University
and Subsidiaries
Drexel
University
and Subsidiaries
DREXEL
UNIVERSITY
AND SUBSIDIARIES Drexel
DREXEL
UNIVERSITY
AND SUBSIDIARIES
Consolidated
Statement
of
Financial
Consolidated
Statement
of
Activities
CONSOLIDATED STATEMENT OF ACTIVITIES CONSOLIDATED STATEMENTPosition
OF
of June 30, 2013
(in thousands)
for
thethe
year
ended
June 30,
2013
(in2011
thousands)
for
year
ended
June
30,
(in thousands) asFINANCIAL
POSITION
as of June 30, 2011 (in thousands)
TOTAL
OPERATING REVENUE
TOTAL
OPERATING
Tuition andREVENUE
fees
$610,186
Tuition
and fees
$757,635
Less: Institutional
financial aid
(137,727)
Less:
Institutional
financial
aid
(186,556)
Net student revenue
472,459
Patient
Net student
revenue
571,079
care activities
95,595
Patient
care activities
101,991
State appropriations
13,652
State
appropriations
8,210
Government grants, contracts
Government
grants and contracts 95,116
and contributions
121,673
Private
grants
and
contracts
16,104
Private grants and contracts
13,886
Private
39,780
Privategifts
gifts
66,540
Endowment
Endowmentpayout
payoutunder
under
spending
formula
26,337
spending formula
21,976
Investment
income
5,627
Investment income
3,870
Sales
and
services
of auxiliary
enterprises
83,237
Sales
and
services
of auxiliary
enterprises
73,902
Other
sources
17,786
Other sources
13,403
Total operating revenue
965,267
Total operating revenue
896,956
OPERATING EXPENSE
College
programs
OPERATING EXPENSE
Research
and public service
College programs
Academic
Researchsupport
and public service
Student
services
Academic
support
Institutional
support
Student services
Scholarships
fellowships
Institutionaland
support
Auxiliary
enterprises
Scholarships and fellowships
Auxiliary
Total education
and general
enterprises
322,391
103,746
275,042
27,385
97,877
44,865
22,017
116,007
39,823
15,556
105,392
44,826
16,971
674,776
39,042
Patient
care education
activities and general 116,473
Total
596,164
Operation
andactivities
maintenance
48,063
Patient care
110,959
Interest19,221
Operation and maintenance
44,120
Depreciation
and amortization
37,885
Interest16,590
Depreciation
Total operating
expense
896,418
and amortization
31,227
Change
net assets
from
Totalin
operating
expense
799,060
operating
68,849
Changeactivities
in net assets from
operating activities
97,896
NON-OPERATING ACTIVITY
Endowment and other gifts
9,232
NON-OPERATING
ACTIVITY
Realized/unrealized net gain on
investments,
net
of endowment
Endowment
and
other gifts payout 24,881
15,318
Other
non-operating
income
4,571
Realized
and unrealized
gains (includes
Change in
assets from
netnet
endowment
payout)
62,660
non-operating
activities
38,684
Other non-operating expense
(9,480)
Change
in net
assets
107,533
Change
in net
assets from non-operating activities
68,498
NET
ASSETS
Change
in net assets
166,394
Beginning
of year
946,333
Net assets at beginning of year 685,768
End of year
$1,053,866
Net assets at end of year
$852,162
2013
ASSETS2011
ASSETS
Cashand
andcash
cashequivalents
equivalents
Cash
Operatingcash
cash $58,504
Operating
$81,432
Risk
Retention
Group
cash
4,773
Risk Retention Group cash
6,072
Accounts
receivable,
net
Accounts receivable, net
Tuition
47,368
Tuition
54,244
Grants,
contracts
other
33,865
Grants,
contracts
andand
other
60,295
Patients
6,890
Patients
8,537
Tenet
Healthcare
Corporation
981
Tenet Healthcare Corporation
3,119
Contributions
receivable,
net
100,313
Total accounts
assets net
25,368
Other
receivable
$126,195
Deposits with bond trustees
101,566
Contributions
82,200
Student loansreceivable,
receivable,net
net
30,690
Other
assetsinterest in trusts
19,234
Beneficial
38,939
Deposits
with
bond
trustees
30,504
Investments544,696
Student
loans receivable,
net
35,856
Land, buildings
and equipment,
net 644,834
Beneficial
53,605
interest in trusts
Investments616,706
Total assets
$1,638,787
Land, buildings and equipment, net 803,733
LIABILITIES
Total assets
$1,855,537
Accounts payable
44,626
LIABILITIES
Accrued expenses
92,351
Accounts payable
60,205
Deposits31,064
Accrued expenses
91,709
Deferred revenue
72,777
Deposits35,128
Capital lease
3,087
Deferred revenue
77,928
Government advances for student loans 26,252
Capital lease
2,930
Postretirement benefits
35,944
Government advances for student loans 27,394
Bonds and notes payable
480,524
Postretirement and pension benefits 50,741
Bonds and notes payable
455,636
Total liabilities
786,625
Total liabilities
801,671
NETASSETS
ASSETS
NET
Unrestricted394,557
Unrestricted508,375
Temporarilyrestricted
restricted
233,249
Temporarily
255,460
Permanentlyrestricted
restricted
224,356
Permanently
290,031
Total net assets
1,053,866
Total net assets
852,162
Total
liabilities
Total liabilities and net assets$1,638,787
and net assets
$1,855,537
DREXEL UNIVERSITY PRESIDENT’S REPORT 2013
22