PRESIDENT’S ANNUAL REPORT 2018
FROM THE PRESIDENT Dear friends of CCU: The 2018 President’s Annual Report offers a glimpse of life at Colorado Christian University over the last year and gives an insight into the University’s careful stewardship of its capital assets. This report also reveals an extraordinary year fueled by enrollment records, academic achievements, spiritual formation, and engagement with the world. These outcomes from 2018 reflect blessings of God and the great work of many individuals who have devoted their time and talent to CCU: our Board of Trustees, faculty and staff, students, alumni, and generous friends and supporters. Those of us who are a part of Colorado Christian University have many reasons to be grateful. As in generations past, students from all walks of life begin their academic pursuits, the truth opens up to them, and they become the people they are called to be in Christ. It is a precious gift to be part of this academic and spiritual transformation. When alumni return to campus, I see it in their faces. They are happy, and thankful, to be connected to CCU. You will find more details on the pages that follow. In short, the last year at CCU has been an incredible reflection of God’s hand upon this institution. And while it’s impossible to capture every achievement or accolade that made this year a success, the larger message is clear: By God’s grace, the CCU community continues to embrace our mission to provide Christcentered higher education that transforms students to impact the world with grace and truth. I am deeply thankful for what our community has accomplished for Christ and His kingdom — and equally excited to see what the coming year holds! Yours in His Service,
Donald W. Sweeting, Ph.D. President 2
MISSION Christ-centered higher education transforming students to impact the world with grace and truth.
STRATEGIC PRIORITIES Our Strategic Priorities were adopted by the CCU Board of Trustees to serve as a guiding compass for the University. They direct the implementation of CCU’s Mission and provide context for our first priority — an enduring commitment to Jesus Christ and His kingdom. The Strategic Priorities provide a point of convergence for every member of the CCU community and for every aspect of life at CCU, from how we teach and learn in the classroom to how we live with and serve others. • Honor Christ and share the love of Christ on campus and around the world • Teach students to trust the Bible, live holy lives, and be evangelists • Be a magnet for outstanding students and prepare them for positions of significant leadership in the church, business, government, and professions by offering an excellent education in strategic disciplines • Teach students how to learn • Teach students how to think for themselves • Teach students how to speak and write clearly and effectively • Give students significant opportunities to serve our Lord while they are at CCU and to help them develop a lifetime habit of such service • Impact our culture in support of traditional family values, sanctity of life, compassion for the poor, Biblical view of human nature, limited government, personal freedom, free markets, natural law, original intent of the Constitution, and Western civilization • Be seekers of truth • Debunk “spent ideas” and those who traffic in them • Ask God to multiply our time and ability to the glory of His great name • Be a servant of the Church • Become a great university
CCU.EDU/MISSION 3
BOARD OF TRUSTEES
Gary E. Armstrong
Wil Armstrong
Dr. Margaret A. Fomer
Don Harwell
Sam Kimbriel ‘83
Harold Krause
C.W. “Chick” Lee
Terry Leprino ‘92
Dr. Gerald May
Doug McDonald
Dr. Jeff Myers
Dr. Jerry Nelson
Trustee
Trustee
Dr. Dale W. Schaefer
Dr. Donald W. Sweeting
Dr. John A. Turner
Chair
Trustee
Trustee
Trustee
Trustee
Trustee
Trustee
Trustee
Trustee
William J. White Trustee
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Trustee
Trustee
Trustee
Trustee
PRESIDENT’S CABINET Roger Chandler, MBA Vice President of Student Success College of Adult and Graduate Studies
Daniel Cohrs, CPA Vice President of Business Affairs and CFO
Shannon Dreyfuss, MBA Vice President of Campus Development
Eric Hogue, Th.M. Vice President of University Advancement
Jeff Hunt, MPS Director of Centennial Institute
Jim McCormick, M.S. Vice President of Enrollment and Student Life College of Undergraduate Studies
Steve Miller, J.D. University Counsel
Sarah Scherling, Ed.D. Vice President of Academic Affairs College of Adult and Graduate Studies
Allison Sievers, MBA Vice President of Enrollment College of Adult and Graduate Studies
Kyle Usrey, J.D. Vice President of Academic Affairs College of Undergraduate Studies
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RECENT HIGHLIGHTS
New Vice Presidents Hogue, Usrey join President’s Cabinet
Record-breaking Class Boosts Enrollment to Highest in History
JUNE 2018 – Eric Hogue and Dr. Kyle Usrey joined the President’s Cabinet, rounding out the 10-person advisory group. Hogue joined the cabinet and the University as the vice president of University Advancement. He most recently served in a similar role at William Jessup University. Usrey was appointed vice president of Academic Affairs for the College of Undergraduate Studies in June. He brings to the cabinet extensive experience in business, education, and law.
AUGUST 2018 – For the first time in its 104-year history, Colorado Christian University welcomed more than 500 new freshman and transfer students to the College of Undergraduate Studies. The recordbreaking incoming class continues a nine-year trend of enrollment increases at the Lakewood campus, boosting the University’s total traditional undergraduate enrollment to nearly 1,400 students for the first time. The milestone marks a 60 percent increase in total traditional undergraduate enrollment since 2009.
New University-Wide Branding Initiative Rolled Out
Record Growth in CCU Online Drives Enrollments past 7,000
JUNE 2018 – In 2017, CCU formally embarked on a new, unified, and cohesive visual branding initiative and strategy for the University. The new logo which was launched in June 2018 effectively communicates CCU’s core distinctives, exemplary academics in the Rocky Mountain region rooted in the grace and truth of Jesus Christ. Learn more about CCU’s new visual branding at ccu.edu/branding.
SEPTEMBER 2018 – Colorado Christian University’s College of Adult and Graduate Studies surpassed 7,000 enrollments for the first time in its history. The milestone comes on the heels of three years of explosive growth, highlighted by a 77 percent surge in graduate students since 2015. Students come from all 50 states, the District of Columbia, and several foreign countries. Out-of-state and international students now make up nearly 55 percent of all enrollees. 6
New BSN Pathway Launched for the President Sweeting Addresses the U.S. Department of Education College of Undergraduate Studies OCTOBER 2018 – The Colorado Board of Nursing approved CCU’s request to double its total number of Bachelor of Science in Nursing students, allowing for the launch of a new Pre-Nursing pathway for traditional undergraduate students in the College of Undergraduate Studies.
SEPTEMBER 2018 – Colorado Christian University President Dr. Donald W. Sweeting addressed the Negotiated Rule-making Committee of the U.S. Department of Education during a public hearing in Washington, D.C., about proposed changes to the Higher Learning Commission’s standards for accreditation. Dr. Sweeting also joined a delegation of Christian university presidents who recently met with Secretary of Education Betsy DeVos to discuss the important mission of faith-based colleges and universities.
Traditional undergraduate students accepted to the Pre-Nursing pathway will complete prerequisite courses through the College of Undergraduate Studies during their freshman and sophomore years. Upon successful completion of BSN admission requirements, pre-nursing students will have direct admission to the BSN program in the School of Nursing and Health Professions beginning their junior year. The first cohort is expected to start in fall 2019.
CCU Alum, Sophia Proano, Named NCAA Woman of the Year Finalist SEPTEMBER 2018 – Former Colorado Christian University volleyball student-athlete Sophia Proano was named a Top 30 finalist for the NCAA Woman of the Year award. Proano was one of 581 nominees for the nationwide honor. The NCAA Woman of the Year selection committee identifies the Top 30 — 10 from each NCAA division — and from there selects three finalists from each division. Proano was named the RMAC Woman of the Year earlier this year.
CCU Earns Top Rating for Seventh Consecutive Year OCTOBER 2018 – Colorado Christian University has been named in the top 2 percent of colleges and universities by the American Council of Trustees and Alumni in its annual What Will They Learn? survey of college general education curricula. CCU was one of only 23 institutions nationwide to earn an “A” rating out of more than 1,100 four-year public and private institutions surveyed. 7
STATISTICS ENROLLMENT
20%
67%
18% 69%
16% 69%
17% 67%
2018 – 2019
16%
2017 – 2018
15%
2016 – 2017
13%
2015 – 2016
13%
6,058 1,218 4,079 761
7,379 1,306 5,116 957
8,156 1,343 5,599 1,214
8,421 1,393 5,690 1,338
TOTAL ENROLLMENT UNDERGRADUATE ENROLLMENT ADULT UNDERGRADUATE ENROLLMENT GRADUATE ENROLLMENT 8
STUDENT:FACULTY RATIO CUS: 16:1
CAGS : 11:1
College of Undergraduate Studies (CUS)
College of Adult and Graduate Studies (CAGS)
AVERAGE CLASS SIZE CUS: 16
CAGS: 14
DEGREE PROGRAMS OFFERED CUS
CAGS
31
23
Bachelor’s Degrees
Bachelor’s Degrees
12
Master’s Degrees
NUMBER OF DONORS
NUMBER OF GIFTS
8,911
14,670
Fiscal Year 2018
Fiscal Year 2018
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THE ARMSTRONG CENTER DRIVE TO THE FINISH
Architectural Rendering
The redevelopment of CCU’s Lakewood campus took a giant leap forward this fall as a $5 million matching gift, the second-largest cash gift in University history, was pledged for the Armstrong Legacy Campaign by an anonymous donor. “I am more than pleased to announce this transformative gift to Colorado Christian University,” said Dr. Donald W. Sweeting, president of CCU. “This incredible generosity will propel the University to new heights as we aspire to fulfill God’s plan to serve and educate with grace and truth.” Today you have the unique opportunity to positively affect the University and be a part of God’s significant work. Named for CCU’s late president, Bill Armstrong, the campaign is the University’s most ambitious to date as it seeks to secure funding to construct a state-of-the-art facility that will be home to CCU’s first dedicated chapel, academic space for media production and the School of Music, and the University library. The new facility will be known as the Armstrong Center and will form a new backbone of campus — complementing the Anschutz Student Center to its southeast and Leprino Hall to its southwest. 10
Now is your opportunity to be a part of God’s plan as He provides for Colorado Christian University’s future. To speak with Eric Hogue, vice president of University Advancement, about how you can be a part of the Armstrong Legacy Campaign, please call 303.963.3093 or email ehogue@ccu.edu.
Join us today in matching CCU’s $5 million gift! Final $2.5 Million pledged
$5 Million Match Challenge Double your impact!
Recent $5 Million Match Gift
$22.7 Million funded and pledged as of October 2018
For more details visit ccu.edu/armstrong-legacy. 11
FROM THE CFO Dear friends of CCU: The following pages are a brief summary of the financial condition of Colorado Christian University as of June 30, 2018 — the close of our most recent fiscal year. The numbers and graphs paint a picture of the Lord’s rich blessing on the University as it seeks to honor Jesus. We believe this is just part of the story. Yes, the University has been blessed financially, as the next pages reveal, but there is more to the story. We are also blessed with amazing faculty and staff, who are all familiar with St. Paul’s admonition as recorded in Colossians 3 (NLT): “Work willingly at whatever you do, as though you were working for the Lord rather than for people.” This commonality of work and mission from all associated with CCU results in amazing synergy and excitement. We work for a cause greater than each of us — or all of us. Simply put, we are working to expand the borders of Jesus’ kingdom on earth. We are also blessed with some of the most inspiring students, gifted athletes, accomplished musicians, champion debaters, and dedicated mission trip organizers found anywhere in the country. We have an amazing Board of Trustees, generous donors, outstanding faculty and staff, and state-of-the-art technology. We are blessed to have a president who strongly promotes our uncompromising Christian values, and has dedicated his life to furthering academics based on a Christian worldview. Our cabinet members possess dedication second-to-none, and it is a true pleasure to work side-by-side with each one. Take a moment and review the accompanying pages, and pause with me to pray a prayer of thanksgiving for God’s provision. Certainly, if you have any questions or would like more information, please do not hesitate to get in touch with me. Sincerely,
Daniel L. Cohrs Vice President of Business Affairs / CFO dcohrs@ccu.edu 12
FINANCIAL SUMMARY Fiscal Year Ended June 30, 2018 The following pages summarize the stewardship results of Colorado Christian University. As we look forward to the years ahead, we continue to give thanks to God for His rich blessing on the University. We ask you, the reader, to join us in prayer for the future of CCU and the education of thousands of individuals to enable them to use their Christ-centered academics to make a world-changing difference in their chosen career field. 13
BALANCE SHEET SUMMARY The balance sheet as of June 30, 2018, reflects a strong financial condition, which continues the trend from the most recent past. Total cash and investments calculate to 35 percent of CCU’s total assets, resulting in good financial liquidity. Property and equipment continues to grow as a percent of total assets, a direct result of the University’s ongoing campus redevelopment activities.
CONDENSED BALANCE SHEET
2017
2018
Assets Cash and Cash Equivalents
$27,826,054
Restricted Cash
$24,281,032
2,000,000 4,000,000
Accounts Receivable, Net
12,040,384
Investments
21,170,759 32,443,013
Property and Equipment, Net
90,393,278
92,136,717
Notes Receivable, Net
2,695,515
7,303,905
Other Assets
1,595,330
1,465,204
157,721,320
169,307,024
$3,748,577
$5,736,757
Deferred Revenue
6,490,150
9,469,050
Property Development Payables
3,194,664
874,178
36,933,715
34,891,963
155,639
155,639
Total Assets
7,677,153
Liabilities Accounts Payable and Other
Long Term Debt Other Total Liabilities
50,522,745 51,127,587
Net Assets Unrestricted
94,931,954 102,505,555
Restricted
12,266,621
Total Net Assets
15,673,882
107,198,575 118,179,437
Total Liabilities and Net Assets
$157,721,320
Information summarized from audited complete financial statements.
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$169,307,024
Assets
June 30, 2011 to 2018
Cash and Cash Equivalents Accounts Receivable, Net Property and Equipment, Net Other Assets
Restricted Cash Investments Notes Receivable
As the graph above indicates, Colorado Christian University has been blessed by consecutive years of asset growth. Additionally, CCU has benefited from multiple years of growth in equity, or net assets. As depicted in the following graph, equity is nearly $120 million for the first time in CCU’s history:
Liabilities and Net Assets June 30, 2011 to 2018
Total Liabilities
Total Net Assets
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OPERATIONS SUMMARY The following condensed statement of activities summarizes the results from operations of the University for the fiscal years ended June 30, 2017 and 2018: CONDENSED STATEMENT OF ACTIVITIES
2017
2018
Operating Revenue Tuition Revenue
$89,564,734
$95,759,067
Scholarships and Grants
(23,519,759)
(25,978,588)
66,044,975
69,780,479
Net Tuition
Auxiliary Services
9,039,158 9,593,892
Contributions
1,855,749
Other
2,550,520 2,931,708
Total Revenue
1,711,633
79,490,402 84,017,712
EXPENSES BY ACTIVITY: Program Services Instruction
17,697,213
Academic Support Student Services
19,876,792
3,972,091
3,826,853
20,657,014
22,958,415
9,004,500
9,014,697
Auxiliary Enterprises Public Service
1,705,207 2,509,783
Subtotal
53,036,025
58,186,540
15,514,729
17,996,230
Supporting Services General and Administrative Fundraising
1,813,488
1,665,873
Subtotal
17,328,217
19,662,103
Total Expenses
70,364,242
77,848,643
Change in Net Assets from Operations
$9,126,160
$6,169,069
Information summarized from audited complete financial statements.
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As depicted in the following graph, revenue has continued to increase year over year. The Lord’s hand is evident in all areas of operations, but perhaps none so dramatic as the growth in student enrollment and tuition revenue:
Revenue
June 30, 2011 to 2018
Net Tuition
Auxiliary Services
Contributions
Other
Naturally, with the growth of revenue — primarily tuition revenue — there is a corresponding increase in expenses to provide quality education. Managing growth well is an intentional goal of CCU, and we never lose sight of the stewardship responsibility that we have with all resources that the Lord provides. As clearly spoken by God Himself in Haggai 2:8 (NIV): “‘The silver is mine and the gold is mine,’ declares the Lord Almighty.” University budgeting and spending is based on our fiduciary responsibility as stated throughout Scripture.
Program Expenses June 30, 2011 to 2018
Instruction
Academic Support
Student Services
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Auxiliary Enterprises
Public Service
The University receives funding from several sources in addition to those in the revenue graph, such as donation revenue, earnings on investments, and endowment income. However, it has been an important goal at CCU to finish each year with positive operating net revenue. Many nonprofit universities rely on donations and endowments to meet operating expenses, and some public universities rely heavily on state tax and public revenues. CCU’s leadership decided several years ago that operating expenses should be met solely with operating revenue. This philosophy has allowed for other funds to be freed up for campus expansion and necessary reserves. The following graph reflects the profit from operations (excluding Advancement and Centennial Institute) for the last few fiscal years:
Profit from Operations (Excluding Philanthropy)
OTHER HIGHLIGHTS Redevelopment activities continue to transform the campus into worldclass facilities on par with a university our size anywhere in the country. Three buildings have been completed since the campus redevelopment efforts began:
• Leprino Hall, a 44,000-square-foot facility dedicated entirely to excellent academics. It contains classrooms, faculty offices, and offices for academic deans. The hall was completed in 2014. 18
• Yetter Hall, completed in 2015, is a 300-bed facility, predominantly comprised of three-bedroom, three-bath suites with full kitchen and laundry facilities. The residential hall is just over 100,000 square feet, and helps to form a dramatic entrance to the campus.
• The Anschutz Student Center, which opened in Fall 2017, is a 60,000-square-foot facility that primarily provides student dining, athletic training facilities, and student life offices. There is a great room which houses many University functions and is popular with the community at large to hold sizable gatherings. Ground was broken in June 2018 to construct a 330-bed residence hall, which will be named Rockmont Hall in honor of one of our heritage institutions. Rockmont Hall is scheduled to open in Fall 2019, and will have similar architecture, size, and form as Yetter Hall.
CONCLUSION These summaries represent only a brief glance into the fiscal operations of Colorado Christian University. The overall picture paints a bright and exciting future. We continue to thank our Lord for His provision, and we endeavor to make the most of the time and resources that we are given each day. Our primary goal is best summarized in our mission statement: Christ-centered higher education transforming students to impact the world with grace and truth. Our fervent prayer is that all resources provided to the University will be put to work in bringing this mission to fruition, for we firmly believe that the world can indeed be impacted by the grace and truth of Jesus Christ.
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