2017 NECO Financials

Operating Revenues

Operating Expenses

Consolidated Statements of Financial Position

June 30, 2017 and 2016
  2017 2016
Assets    
Cash and cash equivalents $  8,160,700 $  9,711,713
Accounts receivable, net 551,463 718,639
Prepayments and other assets 641,102 637,434
Contributions receivable, net 242,312 61,289
Student loans, net 9,209,781 8,746,249
Investments 21,929,339 16,852,301
Property, plant and equipment, net 11,807,820 10,265,624
Total assets $  52,542,517 $  46,993,249
Liabilities and Net Assets    
Liabilities    
Accounts payable and accrued expenses $  1,706,052 $  1,250,704
Annuity obligations 40,697 63,362
Deferred revenue 2,365,594 2,679,561
Bonds payable 6,350,000 6,790,000
Refundable U.S. government grants 8,036,138 7,732,837
Total liabilities $  18,498,481 $  18,516,464
Net assets    
Unrestricted 22,881,849 19,286,916
Temporarily restricted 6,655,571 5,376,833
Permanently restricted 4,506,616 3,813,036
Total net assets $  34,044,036 $  28,476,785
Total liabilities and net assets $  52,542,517 $  46,993,249

Consolidated Statements of Activities

Year Ended June 30, 2017 (with comparative totals for 2016)
  Unrestricted Temporarily Restricted Permanently Restricted 2017 Total 2016 Total
Operating revenues
Tuition and fees $  21,617,124 - - $  21,617,124 $  20,901,866
Less scholarships and grants (511,401) - - (511,401) (534,287)
Tuition and fees, net 21,105,723 - - 21,105,723 20,367,579
Contributions and bequests 413,289 481,666 693,580 1,588,535 1,823,217
Patient care 2,631,315 - - 2,631,315 2,819,388
Professional service agreements 1,968,825 - - 1,968,825 1,698,629
Grants and contracts 1,754,101 - - 1,754,101 1,201,275
Interest income 61,689 - - 61,689 48,776
Other sources 56,938 - - 56,938 79,142
Auxiliary enterprises 129,593 - - 129,593 122,094
Total operating revenues 28,121,473 481,666 693,580 29,296,719 28,160,100
Net assets released from restrictions 560,200 (247,322) - 312,878 301,380
Total operating revenues and net assets released from restrictions $  28,681,673  $ 234,344 $  693,580 $  29,609,597 $  28,461,480
  Unrestricted Temporarily Restricted Permanently Restricted 2016 Total 2015 Total
Operating expenses
Clinical instruction and patient care 8,433,165 - - 8,433,165 8,223,106
Instruction 5,802,407 - - 5,802,407 5,762,189
Research 1,626,634 - - 1,626,634 1,169,967
Academic support 2,052,935 - - 2,052,935 2,225,265
Student services 1,834,157 - - 1,834,157 1,782,845
Institutional support 5,394,772 - - 5,394,772 4,868,664
Auxiliary enterprises 260,587 - - 260,587 299,507
Total operating expenses 25,404,657 - - 25,404,657 24,331,543
Change in net assets from operating activities $  3,277.016 $ 234,344 $  693,580 $  4,204,940 $  4,129,937
  Unrestricted Temporarily Restricted Permanently Restricted 2017 Total 2016 Total
Non-operating activities
Investment return (loss) 958,792 997,753 - 1,956,545 (72,029)
Net assets released from restrictions per spending policy - (312,878) - (312,878) (301,380)
Change in value of annuity obligations (3,105) - - (3,105) (4,957)
Loss on sale/disposal of assets (278,251) - - (278,251) -
Reclassification of net assets (359,519) 359,519 - - -
Change in net assets 3,594,933 1,278,738 693,580 5,567,251 3,751,571
Net assets as of beginning of year 19,286,916 5,376,833 3,813,036 28,476,785 24,725,214
Net assets as of end of year 22,881,849 $  6,655,571 $  4,506,616 $  34,044,036 $  28,476,785