Academy Journal Volume 58 - Page 51

  AUDIT REPORT • Loans receivable are made up of student loans and employee loans (secured by their 403(b) and 401(a) retirement plan balances). There was very little change from fiscal 2016. You will find the Independent Auditors’ Report on page 55. We received an unqualified opinion from our auditors, the highest level of opinion pos- sible. It means that our Auditors have concluded that our financial statements are fairly presented in accordance with generally accepted accounting principles and are free of material misstatements. With reference to the Statement of Financial Position (or Balance Sheet), page 60 in the audit report: • Cash decreased by $2.3 million from the prior year due in large part to the completion of the new dormitory building project. Pay- ments for this project totaled more than $4.7 million during the year. In June 2016 we had a significant amount of cash on hand for this dormitory project. These funds were drawn down during the fiscal year. • Contributions receivable (current and long- term combined) decreased by $2.6 million from fiscal 2016 as the result of receiving the final payment of $300 thousand on a significant pledge for the construction of Glenn Hall as well as a receiving the fourth payment of the $9 million pledge for the new College dormitory. • Our investments increased from a market value of $220.0 million at June 30, 2016 to a value of $232.9 million for the year just ended. This includes our ending balance in the NCIF of $142.8 million plus $83.9 million of assets held directly by the Academy for the provision of line of credit collateral. 4 In ad- dition to the payout income of $9.7 million determined by the NCIF spending policy, the Academy withdrew $2.0 million in accor- • Accounts and other receivables are made up of student tuition and other fee receivables and related party receivables (for example, from the General Church). For the second year in a row, the year over year change was relatively small decreasing $9,500. 4 Collateral pool assets are managed in line with NCIF asset allocation and payout principles. 51