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Our Financials

2016 NECO Financials

Operating Revenues

Operating Expenses

Consolidated Statements of Financial Position

June 30, 2016 and 2015
  2016 2015
Assets    
Cash and cash equivalents $  9,711,713 $  7,805,753
Accounts receivable, net 718,639 765,048
Prepayments and other assets 637,434 698,921
Contributions receivable, net 61,289 260,393
Student loans, net 8,746,249 8,780,110
Investments 16,852,301 15,297,745
Property, plant and equipment, net 10,265,624 10,841,836
Total assets $  46,993,249 $  44,449,806
Liabilities and Net Assets    
Liabilities    
Accounts payable and accrued expenses $  1,250,704 $  1,900,291
Annuity obligations 63,362 84,175
Deferred revenue 2,679,561 2,960,568
Bonds payable 6,790,000 7,215,000
Refundable U.S. government grants 7,732,837 7,564,558
Total liabilities $  18,516,464 $  19,724,592
Net assets    
Unrestricted 19,286,916 16,740,600
Temporarily restricted 5,376,833 5,736,727
Permanently restricted 3,813,036 2,247,887
Total net assets $  28,476,785 $  24,725,214
Total liabilities and net assets $  46,993,249 $  44,449,806

Consolidated Statements of Activities

Year Ended June 30, 2016 (with comparative totals for 2015)
  Unrestricted Temporarily Restricted Permanently Restricted 2016 Total 2015 Total
Operating revenues
Tuition and fees $  20,901,866 - - $  20,901,866 $  20,796,025
Less scholarships and grants (534,287) - - (534,287) (528,783)
Tuition and fees, net 20,367,579 - - 20,367,579 20,267,242
Contributions and bequests 221,682 36,386 1,565,149 1,823,217 310,383
Patient care 2,819,388 - - 2,819,388 2,786,085
Professional service agreements 1,698,629 - - 1,698,629 1,657,902
Grants and contracts 1,201,275 - - 1,201,275 1,147,485
Interest income 48,776 - - 48,776 32,021
Other sources 79,142 - - 79,142 57,041
Auxiliary enterprises 122,094 - - 122,094 125,880
Total operating revenues 26,558,565 36,386 1,565,149 28,160,100 26,384,039
Net assets released from restrictions 361,249 (59,869) - 301,380 -
Total operating revenues and net assets released from restrictions $  26,919,814 (23,483) $  1,565,149 $  28,461,480 $  26,384,039
  Unrestricted Temporarily Restricted Permanently Restricted 2016 Total 2015 Total
Operating expenses
Clinical instruction and patient care 8,223,106 - - 8,223,106 8,100,868
Instruction 5,762,189 - - 5,762,189 5,646,906
Research 1,169,967 - - 1,169,967 1,102,381
Academic support 2,225,265 - - 2,225,265 2,035,413
Student services 1,782,845 - - 1,782,845 1,612,733
Institutional support 4,868,664 - - 4,868,664 4,697,966
Auxiliary enterprises 299,507 - - 299,507 275,613
Total operating expenses 24,331,543 - - 24,331,543 23,471,880
Change in net assets from operating activities $  2,588,271 (23,483) $  1,565,149 $  4,129,937 $  2,912,159
  Unrestricted Temporarily Restricted Permanently Restricted 2016 Total 2015 Total
Non-operating activities
Investment return (loss) (36,998) (35,031) - (72,029) 410,045
Net assets released from restrictions per spending policy - (301,380) - (301,380) -
Change in value of charitable remainder trust - - - - 5,148
Change in value of annuity obligations (4,957) - - (4,957) (3,300)
Change in net assets 2,546,316 (359,894) 1,565,149 3,751,571 3,324,052
Net assets as of beginning of year 16,740,600 5,736,727 2,247,887 24,725,214 21,401,162
Net assets as of end of year 19,286,916 $  5,376,833 $  3,813,036 $  28,476,785 $  24,725,214