Financial Reports
Treasurer’s Report
Duane D. Hyatt
F
rom a financial perspective, the 2013 fiscal year
was one of continued deficit reduction. For a
second year in a row the operating deficit has been
reduced by more than $3 million. Increases in student revenues were modest while contributions
reached an historic high. At the same time we continue to look for ways to find additional expense
reductions.
The budget to actual report (Exhibit A on page
38) combines the operating budget/ actual results
and the capital budget/ actual receipts and disbursements. The reports are prepared to depict
cash flow, providing a picture of the current draws
we are making from our endowments to support
the plan. I also include a few charts, displaying
high level financial indicators (Exhibit B on page
39). As in years past, this report also includes our
audited financials.
of $3.7 million in the deficit compared to fiscal 2012. The College and Secondary Schools
continued to produce expense reductions in
administrative and shared service areas, as
well as in benefit expenses. They also experienced some modest gains in total net student
revenues from the prior year though this revenue was less than budget. Cairnwood and
Glencairn contributed to the favorable result.
These bottom line deficits are funded by endowment withdrawals.
• For another year the Fund for the Academy
exceeded its budgeted goal showing a positive variance of approximately $300,000 or
11.14%. What is more impressive is that we
had increased our budget for contributions
from $729,000 in fiscal 2012 to an historic
high of $2.7 million and we still beat the
goal. It is likely that the end of the capital
campaign has allowed donors to repurpose
their support to operations. Regardless, the
support we are receiving from our donors is
truly extraordinary.
ITEMS OF SIGNIFICANCE:
• The 2013 fiscal year ended in a deficit of $5.6
million which resulted in a favorable $2.2
million variance from the budgeted deficit of
$7.8 million. This also represents a reduction
31