2013 Annual Report
New England College of Optometry Annual Report 2013
New England College of Optometry Annual Report 2013
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NEW ENGLAND COLLEGE OF OPTOMETRY CONSOLIDATED STATEMENTS OF FINANCIAL POSITION<br />
June 30, <strong>2013</strong> and 2012<br />
<strong>2013</strong><br />
2012<br />
Assets<br />
Cash and cash equivalents<br />
$<br />
2,795,727<br />
$<br />
2,049,889<br />
Cash on deposit with trustee<br />
170,014<br />
164,295<br />
Accounts receivable, net<br />
1,223,900<br />
678,776<br />
Prepayments and other assets<br />
506,783<br />
493,707<br />
Contributions receivable, net<br />
200,518<br />
147,756<br />
Student loans, net<br />
8,039,065<br />
7,674,643<br />
Investments, at market value<br />
12,984,976<br />
12,153,112<br />
Property, plant, and equipment, net<br />
11,604,113<br />
11,991,270<br />
Total assets<br />
$<br />
37,525,096<br />
$<br />
35,353,448<br />
Liabilities and Net Assets<br />
Liabilities:<br />
Accounts payable and accrued expenses<br />
$<br />
1,153,303<br />
$<br />
1,184,538<br />
Annuity obligations<br />
126,688<br />
140,991<br />
Interest rate swap, at fair value<br />
523,179<br />
818,759<br />
Lines of credit<br />
242,096<br />
269,777<br />
Deferred revenue<br />
1,981,669<br />
2,270,301<br />
Bonds payable<br />
8,200,000<br />
8,555,000<br />
Refundable U.S. government grants<br />
7,207,660<br />
6,650,653<br />
Total liabilities<br />
$<br />
19,434,595<br />
$<br />
19,890,019<br />
Net assets:<br />
Unrestricted<br />
$<br />
11,096,138<br />
$<br />
8,977,457<br />
Temporarily restricted<br />
4,788,216<br />
4,304,100<br />
Permanently restricted<br />
2,206,147<br />
2,181,872<br />
Total net assets<br />
$<br />
18,090,501<br />
$<br />
15,463,429<br />
Total liabilities and net assets<br />
$<br />
37,525,096<br />
$<br />
35,353,448<br />
NECO Operating Revenues<br />
Interest Income<br />
Other Sources<br />
Grants & Contracts<br />
Patient Care<br />
Contributions<br />
Institutional<br />
Support<br />
Tuition & Fees<br />
Student Services<br />
NECO Operating Expenses<br />
Auxiliary<br />
Enterprises<br />
Clinical Instruction<br />
& Patient Care<br />
Academic Support<br />
Research<br />
Instruction<br />
22 <strong>2013</strong> <strong>Annual</strong> <strong>Report</strong>
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