Statement of Revenues, Expenses and Changes in Net Position

Revenues

• Tuition and fees were down 20% over last year at $16.1M vs. $20.2M. This was obviously influenced by student enrollment and the subsequent ripple effect in Residence Halls and Dining revenue.

Expenses

• Academic Support went up by $550K (31.9% increase) over the prior year which is due primarily to an increase in Salaries and Benefits of $202K primarily due to hiring two new faculty members (Dr. Indira Tyler and Dr. Williams-Evans) in the Nursing Program. Also, there was an increase of $150K in Computer Equipment purchases. Further, there was an increase of $145K in General Operating Supplies related to three different grants.
• There were four other expense lines that saw increases over the prior year, yet none of those expense line increases were more than 6% of each line total. The other expense lines experienced a decrease over the prior year.

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