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.
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