ANNUAL REPORT ON GIVING - Thunderbird Magazine ...
ANNUAL REPORT ON GIVING - Thunderbird Magazine ...
ANNUAL REPORT ON GIVING - Thunderbird Magazine ...
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Matter of fact<br />
FOR THE FIRST TIME in seven years,<br />
<strong>Thunderbird</strong> School of Global<br />
Management posted a positive<br />
change in total net assets for the year,<br />
with an increase of $487,000—a<br />
reflection of the efforts of the past several<br />
years to cut costs, diversify revenue<br />
and operate the school more efficiently.<br />
Total net assets at June 30, 2007, were<br />
$34.6 million and are expected to<br />
continue growing in the current fiscal<br />
year, due to increasing matriculations<br />
(up more than 14 percent) and increasing<br />
revenue in Corporate Learning (in excess<br />
of 20 percent), and with Campaign<br />
<strong>Thunderbird</strong> now in full swing.<br />
<strong>Thunderbird</strong> intends to continue to<br />
openly share these statements of<br />
financial position and activities in<br />
subsequent reports, so that alumni and<br />
other supporters can see clearly the<br />
efforts the school is making to improve<br />
its financial condition.<br />
Statement of Financial Position (in thousands)<br />
June 30, 2007 June 30, 2006<br />
Assets<br />
Cash $7,278 $9,876<br />
Accounts receivable 10,926 8,941<br />
Investments 23,543 21,188<br />
Notes receivable 4,536 4,381<br />
Premises & equipment 35,158 35,882<br />
Other 3,518 3,182<br />
Total assets $84,959 $83,450<br />
Liabilities<br />
Accrued expenses $7,029 $7,044<br />
Deferred revenue 6,157 5,500<br />
Post-retirement benefit obligation 5,271 4,880<br />
Long-term debt 27,241 27,334<br />
Advances for student loans 4,675 4,593<br />
Total liabilities 50,373 49,351<br />
Net assets<br />
Unrestricted 11,438 12,784<br />
Temporarily restricted 11,543 9,741<br />
Permanently restricted 11,605 11,574<br />
Total net assets 34,586 34,099<br />
Total liabilities and net assets $84,959 $83,450<br />
Statement of Activities (in thousands)<br />
Year Ended Year Ended<br />
June 30, 2007 June 30, 2006<br />
Revenue and other support<br />
Tuition and fees $29,314 $28,147<br />
Executive education program fees 21,676 19,735<br />
Contributions 2,601 4,869<br />
Investment income 1,069 935<br />
Investment gains 2,953 550<br />
Other 1,782 1,776<br />
Total revenue and other support 59,395 56,012<br />
Expenses<br />
Instructional and educational 24,155 24,763<br />
Executive education services 18,834 16,155<br />
General administrative services 12,498 16,371<br />
Other 3,421 3,641<br />
Total expenses 58,908 60,930<br />
Change in total net assets $487 ($4,918)<br />
thunderbird annual report on giving 15
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