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Financial Statement

July 1, 2009 – February 28, 2010

 

 

 

 

Actual

Budget

Variance

Revenue:

 

 

 

 

Tuition and Fees

 $     2,111,094

 $2,074,137

 $     36,957

Gifts and Grants

          444,008

      414,667

        29,341

Other Revenues

          323,911

      281,964

        41,947

Investments

          217,837

       11,333

      206,504

 

Total Revenues:

 $     3,096,850

 $2,782,101

 $   314,749

 

 

 

 

 

Expenses:

 

 

 

Salaries and Benefits

 $     1,668,134

 $1,676,585

 $       8,451

Instructional and Athletic

          323,800

      316,228

         (7,572)

Operational and Overhead

          873,645

      718,603

     (155,042)

 

Total Expenses:

 $     2,865,579

 $2,711,416

 $  (154,163)

 

 

 

 

 

Net Surplus / (Deficit)

 $        231,271

 $     70,685

 $   160,586

 

 

 

 

 

Non-cash Depreciation

            57,490

       31,299

       (26,191)

 

 

 

 

 

Change in Net Assets

 $        173,781

 $     39,386

 $   134,395

 

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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