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STATEMENTS OF NET ASSETS
June 30, 2008 and 2007 (dollars in thousands)

INCLUDES COMPONENT UNIT 2008 2007
Assets    
Current assets    
     Cash and cash equivalents $ 30,592 $ 23,301
     Short term investments 125 730
          Receivables    
          Students, less allowance of $549 in 2008 342 155
          Loans, less allowance of $53 in 2008 92 83
          Gifts and grants 3,167 3,585
          Contributions, net 3,159 530
          Due from Ramapo College Foundation (due to College) - -
          Other 975 873
               Total Receivables 7,735 5,226
     Deposits held by Trustees 21,282 40,312
     Other current assets 424 460
          Total Current Assets 60,158 70,029
Noncurrent assets    
     Investments, at fair value 7,354 7,312
     Student loan receivables, less allowance of $479 in 2008 825 742
     Contributions receivable, net 2,778 1,008
     Deferred financing costs, net - 417
     Plant facilities, net 278,940 267,326
          Total Assets $ 350,055 $ 346,834
     
Liabilities    
Current liabilities    
     Accounts payable and accrued expenses $ 10,518 $ 15,467
     Deferred revenue 2,381 2,591
     Compensated absences, current portion 1,593 1,517
     Deposits 835 786
     Long-term liabilities, current portion 5,300 3,969
          Total Current Liabilities 20,627 24,330
Noncurrent liabilities    
     Other liabilities 2,688 334
      Compensated absences 1,035 964
     U.S. Government Grants refundable 937 938
     Long-term debt 246,020 251,120
          Total Liabilities $ 271,307 $ 277,686
     
Net Assets    
     Invested in capital assets, net of related debt $ 36,366 $ 34,593
     Restricted    
          Nonexpendable 5,223 4,841
          Expendable    
               Grants 7,779 4,552
               Debt service 1,149 1,416
               Renewal and replacement 3,868 3,564
               Capital projects (194) 452
Unrestricted    
     Capital projects 7,354 5,148
     Current $ 17,203 $ 14,582
          Total Net Assets $ 78,748 $ 69,148
     
Revenue    
Operating revenues    
     Student tuition and fees $ 52,657 $ 46,612
     Less: tuition scholarship allowances (12,576) (11,954)
          Net Student Tuition and Fees 40,081 34,658
     Auxiliary enterprises 32,516 29,325
     Less: auxiliary allowances (1,687) (1,575)
          Net Auxiliary Enterprises 30,829 27,750
     Federal grants and contracts 4,602 4,388
     State and local grants and contracts 7,274 5,692
     Contributions 5,687 1,153
     Other operating revenues 2,520 2,355
          Total Operating Revenues 90,993 75,996
Expenses    
Operating expenses    
     Instruction 36,654 33,820
     Research and Public Service 67 -
     Academic support 5,564 5,620
     Student services 10,219 9,825
     Institutional support 16,592 15,888
     Student financial aid and scholarships 1,061 970
     Operations and maintenance of plant 12,987 11,730
     Fundraising 314 286
     Depreciation 11,335 9,564
     Auxiliary 17,025 15,355
          Total Operating Expenses 111,818 103,058
          Operating (Loss) Income (20,825) (27,062)
Nonoperating revenue (expenses)    
     State of New Jersey appropriations 20,468 19,579
     State of New Jersey paid fringe benefits 14,368 13,623
     Investment income, net 1,482 3,655
     Interest expense (8,466) (8,555)
     Transactions with affiliates - -
     Other nonoperating revenues 2,373 -
          Net Nonoperating Revenue (Expenses) 30,225 28,302
Other revenue    
     Capital appropriations 200 106
          Increase in Net Assets 9,600 1,346
Net Assets    
Beginning of year 69,148 67,802
End of year $ 78,748 $ 69,148

COLLEGE ONLY 2008 2007
Cash Flows from Operating Activities    
Tuition and fees $ 39,642 $ 36,704
Grants and contracts 10,762 8,505
Payments to suppliers (33,693) (30,137)
Payments to employees (51,480) (49,600)
Payments for employee benefits (16,575) (15,662)
Auxiliary enterprise charges 30,829 27,750
Other 1,771 (82)
          Net Cash Used by Operating Activities (18,744) (22,522)
Cash Flows from Noncapital Financing Activities    
State appropriations 34,836 33,202
Gifts and grants 2,253 1,870
Insurance Proceeds 2,373 -
Federal family education loan program receipts 24,921 21,508
Federal family education loan program disbursements (24,921) (21,508)
          Net Cash Provided by Noncapital Financing Activities 39,462 35,072
Cash Flows from Capital Financing Activities    
Proceeds from capital debt - 5,288
Capital grants appropriations 1,140 410
Purchases of capital assets (22,949) (41,899)
Principal paid on capital debt and leases (3,689) (5,959)
Interest paid on capital debt and leases (8,466) (8,555)
Increase in deposits held by trustees 19,030 50,623
          Net Cash Used by Capital Financing Activities (14,934) (92)
Cash Flows from Investing Activities    
Interest on investments 1,857 2,746
          Net Increase in Cash 7,641 15,204
Cash    
Beginning of year 22,785 7,581
End of year $ 30,426 $ 22,785
Reconciliation of Net Operating Revenues (Expenses) to Net Cash Used by Operating Activities    
Operating loss $ (28,274) $ (28,685)
Adjustments to reconcile net loss to net cash used by operating activities    
Depreciation expense 11,335 9,564
Changes in assets and liabilities    
     Receivables, net 441 (1,163)
     Other assets 437 (1,755)
     Accounts payable (4,908) (1,891)
     Deferred revenue (252) 1,295
     Deposits held for others - (304)
     Compensated absences 2,478 383
     Loans to students and employees - 34
     Government grants refundable (1) -
          Net Cash Used by Operating Activities $ (18,744) $ (22,522)

See notes to financial statements and independent auditors' report on the College's Administration Web page at www.ramapo.edu/administration/controller2.html.

Ramapo College of New Jersey • 505 Ramapo Valley Road • Mahwah, NJ 07430 • 201-684-7500
http://www.ramapo.edu/