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Lee College Financial Activities
Lee College is an academic non-profit organization that awards both undergraduate and graduate degree program to students across the world. Located in the United States, the financial statements of the Lee College conform to the Government Accounting Standard Board (GASB). (Lovvorn & Kieschnick, 2011). Overview of the Lee College financial activity reveals that total unrestricted revenues at the end of the 2012 fiscal year is totaled $16,230,000 while total unrestricted expenses are $17,050,000. However, $3,290,000 is total amount record for the increase in permanent restricted revenues and $650,000 is increase in temporary restricted. Temporary restricted consists of contributions totaled $1,500,000, gain on long-term investment and net assets released from restrictions. Permanent restricted revenues consist of income of endowment totaled $2,540,000 and gains on long-term investment totaled $750,000. Overall amount of permanent restricted revenues are $3,290,000.
Unrestricted revenues reveal the total revenues and total expenses, and unrestricted revenues are divided into temporary unrestricted and permanent unrestricted.
The objective of this paper is to review the financial information of Lee College. In reviewing the financial information of Lee College, the paper provides a statement of activities of Lee College using the following format:
A Statement of Unrestricted Revenues
Expenses
Other Changes in Unrestricted Net Assets
A Statement of Changes in Net Assets.
The financial highlights of the 2012 fiscal years are as follows:
Net Assets of the Lee College at the end of the 2012 Fiscal years is $7,920,000 while the net assets as at July 1, 2011 is $3,000,000 revealing $4,920,000 increase in net assets by 164% between 2011 and 2012 fiscal year as being revealed in Table 1. A statement of changes in the net assets consists of net assets and liabilities at the end of the fiscal year 2012. Statements of change in the college net assets consist of current and non-current liabilities, current and non-current assets and net assets, which are equal to Assets minus Liabilities. Typically, Total Assets is equal Total Liabilities plus Net Assets.
Table 1: Changes in Net Assets of Lee College
Financial Highlights
2011
2012
Changes between 2011 and 2012
% Changes
Net Assets
$3,000,000
$7,920,000
$4,920,000
Statement of Unrestricted Revenues
Lee College total revenue at the end of the fiscal year 2012 is $21,970,000 where $18,030,000 is unrestricted revenues, $650,000 is temporary restricted, and 3,290,000 are permanently restricted. Additionally, Lee College has excess of gain of $11,090,000 on long-term investment. Major source of income for the college are the combination of tuitions and fees, Sales and Services of Auxiliary Enterprises, grant...
Typically, combination of tuition and fees and sales and services of auxiliary enterprises form more than 99% of the college total revenue. Based on the Lee College financial statement at the end of the 2012 fiscal year, it is revealed that combination of net tuitions and fees; and Sales and Services of Auxiliary Enterprises form the total of $16, 090,000 from the total revenues while the rest is $140,000 as being revealed in Table 2.
Table 2: Unrestricted Revenues
Unrestricted Revenues
Amount
Net Tuition and Fees
$11,090,000
68.6%
Contributions
$100,000
0.6%
Unrestricted Income on Endowment
$40,000
0.2%
Sales and Services of Auxiliary Enterprises
$5,000,000
30.6%
Total
$16,230,000
From the financial data in Table 2, it is revealed that Lee College financial statement is sustainable since the bulk of Lee College revenues are generated from operations and sales activities and not from endowments and contributions. To evaluate the college financial activities, the paper calculates the unrestricted revenues and total expenses for the 2012 fiscal year.
Table 2: Lee College Financial Activities for the Fiscal Year 2012
Unrestricted Revenues
Amount
Net Tuition and Fees
$11,090,000
Contributions
$100,000
Unrestricted Income on Endowment
$40,000
Sales and Services of Auxiliary Enterprises
$5,000,000
Total
$16,230,000
Expenses for the Fiscal Year 2012
Amount
Instruction Expenses
$7,000,000
Research Expenses
$4, 500,000
Public Service
Expenses
$1, 200,000
Auxiliary Enterprises
$3, 500,000
Student Services
$150,000
Institutional Support
$700,000
Total Expenses
$17,050,000
Total Operating Income Loss
$820,000
Net Assets from Restriction
Plant Acquisition Restriction
$1,160,000
Program acquisition
$640,000
Total
$1,800,000
Total Gains
$1,800,000 minus $820,000=$980,000
Evaluation of the college financial activities reveals that the total expenses is greater than unrestricted revenue making the college to suffer a loss of $820,000 for the fiscal year 2012. To calculate the loss suffered by the college, the paper deducts Unrestricted Revenues from Total Expenses revealing there is a loss in the total operating income. However, overview of the Lee College financial activities reveals that there are Net Assets Released…
References
Lovvorn & Kieschnick .(2011). "Lee College District Annual Financial Report for the Year Ended August 31, 2011. Lovvorn & Kieschnick."
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