Connecticut College finishes fiscal year with $2.1 million cash operating surplus.NEW LONDON New London, city (1990 pop. 24,540), New London co., SE Conn., on the Thames River near its mouth on Long Island Sound; laid out 1646 by John Winthrop, inc. 1784. , Conn. -- The Connecticut College Connecticut College is a coeducational private liberal arts college located in New London, Connecticut. It is located on the Thames River, on which the College's crew and sailing teams practice. Board of Trustees board of trustees Politics The posse of thugs who oversee an institution's administration. See Board of directors. announced that the college finished the 2003-2004 fiscal year with a $2.1 million cash operating surplus Operating surplus is an accounting concept used in national accounts statistics (such as United Nations System of National Accounts (UNSNA) and in corporate and government accounts. It is also used in macro-economics as a proxy for total pre-tax profit income. . This is the fourth year in a row that the college's cash revenues have exceeded expenditures, and it is the largest surplus in the four years. "The college continues to strengthen its financial position," said Paul Maroni, vice president for finance. Maroni noted that the college's balance sheet improved overall. Driven by improved operating results and endowment growth from gifts and returns, net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. grew by $20 million during the year, with $10 million of the growth in unrestricted net assets. The cash surplus is attributed to not having had to reach into the college's almost $1 million contingency budget, as well as underspending in several areas. The college's budget last year was $88.7 million, and has been increased 3.7 percent - to $91.9 million - for the current fiscal year. "We plan for a one percent surplus every year in the form of a contingency to cover emergencies and avoid the risk of a deficit. Fortunately, we didn't have to use it," Maroni said. One of the biggest areas of underspending was the iConn project, a multi-year project to install a college-wide administrative information system. In 2003-04, work on that project came in significantly under budget. Following the recommendation of college's Priorities, Planning and Budget Committee in early October, the Board of Trustees voted on October 21 to return $2 million of the cash surplus to the endowment, which currently stands at $151 million. The remainder will be put into a Planning and Program Development fund overseen by President Norman Fainstein. Last year, the president used this fund to pay for special projects and programs, including pluralism and diversity programs, strategic planning Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. activities, architectural planning for proposed new construction projects, and expansion of student van service from campus to New London and surrounding communities. This year, the fund likely will be used to advance objectives of the College's new strategic plan, approved by the Board of Trustees on October 22. Ranked among the most selective private liberal arts colleges It may never be fully completed or, depending on its its nature, it may be that it can never be completed. However, new and revised entries in the list are always welcome. Liberal arts colleges in the nation, Connecticut College enrolls 1,850 men and women from 44 states and 50 countries. |
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