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Financial Statement
FY 2023 Audited Financial Statements Summary Report
Cambridge College has fulfilled its responsibility for the preparation and fair presentation of the financial statements in accordance with U.S. GAAP, generally acceptable accounting principles. The Statement of Financial Position (Balance Sheet) shows the College had $110.8 million in total assets and total liabilities of $72.6 million with $38.2 million in net assets available at year-end August 31, 2023. The Statement of Activities (Income Statement) showed the College’s operations generated $36.6 million in revenue while incurring operating expenses of $36.2 million. Its overall change in net assets after including non-operating activity declined by $374,467.
FY 2022 Audited Financial Statements Summary Report
Cambridge College has fulfilled its responsibility for the preparation and fair presentation of the financial statements in accordance with U.S. GAAP, generally acceptable accounting principles. The Statement of Financial Position (Balance Sheet) shows the College had $66.1 million in total assets and total liabilities of $27.4 million with $38.6 million in net assets available at year-end August 31, 2022. The Statement of Activities (Income Statement) showed the College’s operations generated $35.3 million in revenue while incurring operating expenses of $37.3 million. Its overall change in net assets after including non-operating activity declined by $20.5 million.
Financial Highlights:
- Overall, net tuition and fee revenue was under budget by $6.2M reflecting ongoing enrollment challenges largely due to the lingering effects of the COVID-19 pandemic.
- After several years of positive investment returns, the market downturn has resulted in a $6M decline in the value of the College’s investment portfolio which significantly contributed to the $20M decline in net assets in FY 2022.
- Total expenses were $1.9M (4.8%) below budget due to prudent management of the College’s expense base. However, the College still required funding from its quasi-endowment to support operations.
- The College does not have any significant liabilities due or anticipated in the next twelve months.
- The College continues to monitor cash on a regular basis, balancing debt and investment funding.
FY 2021 Audited Financial Statements Summary Report
Cambridge College has fulfilled its responsibility for the preparation and fair presentation of the financial statements in accordance with U.S. GAAP, generally acceptable accounting principles. The Statement of Financial Position (Balance Sheet) shows the College had $83 million in total assets at year-end August 31, 2021 and total liabilities of $24 million with $59 million in net assets available. The Statement of Activities (Income Statement) showed the College’s operations generated $41 million in revenue while incurring operating expenses of $38 million. Its overall change in net assets after including non-operating activity increased by $2 million.
Financial Highlights:
- Due to the PPP noncash revenue ($3.3M) and healthy investment returns, the College is showing a $2.0M surplus on the bottom line. However, the College still required funding from its quasi-endowment to support operations.
- Overall, net tuition and fee revenue was under budget by $4.9M with weaknesses across the board due to the impact of Covid.
- Variance in Federal Grants due to additional student and institutional ARP funding. This line includes $3.3M in PPP noncash revenue.
- Investment Income exceeded budget by $6.0M due to consistent returns by both endowments.
- Excluding the HEERF grants to students, total expenses came in $2.6M/6.4% below budget due to careful management of the College’s expense base.
FY 2020 Audited Financial Statements Summary Report
Cambridge College has fulfilled its responsibility for the preparation and fair presentation of the financial statements in accordance with U.S. GAAP, generally acceptable accounting principles. The Statement of Financial Position (Balance Sheet) shows the College had $85 million in total assets at year-end August 31, 2020 and total liabilities of $28 million with $57 million in net assets available. The Statement of Activities (Income Statement) showed the College’s operations generated $36 million in revenue while incurring operating expenses of $36 million ending the year in a balanced position. Its overall change in net assets after including non-operating activity decreased by $3 million.
Financial Highlights:
- FY 2020 ended in a balanced position. The College utilized quasi-endowment funding to support the operating budget.
- CC tuition and fee revenue, net of scholarships, fell short of budget by $2.2M with weaker performance in Boston, Springfield and Lawrence. This was partially offset by NEIB tuition revenue.
- Increase in Federal Grants due to Cares Part 1 funding.
- Investment Income exceeded budget by $4.4M due to consistent returns by both endowments.
- The College closely manages its expense base with total expenses coming in below budget primarily in compensation and outside services.
- The College continues to monitor cash on a regular basis, balancing debt and investment funding.
FY 2019 Audited Financial Statements Summary Report
Cambridge College has fulfilled its responsibility for the preparation and fair presentation of the financial statements in accordance with U.S. GAAP, generally acceptable accounting principles. The Statement of Financial Position (Balance Sheet) shows the College had $86 million in total assets at year-end August 31, 2019 and total liabilities of $25 million with $61 million in net assets available. The Statement of Activities (Income Statement) showed the College’s operations generated $33 million in revenue while incurring operating expenses of $33 million ending the year in a balanced position. Its overall change in net assets after including non-operating activity decreased by $6 million.
Financial Highlights:
- FY 2019 will end the year in a balanced position. The College utilized quasi-endowment funding to support operations.
- Tuition revenue fell short of budget by $1.0M with weaker performance in the Springfield and Lawrence Regional Centers.
- Investment Income exceeded budget by $2.8M due to consistent returns by both endowments.
- The College continues to manage its expense base with total expenses coming under budget by $1.9M mainly due to open positions and contingency savings.
- The College continues to monitor cash on a regular basis, balancing debt and investment funding.
