600 $ 5,736,727 $ 2,247,887 $ 24,725,214 $<br />
21,401,162<br />
ANNUAL REPORT <strong>2015</strong><br />
23
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