Statement of Activities

For the year ended June 30, 2003, with comparative totals for 2002

Lawrence University of Wisconsin
 
 

 
2003
2002
Operating Revenues
Tuition and fees (net of discounts of $14,166,879 and
$12,602,985 for 2003 and 2002, respectively)
$22,469,601
$21,238,215
Auxiliary enterprises
1,842,232
1,631,061
Investment return designated for current operations
9,500,000
9,770,004
Government grants
575,883
509,558
Contribution revenue
4,797,125*
22,613,116
Other income
461,120
634,887
Total operating revenues and net assets 
released from restrictions
$39,645,961
$56,396,841
Operating Expenses
Instruction
$13,201,040
$12,499,468
Research
585,638
1,048,104
Academic support
3,151,861
3,310,950
Student services
4,139,665
3,949,577
Institutional administration
7,288,846
6,898,192
Physical plant operations
5,199,967
5,445,652
Student financial aid
91,822
155,514
Auxiliary enterprises expense
4,661,297
4,374,821
Interest expense
1,848,798
1,833,977
Depreciation
5,206,428
4,925,890
Total operating expenses
$45,375,362
$44,442,145
Non-Operating Items
Investment return in excess of amounts designated
for current operations
($8,497,914)
($25,463,585)
Change in value of split interest agreements
(280,009)
(323,549)
Other non-operating items, net
(518,743)
(18,538)
Contributions for long-term purposes
8,968,725*
0
$232,077
($25,805,672)
Change in Net Assets
($5,497,324)
($13,850,976)
Net assets, beginning of year
194,417,854
(208,268,830)
Net assets, end of year
$188,920,530
$194,417,854

*In fiscal 2003, Lawrence enlisted Virchow Krause to serve as the college's independent auditor. At their recommendation, restricted gifts for long-term purposes (e.g., endowment and plant) are now recognized as non-operating income. Hence, $8.97 million in restricted gift income in fiscal 2003 was recognized as contributions for long-term purposes rather than as operating contribution income.