ML20211J091
| ML20211J091 | |
| Person / Time | |
|---|---|
| Site: | Reed College |
| Issue date: | 03/10/1999 |
| From: | Koblik S REED COLLEGE, PORTLAND, OR |
| To: | Mendonca M NRC (Affiliation Not Assigned) |
| Shared Package | |
| ML20211H063 | List: |
| References | |
| NUDOCS 9909030038 | |
| Download: ML20211J091 (25) | |
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j REED COLLEGE - f ' Pore /arui, Oregon 97 2 0 2 OFFICK OF T!f E P E ESID E N T March 10,1999 Mr. Marvin M. Mendonca, Sr. Project Manager Non-Power Reactors and Decommissioning
. Project Directorate Division of Reactor Program Management Office of Nuclear Reactor Regulation Mail Stop 011D19 Washington, D.C. 20555-0001
Dear Mr. Mendonca:
The purpose of this letter is to provide the Nuclear Regulatory Commission with assurance that Reed College will fund and carry out the required decommissioning activities for its TRIGA Mark I Research Reactor if and when this reactor is decommissioned.
Currently, we have no plans to decommission the reactor. Therefore, for purposes of planning, we are assuming that the reactor will continue to operate under its current license which does not expire until October 3,2007.
We have provided your office with documentation as required in accordance with Appendix E to Part 30, Items I, IIA, and IIC, indicating Reed College's ability to provide self-guarantee of decommissioning costs.
Sincerely, ,
Steven Koblik President l
cc: Stephen Frantz Peter Steinberger j Edwin O. McFarlane l x
9909030038 990310 PDR ADOCK 05000288 g PDR 3203 Soushrast %nbrock Boulevard. Portland. Oregon Y7202319Y Teirphone t503) 777-7500 ~ l'ar t503) 777 7701 4
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Ratings services William). Con
- 5ItinaJway Manamng I)irector New York NY M1041064 I%hlic Iinance Rattngs Tcl21::081866 Reference No.::710000I
. . Standard & Poor's gg A Dwisian of'IheMcGmw HiBGunpuucs July 31,1998 Mr. Edwin O. Mcfarlane Treasurer Reed College 3203 Southeast Woodstock Boulevard Portland, OR 97202-8199 Re: $21,175,000 Oregon Health Housing Education & CulturalFacility Authority, Revenue Bonds, (Reed College)
Dear Mr. McFarlane:
This is to inform you that as part ofour ongoing debt rating program, we have reviewed the latest annual financial report and other relevant data related to the above debt. As a result of such review, we have confirmed the rating for the above debt at 'A+' with a rating outlook for the intermediate to longer tenn of stable.
Please continue to send updated information including annual audit reports and budgets, and if applicable, updated operating and construction progress data, addressed to:
Standard & Poor's Ratings Services Public Finance Secondary Markets Surveillance 25 Broadway Muni Drop Box No.1 New York, NY 10004-1064 If you have any questions please feel free to contact Stephen Infranco at 212-208-1271. I l
Thank you for continuing your relationship with Standard & Poor's. i Very truly yours, 7
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i THE REEDINSTITUTE Financial Statements and Supplementary Infonnation June 30,1998 and 1997 (With Independent Auditors' Report Thereon) i l
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ENPeat Marwick LLP Sune 2000 1211 South West Fifth Avenue (g Portland, OR 97204 l
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INDEPENDENT AUDITORS' REPORT i
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, The Board of Trustees J The Reed Institute Portland, Oregon:
We have audited the accompanying statements of financial position of The Reed Institute as of June 30, 1998 and 1997, and the related statements of cash flows for the years then ended and the statement of activities for the year ended June 30,1998. These financial statements are the responsibility of The Reed l7; Institute's management. Our responsibility is to express an opinion on these financial statements based on i our audits. I We conducted our audits in accordance with generally accepted auditing standards. Those standards require ,
that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are
~, free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts {
and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as weli as evaluating the overall consolidated financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of The Reed Institute as of June 30,1998 and 1997, and its cash flows for the years then 9 ended and the changes in its net assets for the year ended June 30, 1998 in conformity with generally accepted accounting principles.
Our audit for the year ended June 30,1998 was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information included in Schedules 1 through 6 as of and for the year ended June 30,1998 is presented for purposes of additional analysis and is not a required
- part of the basic financial statements. Such information, except for that portion marked "unaudited", on which we express no opinion, has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole for the year ended June 30,1998.
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THE REED INSTITUTE STATEMENTS OF FINANCIAL POSITION JUNE 30,1998 AND 1997 9
1998 1997 ASSETS CURRENTASSETS-Cash and cash equivalents (note 3) $ 8,425,824 $ 11,892,280 0 Deposits with loan trustees (note 4) 40,456 46,811 Accounts receivable student and other 3,477,028 3,469,728 investments (note 3) 2,670,582 2,368,416 Contracts receivable 24,500 96,211 Pledges receivable (note 8) 848,427 958,035 Notes payable discount and issuance costs (note 4) 37,879 37,879 Ol Prepaid expenses and other assets 653,982 669,206 Total current assets 16,178,678 19,538,566 O
PROPERTY, Pl. ANT AND EQUIPMENT:
Land and buildings 74,011,868 50,536,690 Construction in progress 373,417 15.461,868 Equipment, furniture, and fixtures 15,646,217 14,961,362 Less: accumulated depreciation (30,050,263) (28,413,682) G Property, plant, and equipment net 59,981,239 52,546,238 9
i OTHER ASSETS- l Notes payable discount and issuance costs noncurrent (note 4) 976,362 1,014,240 -
Pledges receivable noncurrent (note 8) 7,879,542 7,048,946 j Contracts and trusts receivable - noncurrent (note 7) 630,691 785,800 Long-term investments (note 3) 263,028,561 226,104,549 $!
Other assets 92,903 92,903 Total other assets 272,608,059 235,046,438 TOTAL ASSETS $ 348,767,976 $ 307,131,242 g:
See accompanying notes to financial statements. 1-gj
lO THE REED INSTITUTE Table of contents O'
Page(s)
Independent Auditor's Report Financial Statements:
O- l Statements of Financial Position 1 l Statements of Activities and Changes in Net Assets 2 Statements of Cash Flows 3 Notes to Financial Statements 4 - 13 O Supplementary information: l Schedule 1, Five-Year Highlights 14 Schedule 2, Statement of Financial Position 15 l Schedule 3, Statement of Activities by Fund 16 )
Schedule 4, Comparison of Budgeted to Actual Educational O and General Expenditures of the Current Unrestricted Funds 17 - 18 ;
Schedule 5, Total Expenditures for Educational and General ;
Purposes and Auxillaries by the Current Funds 19 Schedule 6, Summary of Auxiliary Enterprises (Current Funds - Unrestricted) 20 O
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THE REED INSTITUTE STATEMENTS OF FINANCIAL POSITION (continued) !
JLlNE 30,1998 AND 1997
'O 1998 1997 !
LIABILITIES AND NET ASSETS CURRENT LIABILITIES:
Accounts payable $ 1,151,255 $ 2,530,645
'O Accrued salaries and withholdings 2,017,776 1,896,721 l Current portion of long-term deot (note 4) 403,124 400,391 )
Deferred revenue 410,819 785,890 Life income payables 70,532 74,382
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Total current liabilities 4,053,506 A,688,029 LONG-TERM LIABILITIES:
Present value of annuities payable 1,441,510 606,636 Postretirement benefits payable (note 6) 4,180,726 3,743,653 Refundable loan programs 2,719,158 2,610,633 Long-term debt (note 4) 22,058,294 22,461,477 O
Total long term liabilities 30,399,688 29,422,399 Total liabilities 34,453,194 35,110,428 NET ASSETS (DEFICIT):
O unrestricted:
Operating 195,129 (334,174)
Designated for special programs 18,428,315 15,117,899 Institutional loan programs 1,591,874 1,400,859 Funds functioning as endowment 52,295,295 51,683,710 Accumulated endowment gains 160,620,809 128,900,158
- Q Net investment in piant 33,262,653 31,403,339 Total unrestricted 266,394,075 228,171,791 Temporarily restricted
Educational and general programs 5,682,335 4,985,329 Q Annuity and life income funds 8,111,930 6,648,354 Other temporarily restricted net assets 2,197,207 2,063,617 Total temporarily restricted 15,991.472 13,697,300 Permanently restricted g True endowment funds 30,463,061 28,735,411 Annuity and life income funds 1,466,174 1,416,312 Total permanently restricted 31,929,235 30,151,723 Total net assets 314,314,782 272,020,814 O $ 348,767,976 TOTAL LIABILITIES AND NET ASSETS $ _307,131,242 See accompanying notes to financial statements.
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J THE REEDINSTITUTE STATEMENTS OF ACTIVITIES AND CHANGES IN NET ASSETS YEAR ENDED JUNE 30,1998 Temporarily Permanently TOTAL TOTAL Unrestricted Restricted Restricted 1998 1997 REVENUES, GAINS AND OTHER SUPPORT Tuition and fees 8- 26,728,531 $ -
$ 26,728,531 $ 25,711,428 less: college-funded scholarships (6.045,424) - - (6,045.424) (5,749,974)
) Net tuition and fees 20,683.107 - - 20,683.107 19,961,454 Auxiliary enterprises 5,613.387 - - 5.613,387 5,063,551 Gifts and private grants 8,229,403 2,359,726 968.280 11.557,409 10,053,973 Govemment grants, contracts and student aid 794,180 - - 794,180 846,135 Endowment investment income 3,305,044 - - 3,305,044 3,395,138 ,
Realized gains 26,455,176 120,548 56,016 26,631,740 27.649,705 Unrealized gains (losses) 13.220,535 28,790 1,349 13,250,674 12,834,960
} Other investment income 1,238,302 384,501 52,041 1,674,844 1,680.129 Other revenues and additions 709,228 117,790 1,878 828,896 603,565 Subtotal 59.565,255 3,011,355 1,079,564 63,656,174 62.127,156 Net assets released from restrictions 164,436 (164,436) - - -
Total revenues, gifts and other support 80,412,798 2,846,919 1,079,564 84,339,281 82,088,610 E m ses Educational and general:
Instruction 13,195,429 - - 13,195,429 12,151,639 Research 556,523 - - 556,523 563,716 Academic support 4,020,396 4,020,396 3,628,189
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General institutional support 6,015,749 - - 6.015,749 5,194,894 Student services 2,683,747 - - 2,683,747 2,715,249 Scholarships 2,124,599 - - 0,124,599 1,985,295 Extemal affairs 2,002,224 - - 2,002,224 1,733,871 Interest on bond indebtedness 1,665,496 - - 1,665,496 1,698,050 )
Other interest expense 204,734 - - 204,734 26,538 Total educational and general 32,468,897 - - 32,468,897 29,697,441
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Auxiliary enterprises 6,896,857 - - 6.896,857 5,194 1 918 ,
i Total expenses 39,365,754 - - 39,365,754 34.892,359 '
l lNCMASE FROM OPERATNG ACTMTY 41,047,044 2.846,919 1,079,564 44,973,527 47,196,251
) NONOPERATING ACTMTY Investment management fees (1,829,214) (72,569) (1,901,783) (2,281,360)
Present value adjustment on annuities payable (31,109) (41,136) (72,245) 716,159 Pay,aents on life income agreements (449,069) (65,916) (514,985) (409,749)
Other deductions (190,546) (100,546) (298,125)
Total nonoperating activity (2,019,760) (552,747) (107.052) (2,679,559) (2,273,075)
INCREASE N NET ASSETS 39,027,284 2,294,172 972,512 42,29?,968 44,923,176 ET ASSETS,BEGINNING OFYEAR 227,366,791 13,697,300 30,958,723 272,020,814 227,097,638 NET ASSETS,EPO OF YEAR $ 286.394.075 $ 15.991.472 $ 31,929,235 $ 314,314,782 $ 272.020,814 See accompanying notes to financial statements. 2-
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v l THE REED INSTTRTTE STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED JUNE 30,1999 AND 1997 1998 1997 O CASH FLOWS FROM OPERATING ACTNmES:
Increase in net assets $ 42,293,968 $ 44,923,176 Adjustments to reconcile change in not assets to not cash provided by (used in) operating activities: I Depreciation 3,087,576 2,085,433 Contributions for investment in endowment (1,654,116) (2,253,044)
Contributions for investment in annuity agreements (1,579,832) (1,329,576)
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Noncash contributions (5,175,876) (3,810,943) J Noncash expenditures 21,387 59,140 Net realized gain on investments (26,631,740) (27,649,705)
Net unrealized gain on investments (13,250,674) (12,834,960)
Actuarial gain (loss) on annuity obligation 72,245 (716,159)
Ohanges in operating assets and liabilities:
e Increase (decrease) in deposits with loan trustees 6,355 (831) increase (decrease) in accounts receivable-students and other (7,300) 320,373 Increase in pledges receivable (720,988) (35.954)
(Increase) decrease in prepaid expenses and other assets 15,224 (95,704)
Increase (decrease) in accounts payable (1,379,390) 1,376,344
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increase in accrued salaries and withholdings 121,055 219,998 increase in postretsrement benefits payable 437,073 262,948 1 Decrease in deferred revenue (375,071) (91,392) l 3 Increase in life income payable 758,779 113,420 l l
Net cash provided by (used in) operating activities (3,961.325) 522,564 CASH FLOWS FROM ltNESTING ACTIVmES:
Proceeds from maturities / sales of investments 209,776,117 229,439,601 Purchases of investments (190,867,918) (218,264,898)
C Cash equivalents unavailable for current spending (11.097,474) (21,708,399)
Contracts and trusts receivable advanced (185,354) (48,445)
Contracts and trusts receivable collected 412,174 313,79C Purchase of property, plant & r,quipment (10,522,577) (16,185,227)
Net cash used in investing activities (2,485,032) (26,453,572) r CASH FLOWS FROM FINANCING ACTMTIES: ;
Contributions received for investment in endowment 1,654,116 2,253,044 i Contributions received for investment in annuity agreements 1,579,832 1,329,576 l Debt issuance costs 37,878 37,879 Payment of debt principal (400,450) (382,776)
Other changes in govemmental loan funds 108,525 (500)
O v Net cash provided by financing activities 2,979,901 3,237,223 Net decrease in cash and cash equivalents (3,466,456) (22,693,785)
Cash and cash equivalents, beginning of year 11,892,280 34,586,065 Cash and cash equivalents, and of year $ 8,425.824 $ 1,892.280 SUPPLEMENTAL DISCLOSURES Noncash investing and financing activities:
Gifts of securities $ 5,154,489 $ 2.859,210 Gifts of real property 0 892,593 O Gifts of equipment & artwork 7 51,924 Other noncash gifts 21,380 7,216 l Interest paid 1,665,496 1,698,050 See accompanying notes to financial statements. 3-G
. . THE REED INSTITUTE O Notes to Financial Statements June 30,1998 and 1997 O (1) Background The Reed Institute (Reed College), founded in 1908 by Simeon and Amanda Reed, is today one of the nation's preeminent institutions of the liberal arts and sciences. The Reed educational program pays particular attention to a balance between broad study in the various areas of human knowledge and close, in-depth study in a recognized academic discipline.
U (2) Summary of Significant Accounting Policies (a) Accmal Basis
_ The financial statements of Reed College have been prepared on the accrual basis of U accounting in accordance with generally accepted accounting principles.
(b) Basis of Presentation Net assets, revenues, expenses, gains and losses are classified based on the existence or absence of donor-imposed restrictions. The definitions used to classify J_ and report net assets are as follows:
Unrestricted net assets - net assets that are not subject to donor-imposed stipulations.
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Temporarily restricted net assets - net assets subject to donor-imposed !
stipulations that will be met either by actions of Reed College or the passage of time.
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Permanently restricted net assets - net assets subject to donor-imposed stipulations that they be permanently maintained by Reed College. Generally, a
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the donors of these assets permit Reed College to use all or part of the income eamed on related investments for general or specific purposes.
1 Revenues are reported as increases in unrestricted net assets unless their use is limited by l donor-imposed restrictions. All expenses are reported as decreases in unrestricted net assets. Gains and losses on investments and other assets or liabilities are reported as o
increases or decreases in unrestricted net assets unless their use is restricted either by donor stipulation or by law. Expirations of temporary restrictions are reported as reclassifications between the applicable classes of net assets and are reported as " Net assets released from restriction"in the statement of activities.
9 (Continued)
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THE REED INSTITUTE Notes to Financial Statements 9
Income and net gains on investments of endowment and similar funds are reported as follows:
Increases in permanently restricted net assets if the terms of the gift or Reed O' College's interpretation of relevant state law require they be added to the principal of a permanently restricted net asset.
Increases in temporarily restricted net assets if the terms of the gift impose restrictions on the use of the income, g
Increases in unrestricted net assets in all other cases.
(c) Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reponed
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amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
(d) Revenues and Revenue Distribution ,
The principal sources of revenue, consisting of tuition, room and board, various other educational fees, unrestricted income from funds functioning as endowment, unrestricted gifts and net assets released from restrictions are accounted for in unrestricted net assets.
Unrestricted net assets also include revenue from grants, auxiliary enterprises, endowment gains and gains on disposal of assets. g Prepayments of student tuition and fees related to future academic years are deferred and recognized as revenues in the appropriate year.
Net assets released from donor restrictions through the maturation of various planned giving agreements totaled $164,436 and $941,742 for 1998 and 1997, respectively. These ,i '
assets have become available for general operating purposes.
With a few exceptions, the monies in the endowment and similar funds are invested as a pool, and the related income of the pool is distributed to each panicipating fund based upon a spending formula and its relative proportion of the pool. Realized gains and losses are calculated using the actual carrying value. ,.
Reed College utilizes the " total return" method of pooled investment management. This technique considers both realized and unrealized appreciation or depreciation in the market value of investments, in addition to conventional income sources such as dividends, interest, and rents, net of investment fees as being pan of current return. Based on this method, a predetermined percentage of the total retum of the endowment funds (computed ,
on a thirteen-quarter moving average market value) is made available each year for operating purposes.
(Continued)
'O THE REED INSTITUTE Notes to Financial Statements
.O In addition, monies which am not requimd to meet short-term demands are combined and invested. The income camed on these intermediate investments is allocated to each panicipating fund based upon its relative proportion of the combined investment.
(e) Investments Equity securities with readily determinable market values and all debt securities are stated at market value.
O- With the exception of life income investments, gains and losses arising from the sale, collection or other disposition or investments and other noncash assets am accounted for in unrestricted net assets.
(f) Split Interest Agreements O Reed College has been named as a remainder beneficiary for various planned giving agreements. Each agreement provides for contractual payments to stated beneficiaries for their lifetimes, after which emaining principal and intemst revert to Reed College. Assets contributed have been recorded at fair market value. In addition, Reed College has recognized, as a liability, the present value of estimated future payments to be made to beneficiaries of annuity agreements over their expected lifetimes. The present values of O these estimated payments were determined on the basis of published actuarial factors for ages of the respective annuity beneficiaries discounted using current IRS rates of between 6.8% and 8.2% for the years ended June 30,1998 and 1997. Diffemnces between the assets contributed and the expected payments to be made to beneficiaries have been recorded as donations in the year established. These donations were either temporarily restricted on the basis of time or permanently restricted based on the intent of the donor.
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Gross contributions, present value of estimated payments and net contributions are as follows:
.1993 .1991 Gross contributions $ 477,201 $ 361,165
.O Present value of estimated payments 253,868 144,022 Net contributions 5 223,333 5 217,143 The number of outstanding gift annuity contracts, amount of required annual payments and the amount Reed College maintains in a separate and distinct trust fund as a reserve fund adequate to meet the future payments under all outstanding gift annuity agreements are as O follows:
Number of gift annuity contracts 19 9 )
92,728 93,071
' Annualpayments S $
Assets held in trust funds $ 969,011 $ 557,582 O
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THE REED INSTITUTE Notes to Financial Statements O
(g) Grants and Contracts Revenues and reimbursements receivable under research and instructional grants and contracts are recorded at the time when reimbursable costs are incurred. Indirect cost el support for these grants and contracts is generally based upon a standard rate negotiated j with the U.S. Department of Health and Human Services. !
l (h) Pledges Pledges, including unconditional promises to give, if any, are recognized as revenues in the e!
period received. Conditional promises to give are not recognized until they become unconditional, that is, when the donor-iuoosed restrictions are substantially met.
Contributions of assets other than cash are recorded at their estimated fair value on the date of gift. Contributions to be received after one year are discounted at a rate based upon management'sjudgment of such factors as time-weighted value of money, prior collection history, type of contribution and nature of fund-raising activity. Amortized discounts are el recorded as additional contribution revenue and are subject to donor-imposed restrictions.
Pledges are generally receivable within five years of the date the commitment was received.
Pledges are discounted to their present values using an interest rate of 7.75% (note 8).
(i) Property. Plant and Eauipment e:
Land, buildings, equipment and fumishings are stated at cost at the date of acquisition or fair market value, if known, et the date of donation in the case of gifts. Depreciation is computed on a straight-line basis over the estimated useful lives of buildings (twenty to fifty years) and equipment and furnishings (five years). Routine repair and maintenance expenses and equipment replacement costs are expensed as incurred.
4 (j) Donated Materials Donated materials are included in the statement of activities as " Gifts and private grants" at their estimated values at date of receipt when such values are communicated to Reed College by the donor. These materials are subsequently expensed.
e (k) Income Tadalm As a quahF.ed educational institution under the provisions of Section 501(c)(3) of the Internal Reveaue Code, Reed College is exempt from federal and state income taxes on related activities. No tax provision has been made in the accompanying statement of activities. 9 (1) Cash and Cash Eauivalents Cash and cash equivalents represent cash in bank and other liquid investments with original maturities of three months or less.
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9 THE REED INSTITUTE Notes to Financial Statements (m) Deferred Revenue Deferred revenues consist primarily of payments of tuition and fees mlated to future O academic years.
(n) Concentration of Risk Reed College's financial instruments include commercial paper, U.S. Govemment and agency securities, corporate obligations, equity securities, mutual funds, insurance O. contracts and limited partnerships. These financial instruments may subject Reed College to concentrations of risk as, from time to time, cash balances may exceed amounts insured by the Federal Deposit Insurance Corporation. Additionally, the market value of securities is dependent on the ability of the issuer to honor its contractual commitments, and the investments are subject to changes in market values.
O (o)' Reclassification Cenain amounts previously recorded in the prior year financial statements have been reclassified to conform to current year classifications in the financial sta'.ements.
(p) Comoarative Totals The financial statements include certain prior-year summarized comparative information in total but not by net asset class. Such information does not include sufficient detail to constitute a presentation in conformity with generally accepted accounting principles.
Accordingly, such information should be read in conjunction with the Reed College's financial statements for the year ended June 30,.1997, from which the summarized l 0 information was derived.
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O THE REED INSTITUTE Notes to Financial Statements S'
(3) Cash and Investments Investments in equity securities with readily determinable fair values and all investments in debt securities are reported at fair value. Real estate values are determined based on independent appraisals. The aggregate cost and market values of cash and investments at June 30, 1998 9 and 1997 are as follows:
1221 1222 Can Market Con Market Total cash and investments 5 274,124,967 5 240.365,245 Ol l
l Cash and cash equivalents $ 8.425.824 8,425.824 5 11.892,280 $ 11.892.280 1
l Investments Short-term investments 32,805,873 32,805,873 21,708,399 21,708,399 g 115,288,038 155,407,150 120,167,514 154,230,694 Fauities Government fixed 3,450,460 3,539,239 4,948,071 4,702,898 Corporate fixed. 1,505,848 1,557,533 909,348 933,111 Limited partnerships 53,538,282 65,483,847 36,825,305 42,156,051 Real estate 6.445,476 6.905,501 4,499.838 4,741,812 8l '
Total investments $ 213,033,977 $ 265,699,143 $ 139,058,475 228,472,965 Less amounts reported as current assets (2,670.582) (2.368.416)
Long-term investments -$ 263.028.561 $ 226.104.549 4 :
(4) Long-term Dela Real Estate Note Reed College acquired a warehouse in 1990 for $240,000; a $40,000 cash down payment was ,,
made and a note was issued for tLe remaining balance. The note bears interest at 9.5% and requires monthly installments of principal and interest with a balloon payment of the remaining balance on September 1,1999.
Bonds 0-First mortgage Housing and Dining System Bonds, Series C through E, have been issued primarily to various agencies of the United States Government. These bonds bear interest at rates from 2-7/8% to 3-5/8%. A bond and interest sinking fund is maintained for these bonds with balances of $40,456 and $46,811at June 30,1998 and 1997, respectively, and are included under the caption " Deposits with loan tmstees".
8 Certain income generated from dormitories and the Gray Center are pledged to meet the debt service requirements of the bonds. Commercial paper with a market value of $240,828 and
$735,311 at June 30,1998 and 1997, respectively, and all land and buildings are pledged as collateral for the bonds.
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I , I e 1 THE REED INSTITUTE Notes to Financial Statements C/
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State of Orecon Notes Payahk Reed College borrowed $14,82$,000 from the State of Oregon on May 1,1991 to be used for U capitalimprovements and for reimbursement of certain capital improvement projects. The full amount borrowed, net of unamortized debt issuance costs and discount, was expended on {
projects by June 30, 1993. Effective December 1,1995, Reed College refinanced all but l
$1,565,000 of their 1991 State of Oregon notes payable. Interest on these notes varies from j 5.7% to 6.75% at June 30,1998. Debt issuance costs and discounts are amortized over the life !
of the notes. ;
O l Reconciliation of discount and debt issuance cost as a result of refinancing is as follows: )
1995 1991 noin acin O State of Oregon notes payable:
Balance at June 30,1997 $ 21,255,000 $ 1,100,000 1 Payments _
(80,000) (250,000) l
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Balance at June 30,1998 $ 21,175,000 $ 850,000 O I Discount and issuance costs: J Balance at June 30,1997 1,001,223 50,896 Amortization (35,758) (2,120) l Balance at June 30,1998 965,465 48,776 O
Principal payments on long-term debt become due as follows- 1 1
1995 1991 l State of State of !
Oregon Oregon Real 1 O notes notes estate payable payable note Bonds Total Year ending June 30; i 1999 $ 80,000 $ 265,000 $ 8,124 $ 50,000 $ 403,124 2000 85,000 285,000 145,294 51,000 566,294 C 2001 90,000 300,000 - 56,000 446,000 2002 430,000 - - 41,000 471,000 2003 450,000 - - 40,000 490,000 Thereafter 20,040,000 - -
45,000 20,085,000 Total $21,175,000 $ 850,000 $ 153,418 $ 283,000 $ 22,461,418 (Continued) g v
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THE REED INSTITUTE Notes to Financial Statements O
Interest on the Housing and Dining System Bonds, State of Oregon notes payable, real estate note and amortization of debt issuance costs and discount are as follows:
1223 1222 e
Housing and Dining Systems Bonds $ 10,742 $ 12,894 State of Oregon notes payable 1,607,484 1,626,409 Real estate note 9,392 20,868 Amortization of debt issuance costs and discount 37,878 37,879 Interest paid, net of capitalized interest $ 1,665,496 $ 1,698,050 9 (5) Operating Leases Reed College leases copiers over various terms. These leases have been recorded as operating leases. Future minimum rental payments under the leases are as follows:
hl 1999 $70,421 l 2000 $65,904 2001 $40,490 Lease expense was $113,674 and $109,265 for the years ended June 30,1998 and 1997, respectively.
(6) Pension and Postretirement Benefits Reed College has a defined contribution noncontributory pension plan administered through l Teachers Insurance and Annuity Association - College Retirement Equities Fund. Certain employees are eligible to participate and must be employed one year and have attained the age O .
of twenty-one. All contributions vest immediately with the employee. Reed College's policy is to fund pension expenses as incurred. Expenditures relating to the plan were $1,261,228 and $1,096,781 for the years ended June 30,1998 and 1997, respectively.
Reed College carries a defined benefit medical insurance plan which is administered by Blue Cross and Blue Shield of Oregon, and is not funded. The plan covers premiums for medical 8
insurance for eligible retirees and their dependents. In order to participate, employees must retire from Reed College at age fifty-five or older with at least ten years of service and must be enrolled in Reed College's medical insurance plan at the time of retirement.
The following table sets forth the status of the plan as of June 30,1998 and 1997: ,
1998 1997 Accumulated postretirement benefit of obligation (APBO):
Retirees $ 1,915,693 $ 1,806,072 Active Employees 2,265,033 1,937,581 ,
Total APBO $ 4,180,726 $ 3,743.653 (Continued) 9
- o . .
1 THE REED INSTITUTE Notes to Financial Statements O-The components of net periodic postretirement benefit cost for the years ended June 30,1998 and 1997 are as follows:
.O Interest cost $ 290,133 $ 269,755 Service cost 179,747 200,002 Amortization of net gain orloss - 9,339 NetPed d Posuchment knent expense $ 469,880 $ 479,@6 O
Assumptions used in determining the postretirement benefit obligation were:
M M Wei 8hted average discount rate 6.00 % 7.75 %
'O Rate of return on plan assets 6.00 % 7.75 %
Health care cost trend rate 4.25 % 6.00 %
I (7) Trusts Receivable and Trusts Held for Others O Reed College has been named beneficiary of a portion of the remainder of four trusts maturing at a specified date in the future. These trusts are administered by other entities. Reed College revalues these receivables annually based on the fair market value of the trust assets and the -
trust period remaining. At June 30,1998 and 1997, the trusts receivable was $ 322,005 and )
$155,957, respectively, and was included under " Contracts and trusts receivable-noncurrent". !
(8) Pledges
^O Pledges receivable consist of the following:
l M M O Annual Fund $ 295,553 $ 508,739 Campaign Fund 6,671,908 6,423,127 Campus Center 2,776,736 2,675,010 Gross pledges receivable $ 9,744,197 $ 9,606,876 0
O (Continued)
O
o:
THE REED INSTITUTE Notes to Financial Statements Sl Pledges receivable reported on the statements of fm' ancial position were as follows:
1223 1 191 9;
Current:
Gross pledges receivable $ 893,427 $ 1,009,035 Less allowance for doubtful accounts (45,000) (51,000)
Total current net receivables 848,427 958,035 9
Long-term:
Gross pledges receivable 8,850,770 8,597,841 Less discount (556,228) (1,177,895)
Net present value 8,294,542 7,419,946 9
Less allowance for doubtful accounts (415,000) (371,000)
Total long-term net receivables 7,879,542 7,048,946 Total net pledges receivable $ 8,727,969 $ 8,006,981 ,
(9) Commitments and Contingencies On July 1,1988, Reed College elected to place its liability insurance coverage with the College Liability Insurance Company, Ltd. (CLIC), formulated by seven similar western colleges and universities for the purpose of providing liability insurance to higher education institutions. As g; a ponion of its capital, CLIC has placed a $2,000,000 standby letter of credit of which Reed College is contingently liable for a pro rata portion based upon premium contributions from covered institutions. In the event the losses of CLIC exceed its capital and secondary coverages, the maximum contingent liability exposure to Reed College is approximately
$ 121,200. As of June 30,1998 and 1997, there were no amounts outstanding against the standby letter of credit. g (10) Fair Value of FinancialInstruments The estimated fair values of financialinstruments have been determined by Reed College using available market information and appropriate valuation methodologies. At June 30,1998 and 1997, the carrying values of cash, accounts and notes receivable, accounts payable and accrued e liabilities approximate fair value due to the short-term nature of these instruments. The carrying values of all debt also approximate fair value at June 30,1998 and 1997 as the interest rates approximate current market rates.
9 9
e C
-THE REEDINSTmJTE PIVE-YEAR 690HUGHTS YEARS ENDED JUNE 30,1994,1996,1996,1997, AND 1998 O~ * *"*"
from 96 97 to 93 94 94 95 95 96 96 97 97 98 97 98 CURRENTOPERATNG FUPOS.
Revenues and other additions:
O Student tuition and fees $ 22,367,100 $ 23,545,997 $ 24,455,337 $ 25.711,428 $ 4%
26.728,5?1, Annual fund $- 1,717,055 $ 1,739,445 $ 1,754,424 $ 1,844,579 $ 1,891,890 3%
Endowment:
Not investment income $ 709,509 $ 1,128,375 $ 944,865 $ 1,142,297 $ 1,446,622 27%
Q. Scholarship support Chair support 1,106,635 1,086,157 1,045,810 1,124,954 1,357,290 1,348,872 1,394,975 1,417,322 1,474,560 1,606,156 6%
13%
Total return 2,100,595 2,150,407 2,618,631 2,463,352 2,840,842 15%
Other 81,317 194,843 162,095 156,494 161.867 3%
Not endowment support $ 5,084,213 $ 5,644,389 $ 6,431,753 $ 6,574,440 $ 7,530,047 15%
g Total educational and general expenditur $ 25.984,131 $ 26,862,280 $ 29,724,096 $ 29,697,441 $ 32,468,897 9%
FINANCIAL AfD(SCHOLARSHIPS):
Current unrestricted funds $ 5,604,922 $ 5,672,459 $ 5,909,139 $ 5,749,974 $ 6,045,424 5%
Restricted funds 943,912 909,283 968,687 940,474 1,035,299 10%
Endowment 1,106,635 1,045,810 1,357,290 1,394,975 1,474,560 6%
Total $ 7,655,469 $ 7.627,552 $ 8.235,116 $ 8,085,423 $ 8,555.283 6%
STUDENTS, Enrollment, equivalent full payin9 (unaudited) 1,171 1,180 1,187 1,205 1,205 -%
Degrees conferred, under graduate (unaudited) 210 274 272 249 262 5%
Tuttion fee $ 19,100 $ 19,960 $ 20,610 $ 21,330 $ 22,180 4% ,
Student body fee $ 150$ 150$ 150$ 160$ 160 % )
Room and board fee $ 5,230 $ 5,490 $ 5,750 $ 6,000 $ 6,200 3% i Q !
ENDOWlENT AND OUASI ENDOWMENT FUNDS:
Not assets $ 128,981.280 $ 151,716.012 $ 172,993,543 $ 209.319,279 $ 243,379,165 16%
1 Gifts and grants received $ 2,184,261 $ 2,387,069 $ 3,235,626 $ 2,253,044 $ 1,654.116 -27% l Pooled funds, market value per unit $ 6.408 $ 7.404 $ 8 370 $ 9.807 $ 11.292 15%
ANNUtTY AND LIFE INCOME FUNDS:
Not assets $ 6,000,930 $ 7,120,767 $ 6,397.601 $ 8,064,666 $ 9,578,104 19%
PLANT FUNDS: ;
Net assets $ 20,624,446 $ 24,161,020 $ 29.806,448 $ 33,466,956 $ 35,459,860 6%
O Gifts and 9 rants received $ 2.004.579 $ 1.115.70s $ 4.236.iS8 $ 2.228.601 $ 3,720.268 67% .
1 Book value $ 41,248,684 $ 40,083,960 $ 53,342,167 $ 58,253,336 $ 58,194,294 0%
TOTAL ASSETS All funds, including investments at rnarket $ 196,927,741 $ 220,971,850 $ P61,426,183 $ 307,131,242 $ 348,767,976 14%
O Schedule 1 14 O
1-e O
THE REEDINSTTTUTE STATEMEN7 OF FINANCIAL PO8ff10N JUNE 30,1898 Loan Erwlowment Annuity &
Life income Plant 1998 g
Unrestricted Restricted Funds Funds Funds Funds Total A98tTS CURENTA8 SETS-Cash & cash equivalents $ (444,948) $ 12,615.041 $ 1,516.263 $ - $ -
$ (5,260,532) $ 8,425.824 g
Deposits with loan trustees - - - - - 40,456 40,456 Accounts receivable - student and other 313,684 261.836 2,788.979 153.800 - (41,271) 3,477,028 investments 2,670,562 - - - - - 2,670,582 Contracts receivable - - - 24,500 - - 24,500 Pledges receivable 185,000 405,427 - - - 258,000 848.427 i Notes payable discount and issuance costs - - - - - 37,879 37,879 Prepaid expenses and other assets 649,028 - - - - 4,954 653,982 9
Total current assets 3,373,346 13,282,304 4,305,242 178,300 - (4,960,514) 16,178,678 PROPERTY, PLAPR AND EQUIPMEN7:
Land and buildmgs - - - - - 74,011,868 74,011,868 O Construction in progress - - - - - 373,417 373,417 Equipment, furniture, and fixtures - - - - - 15,646,217 15,646,217 L:ss accumulated depreciation - _ - - - - (30.050,263) (30,050.263)
Property, plant, and equipment, net - - - - - 59,981,239 59,981,239 8
OTHER ASSETS.
Notes payable discount and tasuance costs - - - - - 976,362 976,362 Pledges receivable noncurrent 87,201 6,595,134 - - - 2,197,207 7,879,542 Contracts and trusts receivable - noncurrent - - - 308,686 322,005 - 630,691 Long-term investments - 5,266,418 - 246,994,002 10,768,141 - 263,028,561 I Other assets - -
14.000 78,903 - - 92,903 Total other assets 87,201 10,861,552 14,000 247,381,591 11,090,146 3,173,569 272,608,059 9
- 1 TOTAL ASSETS $ 3,460.547 $ 24.143.856 $ 4.319.242 $ 247.559.891 $ 11.000.146 $ 58.194,294 $ 348.767,976 9 'l l
Schedule 2 15 - 2 Ol
O THE REEDINSTmlTE STATEMENT OF FINANCIAL POSITION (continued)
JUNE 30.1998 e ,
O Loan Endowment
^""""Y' Life income Plant 1098 Unrestricted Restricted Funde Fundo Funds Funds Total UA81Lf71ES AND NET ASSETS O """'"'"^""'8' Accounts payable $ 829,567 $ 45,869 $ 2,803 $ -
$ - $ 273,016 $ 1,151,255 Accrued salanes and withholdings 1,979,362 38,414 - - - - 2,017,776 Current portion of long-term debt - - - - -
403.124 403,124 Deferred revenue 369,288 36,124 5,407 - - - 410,819 Llle income payables - - - -
70.532 - 70,532 Total current habeties 3,178,217 120,407 8.210 - 70,532 676,140 4,053,506 O
LONCLTERM LIABluTIES:
Present value of annutties payable - - - - 1,441.510 - 1,441,510 Postratirement benefits payable - - - 4,180,726 - - 4,180,726 Refundable loan programs - - 2,719,158 - - - 2,719,158 Long-term debt - - - - - 22.058,294 22.058.294
""""'"' ~ ~
O " ''
Totai llabilities 3,178,217 120,407 2,727,368 4,180,726 1,512,042 22,734,434 34,453,194 i
Ne7AseEm l b Unrestricted:
Operating 195,129 - - - - - 195,129 Designated for special programs - 18,428,315 - - - - 18,428,315 Institutional loari programs -
- 1.591,874 - - - 1,591,874 Funds functionmg as endowment - - - 52,295,295 - - 52,295,295 Accumulated endowment gains - - - 160.620,809 - - 160,620.809 Net investment in plant - - - - - 33,262.653 33.262.653 O Total unrestricted 195,129 18,428,315 1,591,874 212,916,104 - 33,262,653 256,394,075 T mporarily restricted:
Educational and general programs 87,201 5.595,134 - - - - 5,682,335 Annuity and life income funds - - - - 8,111,930 - 8,111,930 Other temporarily restricted net assets - - - - - 2.197,207 2.197,207 {
O Toisi i.mporariiy restricted 87.20i 5,595.134 - . 8,i t i,930 2,597,207 i5.99i,472 l Permanently restricted:
True endowment funds - - - 30,463,061 - - 30,463,061 Annuity and life income funds - - - - 1.466.174 1.466.174 Total permanently restrlcted - - -
30.463.061 1.466.174 - 31,929 235 Totai nst assets 282.330 24.023.449 1.591,874 243.379,165 9,578.104 35.459,860 314.314,782 TOTAL LIABILITIES ANO NET ASSETS $, 3.460.547 $ 24.143,856 $ 4,319 242 3 247,559.891 $ g090.146 $ 58.194.294 $ 348.767.976 sch.dum 2
O mE REED WSMUTE STATEMENT Or ACTIVITIES BY rUND YEAR ENDED JUNE 30,1998 Annuity &
Loan Endowment Life income Plant 1998
.O unre.irici.d R irici.d rund. runds runde runds Toisi REVEf4JES,GANS NO OTHER SUPPORT Tuition and fees $ 26,728,531 $ - $ - $ -
$ - $ - $ 26,728,531 Lrss: college-funded scholarships (6,045,424) - - - - - (6,045,424)
Not tuition and fees 20,683.107 - - - - - 20,683.107 O Au ma,y .ni.rprises 5,6i s,367 . - - - . 5,6i3.387 Gifts and private grants 1,718,422 2,884,771 - 1,654.116 1,579,832 3,720,268 11,557,409 Government grants, contracts and student aid 227,368 566,812 - - - - 794,180 Endowment investment income 1,446,622 1,831,875 26,547 - - - 3,305,044 Realized gains (losses) - (6,481) - 26,308,543 176,564 153,114 26,631,740 Unrealized gams (losses) 346,442 54,447 - 12,819,646 30,139 - 13,250,674 Other investment income 416,705 523,530 124,895 - 431,469 178,245 1,674,844 Other revenues and additions 371.426 192,275 15,244 - 119,668 130,283 828,896 Total revenues, gifts and other support 30,823,479 6,047,229 166,686 40,782,305 2,337,672 4,181,910 84,339.281 EXPEMER Educational and general; instruction 12,592,931 602,498 - - - - 13,195,429 Research - 556,523 - - - - 556,523 Academic support 3,869,422 150,974 4,020,396 O -
General institutional support 5,655,520 360,229 - - - - 6.015,749 Student services 2,517,679 166,068 - - - - 2,683,747 Scholarships - 2,124,599 - - - - 2,124,599 External affairs 1,802,700 199,524 - - - 2,002,224 Interest on bond indebtedness - - - - - t ,665,496 1,665,496 Other interest expense - - - - - P04 734 204,734 O '**"**"*'*"d'*"* **''' ''' ' ' '
Auxiliary enterprises 6,896,857 - - - - - 6,896,857 Total expenses 33,335,109 4,160,415 - - - 1,870,230 39,365,754 NCREASE (DECREASE) rROM OPERATNG ACTMTY (2,511,630) 1,886,814 166,686 40,782,305 2,337,672 2,311,680 44,973,527 O NONOPERATNG ACTIVITY.
Investment management fees (804,330) (1,010,338) (14.546) - (72,569) - (1,901,783)
Present value adjustment on annuities payable - - - - (72,245) - (72,245)
P:yments on life 6ncome agreements - - - - (514,985) - (514,985)
Other deductions - -
(19.416) - - (171,130) (190,546)
Total nonoperating activity (804,330) (1,010,338) (33,962) - (659,799) (171,130) (2.679,559)
O mmsma Mandatory transfers (1,666,068) - - - - 1,666,068 -
Non-mandatory transfers (199,518) - - - - 199,518 -
Special support (216,938) (410,363) 7,768 (557,167) - 1,176,700 -
Total return 2.840,842 3,523,415 50,523 (6.414,780) - - -
Reserve for plant renewal (444,788) - - - - 444,788 -
DCpreciation/ plant costs 3,467,614 271,244 - - - (3,738,858) -
g Returns to principal Construction support transfers (104,138)
(85,093) - 85,093 - - -
- - - - 104,138 -
Annuity / life income terminations - - - 164,435 (164.435) - -
Total transfers 3,677.006 3,299,203 58,291 (6,722 419) (164,435) (147.646) -
NCF EASE N ET ASSETS 361,046 4,175,679 191,015 34,059,886 1,513,438 1,992.904 42,293,968 Net assets (deficit) , beginning of year (78.716)
Q 19,tt47,770 1,400,859 209,319,279 8,064,668 33,466,956 272,020,814 NETASSETS E!OOFYEAR $ 282.330 $ 24,023.449 $ 1,591.874 $ 243,379,165 $ 9.578,104 $ 35,459.860 $ 314,314,782 Schedule 3 16 -
O
O
~
THE REED INSTITUTE l COMPARISON OF BUD 9ETED TO ACTUAL EDUCATIONAL AND GENERAL l EXPENDITURES OF THE CURRENT UNRESTRICTED FUNDS , ,
{
YEAR ENDED JUNE 30,1998 i GI Actual expenditures Budgeted Teaching j
= ipenditures faculty j I
(L.inaudited) Total salaries Academic expenditures:
Instruction and research:
O l
Instruction and research $ 1,060,667 $ 1,055,487 $ 709,617 Uterature and language 1,906,591 1,890,976 1,736,560 History and social science 1,187,776 1,173,351 1,133,236 Philosophy, psycholgy, religion and P.E. 1,190,108 1,167,225 855,951 Mathmatics and natural science 2,215,219 2,181,734 1,597,265 3 Other 239,046 209,756 54,900 OI Faculty benefits 2,712.166 2,763,239 -
Total instruction and research 10.511,573 10,441,768 6,087,529 Academic support:
Computer-academic 141,216 128,224 - O Computer-hardware service 100,677 90,859 -
Computer-user services ' 205,322 190,831 -
Computer resale (3,852) 3,238 -
CIS administratic.1 452,798 447,174 -
Faculty secretaries 225,175 225,208 -
Ubrary 2,213.469 2,104,738 - O!
Other 155,625 190,146 -
Total academic support 3,490,430 3,380,418 -
Total academic expenditures 14,002,003 13,822,186 6,087,529 9l Institutional support:
General institutional:
Computer administrative 286,324 285,561 -
Telephone 175,610 176,336 -
Mail service 118,180 139,314 -
Print shop 22,369 47,797 -
O Community safety 369,396 371,962 -
Staff benefits 2,088,000 2,471,087 -
General and miscellaneous 437,910 555,430 -
Total general institutional 3,497,789 4,047,487 - 1 O
General administrative:
President's office 328,272 328,749 -
Vice Presidents' offices 381,298 371,465 - 4 Controller's office 374,106 370,262 - I Human resources 136,710 127,696 -
f institutional research 119,768 118,334 - gl Total general administrative 1,340,154 1,316,506 -
- 17
- Schedule 4 ei
O
.O Actual expenditures, continued Supervisory Weges and Materials Contracted improvements and staff student and fees and and salaries assistants supplies services equipment Other*
O
$ '158,459 $ 22,592 ' $ 58,279 $ 153,309 $ -
$ (46,769) 28,617 7,064 30,134 12,286 - 76,315
- 10,063 26,310 3,742 - -
187,873 38,975 63,664 11,129 - 9,633 0- ' ' ' '7 8 ' "'' '
- 839 18,603 21,712 111,023 2,679 5,857 16,824 31,880 2.447 - 2,706,231 654,756 201,148 392,103 241,189 111,023 2,754,020 97,802 19,279 5,459 30 - 5,654 44,082 13,292 48,596 - -
(15,111) 136,377 30,157 19,088 1,393 61,563 (57,747) 25,648 - 13,592 - 478,060 (514,062) 73,691 187 8,112 123,362 234,734 7,088 217,266 - 6,500 1,442 - -
O 581,727 124,808 75,005 135,982 114,221 1,072,995
- 30,627 29,894 8,258 - 121,367 1,176,593 218,350 206,246 270,467 888,578 620,184 1
1,831,349 419,498 598,349 511,656 999,601 3,374,204
)
O !
I l
256,021 2,003 13,760 1,423 - 12,354 61,920 99 65,507 48,810 - -
75,092 32,908 54,857 5,410 - (28,953)
O 82,455 1,430 116,249 150,550 - (302,887) 376,614 6,742 24,106 12,405 - (47,905)
- - - - - 2,471,087
- 10,099 36,031 134,666 - 374,634 852,102 53,281 310.510 353,264 - 2,478,330 0
228,933 495 8,608 1,995 - 88,718 !
327,589 1,093 11,203 6,133 - 25,447 278,145 2,695 31,208 51,301 - 6,913 l 101,832 28 9,592 12,598 - 3,646 O 104,480 1,675 8.347 - - 3,832 1,040,979 5,986 68,958 72,027 - 128,556 Schedule 4
O THE REED INSTITUTE COMPARISON OF BUDGETED TO ACTUAL EDUCATIONAL AND GENERAL EXPENDITURES OF THE CURRENT UNRESTRICTED FUNDS - ,
YEAR ENDED JUNE 30,1998 9
Actual expenditures Budgeted Teaching expenditures faculty (Unaudited) Total salaries Institutional support, continued: g Extemal affairs and public information:
Extemal affairs 970,072 976,597 -
Campaign 160,381 0 -
Alumni Director 199,082 200,522 2,800 information services 370,457 360,468 -
Public occasions 198,900 204,578 -
g; Total external affairs and public information 1,898,892 1,742,165 2,800 Total institutional support 6,736,835 7,106,158 2,800 l
Physical plant operation and maintenance: I Plant Director 103,610 93,872 -
Janitodal 589,653 584,343 -
Buildings 462,053 520,748 -
Grounds 141,967 139,165 - I Utilities and other 940,917 788,456 -
Total physical plant operation and maintenance 2.238,200 2,126,584 - Ol Student services:
Registrar 231,682 222,038 -
l Student services 533,262 481,554 - l Counseling 114,140 113,226 -
Rnancial aid 118,562 115,320 - Oi Admissions 1,347,196 1,170,253 -
Medical services 214,665 192,489 -
Career placement 143,680 139,340 -
Total student services 2,703,187 2,434,220 -
O' Scholarships 6,245,000 6,045,424 -
Total $ 31,925,225 $ 31,534,572 5 6,090,329
- Reductions arise from expenditures charged to auxiliary enterprises. O 9
Schedule 4 9
)
Actual expenditures, continued Supervisory Wages and MaterLis Contracted improvements and staff student and fees and and salaries assistants supplies services equipment Other*
J 614,184 12,046 168,223 58,294 - 123,650 43,355 - 15,492 18,780 -
(77,627) 105,335 13.542 59,332 21,739 -
(2,226) 162,075 2,964 147,445 40,239 - 7,745 103,037 6,819 31,852 33,806 - 29,064 1,027,986 35,371 422,344 172,858 - 80,806 2,921,067 94,638 801,812 598,149 - 2,687,692 79,461 1,911 3,515 5,730 - 3,255 536,047 7,953 42,319 17,704 -
(19,980) 314,771 9,051 92,198 104,728 - -
85,734 11,266 18,609 23,556 - -
22,165 - 515,723 99,547 192,575 (41,554) 1,038,178 30,181 672,664 251,265 192,575 (58,279) 175,248 10,736 29,965 2,619 - 3,470 328,978 32,925 32,750 44,595 -
42,306
__s 93,134 - 1,985 11,442 -
6.665 J 86,971 - 7,838 16,957 - 3,554 404,667 29,909 417,193 51,810 - 266,674 161,436 689 34,314 16,002 - (19,952) 110,604 2,412 8,048 7,542 - 10,734 1,381,038 76,671 532,093 150.967 - 313,451
~)
- - - - - 6,045,424
$ 7,151,632 $ 620,988 $ 2,604,918 $ 1,512,037 $ 1,192,176 $ 12,362,492 3
e Schedule 4 e
= ,
- O THE REEDINSTITUTE TOTAL EXPENDITURES FOR EDUCATIONAL AND GENERAL PURPOSES AND AUXIUARIES BY THE CURRENT FUNDS O vEAR ENDED auNE 30,199 CURREN7 FUNDS RESTR!CTED AND UNRESTRICTED TRUS'Y.E DESIGNATED instruction Research Grants Q Total and Research General Auxillaries Ger,eral and Contracts Faculty salaries and wages $ 6,319,516 $ 6,087,530 $ 2,800 $ -
$ 177,066 $ 52,120 Other salaries and wages 8,672,592 855,903 6,916,713 505,918 263,322 130,736 Total salaries and wages 14,992,108 6,943,433 6,919,513 505,918 440,388 182,856 Other expense:
O Pension plan 1,348,377 627,548 720,829 - - -
Other fringe benefits 3,871,664 1,984,300 1,750,258 74,505 23,941 38,660 Contracted fees and services 3,656,484 241,188 1,270,849 1,866,639 271,349 6,459 Supplies 2,965,812 392,105 2,212,813 121,549 201,137 38,208 Equipment 1,586,607 111.023 1,081,152 115,924 276,666 1,842 Scholarsnips 8,170,022 - 6,045,424 - 2,124,598 -
, Travel 1,121,024 118,620 831,329 - 165,872 5,203 V Other 5,828,850 2,174,714 (941,422) 4,212,122 99,941 283,295 Total other 28,548,840 5,649,498 12,971,232 6,390,939 3,163,504 373.667 Total $ 43,540,948 $ 12,592,931 $ 19,890,745 $ 6,896,857 $ 3,603,892 $ 556,523 O
O O
O
.O Schedule 5 19 -
O
)
THE REED INSTITUTE
SUMMARY
OF AUXIUARY ENTERPRISES
) (CURRENT FUNDS-UNRESTRICTED)
YEAR ENDED JUNE 30,1998 Total Commons Dormitories Other Operating revenue $ 4,608,179 $ 2,182,658 $ 2,370,254 $ 55,267 Residential fees 49,988 49,988 - -
Gross profit 4,658,167 2.232,646 2,370,254 55,267
) Operating expenses:
Staff salaries and wages 331,252 - 330,622 630 Student wages 174,665 1,795 172,870 -
Staff beriefits 74,505 - 74,505 -
Security and janitorial services 76,100 31,200 44,900 -
Heat, light, and utilities 444.921 112,131 322,632 10,158
) Supplies 121,550 17,434 89,462 14,654 Insurance 68,012 4,797 63,215 -
Repairs and equipment 115,923 10,473 100,635 4,815 Contracted fees and services 196,995 19,682 146,822 30,491 Board contract charges 1,339,776 1,339,776 - -
Catering contract charges 329,868 329,868 - -
) Other expenses 34,257 - 21,270 12,987 Total operating expenses 3,307,824 1,867,156 1,366,933 73,735 i Net revenue 1,350,343 365,490 1,003,321 (18,468)
) Transfers:
Mandatory transfers for principal and interest on debt (830,432) - (830,432) -
Non-mandatory transfers for ;
principal and intprost on debt (177,143) - (177,143) -
i Reserve for plant renewal and l
} replacement and debt payment (194,788) _
(194,788) - -
Total transfers (1,202,363) (194,788) (1,007,575) -
Excer,s of revenues over expenses and transfers $ 147,980 $ 170,702 $, (4,254) $ (18,468)
Schedule 6 _
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