The Geneva community has much to be thankful for as we look at the ways the Lord blessed us during fiscal year 2010-11. "And my God will meet all your needs according to the riches of his glory in Christ Jesus." (Philippians 4:19). Thanks to His generous provision and the continued support you, our faithful donors, provide, Geneva experienced a financially strong year.
Most notably, the college had a $520,000 increase in cash during 2010-11, which allowed us to increase our capital budget by that amount to $1.8 million. The results of this blessing are many vital improvements made to Geneva's campus.
The most striking renovations were made to the Student Center, which hadn't seen much change since opening in 1965. The exterior of the building received a more modern paint scheme, and the entranceway was dramatically improved with a new ceiling, lights, and a beautiful wood-paneled decor. A new conference room was added, and Skye Lounge received fresh paint, carpet, furniture, and a new air conditioning unit. Additionally, $75,000 was invested in Geneva's Fitness Center, adding equipment and greatly improving this facility for our students, faculty, and staff.
Improvements were also made in the residence halls, Old Main and Rapp Technical Design Center classrooms, Alumni Hall, and other buildings across campus. All of these updates and repairs have had a positive impact on the quality of life for our current students, and Geneva College has become much more welcoming to prospective students and campus visitors.
Additionally, the Lord blessed us with the means to balance our budget, despite a soft enrollment this academic year. For this, we are most thankful; but we know challenges lie ahead. Please continue to provide your steadfast support, which is so important in accomplishing our mission. And please pray that God will bless our efforts, bringing more students to Geneva to pursue high quality scholarship founded on God's truth.
Kenneth A. Smith, Ph.D.
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|Unrestricted||Temporarily Restricted||Permanently Restricted||Total||Unrestricted||Temporarily Restricted||Permanently Restricted||Total|
|REVENUES AND OTHER SUPPORT|
|Tuition and fees||$39,064,512||-||-||$39,064,512||$38,852,608||-||-||$38,852,608|
|Net assets released from restrictions||1,419,288||(1,562,300)||143,012||-||1,554,413||(1,509,082)||(45,331)||-|
|Total Income And Releases||38,201,488||(393,566)||631,636||38,439,558||38,744,556||(684,957)||656,010||38,715,609|
|Total Program Services||33,550,886||-||-||33,550,886||32,569,634||-||-||32,569,634|
|Development and communications||1,307,806||-||-||1,307,806||1,146,931||-||-||1,146,931|
|Total Supporting Services||4,551,952||-||-||4,551,952||4,175,237||-||-||4,175,237|
|Increase in net assets from operating activity||98,650||-||-||
|Changes in temporarily restricted and permanently restricted net assets before other changes in net assets||-||(393,566)||631,636||238,070||-||(684,957)||656,010||(28,947)|
|OTHER CHANGES IN NET ASSETS|
|Changes in annuities and life income trusts||-||116,628||(114,058)||2,570||-||(60,345)||172,268||111,923|
|Realized and unrealized net gain (loss)
|Changes In Net Assets||(99,510)||(2,791,887)||517,578||(2,373,819)||2,412,086||3,663,173||828,278||6,903,537|
|Beginning of year||17,954,577||24,414,873||16,126,876||58,496,326||15,542,491||20,751,700||15,298,598||51,592,789|
|End of year||$17,855,067||$21,622,986||$16,644,454||$56,122,507||$17,954,577||$24,414,873||$16,126,876||$58,496,326|
|Cash and cash equivalents||$2,144,909||$4,257,015|
|Student accounts receivable, net of allowance of $42,000 and $220,000, respectively||551,812||885,946|
|Pledges receivable, net of allowance of $244,000 and $170,000, respectively||31,588,824||568,322|
|Notes receivable net of allowance of $325,000 for each year||584,988||2,447,608|
|Land, buildings and equipment, net||34,850,288||35,529,802|
|Cash surrender value of life insurance||454,266||450,274|
|Perpetual trusts held by third parties||3,411,043||3,742,415|
|Accounts payable and accrued expenses||$1,721,890||$2,005,786|
|Deposits and deferred income||1,278,997||1,601,747|
|Notes and bonds payable||14,997,082||17,704,397|
|Refundable federal student loan funds||1,760,776||1,789,656|
|Annuities and life income trusts payable||1,240,331||1,623,562|
|Postretirement benefit obligation||454,226||488,790|
|Total Net Assets||51,831,786||54,926,099|
|Total Liabilities And Net Assets||$73,285,088||$78,734,882|
|CASH FLOWS FROM OPERATING ACTIVITIES|
|Changes in net assets||$(2,373,819)||$6,903,537|
|Adjustments to reconcile changes in net assets to net cash provided by operating activities:|
|Contributions restricted for investment in endowment||(488,624)||(676,937)|
|Realized and unrealized net gain on investments||2,713,109||(4,820,876)|
|Actuarial gain on annuity obligations||(2,570)||(111,923)|
|Change in allowance for doubtful accounts||(13,324)||(104,740)|
|Changes in assets and liabilities:|
|Accounts and notes receivable||315,611||65,740|
|Cash surrender value of life insurance||(3,992)||(24,620)|
|Other receivables and assets||(176,577)||(473,426)|
|Accounts payable and accrued expenses||(232,187)||(51,709)|
|Deposits and deferred income||(378,987)||56,237|
|Postretirement benefit obligation||9,202||(43,766)|
|Annuities and life income trust payable||(352,622)||(30,609)|
|Refundable federal student loan funds||(6,292)||(22,588)|
|Net Cash Provided By Operating Activities||1,747,579||3,450,048|
|CASH FLOWS FROM INVESTING ACTIVITIES|
|Acquisition of land, building and equipment||(2,020,503)||(1,355,563)|
|Proceeds from sale of investments||10,294,779||10,242,215|
|Purchases of investments||(11,331,052)||(11,142,053)|
|Loans issued to students||(261,500)||(374,241)|
|Collection on loans issued to students||364,562||335,930|
|Net Cash Used In Investing Activities||(2,953,714)||(2,293,712)|
|CASH FLOWS FROM FINANCING ACTIVITIES|
|Proceeds from contributions restricted for investment in endowment||488,624||676,937|
|Repayment of principal on notes and bonds payable||(1,394,595)||(1,312,720)|
|Net Cash Used In Financing Activities||(905,971)||(635,783)|
|Net Increase (Decrease) In Cash And Cash Equivalents||(2,112,106)||520,553|
|CASH AND CASH EQUIVALENTS|
|Beginning of year||4,257,015||3,736,462|
|End of year||$2,144,909||$4,257,015|
|SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION|
|Cash paid during the year for interest||$612,000||$709,000|
|There was no interest capitalized for the years ended May 31, 2012 and 2011.|
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The John Black Johnston Society honors those who have invested at least $500,000 in the promise of Geneva College.
With extraordinary vision and faith, John Black Johnston, a Reformed Presbyterian pastor, founded Geneva College as Geneva Hall on April 20, 1848 in Northwood, Ohio. Geneva opened with two faculty and 42 students, with Johnston serving as the first President.
Having moved to Beaver Falls, Pa., in 1880, Geneva College today flourishes through the remarkable faithfulness and leadership of men and women like President Johnston. God has blessed the faith and work of many people to make Geneva’s Christ-centered mission a continuing reality.
To those named here, who have given of their time, talent and treasure at such bold levels, in the spirit that inspired John Black Johnston, we dedicate this tribute with gratitude as an example to all generations of Genevans to come.
The Tower Society, founded in 2000 A.D., recognizes and honors those individuals, foundations, businesses, organizations and corporations that have made lifetime gifts of $25,000 or more to Geneva College. Their philanthropic leadership demonstrates a shared commitment to excellence in Christian higher education. On behalf of the many students who have already benefitted from their generosity and for generations of students to come, we express sincere gratitude.
"Each of you should give what you have decided in your heart to give, not reluctantly or under compulsion, for God loves a cheerful giver."
2 Corinthians 9:7 (NIV)
The Heritage Society recognizes the valuable contributions of Alumni and Friends who include Geneva in their estate and/or financial plans by gifts made through annuities, charitable trusts, gifts of life estates, undivided partial interests in real estate, or life insurance, and gifts made through their will. Members of the Heritage Society recognize the history of the College, share the mission, and are committed to helping assure Geneva's future. For more information or to join the Heritage Society, contact Mr. Jeffrey A. Jones, Vice President for Advancement at 724-847-6880 or firstname.lastname@example.org.
The President's Council distinguishes a core group of alumni and friends who provides critical resources to enhance the depth and breadth of Geneva College's academic and co-curricular offerings. These annual leadership gifts are instrumental in the advancement of the college.
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Gifts of every size are crucial to Geneva College's mission of providing students a high quality, transformative Christian education. Whether from an individual donation of $5 or an estate gift of $320,000, each and every penny received last year supported the academic programs, faculty, technology and college-sponsored activities that prepare our students to do good work and serve the Lord in all they do.
With these funds, much has been accomplished over the past year to enhance the Geneva College educational experience. A new environmental science major was developed by the biology department, providing opportunities for students to approach this growing field from the perspective of Christian stewardship. The engineering department added an environmental engineering concentration, and the chemical engineering concentration is now fully accredited. Vital updates and repairs were made to many of the campus facilities, including classrooms, residence halls and the student center. And five new scholarships became available for deserving students in the fall 2011 semester.
All of this was made possible through your generosity, and I would like to express my most sincere gratitude to you for such faithful giving at every level. You are a genuine blessing to the students of Geneva.
As we look ahead, I pray that you will experience God's grace. I pray, too, that you will continue to join Geneva in offering students academically rigorous, Christ-centered learning. May God be glorified and Christ's kingdom be advanced through our partnership.
Vice President of Advancement
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