Cairnwood contributed to lower utility and
maintenance costs in those facilities as well.
was right on budget. Finally, in this category
funds are transferred from the schools operating budgets to fund various capital projects. In fiscal 2013 transfers totaling $364
thousand occurred for this purpose.
• Other Costs were under budget by $581 thousand.
xx Program-related operations were under
budget by $275 thousand in total. In
the College there were reductions in the
library, college café and realignments in
student orientation.
• Debt Service was below budget last year by
$275 thousand due to lower interest and fees
expense related to the debt.
• Capital Expenditures exceeded budget by
$488 thousand. Two projects, the new College Athletic Field and in the Secondary
Schools, the Benade Hall floor renovations
account for a large portion of this overage.
These projects are being funded from targeted gifts.
xx Housing-related operations were slightly
under budget by $5,000.
xx Administrative departments were under
budget by $301 thousand in total. In the
College there were reductions in admissions, advertising and marketing. Contingencies generated from cuts in the
marketing department were not utilized.
In the Secondary School lower marketing expenses contributed to the budget
savings.
The bottom line for the Academy Operations
and Capital Items Summaries is $7.7 million of expenditures in excess of receipts. This is a reduction
of $4.3 million from the $12.0 million expenditures in excess of receipts in Fiscal 2012. Over the
past two years, we have reduced this deficit by $9.7
million. These deficits are funded by endowment
withdrawals primarily from the endowments allocated to the schools and debt. We are moving in
the right direction and are grateful for the support
we are seeing from our donors and friends.
• This report is designed to present negative
cash flow funded by endowment withdrawals. As such, depreciation, a non-cash expense representing the wear and tear on our
facilities, has been excluded from the budget
and actual results. Depreciation of $4.7 million is included with operating expenses in
our audited financials for Fiscal 2013.
CAPITAL CAMPAIGN SUMMARY
We continue to receive some gifts and pledge p