Issue link: http://catalog.e-digitaleditions.com/i/415428
Johnson & Wales University experienced another financially successful year with an increase in net assets of $46,155,000. The university made steady progress toward its goal of providing an affordable education through sound stewardship of resources. During fiscal year 2014, spending for scholarships increased $5,486,000 to $143,140,000. Efforts to manage costs resulted in a .6% increase in functional expenses, primarily in Instructional, General and Student Services. Financial Report 2014 2013 Scholarships 143,140 137,654 Instructional 141,886 138,347 Practicum 13,359 20,026 General Administrative 40,661 40,220 Admissions and Recruiting 22,395 21,798 General Services 37,285 33,572 Student Services 74,067 71,232 (Dollars in thousands) JOHNSON & WALES UNIVERSITY Consolidated Statements of Financial Position June 30, 2014 and 2013 (In Thousands) 2014 2013 ASSETS Cash and cash equivalents $ 11,054 $ 4,089 Funds on deposit with bond trustee 28,837 - Student accounts receivable, net 8,868 8,586 Inventories, deferred charges, prepaid expenses and other assets 11,433 14,097 Contributions receivable, net 826 1,940 Student loans, notes and other receivables, net 32,017 35,315 Investments 289,025 273,137 Property and equipment, net 604,971 555,342 Total assets $ 987,031 $ 892,506 LIABILITIES AND NET ASSETS Accounts payable and accrued expenses $ 52,203 $ 47,107 Deferred revenue and student deposits 13,907 13,477 Annuity obligations 121 831 Bonds and notes payable, line of credit and capital lease 190,285 146,731 Refundable U.S. Government grants 4,108 4,108 Total liabilities 260,624 212,254 Net assets: Unrestricted: Available for operations and designated for long-term investment 229,140 216,673 Net investment in property and equipment 445,217 410,351 Loan program 20,856 22,963 Total unrestricted 695,213 649,987 Temporarily restricted 10,116 9,597 Permanently restricted 21,078 20,668 Total net assets 726,407 680,252 Total liabilities and net assets $ 987,031 $ 892,506 16 0 , 0 0 0 14 0 , 0 0 0 12 0 , 0 0 0 10 0 , 0 0 0 8 0 , 0 0 0 6 0 , 0 0 0 4 0 , 0 0 0 2 0 , 0 0 0 0 2 013 2 014 ( D O L L A R S I N T H O U S A N D S ) S C H O L A R S H I P S I N S T R U C T I O N A L P R A C T I C U M G E N E R A L A D M I N I S T R AT I V E A D M I S S I O N S A N D R E C R U I T I N G G E N E R A L S E R V I C E S S T U D E N T S E R V I C E S