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July 1, 2009 – February 28, 2010
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|
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Actual
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Budget
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Variance
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Revenue:
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Tuition and Fees
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$ 2,111,094
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$2,074,137
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$ 36,957
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Gifts and Grants
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444,008
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414,667
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29,341
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Other Revenues
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323,911
|
281,964
|
41,947
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Investments
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217,837
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11,333
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206,504
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Total Revenues:
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$ 3,096,850
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$2,782,101
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$ 314,749
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Expenses:
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Salaries and Benefits
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$ 1,668,134
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$1,676,585
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$ 8,451
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Instructional and Athletic
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323,800
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316,228
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(7,572)
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Operational and Overhead
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873,645
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718,603
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(155,042)
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Total Expenses:
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$ 2,865,579
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$2,711,416
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$ (154,163)
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Net Surplus / (Deficit)
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$ 231,271
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$ 70,685
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$ 160,586
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|
|
|
|
|
|
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Non-cash Depreciation
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57,490
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31,299
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(26,191)
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|
|
|
|
|
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Change in Net Assets
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$ 173,781
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$ 39,386
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$ 134,395
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Our performance compared to budget continues to be satisfactory. The one area of increased expense – operational and overhead – is at that level due to adjustments from prior years’ expenses as well as a change in the way in which scholarships awards are reported. Our actual results for the fiscal year ending June 30, 2010 continues to project a small surplus before reflecting the investment income.
This good financial performance is a reflection of a number of changes that have been instituted since the beginning of this fiscal year:
- For the first time in several years, we are up-to-date, on our audits. We have audited financial statements for both Benedictine High School and the Benedictine Society through the last fiscal year end.
- As the result of the financial reporting process implemented last fall, each Department head receives monthly reports on the actual performance of the department and makes adjustments where appropriate to be able to conform to the budget.
- In response to our improved financial performance and the markedly improved reliability of our financial information, in early March we were able to refinance the $2.7 million in existing debt at a lower effective cost of funds while extending its maturity into 2013. This permitted us to repay the American Cassinese Congregation the $900,000 we borrowed last spring to cover a cash shortfall identified at that time. This refinancing reflects our bank’s confidence in the financial future of the school and its management.
May God bless you with a most happy and holy Easter season +
Fr. Gregory Gresko, OSB
Headmaster, Benedictine High School
Prior-Administrator, Mary Mother of the Church Abbey
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