1. John Carroll University Faculty Forum
Vice President for Finance and Administrative Services
Annual Report
November 20, 2003

2. Agenda Financial Presentation Other Updates Q & A Session
Richard Mausser – Controller
Other Updates
Q & A Session
Jonathan Ivec – VP for Finance and Administrative Services

3. Financial Presentation Agenda
0203 Financial Results Overview
Investment Profile
Major Project Funding Status
Selected Ranking Statistics

4. Statements of Financial Position - Assets
(In thousands)
May 31,
2003
2002
Assets
Cash and cash equivalents $
4,297
4,809
Accounts receivable, net
2,126
Contributions receivable, net
10,985
11,699
Inventories, prepaids and other assets
1,586
1,434
Student notes receivable, net
5,806
5,887
Deposits with bond trustees
7,313
29,488
Investments, at fair market value
152,101
181,131
Land, buildings and equipment, net
166,768
119,995
Funds held in trust by others
2,992
3,061
Total assets
353,697
359,630
1,849

5. Endowment Portfolio Market Value

6. Distribution of Endowment Funds May 31, 2003
Investment Manager

7. Endowment Fund Investment Profile May 31, 2002 and 2003

8. Center for Science and Technology Cash Flow Projection - Cumulative
* As of 09/15/03

9. Shula Stadium Project Cash Flow Projection - Cumulative
* As of 09/15/03

10. Statements of Financial Position - Liabilities
(In thousands)
May 31,
2003
2002
Liabilities and net assets
Accounts payable and accrued expenses $
12,680
10,933
Accrued salaries and wages
5,478
5,042
Deposits and advance payments
2,169
1,540
Deferred income
830
1,236
Long-term debt
82,252
84,587
Refundable federal student loans
2,145
2,166
Total liabilities
105,554
105,504

11. Projected Long-Term Debt Principal Balances Before 2003 Issue

12. Projected Long-Term Debt Principal Balances After 2003 Issue

13. Long-Term Debt as a Percent of Total Endowment

14. Statements of Financial Position – Net Assets
(In thousands)
May 31,
2003
2002
Net Assets
Unrestricted
Available for operations $
1,069
Designated for specific purposes
29,316
37,790
Endowment
65,553
72,817
Net investment in plant
75,853
50,507
Total unrestricted
171,191
162,183
Temporarily restricted
20,281
38,939
Permanently restricted
56,071
53,004
Total net assets
248,143
254,126
Total liabilities and net assets
353,697
359,630

15. Statements of Activities – Operating Revenues
Increase
(In thousands)
2003
2002
(Decrease)
Revenues, gains and other support
Tuition and fees $
71,715
68,050
3,665
Less scholarships and grants
24,745
22,439
2,307
46,970
45,611
1,359
Contributions and private grants
6,131
5,446
686
Governmental grants and contracts
4,045
2,554
1,492
Investment return designated for operations
7,355
7,285 69
Interest income
379
757
(378)
Auxiliary enterprises
15,213
14,871
348
Other
1,984
1,235
748
Total operating revenues
82,077
77,759
4,318

16. Operating Revenues Year Ended May 31, 2003
Revenue Sources

17. Jesuit Institutions Ranked by 2003/04 Tuition, Room and Board - Part 1

18. Jesuit Institutions Ranked by 2003/04 Tuition, Room and Board - Part 2

19. Ohio Private Universities Ranked by 2003/04 Tuition and Fees - Part 1

20. Ohio Private Universities Ranked by 2003/04 Tuition and Fees - Part 2

21. Statements of Activities – Operating Expenses
Increase
(In thousands)
2003
2002
(Decrease)
Expenses
Instructional $
29,469 $
27,655 $
1,814
Sponsored programs
5,694
5,527
167
Library
2,629
2,578 51
Physical plant
5,265
5,292
(27)
Administrative and general
14,384
14,341 43
Student activities
2,814
2,915
(101)
11,183
10,488
695
Auxiliary enterprises
Depreciation
4,993
4,355
638
Interest
2,710
2,695 15
Total operating expenses
79,141
75,846
3,295
Increase in operating net assets $
2,936 $
1,913 $
1,023

22. Operating Expenses Year Ended May 31, 2003
Functional Expenses

23. Statements of Activities – Nonoperating Revenues/ Expenses
Increase
(In thousands)
2003
2002
(Decrease)
Nonoperating revenues and expenses:
Contributions to endowments $
718
1,982
(1,264)
Contributions for acquisition of capital
assets - net
2,526
3,269
(743)
Investment return in excess of amounts
designated for operations
(12,163)
(9,917)
(2,246)
Increase in nonoperating net assets
(8,919)
(4,666)
(4,253)
Increase in net assets
(5,983)
(2,753)
(3,230)
Net assets at beginning of year
254,126
256,879
2,753
Net assets at end of year
248,143

24. Q & A