Denver Seminary

Denver Seminary ended the year with a decrease in total net assets of $166,995. The Denver campus is virtually capital debt-free. Bonds and loans payable reflect student housing apartment obligations. Scheduled payments are fully serviced by apartment rental income. Scholarships and Grants saw a significant percent increase this year. These are partially funded through our operating budget, but a larger percentage comes from generous donations. 12 RESULTS OUR FINANCIAL Key Ratios for 2015 were: Viability: 123.8% Primary Reserve: 63.4% Return on Net Assets: (0.6)% Net Income: (12.5)% The strong Viability and Primary Reserve ratios indicate that financial resources are being managed strategically and we still have substantial reserves as we ramp up our new curriculum and extension sites. A healthy 84.1 percent of all funds were spent on program expenses this year, up slightly from last year. 2015 % 2014 % ASSETS Cash and Cash Equivalents $1,330,304 3.5% $1,915,091 5.0% Accounts Receivable, Inventory, Other 211,898 0.6% 256,813 0.7% Investments 15,049,245 39.8% 14,297,888 37.4% Property, Plant & Equipment, Net 20,933,246 55.4% 21,475,046 56.2% Other Assets 270,959 0.7% 299,506 0.8% Total Assets $37,795,652 100.0% $38,244,344 100.0% LIABILITIES AND NET ASSETS Accounts Payable $597,831 1.6% $211,453 0.6% Deferred Revenue 569,215 1.5% 861,202 2.3% Capital Lease Obligations 568,738 1.5% 407,958 1.1% Gift Annuities and Life Income Payable 966,231 2.6% 1,030,823 2.7% Bonds and Loans Payable 5,512,853 14.6% 5,985,129 15.6% Other Liabilities 176,738 0.5% 176,738 0.5% Total Liabilities $8,391,606 22.2% $8,673,303 22.7% NET ASSETS Unrestricted $16,748,796 44.3% $18,074,676 47.3% Temporarily Restricted 6,556,724 17.3% 5,717,212 14.9% Permanently Restricted 6,098,526 16.1% 5,779,153 15.1% Total Net Assets $29,404,046 77.8% $29,571,041 77.3% Total Liabilities and Net Assets $37,795,652 100.0% $38,244,344 100.0% 2015 % 2014 % OPERATING REVENUE Tuition and Fees $7,925,787 70.8% $8,497,159 64.5% Scholarships and Grants (1,292,095) -11.5% (1,155,367) -8.8% Contributions 3,305,880 29.5% 4,604,219 34.9% Auxiliary Enterprises 1,093,292 9.8% 1,068,048 8.1% Other Income 169,391 1.5% 165,897 1.3% Total Operating Income $11,202,255 100.0% $13,179,956 100.0% OPERATING EXPENSES Instruction $5,345,580 44.9% $4,918,723 44.6% Academic Support 1,757,164 14.8% 1,553,919 14.1% Student Services 1,666,978 14.0% 1,578,909 14.3% Auxiliary Enterprises 905,645 7.6% 857,378 7.8% Public Service 337,823 2.8% 337,693 3.1% Total Program Expenses $10,013,190 84.1% $9,246,622 83.9% SUPPORT ACTIVITIES General and Administrative $975,075 8.2% $937,744 8.5% Fund Raising 915,964 7.7% 837,260 7.6% Total Support Expenses $1,891,039 15.9% $1,775,004 16.1% Total Operating Expenses $11,904,229 100.0% $11,021,626 100.0% Change in Net Assets from Operations $(701,974) $2,158,330 Change in Net Assets from Market Adjustments & Other Non-Operating Items $534,979 $1,973,417 Total Change in Net Assets $(166,995) $4,131,747 CONDENSED BALANCE SHEET Fiscal Year Ended June 30 CONDENSED STATEMENT OF ACTIVITIES Fiscal Year Ended June 30

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