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Steiner Colleges statement of financial position for the year ended June 30, 2019, is presented here. Steiner is a private college. STEINER COLLEGE Statement of
Steiner Colleges statement of financial position for the year ended June 30, 2019, is presented here. Steiner is a private college.
STEINER COLLEGE | ||||||
Statement of Financial Position | ||||||
June 30, 2019 | ||||||
(amounts in thousands) | ||||||
Assets | ||||||
Cash and cash equivalents | $ | 734 | ||||
Short-term investments | 7,666 | |||||
Tuition and fees receivable (net of doubtful accounts of $12) | 230 | |||||
Pledges receivable (net of doubtful accounts of $280) | 5,872 | |||||
Prepaid assets | 1,364 | |||||
Property, plant, and equipment (net of accumulated depreciation of $104,240) | 281,404 | |||||
Investments (at fair value, cost of $162,000) | 158,400 | |||||
Total assets | $ | 455,670 | ||||
Liabilities and Net Assets | ||||||
Liabilities: | ||||||
Accounts payable and accrued liabilities | $ | 21,130 | ||||
Deposits held in custody for others | 700 | |||||
Unearned revenue | 900 | |||||
Bonds payable | 99,000 | |||||
Total liabilities | 121,730 | |||||
Net Assets: | ||||||
Without donor restrictions | $ | 104,000 | ||||
With donor restrictions | 229,940 | |||||
Total net assets | 333,940 | |||||
Total liabilities and net assets | $ | 455,670 | ||||
The following transaction information (amounts in thousands) pertains to the year ended June 30, 2020.
- During the year, charges for tuition and fees were $244,500; scholarships were $16,300; and tuition waivers for scholastic achievement were $5,100. After payment was received, tuition refunds of $11,200 were given. Tuition waivers of $17,300 for students serving as teaching assistants for instruction were accrued.
- The college received cash contributions without donor restrictions of $2,080, pledges to be collected in 2021 of $550, and cash contributions to the endowments of $335. It also collected $820 of Pledges Receivable that were unrestricted.
- Collections on Tuition and Fees Receivable totaled $222,600.
- Net deposits returned to students totaled $10.
- Expenses were incurred for:
Instruction | $ | 86,100 | |
Academic support | 23,300 | ||
Student services | 37,700 | ||
Institutional support | 28,500 | ||
Related to the expenses incurred: prepaid assets of $534 were used, $4,776 of the expenses were accrued, and the remaining expenses were paid. Expenses incurred resulted in the release of $7,320 in net assets with donor restrictions.
- The ending balance in Accounts Payable and Accrued Liabilities was $1,935.
- Investment earnings received for the period were $3,960, of which $2,070 was donor restricted for scholarships.
- Adjusting entries for the period were made to increase Allowance for Doubtful Accounts by $20, to record depreciation expense of $26,400 (charged 70 percent to instruction and 30 percent to academic support), to adjust tuition revenue for an increase in unearned revenue of $10, and to recognize an increase in fair value of investments of $4,700 ($790 was related to investments restricted for scholarships, $1,610 was related to the permanent endowment, the remainder was related to net assets without donor restrictions).
- Nominal accounts were closed.
Required
- Prepare a statement of financial position for the year ended June 30, 2020.
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