ROBERTS WESLEYAN COLLEGE AND SUBSIDIARY. Consolidated Financial Statements as of June 30, 2006 Together with Independent Auditors Report

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1 ROBERTS WESLEYAN COLLEGE AND SUBSIDIARY Consolidated Financial Statements as of June 30, 2006 Together with Independent Auditors Report

2 INDEPENDENT AUDITORS REPORT August 23, 2006 To the Board of Trustees of Roberts Wesleyan College: We have audited the accompanying consolidated statement of financial position of Roberts Wesleyan College (a New York not-for-profit corporation) and Subsidiary (the College) as of June 30, 2006, and the related consolidated statements of activities and change in net assets and cash flows for the year then ended. These consolidated financial statements are the responsibility of the College s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. The prior year summarized comparative information has been derived from the College s 2005 consolidated financial statements, and in our report dated August 25, 2005, we expressed an unqualified opinion on those financial statements. We conducted our audit in accordance with auditing standards generally accepted in the United States and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Roberts Wesleyan College and Subsidiary as of June 30, 2006, and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States. Corporate Crossings 171 Sully s Trail Pittsford, NY p (585) f (585) In accordance with Government Auditing Standards, we have also issued our report dated August 23, 2006, on our consideration of the College s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be considered in assessing the results of our audit. ROCHESTER BUFFALO PERRY GENEVA SYRACUSE

3 ROBERTS WESLEYAN COLLEGE AND SUBSIDIARY CONSOLIDATED STATEMENT OF FINANCIAL POSITION JUNE 30, 2006 (With Comparative Totals for 2005) ASSETS Cash and cash equivalents $ 7,032,928 $ 9,587,619 Accounts receivable, net 2,344,744 1,775,873 Prepaids, deferred expenses and other assets 574, ,886 Notes and loans receivable, net 1,997,092 1,998,368 Pledges and contributions receivable, net 2,557,874 4,234,704 Investments 27,909,089 22,770,230 Property and equipment, net 34,346,140 32,898,527 Remainder trusts receivable and interest in perpetual trusts 297, ,090 Due from Northeastern Seminary, net - 866,794 Total assets $ 77,060,048 $ 74,691,091 LIABILITIES AND NET ASSETS LIABILITIES: Accounts payable $ 1,082,179 $ 1,383,178 Accrued payroll and payroll taxes 277, ,315 Deferred revenue, deposits and agency funds 1,326,221 1,658,554 Long-term debt 1,250,013 1,350,013 Present value of annuities payable 1,404,626 1,366,238 Interest-rate swap liability 88, ,033 Asset retirement obligation 214,464 - Due to Northeastern Seminary, net 139,706 - Refundable grant 2,178,317 2,150,160 Total liabilities 7,961,600 9,217,491 NET ASSETS: Unrestricted: Operating 11,438,236 11,275,166 Quasi-endowment 9,143,876 8,077,217 Student loan programs 415, ,937 Net investment in plant 33,317,268 31,773,090 Annuity and life income 326, ,800 Total unrestricted 54,641,577 51,826,210 Temporarily restricted: Operating 320, ,953 Capital campaign 8,279,443 7,674,880 Annuity, life income and endowment 608, ,906 Total temporarily restricted 9,209,005 8,664,739 Permanently restricted: Endowment 4,331,107 4,047,653 Annuity and life income 916, ,998 Total permanently restricted 5,247,866 4,982,651 Total net assets 69,098,448 65,473,600 Total liabilities and net assets $ 77,060,048 $ 74,691,091 The accompanying notes are an integral part of these statements. 1

4 ROBERTS WESLEYAN COLLEGE AND SUBSIDIARY CONSOLIDATED STATEMENT OF ACTIVITIES AND CHANGE IN NET ASSETS FOR THE YEAR ENDED JUNE 30, 2006 (With Comparative Totals for 2005) Total Temporarily Permanently Unrestricted Restricted Restricted REVENUE AND SUPPORT: Tuition and fees $ 30,697,058 $ - $ - $ 30,697,058 $ 29,063,898 Less: Institutional student aid (6,818,390) - - (6,818,390) (6,636,361) Net tuition and fees 23,878, ,878,668 22,427,537 Government appropriations 186, , ,210 Royalty income 468, , ,512 Sales and services of auxiliary enterprises 4,767, ,767,831 4,868,771 Private gifts and contracts 584,350 70, , ,717 Investment income allocated to operations 1,430, ,430, ,655 Other 1,663, ,190-1,835,820 1,698,236 Total revenues and other additions 32,979, ,165-33,223,081 30,866,638 Net assets released from restrictions 315,163 (295,163) (20,000) - - Net revenue and support 33,295,079 (51,998) (20,000) 33,223,081 30,866,638 OPERATING EXPENSES: Educational and general - Instruction 16,005, ,005,018 14,384,207 Academic support 1,871, ,871,343 1,803,047 Student services 4,518, ,518,708 4,151,054 Institutional support 4,624, ,624,818 4,245,371 Fundraising 757, , ,189 Total educational and general 27,777, ,777,661 25,185,868 Auxiliary enterprises 2,333, ,333,157 2,217,162 Loan cancellations and provision for bad debts 105, , ,371 Interest 172, , ,200 2,612, ,612,006 2,718,733 Total operating expenses 30,389, ,389,667 27,904,601 SURPLUS/(DEFICIT) FROM OPERATING ACTIVITIES 2,905,412 (51,998) (20,000) 2,833,414 2,962,037 NON-OPERATING ACTIVITIES: Private gifts and contracts 49, , ,379 5,238,102 Endowment and life income gifts 1, , , ,288 Investment income, net of amounts allocated to operations 1,105,757 31,270 67,610 1,204, ,972 Contribution to Northeastern Seminary (1,042,500) - - (1,042,500) (42,500) Other (7,163) (29,337) (25,063) (61,563) (14,216) INCREASE FROM NON-OPERATING ACTIVITIES 106, , , ,294 6,053,646 CHANGE IN NET ASSETS BEFORE CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE 3,012, , ,215 3,821,708 9,015,683 CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE (196,860) - - (196,860) - CHANGE IN NET ASSETS 2,815, , ,215 3,624,848 9,015,683 NET ASSETS - beginning of year 51,826,210 8,664,739 4,982,651 65,473,600 56,457,917 NET ASSETS - end of year $ 54,641,577 $ 9,209,005 $ 5,247,866 $ 69,098,448 $ 65,473,600 The accompanying notes are an integral part of these statements. 2

5 ROBERTS WESLEYAN COLLEGE AND SUBSIDIARY CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED JUNE 30, 2006 (With Comparative Totals for 2005) CASH FLOWS FROM OPERATING ACTIVITIES: Change in net assets $ 3,624,848 $ 9,015,683 Adjustments to reconcile change in net assets to net cash flow from operating activities: Depreciation 1,596,494 1,582,146 Contribution to Northeastern Seminary 1,042,500 42,500 Allowance for doubtful accounts 98, ,647 Contributions received for long-term investment (1,025,223) (5,703,487) Change in value of interest rate swap agreement (411,126) 334,047 Net realized and unrealized gain on investments (2,082,699) (804,106) Adjustment to annuities payable 54,764 (64,234) Asset retirement obligation 214,464 - Changes in: Accounts receivable (667,754) 54,214 Pledges and contributions receivable 1,676,830 (2,401,710) Prepaids, deferred expenses and other assets (312,759) (89,593) Due to/ from Northeastern Seminary (36,000) (44,604) Accounts payable (300,999) 108,335 Accrued payroll and payroll taxes (532,148) 53,161 Deferred revenue, deposits and agency funds (332,333) 21,119 Net cash flows from operating activities 2,607,742 2,303,118 CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from maturities/ sales of investments 2,674,259 30,965,001 Purchase of investments (5,730,419) (33,951,805) Student loans advanced (461,907) (475,162) Student loans collected 458, ,445 Purchases of property and equipment (3,044,107) (1,348,569) Other loans collected 4,665 8,210 Net change in remainder and perpetual trust agreements (446) 16,563 Net cash flows from investing activities (6,099,437) (4,372,317) CASH FLOWS FROM FINANCING ACTIVITIES: Contributions received for long-term investment 1,025,223 5,703,487 Payments on annuities payable (68,740) (67,526) Payment of debt principal (100,000) (100,000) Annuities payable matured 52, ,661 Net change in refundable grant 28,157 19,123 Net cash flows from financing activities 937,004 5,923,745 CHANGE IN CASH AND CASH EQUIVALENTS (2,554,691) 3,854,546 CASH AND CASH EQUIVALENTS - beginning of year 9,587,619 5,733,073 CASH AND CASH EQUIVALENTS - end of year $ 7,032,928 $ 9,587,619 The accompanying notes are an integral part of these statements. 3

6 ROBERTS WESLEYAN COLLEGE AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, THE ORGANIZATIONS Roberts Wesleyan College is an independent, co-educational, Christian liberal arts college. College Greene Residences, Inc. (CGRI) is a for-profit wholly-owned subsidiary of Roberts Wesleyan College. CGRI is a general partner in College Greene Rental Associates, L. P. (CGRA), whose operations consist of retirement community real estate sales and rentals. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The consolidated financial statements include the accounts of Roberts Wesleyan College and CGRI (collectively the College). All significant intercompany accounts and transactions have been eliminated. Basis of Accounting The financial statements of the College have been prepared in conformity with accounting principles generally accepted in the United States. Financial Reporting The College classifies its operations into the following net asset categories: Unrestricted Net Assets Unrestricted net assets are those assets that are available for use to support the operations of the College. Restricted contributions and investment income for which restrictions are met within the same year as the contribution is received are recorded as unrestricted revenue. Temporarily Restricted Net Assets Temporarily restricted net assets are those assets whose use by the College has been limited by donors to a specific time or purpose restriction. When a donor restriction expires, that is, when a stipulated time restriction ends or purpose restriction is accomplished, temporarily restricted net assets are reclassified as unrestricted net assets and reported in the statements of activities as net assets released from restrictions. In the absence of donor specification that income and gains on donated funds are restricted, such income and gains are reported as unrestricted. Permanently Restricted Net Assets Permanently restricted net assets are those assets that have been restricted by donors to be maintained by the College in perpetuity. Cash and Cash Equivalents Cash and cash equivalents include all cash on hand and in banks, which, at times, may exceed federally insured limits. The College considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Certain of these accounts are not federally insured. The College has not experienced any losses in these accounts and does not believe it is exposed to any significant credit risk with respect to cash and cash equivalents. 4

7 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Accounts Receivable Accounts receivable represents amounts due from students related to tuition and fees, and loans provided. The College records an allowance for doubtful accounts based on prior experience and a review of specific accounts. Accounts for which no payments are received for a period of time, which varies by the nature of the receivable, are considered delinquent and written-off or sent to collections, as appropriate. Pledges and Contributions Receivable Pledges and contributions receivable represent amounts due the College under the terms of unconditional promises to give. Payments to be received after June 30, 2006 are recorded at their estimated net present value using a discount rate of 5%. Investments Investments in equity securities with readily determinable fair values and all investments in debt securities are measured at fair market value. Alternative investments consist of funds of funds and investments in real estate and are stated at fair market value utilizing the net asset valuations provided by the underlying private investment companies, unless management determines some other valuation is more appropriate. Unrealized gains or losses on such securities result from differences between the cost and fair market value of securities on a specified valuation date. Investment securities are exposed to various risks, such as interest rate, market, economic conditions, world affairs and credit risks. Due to the level of risk associated with certain investment securities, it is possible that changes in their values could occur in the near term and such changes could materially affect the net assets of the College. Property and Equipment Property and equipment is stated at cost, or, in the case of gifts, at the fair value at the date of donation. Expenditures for maintenance, repairs and renewals of relatively minor items are not capitalized. The College s policy is to capitalize property and equipment purchases greater than $10,000. Impairment losses are recognized when the carrying value of an asset exceeds its fair value. The College regularly assesses all of its long-lived assets for impairment and recognizes impairment losses in the period the loss occurs. Depreciation is provided using the straight-line method over the estimated useful lives of the related assets. Such assets and lives are generally as follows: Buildings and building improvements Furniture, fixtures, library books and equipment years 3-20 years Split-Interest Agreements The College is the trustee and beneficiary of various charitable gift annuities and other splitinterest agreements. The College s beneficial interest is measured at the discounted value of its expected future cash flows and is reported as either unrestricted, temporarily restricted or permanently restricted net assets based on the donor s gift agreements. Deferred Revenue Deferred revenue represents cash received in excess of revenue entitlements or in advance of service provision. 5

8 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Refundable Grant Refundable grant represents capital contributions received from the federal government to fund the Perkins loan program. This is a revolving fund that increases as students repay their loans and decreases as new loans are disbursed. These funds are ultimately due back to the federal government if the program were to cease. Operating and Non-Operating Investment Income Certain private gifts and contracts and investment related income items are segregated by management as operating or non-operating revenues. Generally, gifts such as annual fund campaign gifts support the annual scholarship activity of the College and are classified as operating. Additionally, some donors give temporarily restricted gifts designated to support ongoing operations of the College beyond the annual fund campaign. With regards to investment income, the College allocates 5% of its 3-year rolling average of its endowment funds to operations to fund scholarships. Interest income on short-term working capital or interest income from student short-term payment plans also are designated as operating. Private gifts and contracts designated for capital purposes are classified as non-operating. Endowment and other restricted investment income is recorded as non-operating activity and is reported net of activity allocated to fund current operations as described above. Income taxes Roberts Wesleyan College is a not-for-profit corporation exempt from income taxes as an organization qualified under Section 501(c)(3) of the Internal Revenue Code. Roberts Wesleyan College has also been classified as an organization that is not a private foundation. CGRI is a for-profit corporation organized under Section 402 of the New York State Business Corporation Law. Reclassifications Certain reclassifications have been made to the prior year financial statements to conform with the current year presentation. Comparative Information The financial statements include certain prior year summarized comparative information in total but not by net asset class. Such information does not include sufficient detail to constitute a presentation in conformity with generally accepted accounting principles. Accordingly, such information should be read in conjunction with the College s financial statements for the year ended June 30, 2005, from which the summarized information was obtained. Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. 6

9 3. RECEIVABLES Accounts Receivable The allowance for doubtful accounts related to accounts receivable totaled $1,071,472 and $972,589 at June 30, 2006 and 2005, respectively. Pledges and Contributions Receivable Contributions of private support are recorded as revenue upon receipt of the unconditional promise to give. Contributions receivable are expected to be paid as follows for the years ending June 30: 2007 $ 921, , , , ,356 Thereafter 390,728 2,913,135 Less: Discount (355,261) Notes and Loans Receivable Notes and loans receivable consist of the following at June 30: $ 2,557,874 Perkins loans receivable $ 2,288,678 $ 2,285,289 Other 52,302 56,967 2,340,980 2,342,256 Less: Allowance for doubtful accounts (343,888) (343,888) $ 1,997,092 $ 1,998, INVESTMENTS The cost and fair value of investments were as follows at June 30: 7 Fair Fair Cost Value Cost Value Cash management funds $ 897,289 $ 892,566 $ 569,347 $ 569,407 Fixed income securities 5,436,754 5,581,643 3,900,200 3,938,712 Equity securities 15,750,402 16,752,206 13,736,862 14,123,168 Alternative investments 3,640,610 3,936,336 3,025,610 3,024,248 Cash surrender value of life insurance 722, , , ,817 Other 23,776 23, , ,878 $ 26,471,393 $27,909,089 $ 22,346,033 $ 22,770,230

10 4. INVESTMENTS (Continued) Investment income is comprised of the following at June 30: Interest and dividends, net $ 1,194,133 $ 835,923 Realized gains, net 358, ,078 Unrealized gains (losses), net 1,099,309 (24,873) Management fees (16,500) (16,501) 2,635,363 1,091,627 Less: Investment income allocated to operations (1,430,726) (495,655) Non-operating investment income $ 1,204,637 $ 595,972 The College is currently spending five percent of the average endowment investment fair value for the preceding three years ($341,600 and $344,230 for 2006 and 2005, respectively). This allocation is recorded as operating revenue. Total net assets of the endowment and quasi-endowment were $13,521,210 and $12,173,101 for 2006 and 2005, respectively. 5. PROPERTY AND EQUIPMENT The major classifications of property and equipment were as follows at June 30: Land and improvements $ 704,802 $ 704,802 Buildings 40,861,434 40,093,902 Equipment 9,501,306 9,213,008 Library books 2,699,889 2,482,396 Construction-in-progress 2,174, ,759 55,942,171 52,904,867 Less: Accumulated depreciation (21,596,031) (20,006,340) $ 34,346,140 $ 32,898,527 The College carries commercial property insurance with a blanket limit of approximately $74,000,000 on a replacement cost basis. 8

11 6. LONG-TERM DEBT Long-term debt is comprised of the following at June 30: Loans payable $ 1,024,013 $ 1,124,013 Notes payable 226, ,000 $ 1,250,013 $ 1,350,013 Loans Payable The College constructed student housing in 1996 which was financed by a $1,100,000, 20-year mortgage at 7.25% interest and a $900, year bank loan at a floating interest rate (LIBOR + 75 basis points which was 6.44% at June 30, 2006) collateralized by quasi-endowment investments with a market value of approximately $2,600,000. Principal payments are $100,000 for each fiscal year through 2016 and $25,000 for fiscal year Notes Payable At June 30, 2006, notes payable consisted of unsecured notes to individuals, payable upon demand. Interest only payments are made quarterly based on a floating rate of interest adjusted semiannually based on the LIBOR rate, currently at 5.69%. Line-of-Credit The College has a $1,000,000 line of credit with HSBC Bank. Borrowings against the line bear interest at the bank s prime rate (8.25% at June 30, 2006) or the LIBOR rate plus 1.50% (7.19% at June 30, 2006). There were no outstanding borrowings on the line at June 30, 2006 or Interest Cash paid for interest was approximately $173,000 and $229,000 for the years ended June 30, 2006 and 2005, respectively. 7. RESTRICTED NET ASSETS Temporarily restricted net assets were released as follows at June 30: Capital campaign $ - $ 2,063,551 Scholarships - 30,883 Operations 295, ,333 $ 295,163 $ 2,268,767 Permanently restricted net assets were released for annuities in 2006 and

12 8. EMPLOYEE BENEFIT PLANS Retirement Plan Employees are eligible to participate in a 403(b) contributory retirement plan under arrangements with the Teachers Insurance and Annuity Association and College Retirement Equities Fund and Fidelity Investments. The College contributes an amount equal to employee contributions, but not exceeding 5% of the respective employees annual gross income. The total plan expense amounted to approximately $531,000 and $453,000 in 2006 and 2005, respectively. All required contributions to these plans have been made. Deferred Compensation Plan The College sponsors a 457(b) deferred compensation plan for eligible employees. The College does not contribute to this plan. 9. NORTHEASTERN SEMINARY Northeastern Seminary (the Seminary) is an independent, co-educational graduate school of theology whose Charter was issued by the University of the State of New York on July 17, The Seminary is located on the campus of Roberts Wesleyan College (the College) but is a legally separate organization with its own self-perpetuating Board of Trustees. The Seminary owed the College $137,794 and $101,794 at June 30, 2006 and 2005, respectively, for expenses paid on the Seminary s behalf. The College and the Seminary entered into an annually renewable lease agreement for grounds. The lease agreement calls for the Seminary to pay rent of $10,000 a year, which is subject to price index adjustments beginning on July 1, In 2006, rent payments totaled $10,625. In 2003, the College and the Seminary entered into a one-year renewable operating lease for classrooms in Roberts Hall. Under the agreement, the College pays the Seminary $40,000 annually in equal monthly installments. In 2003, the College entered into a Note Agreement (the Note) with the Seminary. This note receivable bears interest at the ninety day U.S. Treasury Bill rate (4.87% at June 30, 2006). The payments due in 2006 and 2005 were forgiven in the form of a contribution to the Seminary. The note is due from the Seminary in yearly payments noted below: 2007 $ 42, , , , ,500 Thereafter 510,000 $ 722,500 In 2006, the College contributed $1 million of its accumulated royalty income to the Seminary s endowment fund, which is included in due to Northeastern Seminary, net at June 30, This contribution was paid in August

13 10. HOUSING FOUNDATION During 2002, the College began providing residence hall management services for Davison Hall. Davison Hall is located on the College s campus but is owned by HDF-RWC Project 1, LLC, (the Company) a limited liability company whose sole member is Housing Foundation Development, Inc. (the Foundation). The Foundation was formed to assist higher education institutions and other tax-exempt organizations address their housing needs with development, construction, financing and management services. The Company has leased land from the College for a 30- year term, and was the beneficiary of $5,880,000 in County of Monroe Industrial Development Agency (COMIDA) variable rate demand revenue bonds and $215,000 in COMIDA taxable variable rate demand revenue bonds to finance the cost of acquiring, constructing, furnishing and equipping the 200-bed residence hall and to pay the costs of issuance and other certain administrative costs. The bonds are secured by a mortgage on the facility, an assignment of the leases and rents and a letter of credit issued by a third party bank. The College is not liable for any payments related to the COMIDA revenue bonds. The ground lease expires on September 1, 2030 and provides for an annual rent equal to net available cash flow, as defined in the ground lease agreement. The College received approximately $199,000 and $309,000 in payments during the years ended June 30, 2006 and 2005, respectively, related to the ground lease agreements. These amounts are recorded as sales and services of auxiliary enterprises in the consolidated statement of activities and change in net assets. The management agreement between the College and the Company provides for the College to supervise the renting of the dwelling units (including the collection of rents and other charges), oversee compliance by tenants, maintain the facility in good repair, make arrangements for utilities and other services (including computer network and telecommunication services) and provide minimum staffing within the residence hall. The College also makes disbursements from the funds collected to pay for amounts due under the COMIDA bonds, property taxes, insurance premiums and other such expenses. The College receives an annual management fee equal to 5% of collected revenues. This fee amounted to approximately $43,000 in both 2006 and 2005 and is recorded as sales and services of auxiliary enterprises in the consolidated statement of activities and change in net assets. The agreement continues on successive one-year terms unless either party elects to terminate the agreement. 11. DERIVATIVE INSTRUMENT On September 4, 2003, the College entered into an interest rate swap agreement based on the interest rate and amortization schedule on the $5,880,000 nontaxable COMIDA bonds referred to in Note 10. The College accounts for its derivative instrument in accordance with generally accepted accounting principles, which requires that all derivative financial instruments, such as interest rate swap agreements, be recognized in the financial statements and measured at fair value regardless of the purpose or intent for holding them. The agreement involves the exchange of fixed-rate and floating rate payments over the life of the agreement. The interest swap agreement terminates on September 1, The floating-rate piece of the interest rate swap agreement is based on the BMA Municipal Swap Index announced by Municipal Market Data on or in respect of the Determination Date and based upon weekly interest rates resets of tax-exempt variable rate issues included in a database maintained by Municipal Market Data which meets specific criteria established by the Bond Market Association. The fixed portion of the interest rate swap agreement is set at 4.453%. 11

14 11. DERIVATIVE INSTRUMENT (Continued) The fair value of the interest swap agreement was $(88,907) and $(500,033) at June 30, 2006 and 2005, respectively, and was recorded as a liability on the consolidated statement of financial position. The change in the fair value of the interest rate swap agreement during fiscal 2006 and 2005 was included as investment income (loss) allocated to operations on the consolidated statement of activity. Risk management strategies, such as interest rate swap agreements, are reviewed by the College Business Affairs Committee and approved by the College s Board of Trustees. 12. COMMITMENTS AND CONTINGENCIES Operating Lease Agreement The College leases classroom space under the terms of an operating lease agreement with Pearce Memorial Free Methodist Church. Rental expense for fiscal 2006 and 2005 was approximately $45,000 and $37,000, respectively. Minimum payments under these lease agreements are as follows for the years ending June 30: 2007 $ 37, , , , ,464 Thereafter 256,896 $ 444,216 Construction Agreement In May 2006 the College entered into an agreement with The Pike Company, Inc. for construction services relating to the construction of the B. Thomas Golisano Library at an estimated cost of $8,300,000. As of June 30, 2006, approximately $300,000 has been expended for construction. 13. CHANGE IN ACCOUNTING PRINCIPLE In March 2005, the Financial Accounting Standards Board (FASB) issued FASB Interpretation No. 47, Accounting for Conditional Asset Retirement Obligations (FIN 47), an interpretation of FASB 143, Asset Retirement Obligations. FIN 47 clarifies that the term conditional asset retirement obligation as used in the FASB 143 includes a legal obligation associated with the retirement of a tangible long-lived asset in which the timing and/ or method of settlement is conditional on a future event that may or may not be within the control of the entity. An entity is required to recognize a liability for the fair value of a conditional asset retirement obligation if the fair value of the liability can be reasonably estimated, even if conditional on a future event. The College has conditional asset retirement obligations primarily associated with asbestos abatement costs for certain of its facilities. The College adopted FIN 47 in 2006 and recognized the following: Increase in buildings, net $ 3,433 Increase in asset retirement obligation $ 214,464 Cumulative effect of change in accounting principle $ (196,860) 12

15 13. CHANGE IN ACCOUNTING PRINCIPLE (Continued) Pro forma effects of retroactively applying FIN 47 (as if it had been applied during all years reports) are as follows: Pro forma net income $ 9,002,343 Asset retirement obligation at July 1, 2005 $ 188,597 Asset retirement obligation at June 30, 2005 $ 201, FUNCTIONAL EXPENSES On a functional basis the College s operating expenses are classified as follows for the years ended June 30: Program services $ 25,007,075 $ 23,057,041 Management and general 4,624,818 4,245,371 Fundraising 757, ,189 $ 30,389,667 $ 27,904,601 13

16 REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS August 23, 2006 To the Board of Trustees of Roberts Wesleyan College: We have audited the consolidated financial statements of Roberts Wesleyan College and Subsidiary as of and for the year ended June 30, 2006, and have issued our report thereon dated August 23, We conducted our audit in accordance with auditing standards generally accepted in the United States and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Internal Control Over Financial Reporting In planning and performing our audit, we considered Roberts Wesleyan College s internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to provide an opinion on the internal control over financial reporting. Our consideration of the internal control over financial reporting would not necessarily disclose all matters in the internal control over financial reporting that might be material weaknesses. A material weakness is a condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that misstatements caused by error or fraud in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. We noted no matters involving the internal control over financial reporting and its operation that we consider to be material weaknesses. Compliance and Other Matters As part of obtaining reasonable assurance about whether Roberts Wesleyan College s financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grants, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit and, accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. Corporate Crossings 171 Sully s Trail Pittsford, NY p (585) f (585) We noted other matters that we have reported to management in a separate letter dated August This report is intended solely for the information and use of the Board of Trustees, management, federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties. ROCHESTER BUFFALO PERRY GENEVA SYRACUSE 14

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