BETHANY7COLLEGE

Lindsborg, Kansas

Location

Bethany College, established by Swedish Lutheran immigrants in 1881, is a college ofthe Evangelical Lutheran Church in America. The mission of Bethany College is to nurture andchallenge individuals in their search for truth and meaning as they lead lives of faith, learningand service. Bethany College is a four-year liberal arts based college with a blend of professionalprograms located in Lindsborg, Kansas.

This year again, U.S. News and World Report recognized Bethany as a top tier school inthe Midwest region of “Best Baccalaureate Colleges.”

Bethany College offers students the opportunity to study and live on a campus located inone of the Midwest’s most distinctive communities. Lindsborg is a friendly college town ofabout 3,800 people and is unlike most other towns in that it has taken deliberate steps to retainand enhance its rich cultural tradition. Lindsborg abounds with artists’ studios, art galleries, craftshops, import gift shops, and other attractions, including the Birger Sandzén Memorial Galleryon Bethany’s campus. The downtown storefronts in Lindsborg reflect a traditional Scandinavianstyle. The Lindsborg community also receives national recognition for its biennial SvenskHyllningsfest, held in conjunction with the College’s homecoming in odd-numbered years. Thisprovides a unique opportunity to celebrate the Scandinavian-American heritage of the region.The nearby McPherson County Old Mill Museum is a historical complex which offers a richvision of pioneer life on the plains of central Kansas.

Lindsborg is located approximately 70 miles north of Wichita, Kansas and 200 mileswest of Kansas City along Interstate 135. It is within a seven hour drive of St. Louis, OklahomaCity, Tulsa, Dallas, Denver and Omaha.

History and Mission

The College held its first class in Bethany Lutheran Church in Lindsborg, Kansas onOctober 15, 1881. Having first been founded as an academy, Bethany College amended itscharter in 1886 and became a college with the right to confer baccalaureate degrees. The fouryear college program was introduced in 1887 and the first class graduated in 1891.

Bethany College is affiliated with the Evangelical Lutheran Church in America (ELCA)and is supported by the Central States and Arkansas-Oklahoma synods of the ELCA, withadditional covenant support and board representation from the Rocky Mountain Synod. TheELCA is one of several Lutheran bodies in the United States, among which are the MissouriSynod and the Wisconsin Synod. The ELCA is the largest of these Lutheran groups and countsover five million members in the United States.

Bethany College takes its religious understanding from the life and witness of MartinLuther (1483-1546), whose protest against Medieval Christianity set off the ProtestantReformation in the 16th century. Many of the basic principles Martin Luther articulated remainimportant today as the core values of the College.

Governance

Bethany College is governed and supported by the Central States and Arkansas-Oklahoma synods of the Evangelical Lutheran Church in America, with additional covenantsupport and board representation from the Rocky Mountain Synod. The Bethany College Boardof Directors consists of twenty-six members, including the bishops of the three supportingsynods and the president of Bethany College as ex officio members. The members of the boardof directors provide fiduciary, strategic and generative leadership to Bethany College.

Current Board of First Term

Directors Elected Expire Background

Jon Bredeson, Ph.D. Retired, Electrical and Computer Engineer

7-2012 6-2015 Prof. Emeritus at Texas Tech Univ. & Univ. of Oklahoma

Normal, Oklahoma

Steve Briggs CEO and VP of Finance and Administration7-2010 6-2013

Wichita, Kansas

Ruth Browne Arts Advocate, Civic Voluntee, Retired Magistrate7-2012 6-2015

Clay Center, Kansas

Eric F. Doering District Manager, St. Vram Sanitation Dis.7-2012 6-2015

Frederick, Colorado

-- H

____________

Steve Elfman President, Network Operations, Sprint-Nextel Corporation7-2010 6-2013

Kansas City, Missouri

-

-- - -- --- - - — :- -u,. U-’ urUU:,U,Uu’uuu -u’-’-: 2’ u-----—

Kris Ericson, Ph.D. Alumni ,Consultant to the Behavioral Health Community

6-20132-2007

Albuquerque, New Mexico

R. Guy Erwin, Ph.D. At Large / Professor-Higher Education6-2014

10-2008 Thousand Oaks, California

Marie Friedemann, Ph.D. Associate Dean, Regis University7-2010 6-2013

Denver, Colorado

Bishop Michael Girlinghouse Arkansas-Oklahoma Synod, ELCA7-2011 NA

Tulsa, Oklahoma

Leroy Hackley rAthletic Director7-2011 6-2014

Jenison, Michigan

Glenn Kerbs,J.D. At-Large!rAttorney

6-20142-2006 Dodge City, Kansas

Jeremy Koehler Bethany College StudentStudent

05-2013 Student Representative7-2011

Lindsborg, Kansas

Edward F. Leonard Ill, Ph.D. Bethany College President8-2007 NA

Lindsborg, Kansas

Mark McDonald, Ph.D. Professor of Biology

10-2010 06-2014 Faculty Representative

Lindsborg, Kansas

Bishop Gerald Mansholt, D. Central States Synod, ELCA

Min.+ 11-2001 NAKansas City, Missouri

___

ILJames “Jim” Martin Co Owner & VP Marketing and Sales

CS

Synod! 6-2014 Central States Representative

10-2008Kansas City, MO

Corey D. Peterson7-2012

F

6-2015Owner, Hemslojd, Lindsborg

Lindsborg, Kansas

The standing committees are engaged in a continuous study of matters pertaining to thework of the board of directors. They confer as occasion warrants and upon recommendation ofthe President, with appropriate administrative officers of the College, members of the faculty,and representatives of the student body. The current standing committees are: (i) Executive

Kurt Meyer

7-2011 6-2014

Bob Mooney7-2011 6-2015

IITMichae1 O’Dell

7-2011 6-2015

rjason Opat7-2010 6-2013

Director of Resource Development, Nat’l Council of

Churches

Ansgar, IA

Technology Architect

Monument, CO

Financial Services Consultant

Albuquerque, NM

Founder and CEO, Integrated Media Group

Wichita, KS

I6-2013

Rev. Floyd Thompkins, Jr. CEO Jack Bower Fund, Inc. Univ. of GA Cen for Family Res.7-2012 6-2015

Broxton, Georgia

Barbara Varenhorst, Ph.D.r

At-Large Psychologist-Private Consulting/10-

2007 Portola VaUey, California

Todd Waletzki Chief Operating Officer, Compu pay, Inc.7-2011 6-2014

Ft. Lauderdale, FL

Marlene Waltz II 1 National Director of Solution Sales, Sprint7-2011 6-2013

Kansas City, MO

Evelyn Wilson, J.D. At-Large District Judge6-2013

/2-2007 : HTopeka, Kansas

Standing Committees

Committee; (ii) Advancement Committee; (iii) Audit and Risk Management Committee; (iv)Board Development Committee; (v) Business and Finance Committee; (vi) Facilities &Technology Committee; (vii) Recruitment and Marketing Committee; and (viii) StudentExperience Committee.

AdministrationSelected biographical information of members of the administration is as follows:

Dr. Edward Leonard, III Ph.D., President, 2007 to present. B.A. William Jewell College1979; M.B.A Saint Louis University 1987; Ph.D. University of Missouri-Kansas City, 1992.Professional experience includes: Vice President for College Advancement, Wilmington College,Wilmington, Ohio, 1998-2007.

Richard S. Metz, Interim Vice President for Operations and Finance, 20012 to present.B.A. Ohio State University; M.A.S.. Johns Hopkins University. Professional experienceincludes: Vice President and Chief Financial Officer, City College of New York, 2007-2010,Vice President and CFO California State Univ. East Bay 1995-2006, Vice President and CFOFrosthurg State University 1987-1995, Director of Auxiliary Services, Lehigh Univ. 1979-1987..

Dr. Ken Macur, Ph.D., C.P.A., Provost and Dean of the College, 2012 to present. B.A.;M.A. and Ph.D. University of illinois. Professional experience includes: Associate VicePresident for Academic Affairs and On-Line Learning, Edgewood College and Professor ofAccountancy, Edgewood College, Madison, Wisconsin, 2003-2012,and Vice President of theWisconsin Institute of CPAs Board of Directors.

Galen Bunning, Interim Vice President for Institutional Advancement, 2012 to present.B.A. Business, Ottawa University, Ottawa, Kansas. Professional experience includes: Directorof Annual Giving and Executive Director of Alumni Affairs, Bethany College, Lindsborg,Kansas 2009 - 2012; Director of Alumni Affairs, Instructor and Admissions Counselor, OttawaUniversity, Ottawa, Kansas 2001 — 2009.

Tricia Hawk, Vice President for Recruitment and Marketing 2011- Present. B.A.Bethany College 1984. Professional experience includes: Dean of Admissions, 2008 to 2011,Bethany College and Director of Development, Human Resources and Marketing, LindsborgCommunity Hospital, 2001-2008.

Dan Dentin, Ph.D., Dean of Student Life, 2012 to present. B.A. Franciscan Universityof Steubenville; M.A. Providence College. and Ph.D. Duquesne University, 2003. Professionalexperience includes: Dean of Student Life, Ave Maria University, Ave Maria, Florida, 2005-20 1,.and experience in Student Life from Duquesne Univ., Providence College, and FranciscanUniversity of Steubenville.

Warren Olson, Major Gifts Officer-Advancement Office, 2006 to present. B.A. BethanyCollege 1972. Professional experience includes: Sales and Marketing, Xerox Corporation,Salina, KS 1976-2006.

Noni Strand, Campus Pastor, 1991 to present. B.A. Bethany College 1982; M. Div.Lutheran School of Theology 1986. Professional experience includes: Lutheran congregationpastor 1986-1991.

John Coykendall, Controller, February 2012 to present. B.B.A. in Accounting fromWashburn University. Professional Experience includes: Corporate Financial Accountant —

Schwans Logistics, 2011-2012 and Alco Stores Inc. 2008-2011.

Facilities

The College is located on approximately 55 acres in Lindsborg, Kansas. The majorcampus buildings include five residence halls; three educational buildings, which includeclassrooms, faculty offices and administrative offices; a library; a performing arts center,including a chapel; a gymnasium and athletic facilities; and a cafeteria, including a studentcenter.

An improvement plan for Bethany College’s facilities was implemented in the summer of2006. New items such as carpet, paint, linoleum, and window air conditioning units were addedto the following residence halls, at the noted cost: Warner Hall, $50,000; Gregory Hall, $60,000;Alma Swensson Hall, $75,000; and Anna Marm Hall, $10,000. A $35,000 project improvedPilhblad Student Union with new paint, new carpet, and a centralized mail room. Burnett Centerreceived new lighting for performances, a $40,000 project. Renovation projects to improvepublic spaces included: Nelson Science Center, $60,000, and Presser Hall, $38,000. An overallcampus improvement project, Campus Green, began in October 2006. The first and secondphases have made $525,000 of improvements to the grounds of the College. Bethany College’scampus landscape gained new walkways, lighting, plantings, parking facilities, a promenade offlags and a circle drive entrance with fountain in front of Presser Hall.

The College used the proceeds from the sale of the 2008 bonds to finance theconstruction, equipping and furnishing of an addition to the science facility and the construction,equipping and furnishing of a new student living facility on its campus. The proceeds were alsoused for other related costs, such as architectural and engineering costs, site work, andimprovements on parking lots. In addition, the College used the bond proceeds for other capitalimprovement projects on its campus, including boiler repairs at various classroom buildings;refurbished restrooms in Pihlblad Memorial Union; replaced bleachers in Hahn Gymnasium; andthe completion of the Campus Green project.

Organization and Academic Structure

Bethany College offers a personalized liberal arts education with a strong focus onpreparing its graduates for success in the workplace. Students are expected to meet generaleducation requirements in basic skills, gain wide perspective on the breadth of human knowledgeand acquire an in-depth knowledge of at least one area of study as a major. Basic requirementsfor graduation include 124 semester hours of credit.

Bethany College awards Bachelor of Arts, Bachelor of Music and Bachelor of MusicEducation degrees, and offers 50 majors and concentrations, nine teaching endorsement areas,and 17 minors. Programs of academic study emphasize pre-professional training andinterdisciplinary curriculum, and include: Christian ministry, theatre and communication arts,English, history and political science, biology, chemistry, mathematics, 3+2 engineering,psychology, athletic training, accounting, criminal justice, physical health and wellness andsports management. As well as majors in music and art, Bethany offers fine arts programs in art

therapy, visual art administration, performance and sacred music. The two programs thatgraduate the largest number of students from Bethany are education and business economics.Education programs include degrees for education in art, biology, business, chemistry,elementary education, English, health and physical education, mathematics, music and socialscience. Business programs include majors in business economics, finance, management andmarketing.

Academic Accreditation

Bethany College is accredited by the North Central Association of Colleges and Schoolsfor associate’s degree programs, and bachelor’s degree programs in arts and sciences. BethanyCollege also offers up to five master’s level courses a year, but does not offer a degree.

Bethany College is a member of numerous professional organizations in highereducation, including the Council of Independent Colleges, the National Association ofIndependent Colleges and Universities, the National Association of Intercollegiate Athletics andthe Kansas Independent College Association.

Admissions Requirements

Students seeking admission to Bethany must meet two of the following three criteria:minimum grade point average of 2.5 (based on a 4.0 scale); score a minimum of 19 on the ACT(890 SAT); rank in the top half of their graduating high school class.

Bethany College provides an equal education opportunity to all qualified students withoutregard to age, race, color, national and ethnic origin or religion.

Student Profile

Bethany College has more than 600 students from 31 states and 15 foreign countries.Bethany College offers degrees for Bachelor of Arts in 43 majors and 9 teaching endorsements;Bachelor of Music in 4 majors; Bachelor of Music Education in 2 majors; and 17 minors.

The table below sets forth those states with the largest number of students at BethanyCollege for the last five academic years.

State Fall 2008 Fall 2009 Fall 20010 Fall 2011 Fall 2012Kansas 291 288 328 347 325Texas 64 62 51 47 50

Colorado 61 66 71 75 64California 39 43 46 36 59

Other 132 133 114 127 116Total 587 592 610 632 614

Student Enrollment

The following table shows Bethany College’s enrollment for the past six academic years.

Year Semester Full Time Part Time Headcount2007 Fall 512 25 5372008 Fall 555 32 5872009 Fall 574 18 5922010 Fall 588 22 6102011 Fall 582 50 6322012 Fall 552 62 614

For the current academic year, Bethany College accepted 58% of the first time studentswho applied to enter as freshmen. Of those accepted, 34% enrolled at the College. Thefollowing table sets forth selected admissions statistics for Bethany College for the last sixacademic years:

Academic Freshmen Freshmen Freshmen Acceptance MatriculationYear Applied Accepted Enrolled Rate Rate

2007-08 632 388 128 61% 33%2008-09 811 530 178 65% 34%2009-10 843 493 182 58% 37%2010-11 809 519 163 64% 32%2011-12 767 477 146 63% 31%2012-13 674 392 134 58% 34%

American College Testing Project (ACT) Assessment

The American College Testing Program (ACT) is an independent, nonprofit organizationthat provides measurement and research services to educational institutions and agenciesthroughout the country and overseas.

Year ACT Score H S GPA2012-13 21.4 3.22

201 1-12 22.1 3.34

2010-11 22.1 3.37

2009-10 22.2 3.30

2008-09 I 21.5 3.33

2007-08 220 334

Student Retention

Bethany College has taken steps to improve retention rates. Retention efforts havefocused on improving the overall educational experience for students, in order to better meettheir needs, and providing them with appropriate services to enable them to succeed.

New students who come to campus are helped to adjust to college life through a comprehensiveorientation program. All first-year freshmen then take a one-credit class, Bethany Seminar, inwhich faculty, staff and student mentors help them learn about and connect with the BethanyCollege and Lindsborg communities.

The Retention Committee and Bethany Intervention Group have been established to helpstudents who might have behavioral, academic or other issues that prevent them from succeedingat Bethany College. These groups — which include academic advisors, Academic SupportServices, counseling services, and residence life staff — measure students’ receptivity to learningsupport services, as well as how prone these students are to dropping out. Such measures helppredict student behavior and indicate the appropriate time for giving counsel and advice. Thesetools enable Bethany College to target support services both to student population groups and toindividual students, and to proactively intervene to head off academic, social, and adjustmentdifficulties before they interfere with a student’s ability to succeed.

The College has also been working with the Foundations of Excellence, a comprehensive,externally guided self-study and improvement process for students in their first year of College.The centerpiece of Foundations of Excellence is a model comprised of a set of principles that aretermed Foundational Dimensions. These Dimensions, developed by the Policy Center on theFirst Year of College (now John N. Gardner Institute for Excellence in UndergraduateEducation) and vetted by over 300 four- and two-year institutions, guide measurement ofinstitutional efforts and provide an aspirational model for the entirety of the beginning collegeexperience (initial contact with students through admissions, orientation, and all curricular andco-curricular experiences). These Dimensions also provide an intellectual foundation for theentirety of the undergraduate experience.

The engine of The Foundations of Excellence process is a campus-based task force - agroup with broad representation from across the campus. The work of the task force began with acampus audit of the first year for new and transfer students (the Current Practices Inventory “)and continued with an evaluation using the Foundational Dimensions and related performanceindicators (P.I.’s), and culminated in the development of a strategic action plan for campusimprovement. The College is now working on implementing the strategic action plan.

Bethany College has seen a slight increase in retention because of these efforts. TheRetention Committee is examining data to be sure the appropriate alert factors are being takeninto consideration to increase the retention of students

Tuition and Fees

Net tuition, fees and auxiliary revenue (primarily room and board) cover approximately66% of Bethany College’s annual expenditures. The remainder of the College’s educational andgeneral operating expenses is paid from other sources, such as gifts and grants.

The table below sets forth annual undergraduate tuition, room and board charges to first-year full-time undergraduate students for the years noted.

School Year Tuition & Room & Total % IncreaseFees Board

2007-08 $17,110 $5,500 $22,610 5.26%2008-09 $18,124 $5,650 $23,740 5.00%2009-10 $19,065 $5,876 - $24,941 5.05%

2010-11 $20,026 $6,174 $26,200 5.00%2011-12 $21,677 $6,516 $28,193 .JL 761%2012-13 [ $22,624 $6,886 - $29,510 .EL 4.67%

Housing

Approximately 72% of Bethany College’s full-time undergraduate students live inCollege residence halls. The typical charge per student for a double room and full meal plan for2012-13 is $6,886.

School Year Beds Available Occupied % Occupied2007-08 387 335 87%2008-09 449 374 83% Z2009-10 - 442 395 89%

____

2010-11 449 420 94%-

2011-12 - 1 449 419 93%

___

1 2012-13

____

445 410 92%

Competition

The following table compares Bethany College’s 20 12-13 charges for tuition and room &board to colleges with which Bethany competes for students.

Student Fees and Expenses of Competing Institutions (for FY 2012-13)Institution Location Tuition/Fees Room/Board Total

Southwestern College KS $22,741 $6,514 $29,255Sterling College KS $21,150 $6,752 $27,902Bethany College KS $22,624 $6,886 $29,510

McPherson College KS $21,801 $7,765 $29,566Kansas Wesleyan University KS $22,600 $7,400 $30,000

Tabor College KS $21,740 $8,120 $29,860Bethel College KS $22,600 $7,150 $29,750

Baker University KS $24,550 $7,660 $32,210

$166,450 $123,980 $125,749

$3,111,604 $3,568,694 T$3,607,351

$120,550 $125,079 $132,507 134,249

Perkins $296,192 $312,239 $366,635 282,897Veil Grant $710,967 $881,598 $1,070,468 1,076,747

Other $30,725 F $45,750 [ $15,600 16,000

IFota1FederalAid $4,436,488 F $5,089,625 I $5,318,310 5,921,695

Recruitment

Bethany College seeks to increase its ability to attract and enroll high quality studentswith a strong desire to achieve success both inside and outside the classroom. Enrollment totalsare vital to the College’s budgeting process, and increased enrollment will allow moreimprovements to become reality.

An integral part of the recruitment effort involves identifying students who would benefitfrom attending Bethany College and building strong, lasting relationships with these students.

Student Financial Aid

Approximately 98% of Bethany College students receive some form of financial aid. Thetable below shows the College’s student financial aid assistance programs for all students for the

08-09

$5,027,020

last four academic years.

College FundedScholarships

SupplementalEducational

Opportunity Grants

Family EducationLoans

09-10 10-11

F $5,572,486 $6,032,799

11-12

6,179,396

116,368

4,295,434

This is accomplished through consistent, timely and continuous communication throughout theadmissions and enrollment process. In addition to the admissions staff, coaches at Bethany serveas key recruiters in the process of building successful athletic teams.

The College’s top priorities are targeting students within a 100-mile radius of the campus,as well as increased recruitment efforts in the urban areas of Kansas and Colorado. Another toppriority involves the concentrated effort placed on the branding of the College. Bethany Collegeis currently in the process of developing graphic identity and marketing guidelines that willclearly differentiate the College within its market. Finally, there is a need to continue to recruitnationally and internationally to ensure a diverse student body.

The College has an extensive electronic, telephone, and traditional mail communicationplan to effectively and regularly contact students who have expressed an interest in attendingBethany College. On average, the College is in communication with 8,000 graduating highschool seniors and approximately 500 transfers. Bethany College receives requests forinformation through a variety of sources and events, including college fairs, high school visits,alumni and other personal contacts throughout Kansas and the United States.

Athletics

The Bethany College Swedes field men and women’s teams in 16 varsity and varsityinter-collegiate sports in the National Association of Intercollegiate Athletics (NAIA) and theKansas Collegiate Athletic Conference.

Men’s sports are baseball, basketball, cross country, football, golf, soccer, tennis, trackand field and wrestling. Women’s sports are basketball, cross country, dance team, soccer,softball, tennis, track and field and volleyball. The cheer squad is open to both men and women.

Academic programs at Bethany College provide students with innovative ways to turntheir interest in athletics into a career. Traditional majors in physical education and wellness arecomplemented by a variety of endorsements in teaching and coaching. Bethany is one of fewsmall colleges to have an in-depth athletic training program that gives student trainers theopportunity to gain hands-on experience in the prevention, care, treatment and rehabilitation ofBethany student-athletes. Finally, Bethany’s interdisciplinary sports management programcombines athletics and business to prepare students for future careers.

Faculty

Bethany College employs 34 full-time faculty members, of which 27 are tenured ortenure track. Approximately 67% hold a terminal degree in their discipline. 38 part-time facultymembers bring the total number of faculty to 72. The following table sets forth BethanyCollege’s full-time faculty, tenured faculty and faculty with advanced degrees for this and fiveprior years.

Fall Full-Time Full-Time Tenured Full-Time Tenured Percentage of Full-Faculty Faculty Number Faculty Percentage* Time Faculty with

Terminal De2rees2007 43 24 56% 53%2008 45 27 60% 71%2009 41 24 59% 77%2010 41 25 61% 76%2011 36 20 56% 77%2012 34 27 79% 67%

*percent of full-time facuity

Employees

Bethany College has 82 full-time non-faculty employees and 4 part-time non-facultyemployees. The number of part-time employees varies depending on time of year due to thecontracting of part-time adjunct faculty. These statistics do not include student employees,which number approximately 185 during the school year.

Given the financial situation of the College there have been no pay increases foremployees of the College over the past three years. Bethany College provides a variety ofbenefits to its employees, including health insurance, dental insurance, long-term disabilityinsurance, life insurance, tuition reimbursement and vacation, holidays and sick days.

At present, none of the College’s employees are represented by a union or othercollective bargaining representative. The management of the College considers its relationshipwith its employees to be excellent and the College is not aware of any significant issuesinvolving its employee relations.

Pension Plan

Bethany College suspended institutional contributions to the pension plan in 2009.Employees may continue to contribute with no matching funds from the institution.

Accounting Matters

Bethany College’s financial accounts are maintained according to accounting principlesgenerally accepted in the United States of America.

Because of significant turn over in the Accounting office (six Controllers in seven years,new Accounts Payable clerk, Controller and Vice President) and with a new auditing firm, theaudited financials this year are delayed until late December. Included in this Official Statementin tables below are the College’s audited financial figures for five previous years and estimatedfigures for this year as of and for the fiscal years ending June 30, 2012. The reports of CliftonLarson Allen, LLP, the College’s independent auditors, for FY 2011-12 will be forwarded whencompleted.

In the opinion of the College’s management there has been no material change in thefinancial condition of the College since June 30, 2011.

Insurance

Under the Loan Agreement, Bethany College is required to maintain insurance withrespect to its property, the operation thereof and its business, or to self-insure, against suchcasualties, contingencies and risks (including, but not limited to public liability, property andcasualty, business interruption or use and occupancy, workers’ compensation and professionalliability and employee dishonesty) and in such amounts not less than is customary in the case ofinstitutions having facilities of a comparable type and size and offering services comparable tothose of the Institution. Bethany College partners with Educational and Institutional InsuranceAdministrations, Inc., Chicago, IL as our broker. Specific coverage’s are:

College Insurance Company

College Risk Retention

$500M

$50M

Financial Performance

The table below and on the following page sets forth the College’s revenues,expenditures and changes in unrestricted net assets for the fiscal years ended June 30, 2007through June 30, 2011 (audited) and June 30, 2012 estimated.

STATEMENT OF ACTIVITIESUNRESTRICTED NET ASSETS

YEARS ENDED JUNE 30, 2006 THROUGH JUNE 30, 2011

FY 2007 FY 2008 FY 2009 F\ 2010 FY 2011 F\ 2012

Revenues Gains & Other Support [

-

Tuition Room BoardandFees 7816349 8410372 r 9594788 10361358 11250163 11745170

Less Scholarship Allowances (4 215 833)1 755 515) (5 028 150) (5 572 486) (6 032 799) (6 179 396)

NetTuition and Fees 3600516 3654857 4566638 j 4788872 5217364 5565774

Investmentreturn 1,017,925 (403,521) (221,625) 528,273 r 5923l 593,481••

Otherincome 437655 582502 577368 135241 369654 564325j

Property

General Liability

Insurance Carrier Coverage Details

Educator Legal Liability RSUI Indemnity Company $1 5M

Net Assets Released from Restriction

Reclassification of net assets

Total Revenues, Gains & Other Support

Expenses

1 8462 l5lnstructional & departmental research

General administration and institutional support

Operation and maintenance of plant

Fundraising expenses

Interest

Auxiliary enterprises

2,386,844

1,927,346 2,012.313

9,370,286 F 7,928,717

1.612,494 1.171.323

10,982,780 9,100,040

FY2O11

2,588,525

1,392,660

197,089

r 568,486

2,636,989

1,073,648

575,025

295,821

2.5 19,633

11,847,876

I j Gifts & Grants

I Auxiliary enterprises

Subtotal

2,082,566 1,729,822 1,607,187

________

2.310,122 2.595.808

1,331,277

2.601.083

10,111,709

1,133.667

0

11,245,376

Public service

Academic support

Student services

7,328,892

1,445,069

803,920

8,911,314

FY 2009

2,875,096

1,189,308

264,903

475,831

3,125,701

2,440,305

690,000

185,965

1.606,440

FY 2007

2,520,955

1,437,901

313,008

400,112

2,714,994

2,168,712

462,000

10,395

r’1.5o8.947

FY2008 rr2,85 1,238

1,230,713

265,106

386,828

3,146,849—r

2,668,745

721,000

82,086

1.546.685r

9,655,381

1.244.695

0

10,900,076

FY2O1O

2,736,255

1,300,062

186,269

590,932

3,020,058

2,128,710

599,682

318,405

1.556.680

12,437,053

(1.536,977)

0

(1.536.977)

(4,905,366)

(6,442,343)

1,852,311

3,026.880

11,802,771 iiT 1,003,525

0

12,606,296

FY2012

2,600,151

1,456,200

if 307,220

621,817

2,947,553

1,218,696

717,271

295,254

1,846,215

12,010,377

_r II

595,919

0

595,919 H

(7,044,843)

(6,448,924)

Total Expenses j 11,537,024 12,899,250 12,853,549

Increase (Decrease) in Unrestricted Net Assets Before(554 244) (3 799 210) (4746 1551Cumulative Effect of Change in Accounting Principle

Cumulative effect of Change in Accounting Pnnciple IIncrease (Decrease) in Unrestricted Net Assets (554.244) (3.799.2101 (3,942.2351

[Net Unrestricted Assets Beginning of Year 3,390,323 2,836,079 r (963,131)

NET UNRESTRICTED ASSETS END OF YEAR 2,836,079 (963,131) (4,905,366)

(602.500)

0

(602.5001

(6,442,343)

(7,044,843)