2011 Annual Report
New England College of Optometry Annual Report 2011
New England College of Optometry Annual Report 2011
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New England College of Optometry Consolidated Statements of Financial Position<br />
June 30, <strong>2011</strong> and 2010<br />
New England College of Optometry Consolidated Statements of Activities<br />
Years Ended June 30<br />
<strong>2011</strong><br />
2010<br />
<strong>2011</strong><br />
2010<br />
Assets<br />
Operating revenues<br />
Cash and cash equivalents<br />
$ 1,537,517<br />
$ 619,219<br />
Tuition and fees<br />
$ 16,434,994<br />
$ 16,134,621<br />
Cash on deposit with trustee<br />
163,504<br />
162,641<br />
Less scholarships and grants<br />
(363,176)<br />
(420,777)<br />
Accounts receivable, net<br />
Prepayments and other assets<br />
Contributions receivable, net<br />
Student loans, net<br />
Investments, at market value<br />
Property, plant, and equipment, net<br />
Total assets<br />
1,109,464<br />
401,626<br />
147,929<br />
7,357,093<br />
13,142,266<br />
12,018,105<br />
$ 35,877,504<br />
1,087,898<br />
389,131<br />
219,380<br />
7,156,511<br />
11,135,994<br />
12,835,314<br />
$ 33,606,088<br />
Tuition and fees, net<br />
Contributions<br />
Patient care<br />
Grants and contracts<br />
Interest income<br />
Other sources, including auxiliary enterprises<br />
Total operating revenues<br />
16,071,818<br />
789,727<br />
3,282,989<br />
1,965,207<br />
8,987<br />
97,073<br />
22,215,802<br />
15,713,844<br />
444,741<br />
3,756,983<br />
1,551,129<br />
37,831<br />
118,022<br />
21,622,551<br />
Liabilities and Net Assets<br />
Net assets released from restrictions<br />
—<br />
—<br />
Liabilities:<br />
Accounts payable and accrued expenses<br />
Annuity obligations<br />
$ 1,103,090<br />
148,933<br />
$ 1,235,457<br />
154,626<br />
Total operating revenues and net assets<br />
released from restrictions<br />
22,215,802<br />
21,622,551<br />
Interest rate swap, at fair value<br />
Lines of credit<br />
Deferred revenue<br />
Bonds payable<br />
Refundable U.S. government grants<br />
369,911<br />
323,103<br />
2,028,252<br />
8,900,000<br />
6,487,345<br />
397,291<br />
839,716<br />
2,145,635<br />
9,235,000<br />
6,326,875<br />
Operating expenses<br />
Clinical instruction and patient care<br />
Instruction<br />
Research<br />
Academic support<br />
6,707,303<br />
4,935,117<br />
1,451,767<br />
1,309,176<br />
6,831,886<br />
4,642,766<br />
1,696,417<br />
1,450,516<br />
Total liabilities<br />
19,360,634<br />
20,334,600<br />
Student services<br />
Institutional support<br />
1,231,910<br />
5,025,702<br />
1,279,575<br />
5,882,660<br />
Net assets:<br />
Auxiliary enterprises<br />
156,751<br />
153,808<br />
Unrestricted<br />
Temporarily restricted<br />
Permanently restricted<br />
9,852,245<br />
4,484,247<br />
2,180,378<br />
7,422,738<br />
3,708,111<br />
2,140,639<br />
Total operating expenses<br />
Change in net assets from operating activities<br />
20,817,726<br />
1,398,076<br />
21,937,630<br />
(315,079)<br />
Total net assets<br />
Total liabilities and net assets<br />
16,516,870<br />
$ 35,877,504<br />
13,271,488<br />
$ 33,606,088<br />
Non-operating activities<br />
Investment return<br />
Change in value of annuity obligations<br />
1,813,373<br />
(20,077)<br />
1,138,141<br />
(137,862)<br />
Change in value of life income funds<br />
26,630<br />
8,188<br />
Change in fair value of interest rate swap<br />
27,380<br />
(244,269)<br />
Reclassification of net assets<br />
—<br />
—<br />
Change in net assets<br />
3,245,382<br />
449,119<br />
Net assets as of beginning of year<br />
13,271,488<br />
12,822,369<br />
Net assets as of end of year<br />
$ 16,516,870<br />
$ 13,271,488<br />
ANNUAL REPORT <strong>2011</strong><br />
ANNUAL REPORT <strong>2011</strong><br />
22<br />
23
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