Share

PEBT

Financial Overview

FY2017 Financial Report 

The Institute achieved positive financial results for the fiscal year ended June 30, 2017 providing important fiscal resources to support its mission, vision, and strategic plans. The Institute used these resources to provide nearly $6.3 million of financial aid to students, enhance its academic programs, and provide ongoing support of research activities.  

This report is also available as a PDF.

Revenues and Expenses

Total operating revenues grew by $1.8 million from $49.1 million for FY2016 to $50.1 million for FY2017. Enrollment growth in the Institute’s academic programs increased net tuition and fees by $2.3 million. Grant revenues fell by $874,000 due to net changes in awards that ended or were received during FY2017.

Total operating expenses increased by $2.9 million from $45.2 million for FY2016 to $48.1 million for FY2017.  Instruction costs grew by $1.4 million to $27.2 million for FY2017 to support higher student enrollment levels and comprised 57% of FY2017 expenses.  Other expenses were incurred for research grants, to strengthen organizational structures, to increase institutional and academic support, and to advance the Institute’s mission and strategic plans.

Assets

Total assets increased by $10.4 million to $100.8 million as of June 2017.  The change was primarily due to increases in investments driven by changes in market value, partially offset by reductions in cash used to purchase investments, property and equipment, and payments on long term obligations.  

Liabilities and Net Assets

Total liabilities increased by $967,000 to $30.4 million as of June 2017.  The change was mainly due to seasonal changes in deferred revenue and student deposits partially offset by scheduled payments on long-term obligations.  Total net assets grew by $9.5 million to $70.5 million as of June 2017 due to increases of $7.4 million from operating activities and increases of $2.1 million from non-operating investment and fundraising activities.

Complete financial statements are available upon request.

Statements of Financial Position:  June 30, 2017 and 2016 (in thousands of dollars)

 

 

2017

2016

Assets

 

 

Cash and equivalents

5,297

7,784

Student accounts receivable, net

297

218

Pledges receivable, net and contributions receivable

2,109

2,395

Other assets

1,358

806

Due from affiliates

1,059

123

Investments

36,444

27,643

Investments held in trust

3,726

3,544

Interest in the net assets of The Massachusetts General Hospital

27,991

24,595

Property and equipment, net

22,536

23,272

Total assets

100,817

90,380

 

 

 

Liabilities and Net Assets

 

 

Accounts payable and accrued expenses

4,611

3,695

Deferred revenues and student deposits

10,338

9,295

Long-term obligations

15,407

16,399

Total liabilities

30,356

29,389

Commitments and contingencies

 

 

Net assets

 

 

Unrestricted

47,650

40,271

Temporarily restricted

10,193

8,851

Permanently restricted

12,618

11,869

Total net assets

70,461

60,991

Total liabilities and net assets

100,817

90,380

 

Statements of Activities And Changes in Net Assets:  Years Ended June 30, 2017 and 2016 (in thousands of dollars)

 

 

2017

2016

Operating revenues

 

 

Tuition and fees

51,523

48,926

Less: Financial aid

6,276

5,994

Tuition and fees, net

45,244

42,932

 

 

 

Grant and contracts

1,841

2,715

Contributions used for operations

735

809

Investment income

1,660

1,670

Other revenue

1,292

857

Net assets released from restrictions

112

80

Total operating revenues

50,884

49,063

 

 

 

Operating expenses

 

 

Instruction

27,207

25,801

Institutional support

8,637

7,545

Research

1,845

2,687

Student services

3,294

2,882

Academic support

6,849

6,049

Facilities

236

223

Total operating expenses

48,068

45,187

Increase in net assets from operating activities

2,816

3,876

Nonoperating activities

 

 

Income (loss) from investments

407

(1,163)

Change in net unrealized appreciation on investments

5,418

(1,430)

Contributions

582

557

Other

247

(476)

Increase (decrease) in net assets from nonoperating activities

6,654

(2,512)

 

 

 

Increase in net assets

9,470

1,364

Net assets

 

 

Beginning of year

60,991

59,627

End of year

70,461

60,991