New England College

“Andy Warhol photographs are part of the College's permanent art collection and is frequently on display at the New England College Gallery in Preston Barn. The Gallery is a focal point for the visual arts in the region. In keeping with the College's mission, the Gallery is accessible, welcoming and free to the community at large.”

“The College's endowment primarily consists of funds established for scholarships. Its endowment includes both donor-restricted endowment funds and funds designated by the Board of Trustees to function as endowments. As required by U.S. generally accepted accounting principles (GAAP), net assets associated with endowment funds, including funds designated by the Board of Trustees to function as endowments, are classified and reported based on the existence or absence of donor-imposed restrictions. The College has adopted investment and spending policies for endowment assets that attempt to provide a predictable stream of funding to programs supported by its endowment while seeking to maintain the purchasing power of the endowment assets. Endowment assets include those assets of donor-restricted funds that the College must hold in perpetuity or for a donor-specified period(s) as well as board-designated funds. Under this policy, as approved by the Board of Trustees, the endowment assets are invested in a manner that is intended to produce results that exceed the price and yield results of appropriate market indices while assuming a moderate level of investment risk. The College's investment objectives are to provide a total return sufficient to support the College's operating budget while preserving the assets against inflation. To meet these objectives the Board seeks a total return of at least 5% greater than the rate of inflation as measured by the Consumer Price Index (U.S. CPI-U) over a long-term horizon. Total return is defined as dividends or interest income, plus or minus realized and unrealized capital appreciation or depreciation at fair market value, net of fees. The maximum amount of endowment income utilization is determined by a spending formula approved by the Board of Trustees. The amount available for spending is set at 5% of the previous three-year average market value for the years ended June 30, 2014 and 2013, respectively. The amounts available to be distributed, net of unspent endowment income, under the spending policy were $458,223 and $409,939 for the years ended June 30, 2014 and 2013, respectively. These amounts are included in change in net assets from operations. Investment income greater or less than the amounts available to be distributed under the spending policy is reported as nonoperating income.”

“Institutional Financial Aid 15,009,328. Write Off of Unamortized Debt Issue Costs 74,573. Change in fair value of interest rate swap 2,985.”

“Institutional Financial Aid 15,009,328.”