DRAFT BENEDICT COLLEGE FINANCIAL STATEMENTS AND ACCOMPANYING INFORMATION. For the Years Ended June 30, 2012 and And

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1 FINANCIAL STATEMENTS AND ACCOMPANYING INFORMATION For the Years Ended June 30, 2012 and 2011 And Report of Independent Auditors

2 TABLE OF CONTENTS REPORT OF INDEPENDENT AUDITORS... 1 FINANCIAL STATEMENTS Statements of Financial Position... 2 Statement of Activities for the year ended June 30, Statement of Activities for the year ended June 30, Statements of Cash Flows Notes to Financial Statements ACCOMPANYING INFORMATION 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

3 Report of Independent Auditors The Board of Trustees Benedict College Columbia, South Carolina We have audited the accompanying statements of financial position of Benedict College (the College ) as of June 30, 2012 and 2011, and the related statements of activities and cash flows for the years then ended. These financial statements are the responsibility of the College s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the 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 audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Benedict College as of June 30, 2012 and 2011 and its changes in net assets and cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America. In accordance with Government Auditing Standards, we have also issued our report dated October xx, 2012 on our consideration of Benedict College s internal control over financial reporting and 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. This report is an integral part of an audit performed in accordance with Governmental Auditing Standards and should be considered in assessing the results of our audit. Charlotte, North Carolina October xx, 2012

4 STATEMENT OF ACTIVITIES FOR THE YEAR ENDED JUNE 30, 2012 ASSETS Cash and cash equivalents $ 866,921 $ 840,724 Accounts receivable Students, net 1,541,557 1,331,122 Grants and sponsored programs 1,481,526 3,642,862 Other 3,045, ,522 Contributions receivable, net 174,714 28,176 Student loans receivable, net 551, ,254 Prepaid expenses and other assets 540, ,258 Restricted cash and investments 25,043,608 24,755,480 Investments 615, ,014 Beneficial interest in assets held by others 705, ,505 Property and equipment, net 90,452,402 85,720,602 Deferred financing costs, net 1,367,137 1,444,307 Total assets $ 126,386,824 $ 121,560,826 LIABILITIES AND NET ASSETS Accounts payable and accrued expenses $ 6,645,625 $ 4,364,770 Student deposits 2,040,027 1,877,207 Accrued compensated absences 1,032, ,733 Accrued interest payable 1,431,710 1,543,090 Deferred revenue 8,618,325 4,749,338 Notes and bonds payable 69,251,821 73,052,902 Capital leases payable 257, ,497 Asset retirement obligation 410, ,795 Refundable government advances 1,114,238 1,070,117 Funds held for others 52,404 41,930 Total liabilities 90,855,167 88,492,379 Net Assets Unrestricted 23,731,540 21,177,816 Temporarily restricted 1,760,833 2,156,368 Permanently restricted 10,039,284 9,734,263 Total net assets 35,531,657 33,068,447 Total liabilities and net assets $ 126,386,824 $ 121,560,826 See notes to financial statements. 2

5 STATEMENT OF ACTIVITIES FOR THE YEAR ENDED JUNE 30, 2012 Support and Operating Revenues: Tuition and fees, net of tuition discounts Temporarily Permanently Unrestricted Restricted Restricted Total of $16,515,495 $ 36,441,558 $ - $ - $ 36,441,558 Government grants and contracts - 9,902,132-9,902,132 Private gifts, grants and contracts 1,134,069 37, ,021 1,476,220 Auxiliary enterprises 19,433, ,433,744 Investment return within spending rate 1,070, ,070,189 Other 1,277, ,277,609 Net assets released from restrictions 10,537,442 (10,537,442) - - Total support and operating revenues 69,894,611 (598,180) 305,021 69,601,452 Operating expenses Educational services: Instruction 12,744, ,744,597 Student services 12,588, ,588,517 Auxiliary enterprises 11,285, ,285,925 Research 2,149, ,149,951 Public service 1,152, ,152,656 Support services: Institutional support 23,056, ,056,921 Academic support 3,934, ,934,060 Total operating expenses 66,912, ,912,627 Support and operating revenues over expenses 2,981,984 (598,180) 305,021 2,688,825 Non-operating activities Excess of spending rate over investment return (428,260) 202,645 - (225,615) Change in net assets 2,553,724 (395,535) 305,021 2,463,210 Net assets at beginning of year 21,177,816 2,156,368 9,734,263 33,068,447 Net assets at end of year $ 23,731,540 $ 1,760,833 $ 10,039,284 $ 35,531,657 See notes to financial statements. 3

6 STATEMENT OF ACTIVITIES FOR THE YEAR ENDED JUNE 30, 2011 Support and Operating Revenue: Tuition and fees, net of tuition discounts Temporarily Permanently Unrestricted Restricted Restricted Total of $14,387,299 $ 35,873,924 $ - $ - $ 35,873,924 Government grants and contracts - 10,211,907-10,211,907 Private gifts, grants and contracts 1,294,819 82, ,905 1,658,713 Auxiliary enterprises 18,182, ,182,571 Investment return within spending rate 1,097, ,097,550 Other 1,761, ,761,425 Net assets released from restrictions 10,183,535 (10,183,535) - - Total support and operating revenues 68,393, , ,905 68,786,090 Operating Expenses Educational services: Instruction 11,393, ,393,046 Student services 11,236, ,236,398 Auxiliary enterprises 11,644, ,644,185 Research 1,806, ,806,878 Public service 781, ,430 Support services: Institutional support 20,907, ,907,110 Academic support 3,844, ,844,746 Total operating expenses 61,613, ,613,793 Support and operating revenues over expenses 6,780, , ,905 7,172,297 Non-operating activities Excess of spending rate over investment return (223,633) (54,068) - (277,701) Change in net assets 6,556,398 57, ,905 6,894,596 Net assets at beginning of year 14,621,418 2,099,075 9,453,358 26,173,851 Net assets at end of year $ 21,177,816 $ 2,156,368 $ 9,734,263 $ 33,068,447 See notes to financial statements. 4

7 STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED JUNE 30, 2012 AND 2011 Cash flows from operating activities Change in net assets $ 2,463,210 $ 6,894,596 Adjustments to reconcile changes in net assets to net cash provided by operating activities: Depreciation 5,538,019 5,005,113 Provision for bad debts 863,639 1,337,928 Amortization of deferred financing costs and bond discounts 109, ,411 Net realized and unrealized loss on investments 91, ,938 (Increase) decrease in beneficial interests in assets held by others 39,866 (120,755) Contributions restricted for investment and capital purposes (342,151) (363,894) Changes in operating assets and liabilities: Accounts receivable (1,165,196) (2,700,846) Prepaid expenses 323,064 42,104 Contributions receivable (142,177) 10,979 Accounts payable and accrued expenses 667,332 (195,692) Asset retirement obligation 29,733 27,945 Student deposits 162, ,020 Deferred revenue 3,868,987 (345,801) Refundable government advances 44,121 33,845 Funds held for others 10, Net cash provided by operating activities 12,562,164 10,048,228 Cash flows from investing activities Capital expenditures (8,700,414) (6,575,031) Proceeds from the sale of investments - 197,878 Purchases of investments including restricted investments (257,938) (37,228) Loans made to students (150,000) (150,000) Repayment of loans to students 252, ,328 Net cash used in investing activities (8,855,794) (6,390,053) See notes to financial statements. 5

8 STATEMENTS OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED JUNE 30, 2012 AND 2011 Cash flows from financing activities Proceeds from contributions restricted for: Investment in endowment 305, ,905 Capital projects 37,130 82,989 Other financing activities: Payments on debt obligations (3,833,321) (4,481,840) Proceeds from issuance of long-term debt - 738,000 Repayments on capital leases payable (189,003) (378,489) Net cash used in financing activities (3,680,173) (3,758,435) Net increase (decrease) in cash and cash equivalents 26,197 (100,260) Cash and cash equivalents at beginning of year 840, ,984 Cash and cash equivalents at end of year $ 866,921 $ 840,724 Supplemental disclosures: Cash Flow Information: Cash paid during the year for interest, net of amounts capitalized $ 4,371,858 $ 4,285,384 Capitalized interest $ 117,000 $ - Non-Cash Investing and Financing Activities: Additions to property and equipment included in accounts payable $ 1,569,405 $ 866,819 See notes to financial statements. 6

9 Note 1 Summary of significant accounting policies Nature of Operations - Benedict College (the College ) is a private, nonprofit institution of higher education located in Columbia, South Carolina. The College provides education and training services, primarily for students at the undergraduate level, and performs training and other services under grants, contracts and similar agreements with sponsoring organizations, primarily departments and agencies of the United States government. The College s student body is derived primarily from the Southeastern United States. The College and the College s student body receive significant grants and financial aid through the federal and state governments. The College is governed by a self-perpetuating Board of Trustees (the Board ). Basis of Presentation - The financial statements of the College are presented on the accrual basis of accounting. For financial reporting purposes, net assets and revenues, expenses, gains and losses are classified based on the existence of or absence of donor-imposed restrictions. Accordingly, net assets of the College are classified and reported as follows: Unrestricted - Unrestricted net assets generally result from revenues derived from services provided and contributions received from donors who have placed no restrictions on the available distribution of principal and spendable income. The College s policy is to designate unrestricted donor gifts at the discretion of the Board of Trustees. Temporarily Restricted - Temporarily restricted net assets consist of contributions whose use by the College is limited by donor-imposed stipulations that expire by passage of time or can be fulfilled by actions of the College. When a donor restriction expires, temporarily restricted net assets are reported in the statements of activities and changes in net assets as net assets released from restrictions. Donor restricted contributions whose restrictions are met within the same year as received are classified as temporarily restricted contributions and are then released from restrictions in the same year. Permanently Restricted - Permanently restricted net assets consist of contributions received from donors whose use by the College is limited by permanent donor-imposed stipulations. The restrictions are for the donated assets to be maintained permanently by the College. Generally, the donors of these assets permit the College to use the income earned on related investments for general or specific purposes. True endowment funds are always permanently restricted. Management Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 7

10 Note 1 Summary of significant accounting policies (Continued) Cash and Cash Equivalents - The College considers demand deposits and short-term investments with original maturities of three months or less to be cash equivalents, except for those short-term investments managed as part of investment management strategies. Short-term liquid investments that are not available for the general use of the College (such as those restricted for endowments and debt service) are not considered cash equivalents. Receivables - Receivables consist of student accounts receivable and student loans receivable and are stated at cost less an allowance for doubtful accounts. Student accounts receivable are considered past due at the end of the semester incurred. Student loans receivable are considered past due when a payment is not received in accordance with the terms of the loan. Management s determination of the allowance for doubtful accounts is based on an evaluation of the receivable aging, past experience, current economic conditions, and other risks inherent in the accounts receivable portfolio. Receivables are written off when deemed to be uncollectible. Grants and sponsored program accounts receivable also include amounts due from the Federal government, state and local governments, or private sources, in connection with reimbursement of allowable expenditures made pursuant to the College s grants. Investments - Investments, including those investments classified as restricted cash and investments, are recorded at fair value. Fair value is determined by reference to exchange or dealer-quoted market prices. If a quoted market price is not available, fair value is estimated using quoted market prices for similar investment securities. Changes in fair value of securities are reflected as investment gains or losses in the accompanying statements of activities. Investment income and realized/unrealized gains and losses on investments are reported as increases or decreases in unrestricted net assets unless their use is restricted by explicit donor stipulations. Beneficial Interest in Assets Held by Others - The College s beneficial interests in trusts held by third parties are shown at fair value of the underlying assets, which approximates the discounted present value of the anticipated cash flows, as of June 30, 2012 and 2011, respectively. These assets are recorded as beneficial interest in assets held by others in the Statements of Financial Position. Property and Equipment - Land, buildings and equipment are stated at the cost of the assets if acquired or at the estimated fair value at the time of donation if contributed. Renovations and significant improvements to existing structures are capitalized. Fixtures and small equipment are expensed when purchased. Depreciation is recorded on the straight-line basis over the estimated useful life of the assets, which range from 3 years to 40 years. Interest costs incurred on borrowed funds during the construction of capital assets, net of investment income on proceeds of borrowings that are held by the College, are capitalized as a component of the cost of acquiring the assets. Deferred Financing Costs - Debt issuance costs are amortized to expense over the term of the related indebtedness. Compensated Absences - Vacation leave may be accumulated up to a maximum of twenty days. This leave is fully vested earned. when 8

11 Note 1 Summary of significant accounting policies (Continued) Deferred Revenue - Deferred revenue includes the portion of student tuition and fees for summer programs which have been billed as of June 30 of each year, but not earned; grant income that has been received but not expended; amounts representing forward delivery agreements that were exchanged for future investment income earned by respective bond and debt service reserve funds; and deferred revenue from initial investments under the terms of new food service and bookstore management agreements. Asset Retirement Obligation - The College has identified an unconditional asset retirement obligation (ARO) for the costs of asbestos removal and disposal. ARO s are legal obligations associated with the retirement of long-lived assets. These liabilities are initially recorded at fair value and the related asset retirement costs are capitalized by increasing the carrying amount of the related assets by the same amount as the liability. Asset retirement costs are subsequently depreciated over the useful lives of the related assets. Subsequent to initial recognition, the College records changes in the ARO liability resulting from the passage of time and revisions to either the timing or the amount of the original estimate of undiscounted cash flows. The College eliminates ARO liabilities when the related obligations are settled. Refundable Government Advances - Advances from the Federal government under the Perkins Loan Program are distributable to the Federal government upon liquidation of the funds and thus funds not distributed to the Federal government are reflected as liabilities in the Statements of Financial Position. Income Taxes - The Internal Revenue Service has determined that the College qualifies under Section 501(c)(3) of the Internal Revenue Code and is, therefore, not generally subject to income taxes under present tax laws. The College s policy is to record a liability for any tax position taken that is beneficial to the College, including any related interest and penalties, when it is more likely than not the position taken by management with respect to a transaction or class of transactions will be overturned by a taxing authority upon examination. Management believes there are no such positions as of June 30, 2012 and 2011 and, accordingly, no liability has been accrued. The College is no longer subject to tax examinations for years prior to Contributions - Gifts of cash and other assets are reported as restricted support if they are received with donor stipulations that limit the use of the donated assets. When a restriction expires, that is, when a stipulated time restriction ends or a purpose restriction is accomplished, temporarily restricted net assets are reclassified to unrestricted net assets and reported in the statement of activities as net assets released from restrictions. Donations of property and equipment are recorded as support at their estimated fair value at the date of donation. Such donations are reported as unrestricted support unless the donor has restricted the donated asset to purpose. a specific 9

12 Note 1 Summary of significant accounting policies (continued) Assets donated with explicit restrictions regarding their use and contributions of cash that must be used to acquire property and equipment are reported as restricted support. Absent donor stipulations regarding how long those donated assets must be maintained, the College reports expirations of donor restrictions when the donated or acquired assets are placed in service as instructed by the donor. The College reclassifies temporarily restricted net assets to unrestricted net assets at that time. Unconditional promises to give are recognized as revenues or gains in the period received. Conditional promises to give are recognized when the conditions on which they depend are substantially met. Unconditional promises to give that are expected to be collected within one year are recorded at net realizable value. Unconditional promises to give that are expected to be collected in future years are recorded at the present value of their estimated future cash flows, using a credit risk adjusted interest rate appropriate for the expected term of the promise to give. Amortization of the discounts is recorded as contribution revenue in accordance with donor restrictions on the contributions. An allowance for uncollectible contributions receivable is provided based upon management s judgment of such factors as prior collection history, type of contribution and fund raising activity. Advertising - The College expenses advertising costs as they are incurred. Total advertising expenses were approximately $85,500 and $64,500 for 2012 and 2011, respectively. Auxiliary Enterprises - Auxiliary enterprises include dormitories, food services provided to students, faculty and staff, and commissions on the operation of the College s bookstore. Fees charged are directly related to the cost of services rendered. Fund-Raising Activities - Fund-raising activities are recorded as institutional support expenditures as incurred and approximated $292,000 and $215,000 for 2012 and 2011, respectively. Concentrations of Credit Risk - The College grants credit to its students for tuition and fees based upon the amount of financial aid available to the students, and establishes an allowance for doubtful accounts based upon the age of the receivable and other factors. The majority of students come from the southeast United States. However, the College attracts students from throughout the country and abroad. The College places its cash and cash equivalents on deposit with financial institutions in the United States. The Federal Deposit Insurance Corporation (FDIC) covers $250,000 for substantially all depository accounts and temporarily provides unlimited coverage through December 31, 2012 for certain qualifying and participating non-interest bearing transaction accounts. The College from time to time may have amounts on deposit in excess of the insured limits. As of June 30, 2012, the College had approximately $20,880,000 which exceeds these insured amounts. 10

13 Note 1 Summary of significant accounting policies (continued) Operating Activities Operating activities in the Statements of Activities reflect all transactions related to the core operations of the College. All other transactions, including activity related to endowment and other investments, changes in the fair value of derivative financial instruments, gifts for capital projects or other long-term restricted purposes and certain other non-recurring items are included as non-operating activities. New Accounting Pronouncements In May 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ( ASU ) No , Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. This ASU represents the converged guidance of the FASB and the International Accounting Standards Board ( IASB ) (the Boards) on fair value measurement. The collective efforts of the Boards and their staff, reflected in ASU , have resulted in common requirements for measuring fair value and for disclosing information about fair value measurements, including a consistent meaning of the term fair value. The Boards have concluded the common requirements will result in greater comparability of fair value measurements presented and disclosed in financial statements prepared in accordance with U.S. GAAP and IFRSs. The amendments to the FASB accounting Standards Codification in this ASU are to be applied prospectively. The amendments are effective during annual periods beginning after December 15, Early application by public entities is not permitted. The College is evaluating this impact on the disclosures of the College. Reclassifications Certain amounts in the 2011 Financial Statements have been reclassified, where necessary for consistency, to conform to the classifications adopted in the 2012 Financial Statements. Note 2 Restricted cash and investments A summary of restricted cash and investments as of June 30 is as follows: Held by escrow agent $ 1,264,719 $ 1,068,228 Held by trustees: Bond construction funds 6,552 6,552 Debt service funds 5,725,153 5,710,401 Perkins Loan funds 188, ,337 Collateral for debt 17,858,722 17,854,962 Total $ 25,043,608 $ 24,755,480 11

14 Note 2 Restricted cash and investments (continued) The aforementioned funds were invested as of June 30 as follows: Cash, money market funds and certificates of deposit $ 23,188,508 $ 22,799,655 Government and government agency bonds and notes 1,420,547 1,521,272 Corporate stock 54,900 54,900 Real estate 379, ,653 Total $ 25,043,608 $ 24,755,480 Funds held by an escrow agent are an account established as a result of the loan agreement financing the College's football stadium. The College is required to deposit $500,000 in the account each semester and loan payments are drawn against the balance. Collateral for debt includes a certificate of deposit of approximately $16,900,000 at June 30, 2012 and The corpus is restricted from College use, but the income earned is available for the College's purposes as long as the debt it secures is not in default. Note 3 Investments A summary of the fair values of the College s investments as of June 30 is as follows: Cash, money market funds and certificates of deposit $ 27,829 $ 115,813 Pooled investment funds 587, ,201 Total $ 615,811 $ 737,014 The College uses the Net Asset Value (NAV) to determine the fair value for the pooled investments that do not have a readily determinable fair value and have financial statements prepared consistent with the measurement principles of an investment company or have attributes of an investment company. The following table lists investments in pooled investment funds at June 30, 2012 and Unfunded Redemption Redemption Fair Value Fair Value Commitment Frequency Notice Period Private equity fund (a) $ 587,982 $ 621,201 - Monthly 10 days (a) Traditional assets of the fund are principally invested in a diversified portfolio of marketable common stocks and other marketable equity-type investments including convertible bonds or debentures and convertible preferred stocks. The fund may also hold cash, short-term obligations, and U.S. Government, corporate or other marketable bonds or debentures. Except for U.S. government obligations and bank certificates of deposit, investments in securities of any one issuer will not at the time of investment exceed 5% of the net assets of the fund. 12

15 Note 3 Investments (continued) The following schedule summarizes investment return and its classification in the statement of activities for the year ended June 30, 2012: Unrestricted Temporarily Restricted Total Dividends and interest $ 505,172 $ 430,415 $ 935,587 Net realized and unrealized losses on investments reported at fair value 136,757 (227,770) (91,013) Return on investment 641, , ,574 Return designated for operating activities (1,070,189) - (1,070,189) Excess of spending rate amount over investment earnings $ (428,260) $ 202,645 $ (225,615) The following schedule summarizes investment return and its classification in the statement of activities for the year ended June 30, 2011: Unrestricted Temporarily Restricted Total Dividends and interest $ 141,586 $ 805,201 $ 946,787 Net realized and unrealized losses on investments reported at fair value (72,870) (54,068) (126,938) Return on investment 873,917 (54,068) 819,849 Return designated for operating activities (1,097,550) - (1,097,550) Excess of spending rate amount over investment earnings $ (223,633) $ (54,068) $ (277,701) Note 4 Fair value measurements of assets and liabilities In accordance with guidance on fair value measurements for financial assets and liabilities measured at fair value, fair value measurements are classified and disclosed in one of the following three categories: Level 1 - Financial instruments with unadjusted, quoted prices listed on active market exchanges for identical investments as of the reporting date. The types of investments which would generally be included in Level 1 are listed equity securities. 13

16 Note 4 Fair value measurements of assets and liabilities (continued) Level 2 - Financial instruments valued using pricing inputs other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date. Fair value is determined through use of models or other valuation methodologies. The types of investments which would generally be included in Level 2 are governmental and corporate bonds and loans. The College s pooled investment funds are classified within Level 2 of the valuation hierarchy due to the liquidity of the funds. These investments are investment vehicles valued using the Net Asset Value ( NAV ) provided by the administrator of the fund. The NAV is based on the value of the underlying assets owned by the fund, minus its liabilities, and then divided by the number of shares outstanding. Level 3 - Financial instruments that are not actively traded on a market exchange and require using significant unobservable inputs in determining fair value. The types of investments which would generally be included in Level 3 are common trust funds, hedge funds, general and limited partnership interests in corporate and private equity, private corporate stock, and long-term certificates of deposit due to the unknown credit risk to the counter-party of the certificate of deposit. The following table summarizes the valuation of the College s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2012 and 2011, based on the level of input utilized to measure fair value: Fair Value Measurements at June 30, 2012 Level 1 Level 2 Level 3 Investments: Money market funds $ 5,792,169 $ - $ - Certificates of deposit ,424,168 Corporate stock ,900 U.S. Treasury obligations - 1,420,547 - Pooled investments - 587,982 - Total investments $ 5,792,169 $ 2,008,529 $ 17,479,068 Beneficial interest in assets held by others $ - $ - $ 705,639 14

17 Note 4 Fair value measurements of assets and liabilities (continued) Fair Value Measurements at June 30, 2011 Using: Level 1 Level 2 Level 3 Investments: Money market funds $ 5,495,059 $ - $ - Certificates of deposit ,420,409 Corporate stock ,900 U.S. Treasury obligations - 1,521,272 - Pooled investments - 621,201 - Total investments $ 5,495,059 $ 2,142,473 $ 17,475,309 Beneficial interest in assets held by others $ - $ - $ 745,505 For assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the period, the following table provides a reconciliation of beginning and ending balances for the year ended June 30, 2012 and 2011, respectively: Investments Beneficial Interest in Assets Held by Others Balance at July 1, 2010 $ 17,699,745 $ 624,750 Investment return 774,160 - Unrealized gains (losses) (347,700) 120,755 Withdrawals (650,896) - Balance at June 30, ,475, ,505 Investment return 774,678 - Unrealized gains (losses) - (39,866) Withdrawals (770,919) - Balance at June 30, 2012 $ 17,479,068 $ 705,639 15

18 Note 5 Student accounts receivable Student accounts receivable consist of the following as of June 30: Student accounts receivable $ 6,006,557 $ 4,996,122 Allowance for doubtful accounts (4,465,000) (3,665,000) Student accounts receivable, net $ 1,541,557 $ 1,331,122 Note 6 Accounts receivable other Interest $ 331,305 $ 397,932 Construction receivable from Perkins Management Services 2,241,722 - Other 472, ,590 $ 3,045,619 $ 729,522 Note 7 Contributions receivable Unconditional promises consist of the following as of June 30: Unconditional promises to give $ 181,410 $ 35,992 Less discount to net present value (2,335) (2,845) Less allowance for uncollectible promises (4,361) (4,971) Contributions receivable, net $ 174,714 $ 28,176 Contributions receivable are due as follows: Amounts due in: Less than one year $ 170,103 $ 19,491 One to five years 11,308 16,501 $ 181,410 $ 35,992 Unconditional promises to give expected to be realized in more than one year are reflected at the present value of estimated future cash flows using a discount rate of 5.0%. 16

19 Note 8 Student loans receivable Student loans receivable as of June 30, 2012 and 2011 consist of the following: Perkins June 30, 2012 Loan Program GAP Loan Program Total Gross loans receivable $ 1,199,954 $ 26,737,642 $ 27,937,596 Allowance for doubtful accounts 761,000 26,624,900 27,385,900 Student loans receivable, net $ 438,954 $ 112,742 $ 551,696 June 30, 2011 Gross loans receivable $ 1,227,477 $ 26,812,677 $ 28,040,154 Allowance for doubtful accounts 807,000 26,510,900 27,317,900 Student loans receivable, net $ 420,477 $ 301,777 $ 722,254 The GAP Loan Program began during fiscal year The College ceased giving any new loans under the program in fiscal year Loans made under the GAP Loan Program are to be repaid over a ten year period beginning six months after the student ceases to attend the College on a fulltime basis ( grace period ), at an annual rate equal to prime plus one quarter of a percent, adjusted annually on the loan anniversary date. The allowance for uncollectible loans has been established at a rate higher than the College s default rates for other similar loan programs. At June 30, 2012 and 2011, approximately 99% and 98% respectively, of outstanding balances under the GAP Loan Program were reserved. Approximately 67% and 64%, respectively of outstanding balances under the Perkins Loan Program were reserved. The estimates of these allowances could be subject to change in the near future and the change could be material to the College s financial statements. Management will continue to assess the adequacy of the reserve as actual payment experience occurs. The College makes uncollateralized student loans which are funded through the revolving loan fund for Federal Perkins Loans for which the College acts as agent for the federal government in administrating the loan program. At June 30, 2012 and 2011 student loans represented 0.44% and 0.59% of total assets, respectively. The availability of funds for loans under the Perkins federal revolving loan program is dependent on reimbursements to the pool from repayments on outstanding loans. Funds advanced by the Federal government of approximately $1,114,000 are ultimately refundable to the government and are classified as liabilities in the statement of financial position. Outstanding loans cancelled under the program result in a reduction of the funds available for loan and a decrease in the liability to the government. 17

20 Note 8 Student loans receivable (continued) Perkins Loan Program GAP Loan Program Total Perkins Loan Program GAP Loan Program Total In default: Less than 270 days $ 170,306 $ 538,101 $ 708,407 $ 199,326 $ 789,240 $ 988,566 Greater than 270 days but less than two years 85, ,330 1,040,721 95,807 1,352,163 1,447,970 Greater than two years but less than five years 106,470 6,105,768 6,212, ,274 9,006,399 9,112,673 Greater than five years 352,703 17,708,932 18,061, ,960 13,976,388 14,346,348 Total past due 714,870 25,308,131 26,023, ,367 25,124,190 25,895,557 Current 48, , ,427 43, , ,300 Not in repayment status 436, ,216 1,242, , ,771 1,382,297 Gross student loan receivable $ 1,199,954 $ 26,737,642 $ 27,937,596 $ 1,227,477 $ 26,812,677 $ 28,040,154 Note 9 Property and equipment Net property and equipment as of June 30 consists of the following: Land and improvements $ 15,834,487 $ 15,666,709 Buildings and improvements 104,986, ,897,212 Furniture and equipment 20,244,696 18,973,763 Library books and collections 2,245,068 2,102,035 Construction in progress 5,916,671 1,318, ,227, ,957,959 Less accumulated depreciation (58,775,373) (53,237,357) $ 90,452,402 $ 85,720,602 Depreciation expense amounted to $5,538,019 and $5,005,113 for the years ended June 30, 2012 and 2011, respectively. Note 10 Deferred revenue Deferred revenue as of June 30 consists of the following: Student tuition $ 202,022 $ 367,830 Government grant advances 2,585,857 2,768,396 Forward delivery agreements 1,544,140 1,613,112 Deferred initial investment on long-term contracts 4,286,306 - Total deferred revenue $ 8,618,325 $ 4,749,338 18

21 Note 10 Deferred revenue (continued) At June 30, 2012, the College has long-term deferrals of funds set aside as initial investments tied to management contracts. The primary contract is for food service management. Funds were received from the contractor for certain improvements to the College cafeteria. The terms of the contract are that the contractor made an initial investment in the improvements of $4,000,000. This initial investment plus interest and fees of 9.5% are to be amortized to expense annually over the twelve year life of the contract. In the event that this contract is terminated prior to the original expiration of the agreement, the College will be required to reimburse the contractor for the unamortized portion of the initial investment. Note 11 Long-term debt Long-term debt consists of the following: Benedict College Educational Facilities Capital Improvement and Refunding Bonds of 2002, collateralized by a first mortgage on facilities constructed with the proceeds of the 1995, 1996, 1998, and 1999 bond issues as well as the Bentley Court Apartments and certain parcels of real estate acquired with the bond proceeds. Additional collateral has been provided in the form of pledged revenues from the operation of the mortgaged properties. Annual principal payments ranging from $665,000 on July 1, 2012 to $1,955,000 on July 1, Interest at 4.50% to 5.75%. The loan agreement places limits on the incurrence of additional borrowing and requires the College to satisfy certain measures of financial performance as long as the bonds are outstanding. Note payable to a bank, collateralized by a certificate of deposit. Interest at 6.00%. Interest is due semi-annually on September 15th and March 15th. Semi-annual principal payments range from $311,000 on September 15, 2012 to $712,000 on March 15, $ 24,120,000 $ 24,750,000 14,602,990 15,183,995 19

22 Note 11 Long-term debt (continued) Benedict College Educational Facilities Revenue Bonds of 1999, collateralized by a first mortgage on the energy system upgrade and the air conditioning system as well as the Bendale Apartments and the Two Notch Road property. Principal payments of $1,190,000 on July 1, 2015, $1,670,000 on July 1, 2020 and $5,960,000 on July 1, Interest at 4.75% to 6.25%. Bank loan collateralized by a security interest in future Qualified Student Activity Fees. Interest at 6.50%. Payments of principal and interest in the amount of $79,660 are due monthly with a final payment of all outstanding principal and accrued interest due on December 2, Benedict College Educational Facilities Revenue Bonds of 1998, collateralized by a first mortgage on the energy system upgrade and the air conditioning system. Principal payments of $470,000 on January 1, 2013, $1,210,000 on January 1, 2018 and $4,235,000 on January 1, Interest at 4.1% to 5.13%. $ 8,820,000 $ 9,090,000 8,569,859 8,780,701 5,915,000 6,150,000 Note payable to a bank, collateralized by investments and the rights to payment of all sums due from the GAP Loan Portfolio. Annual principal payments of $1,540,000 on March 15, 2013 and $1,650,000 on March 15, Interest is payable monthly at the 30 day LIBOR rate (0.19% and 0.24% at June 30, 2012 and 2011, respectively) plus 1.75%. 3,190,000 4,630,000 Note payable to a bank, collateralized by real estate. Interest at prime plus 2.00% (5.25% at June 30, 2012 and 2011, respectively). Monthly payments of principal and interest of $12,859 through March 5, ,867 1,000,782 20

23 Note 11 Long-term debt (continued) Benedict College Fine Arts-Humanities Center Bonds of 1980, collateralized by a first mortgage on the Fine Arts- Humanities Center. Annual principal payments ranging from $89,000 on November 1, 2012 to $113,000 on November 1, Interest at 3%. Note payable to a bank, collateralized by real estate. Interest at 3.00%. Monthly payments of principal and interest of $7,577 are due through July, Note payable to a bank, collateralized by a certificate of deposit. Interest at 6%. Interest and principal are due semiannually on September 15th and March 15th. Semi-annual principal payments of $46,125 are due through January Benedict College Housing Bonds of 1968, collateralized by first mortgage on Mather Hall. Annual principal payments ranging from $65,000 on November 1, 2012 to $113,000 on November 1, Interest at 3%. Note payable to a bank, collateralized by a certificate of deposit. Interest at 6.00%. Monthly payments of $2,667 including interest with final maturity of any outstanding principal on March 23, Note payable to a bank, collateralized by real estate. Interest at 7.75%. Monthly payments of $2,407 including interest with final maturity of any outstanding principal on March 23, Note payable to a mortgage agency, collateralized by real estate. Interest at 1.5%. Monthly payments of $1,150 including interest with final maturity of any outstanding principal in February Note payable to a bank, collateralized by real estate. Interest rate of 8.0% and monthly payments of $1,130 with the final maturity of any outstanding principal balance in December 8, Other Less unamortized discount Notes and bonds payable $ 905,000 $ 992, , , , , , , , , , ,393 96, ,286 80,952 87,117 6,172 16,408 69,529,507 73,362,828 (277,686) (309,926) $ 69,251,821 $ 73,052,902 21

24 Note 11 Long-term debt (continued) Future minimum principal payments for notes payable as of June 30, 2012 are as follows: 2012 $ 12,349, ,603, ,976, ,898, ,965,797 Later Years Less amount representing discount 45,736,641 69,529,507 (277,686) $ 69,251,821 In accordance with the provisions of certain bond and note agreements, the College is required to deposit reserve funds with trustees. These funds, which totaled $5,725,153 and $5,710,401 at June 30, 2012 and 2011, respectively, were invested primarily in government bonds and held in cash. In connection with the 2002 and 1999 bond issues, the College entered into forward delivery agreements whereby cash payments of $1,545,000 and $600,000, respectively were received in exchange for future investment income earned by the respective bond and debt service reserve funds. The College has recorded these payments as deferred revenue and is recognizing revenue associated with these agreements over the term of the bonds using the interest method. As of June 30, 2012 and 2011, deferred revenue associated with these agreements totaled $1,544,136 and $1,613,107, respectively. In connection with the issuance of the College s bonds, the College entered into a financial guaranty insurance policy with an asset guaranty company for the benefit of the holders of the bonds. The agreement contains several financial covenants, including a debt service coverage ratio, an unrestricted resource ratio and a requirement on incurring additional debt. At June 30, 2011, Benedict College is in compliance with the requirements to maintain the minimum debt service coverage ratio and other performance covenants, but not the minimum unrestricted resources ratio. The College has received a waiver that waives the consequences for failure to meet this covenant as of June 30, Pending Note 12 Capital leases payable The College has capital leases for the purchase of the stadium scoreboard and the office telephone system. The scoreboard is payable in monthly installments of $3,397 through September The telephone system is payable in monthly installments of $30,641 through November The College also entered into a capital lease to acquire office space for the Office of International Programs payable in monthly installments of $1,947 through December

25 Note 12 Capital leases payable (continued) The future minimum lease payments under the capital leases are as follows: Year ending June 30: 2013 $ 123, , , , ,361 Thereafter 149,898 Total payments 376,926 Less amounts representing interest (119,432) Total obligations under capital leases at June 30, 2012 $ 257,494 At June 30, 2012, the leased equipment is carried at cost of $1,959,909 with accumulated depreciation of $1,082,427. Note 13 Endowments The College s endowment consists of 168 individual funds established for a variety of purposes including both donor-restricted endowment funds and funds designated by the Board of Trustees to function as endowments. Net assets associated with endowment funds, including funds designated by the Board of Trustees to function as endowments, are classified and reported based on the existence or absence of donor-imposed restrictions. Endowment net asset composition by type as of June 30, 2012 and 2011 is listed below. All endowment pledges receivable are considered to be part of permanently restricted net assets. Temporarily Restricted Permanently Restricted Unrestricted Total June 30, 2012: Donor-restricted endowment funds $ (1,882,142) $ 985,161 $ 10,025,745 $ 9,128,764 Board-designated endowment funds 190, ,270 $ (1,691,872) $ 985,161 $ 10,025,745 $ 9,319,034 Unrestricted Temporarily Restricted Permanently Restricted June 30, 2011: Donor-restricted endowment funds $ (1,596,671) $ 1,056,753 $ 9,720,724 $ 9,180,806 Board-designated endowment funds 510, ,459 $ (1,086,212) $ 1,056,753 $ 9,720,724 $ 9,691,265 Total 23

26 Note 13 Endowments (continued) The Board of Trustees of the College has interpreted the Uniform Prudent Management of Institutional Funds Act ( UPMIFA ) as requiring, absent explicit donor stipulations to the contrary, that the following amounts included in the endowment be classified as permanently restricted: (a) the original value of gifts donated to the permanent endowment, (b) the original value of subsequent gifts to the permanent endowment, and (c) accumulations to the permanent endowment made in accordance with the direction of the applicable donor gift instrument at the time the accumulation is added to the fund be classified as permanently restricted. The remaining portion of the donor-restricted endowment fund that is not classified in permanently restricted net assets is classified as temporarily restricted net assets until those amounts are appropriated for expenditure by the College in a manner consistent with the standard of prudence prescribed by UPMIFA or spent in accordance with the purpose restrictions established by the donor. In accordance with UPMIFA, the College considers the following factors in making a determination to appropriate or accumulate donor-restricted endowments funds: 1. The duration and preservation of the fund 2. The purposes of the College and the donor-restricted endowment fund 3. General economic conditions 4. The possible effect of inflation and deflation 5. The expected total return from income and the appreciation of investments 6. Other resources of the College 7. The investment policies of the College The College has adopted investment and spending policies for endowment assets that attempt to provide a predictable stream of funding to programs supported by its endowment while seeking to maintain the purchasing power of the endowment assets. Endowment assets include those assets of donor-restricted funds that the organizations must hold in perpetuity or for a donor-specified period as well as board designated funds. Under this policy, as approved by the Board of Trustees, the endowment assets are invested in a manner that is intended to produce results that exceed the average annual return of a benchmark composed of a blended benchmark of indexes reflective of the fund s return objectives and risk tolerance over a three to five year rolling time period and a full market cycle. The College expects its endowment funds to earn a long-term rate of return that is at least 6% greater than the rate of inflation as measured by the CPI. Actual returns in any given year may vary from this amount. Expenditures from the fund are traditionally based upon an annual spending policy using 3% of the fair value of endowment investments at the preceding year end plus current year investment income. Spending in the years ended June 30, 2012 and 2011 was limited to interest and dividends on certain endowment investments. In establishing the spending policy, the expected return on the endowment was taken into consideration. Accordingly, the spending policy is expected to allow the endowment to maintain its purchasing power by growing at a rate equal to planned payouts. Additional real growth will be provided through new gifts and any excess investment return. 24

27 Note 13 Endowment (continued) Changes in the endowment net assets for the years ended June 30, 2012 and 2011 are as follows: Temporarily Permanently Unrestricted Restricted Restricted Total Endowment net assets, July 1, 2010 $ (721,608) $ 1,110,822 $ 9,439,053 $ 9,828,267 Investment return (loss): Investment income, net of expenses - 805, ,201 Realized and unrealized losses (364,604) 238,280 - (126,324) Total investment return (loss) (364,604) 1,043, ,877 Contributions , ,671 Amounts appropriated for expenditure - (1,097,550) - (1,097,550) Endowment net assets, June 30, 2011 (1,086,212) 1,056,753 9,720,724 9,691,265 Investment return (loss): Investment income, net of expenses - 430, ,415 Realized and unrealized losses (605,660) 568,182 - (37,478) Total investment return (loss) (605,660) 998, ,937 Contributions , ,021 Amounts appropriated for expenditure - (1,070,189) - (1,070,189) Endowment net assets, June 30, 2012 $ (1,691,872) $ 985,161 $ 10,025,745 $ 9,319,034 From time to time, the fair value of assets associated with individual donor-restricted endowment funds may fall below the amount recorded by the College as permanently restricted net assets (corpus). The amount by which fair value was below corpus at June 30, 2012 and 2011 was $1,882,142 and $1,596,671, respectively. This resulted from unfavorable market fluctuations during the two fiscal years and continued appropriation for certain programs that was deemed prudent by the Board of Trustees. Subsequent gains that restore the fair value of the assets of the endowment fund to the required level will be classified as an increase in unrestricted net assets. 25

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