Edgewood College
ANNUAL REPORT 2012 – 2013
We have been blessed with a strong Board of Trustees. They are absolutely dedicated to helping make Edgewood College a better place for students to receive a high quality educational experience. I am grateful for the leadership, commitment, and support of the Trustees during my time here. Terri and I found an outstanding faculty and staff at Edgewood College. They demonstrate their commitment to providing our students a first-rate education every day. That includes challenging the students as well as supporting the students - both in and out of the classroom. We are privileged to serve a socio-economically diverse student body that reflects our broader community. I was the oldest of five raised on a farm in Iowa from a family with extremely limited financial means. I had little aspiration of being able to attend college until my senior year of high school. It makes me proud that Edgewood College serves a student body where 35% of our full-time undergraduate students are eligible for the Pell grant. Most years, between one fourth and one third of our freshman class are the first in their family to go to college. Perhaps some of you are aware that I served as an infantry officer in Vietnam. Today, Edgewood College serves more than 140 veterans and their dependents. Many of these young people had it a lot harder than I did in Vietnam as they served multiple deployments and time away from their families and communities. I’ve gotten to know a number of the veterans and they tell me they have found a home at Edgewood College. In the coming year, we have much remaining to accomplish as we continue to lay the groundwork for a vibrant future for this College. I pledge to continue to work with our Trustees and our campus community in pursuing the goals of our Strategic Plan. I will make every effort to assure that there is a seamless transition to a new president. Please allow me this opportunity to thank the entire Edgewood College community for the many significant achievements of the past decade. The successes of Edgewood College belong to YOU who support this wonderful institution. Our achievements belong to the entire Edgewood College Community. For that I am very grateful! Thank you.
Daniel J. Carey
A Message From the President
It’s hard to believe that this is my 10th year at Edgewood College and my 19th year serving as a college president. In many ways, the last few years have been the happiest and most productive of my career. After much deliberation, Terri and I made the decision that this academic year will be my last in serving Edgewood College on a full-time basis as president. I made that announcement on September 10th at a College Assembly.
Board of Trustees
Jim Barr | Board Chair
Roberta Gassman
Fmr. President and CEO TDS Telecom
Senior Fellow UW Madison, School of Social Work
Gary Schaefer | Vice Chair
Mary Ellen Gevelinger, O.P.
Regional CEO Associated Bank
Prioress Dominican Sisters of Sinsinawa
Jan Eddy | Board Secretary
Jim Imhoff
Community Member
Neil Fauerbach MBA ‘05 | Treasurer
Chairman and CEO First Weber Group
Partner, Director of Business Development & Marketing Smith & Gesteland
Lucy Keane ‘84
Phil Blake | Past Chair
Nicole Kime
Partner Rippe Keane Marketing, Inc.
Partner Wisconsin Investment Partners
Faculty Edgewood College
Dan Carey
Mary Lawson
President Edgewood College
Potter Lawson, Inc.
Diane Ballweg ’75, MA ‘07
Senior Director The First Tee
President, Endres Foundation Aviation Instructor, Edgewood High School
Jay Burnette
Mark Lowry ‘77
Ann McCullough, O.P. Dominican Sisters of Sinsinawa
President Waukesha Bearings Corporation
Kim Schaefer ‘91
Denis Collins
CEO Great Wolf Resorts
Faculty Edgewood College
Deborah Schwartz
Dawn Crim
President Caritas Foundation
Associate Dean for External Relations UW-Madison School of Education
Kim Sponem, MBA ‘98
Barbara Dannhausen, O.P. ‘62
CEO/President Summit Credit Union
Dominican Sisters of Sinsinawa
Londa Dewey President The QTI Group
Enrique Gandara International Economic Development Consultant Wisconsin Departent of Agriculture Trade and Consumer Protection
Teresa (Tess) Welch Attorney Michael Best & Friedrich
Kathleen Woit Fmr. President Madison Foundation
Statements of Financial Position Assets
Cash and cash equivalents Short-term investments Restricted cash equivalents Student Accounts Receivable (less allowance for doubtful accounts of $205,000 for 2013 and $175,000 for 2012) Government grants receivable Other receivables Inventories Prepaid expenses Investments Investment in joint venture Beneficial interest in private foundation Student notes receivable (less allowance for doubtful notes of $88,250 for 2013 and $86,250 for 2012) Contributions receivable Note Receivable Property, plant, equipment, and library books, net Unamortized bond costs
Total Assets
2013
2012
21,158,467 1,989,247 340,536
23,872,816 -
1,991,551 98,274 230,764 257,140 450,917 25,651,598 127,040 13,987,500
2,066,751 79,597 243,246 215,831 530,436 21,077,855 190,550 13,375,000
850,219 279,796 390,299 54,577,812 95,860
900,234 553,468 431,933 53,001,410 107,092
122,477,020
116,646,219
511,668 185,661 3,275,363 271,465 2,856,631 495,353 11,855,000 893,599 20,344,740
687,868 681,614 3,594,836 427,085 2,844,076 235,690 12,705,000 893,599 22,069,768
61,974,955 15,198,663 77,173,618
54,432,790 10,561,242 64,994,032
5,490,647 19,468,015 102,132,280
10,812,715 18,769,704 94,576,451
122,477,020
116,646,219
Liabilities and Net Assets Liabilities
Accounts payable - operating Accounts payable - construction Accrued expenses Deposits held in custody for others Deferred tuition revenue Capital lease obligations Bonds payable Refundable U.S. government student loans Total Liabilities
Net Assets Unrestricted Undesignated Board designated Total Unrestricted Temporarily restricted Permanently restricted Total Net Assets
Total Liabilities and Net Assets
Financial Statements
Ye a rs E nd e d J u n e 30, 2 013 an d 2 012
Financial Statements
Fo r t h e Year E n ded J u n e 30, 2 013 Statement of Activities
Temporarily Permanently Operating Revenues Unrestricted Restricted Restricted Tuition and fees Less: Federal grants Institutional aid Net Tuition and Fees
Total
52,098,804 (325,932) (12,255,688) 39,517,184
- - - -
- - - -
52,098,804 (325,932) (12,255,688) 39,517,184
Sales and services of auxiliary enterprises 5,900,950 Gifts and private grants 194,304 Government grants and contracts 739,765 Investment income 73,075 Investment income beneficial interest operating - Long-term investment return designated for current operations 428,906 Other 289,069 Total Operating Revenues 47,143,253
- 877,731 - -
- - - -
5,900,950 1,072,035 739,765 73,075
233,333
-
233,333
207,022 2,369 1,320,455
- - -
635,928 291,438 48,463,708
1,129,338
(1,129,338)
-
-
48,272,591
191,117
-
48,463,708
Net assets released from restrictions Total Operating Revenues and Other Support
Operating Expenses Program Instruction 18,769,692 - - 18,769,692 Academic support 8,711,059 - - 8,711,059 Student services 6,078,200 - - 6,078,200 Public service 678,422 - - 678,422 Auxiliary enterprises 3,821,130 - - 3,821,130 Support Institutional support 5,614,471 - - 5,614,471 Fundraising 864,099 - - 864,099 Allocable Operation and maintenance 4,205,993 - - 4,205,993 Depreciation 2,462,076 - - 2,462,076 Interest 483,118 - - 483,118 Less: Allocated expenses (7,151,187) - - (7,151,187) Total Operating Expenses 44,537,073 - - 44,537,073 Change in Net Assets From Operating Activities
3,735,518
191,117
-
3,926,635
Long-term Investment return in excess (deficit) of amount designated for operations 1,137,421 Interest rate swap gains (losses) 395,915 Change in beneficial interest in private foundation -
577,659 - -
- - 612,500
1,715,080 395,915 612,500
Nonoperating Activities
Statement of Activities (continued)
Temporarily Permanently Unrestricted Restricted Restricted Investment income beneficial interest - capital related - Change in equity in joint venture (63,510) Gifts and private grants for long-term endowment - Gifts and private grants for long-lived capital items 45,000 Net assets released from restrictions - plant 6,929,242
Total
466,667 -
- -
466,667 (63,510)
-
85,811
85,811
371,731 (6,929,242)
- -
416,731 -
Change in Net Assets From Nonoperating Activities
8,444,068
(5,513,185)
698,311
3,629,194
Change In Net Assets
12,179,586
(5,322,068)
698,311
7,555,829
64,994,032
10,812,715
18,769,704
94,576,451
77,173,618
5,490,647
19,468,015
102,132,280
Net Assets - Beginning of Year
Net Assets - End of Year
Financial Statements
Fo r t h e Year E n ded J u n e 30, 2 012 Statement of Activities
Temporarily Permanently Operating Revenues Unrestricted Restricted Restricted Tuition and fees 48,114,181 Less: Federal grants (407,516) Institutional aid (11,033,604) Net Tuition and Fees 36,673,061 Sales and services of auxiliary enterprises 5,771,057 Gifts and private grants 180,946 Government grants and contracts 773,829 Investment income 100,451 Investment income beneficial interest operating - Long-term investment return designated for current operations 400,448 Other 314,002 Total Operating Revenues 44,213,794 Net assets released from restrictions 1,317,546 Total Operating Revenues and Other Support
45,531,340
Total
- - - - - 886,912 - 2,894
- - - - - - - -
48,114,181 (407,516) (11,033,604) 36,673,061 5,771,057 1,067,858 773,829 103,345
241,667
-
241,667
188,810 - 1,320,283 (1,317,546)
- - - -
589,258 314,002 45,534,077 -
2,737
-
45,534,077
Operating Expenses Program Instruction 17,958,458 - - 17,958,458 Academic support 8,672,674 - - 8,672,674 Student services 5,890,793 - - 5,890,793 Public service 613,792 - - 613,792 Auxiliary enterprises 3,919,472 - - 3,919,472 Support Institutional support 5,841,583 - - 5,841,583 Fundraising 822,605 - - 822,605 Allocable Operation and maintenance 4,204,898 - - 4,204,898 Depreciation 2,329,814 - - 2,329,814 Interest 559,113 - - 559,113 Less: Allocated expenses (7,093,825) - - (7,093,825) Total Operating Expenses 43,719,377 - - 43,719,377 Change in Net Assets From Operating Activities
1,811,963
2,737
-
1,814,700
(286,280) -
- -
(881,189) (467,900)
-
(1,195,462)
(1,195,462)
483,333
-
483,333
Nonoperating Activities Long-term Investment return in excess (deficit) of amount designated for operations (594,909) Interest rate swap gains (losses) (467,900) Change in beneficial interest in private foundation - Investment income beneficial interest capital related -
Statement of Activities (continued)
Temporarily Permanently Unrestricted Restricted Restricted Change in equity in joint venture Gifts and private grants for long-term endowment Gifts and private grants for long-lived capital items Fixed asset disposal Reclassifications Change in Net Assets From Nonoperating Activities Change In Net Assets Net Assets - Beginning of Year
Net Assets - End of Year
Total
(74,049)
-
-
(74,049)
-
-
124,593
124,593
343,061 460,600 - (799,840) - 5,025 (5,025)
803,661 (799,840) -
(1,593,637)
662,678
(1,075,894)
(2,006,853)
218,326
665,415
(1,075,894)
(192,153)
64,775,706
10,147,300
19,845,598
94,768,604
64,994,032
10,812,715
18,769,704
94,576,451
Financial Statements
Fo r t h e Ye a rs E n ded J u n e 30, 2 01 3 an d 2 012 Statements of Cash Flows
Cash Flows From Operating Activities
2013
2012
Change in net assets 7,555,829 Adjustments to reconcile change in net assets to net cash flows from operating activities Depreciation 2,462,076 Bond cost amortization 11,232 Realized and unrealized (gains) loss on investments (1,934,521) (Gain) loss on investment in joint venture 63,510 Fixed asset disposal - Unrealized (gain) loss on interest rate swap agreements (395,915) Changes in assets and liabilities Prepaid Expenses 79,519 Receivables 69,005 Inventories (41,309) Accounts Payable (176,200) Accrued Expenses 76,442 Deposits held in custody of others (155,620) Deferred Revenue 12,555 Contributions Receivable 273,672 Beneficial interest in private foundation (612,500) Contributions restricted for long-term investment and plant (1,197,438) Net Cash Flows From Operating Activities 6,090,337
(192,153)
2,329,814 11,959 540,967 74,049 799,840 467,900 (15,107) (355,034) 37,887 (12,716) 216,950 210,615 31,621 662,537 1,195,462 (1,141,256) 4,863,335
Cash Flows From Investing Activities Changes in restricted cash equivalents Purchases of property, plant, equipment, and library books Proceeds from investments sold Purchases of investments Note receivable payments received Loans advanced to students Principal collections on loans to students Net Cash Flows From Investing Activities
(340,536) (4,130,026) 29,115,949 (33,744,418) 41,634 (118,300) 168,315 (9,007,382)
(8,540,877) 23,659,871 (17,412,953) 38,918 (88,250) 149,062 (2,194,229)
1,182,638 (850,000) (129,942) 202,696
1,141,256 (1,650,000) (78,989) (587,733)
(2,714,349)
2,081,373
23,872,816
21,791,443
21,158,467
23,872,816
477,179
553,174
185,661 393,757
681,614 250,330
Cash Flows From Financing Activities Contributions received restricted for long-term investment and plant Principal payments on bonds Principal payments on capital leases Net Cash Flows From Financing Activities Net Change in Cash and Cash Equivalents Cash and Cash Equivalents - Beginning of Year
Cash and Cash Equivalents - End of Year Supplemental Disclosure of Cash Flow Information Interest Paid
Noncash Investing and Financing Activities Assets acquired with construction payables Assets acquired by capital lease
Number of Students
2012–2013 $997,808 Scholarships $941,895 Capital $283,241 Program Support $140,588 Unrestricted $120,606 Other - Athletics, Students Orgs, Agency
Approximately 3,000 students on Monroe Street Campus, Deming Way Campus, and Online
Student to Faculty Ratio
13:1
Who Supports Edgewood College? 2012–2013 1,120 Alumni 397 Friends 148 Parents 124 Businesses, Organizations, Foundations 61 Faculty/Staff, Students, Board
75%
More than 75% of our classes have fewer than 20 students, and our average class size is 15
Number of Programs
60 MAJORS 40 MINORS
College and Donor Support of Students
30% 25% 58% 99% 120
More than 60
of our full-time undergraduate students are from families with annual incomes of $50k or less
More than 40
of full-time freshmen are first in their families to attend college increase in institutional funding for students since 2008 of full-time undergraduate students received financial aid in 2012–2013
120 unique annual and endowed scholarship funds
from private donors support 195
students
Average Scholarship Award is $3,241
Student Organizations
Over
50
student-led social, educational, professional, and service organizations including, Student Government, Campus Activities Board, newspaper and literary magazine, College Ministries, Habitat for Humanity, Black Student Union, and more.
Study Abroad Edgewood College students have recently studied in Argentina, Australia, China, Czech Republic, Finland, Ireland, Italy, Malta, Mexico, The Netherlands, New Zealand, Spain, Sweden, and the United Kingdom. Opportunities to study, volunteer, and intern are available in more than 42 countries.
By the Numbers
The Impact of Giving
Fo r li s t s o f d on o r n ames , in clu din g S r. Mary N o na McG re al S o ciety members , pleas e vis it w w w . e d g e w o o d.edu , an d click o n ‘G ive.’
1000 Edgewood College Drive Madison, WI 53711-1997 608.663.4861 | 800.444.4861 www.edgewood.edu