2014 acics key operating statistics

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SUMMARY OF KEY OPERATING STATISTICS Data Collected from the 2014 Campus Accountability Reports Accrediting Council for Independent Colleges and Schools

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SUMMARY OF KEY OPERATING STATISTICSData Collected from the 2014 Campus Accountability Reports

Accrediting Council for Independent Colleges and Schools

TABLE OF CONTENTSIntroduction ..................................................................................................1

Enrollment Data ...........................................................................................4

Retention and Placement Data .................................................................8

Program Contact Hours &Tuition & Fees .................................................15

Annual Financial Report Data ..................................................................31

In the pursuit of quality, ACICS establishes benchmarks and measures institutional performance against those benchmarks in a methodical, systematic manner. The information collected during site reviews and garnered from annual reports and data submissions provides a strong empirical foundation for the Council’s deliberations and decisions regarding quality. ACICS continues to explore new ways to gather information about the quality of education, reflecting an institutional commitment to continuous improvement, and a public obligation to transparent accountability.

Quality in post-secondary education is not defined by a single entity or set of standards; more importantly, quality has many different dimensions, depending on the expectations of those demanding accountability. In “Quest for Quality,” the most salient dimensions include high standards (exceptional quality); zero defects (consistency); meeting customer needs (fitness of purpose); efficiency and effectiveness (value derived from investment) and in some cases, transformation (empowering the enhancement of outcomes).

Some stakeholders will find greater value in one dimension versus others; few stakeholders will express expectations of accountability across all five dimensions.

ACICS does not have the luxury of selecting which dimensions of quality to emphasize; high-profile expectations of quality assurance in post-secondary education touch all five dimensions with great passion and authority. The Council’s challenge is to refine and reinforce the evidence it collects, the methods by which it is analyzed, and the actions that result. It is an on-going task, one that never ends or is deemed “completed.”

Applying the dimensions of quality to nearly 900 colleges and schools requires careful review of the data included in the annual Key Operating Statistics. In that context, ACICS offers the 2014 Summary of Key Operating Statistics. Collecting, analyzing and discussing the information affords the Council a great opportunity each year to fulfill its important mission as an assurer of quality, including the achievement of high standards, zero defects, student achievement, and acceptable value.

INTRODUCTION

ACICS-ACCREDITED SCHOOLS

4 2014 Key Operating Statistics

ENROLLMENT DATA

DEFINITIONS USED BY INSTITUTIONS WHEN PROVIDING ENROLLMENT INFORMATION

Credential LevelIndicates the highest level of programs an institution offers under its grant of accreditation.

InstitutionA main campus and any branch campus of that main campus. As an institutional accreditor, ACICS accredits institutions as a whole and does not separately accredit individual campuses or programs.

Enrollment at the Beginning of the Reporting PeriodThe number of students enrolled on July 1. Enrollment represents the unduplicated* student headcount.

NUMBER OF ACICS-ACCREDITED SCHOOLS

Occupational Associate's Degree

Master's Degree

Doctoral Degree

Bachelor's Degree

Academic Associate's

Degree

Non-Degree

309

75

191

7

131

118

* Subtraction of duplicates caused by students enrolled in more than one program during the CAR reporting period.

FLORIDA .................................. 88CALIFORNIA ........................... 80PENNSYLVANIA ...................... 49OHIO ....................................... 48TEXAS ...................................... 41PUERTO RICO .......................... 34INDIANA ................................. 34NEW YORK .............................. 32VIRGINIA ................................. 34KENTUCKY ............................... 24

STATES WITH THE LARGEST NUMBER OF ACICS-ACCREDITED SCHOOLS

5Enrollment Data

TOTAL NUMBER OF STUDENTS ENROLLED AT

ACICS-ACCREDITED SCHOOLS

STUDENT ENROLLMENT BY CREDENTIAL

0

200,000

400,000

600,000

800,000

1,000,000

20142013201220112010

881,262 899,141846,082

770,876

647,041

REPORTING YEAR

NUM

BER

OF

STUD

ENTS

0

50,000

100,000

150,000

200,000

250,000

DoctoralDegree

Master'sDegree

Bachelor'sDegree

AcademicAssociate's

Degree

OccupationalAssociate's

Degree

Non-Degree

90,14670,999

119,383

240,126

122,525

3,862

NUM

BER

OF

STUD

ENTS

CREDENTIAL LEVEL

6 2014 Key Operating Statistics

MEDIAN ENROLLMENT

0

240

480

720

960

1,200

20142013201220112010

791 774673

588 581

REPORTING YEAR

NUM

BER

OF

STUD

ENTS

AVERAGE ENROLLMENT

0

200

400

600

800

1,000

1,200

20142013201220112010

899 842

1,077 1,046

779

NUM

BER

OF

STUD

ENTS

REPORTING YEAR

7Enrollment Data

All Institutions

Non-degree Occupational Associate’s

Degree

Academic Associate’s

Degree

Bachelor’s Degree

Master’s degree

Enrollment at Beginning of Period 312,319* 37,458 34,756 54,988 122,673 60,942

New Starts 300,361* 50,331 31,907 57,954 104,603 53,225

Reentries 29,541* 2,175 2,725 4,595 12,190 7,823

Total Enrollment During Reporting Year 647,041* 90,146 70,999 119,383 240,126 122,525

Number of Enrollees Without a High School Diploma or Equivalent While Enrolled

5,571* 772 2,605 359 1,301 534

Number of Enrollees in One or More Courses through Distance Learning

109,947* 1,665 7,997 14,992 65,469 19,421

Completed a Full Program 2,891* 1,172 193 543 555 387

Graduated from a Program 147,568 29,993 17,945 33,948 47,487 17,585

Withdrew due to Military Service 588* 30 66 89 344 57

Withdrew 195,987* 21,923 18,849 29,759 72,558 52,548

Still Enrolled at the End of the Period 287,562* 35,895 31,628 51,380 114,950 50,842

Students Who Withdrew to Accept Employment in Their Field of Training

279* 66 30 46 99 32

* Total includes campuses that offer doctoral programs.

8 2014 Key Operating Statistics

Institutions report retention outcomes based on the total enrollment and withdrawals during the report-ing period. The following definitions apply in determining the appropriate retention classification. The Council’s benchmark for retention in the 2014 reporting year was 70% and the Council standard was 60%. It reflects the Council’s emphasis on the value of retaining students from one term to the next as a fundamental element of student success; i.e., retention leads to completion, completion leads to grad-uation, and graduation leads to employment and participation in economic opportunity.

RETENTION DATA

WithdrawalA student who is no longer enrolled at the institution and…

1. has failed to attend the full length of the program;

2. has not maintained satisfactory academic progress;

3. has failed courses or substitute courses permitted by the institution;

4. has not attained speeds or competencies required;

5. is not eligible for a credential; or

6. failed to meet the institution’s attendance and/or graduation requirements.

…is considered to be withdrawn from enrollment.

Retention RatesRetention rates are calculated for each institution according to standard formulas adopted by the Council. Some categories of students withdrawing for reasons beyond the control of the institution are excluded from the calculation of the retention rate. These may include: active military service, incar-ceration, death, and enrollment in an institution with common ownership.

Retention Percentage Rate = ((A-B)-C) / (A-B)A = Beginning Enrollment and Reentries and New Starts

B = Withdrew to enroll in institution with common ownership

C = Withdrawals

RETENTION & PLACEMENT DATA

9

2014 AVERAGE RETENTION RATES BY REPORTING YEAR

2014 AVERAGE RETENTION RATES BY CREDENTIAL LEVEL

65

70

75

80

85

Master'sDegree

Bachelor'sDegree

Academic Associate's

Degree

OccupationalAssociate's

Degree

Non-Degree

78

68

7474 74

RETE

NTIO

N R

ATE

(%)

CREDENTIAL LEVEL

0

20

40

60

80

100

Standard Deviation

Retention Rate

20142013201220112010

7210

739

7311

739

7310

RETE

NTIO

N R

ATE

(%)

REPORTING YEAR

10 2014 Key Operating Statistics

PLACEMENT DATAInstitutions report placement outcomes for graduates and completers as of the submission date of the CAR. The following definitions apply in determining the appropriate placement classification. The Council’s benchmark for placement in the 2014 reporting year was 70% and the Council standard was 60%.

CompleterA student who is no longer enrolled at the institution and who either has completed the time allowed or has attempted the maximum allowable number of credits for the program of study, but who did not accomplish one of the following graduation requirements: (1) achieved a grade point average of at least 2.0; (2) at-tained required competencies or speed skills; or (3) satisfied non-academic requirements.

GraduateA student who has (1) achieved a grade point average of 2.0 or greater at graduation; (2) successfully passed all courses in the program or substitute courses permitted by the institution; (3) attained required competencies or speed levels in all courses; (4) met all clinical, internship, and externship requirements; (5) satisfied all non-academic requirements such as payment of tuition and fees, return of books, etc.; (6) satisfied all other academic requirements for graduation; (7) received the appropriate credential; and (8) ceased enrollment in the program.

PlacementACICS applies the following Definition of Placement to outcomes reported by member institutions:

All Institutions Non-degree Occupational Associate’s

Degree

Academic Associate’s

Degree

Bachelor’s Degree

Master’s degree

Total Number of Completers and Graduates Eligible for Placement

150,459* 31,165 18,138 34,491 48,042 17,972

Placed in Field 92,607* 18,639 12,069 22,251 30,257 9,188

Not Available Due to Pregnancy or Other Health Situation

4,040* 711 556 894 1,394 483

Not Available Due to Continuing Education 12,484* 1,498 1,082 2,161 5,130 2,581

Not Available Due to Active Military Service 407* 43 47 126 121 69

International Student Possessing an I-20 Visa 2,405* 783 271 370 63 567

ESL Completers or Graduates 1,085* 334 328 47 0 349

Not Employed (Not Working) 36,287* 8,598 3,668 8,500 10,945 4,541

Placed based upon job titles: Any graduate or completer of a program that was placed based upon job titles included in the list of job titles published by the institution for which the program prepares students. These job titles must be those published by the institution on its web site in compliance with USDOE Title IV regulations and must be identified in the Depart-ment’s CIP-to-SOC Crosswalk (Standard Occupational Classification, US Department of Labor) with the Classifi-cation of Instructional Programs (CIP) code of this program. OR

Placed based upon the required use of skills: Any graduate or completer of a program that was placed based upon the required use of skills learned in the student’s program as a predominant component of the job. These skills must be those listed in the institution’s published program description and a majority of these skills must be documented in the employer’s job descrip-tion as required or desired skills, duties or responsibilities. OR

Placed based upon the benefit of the training: Any graduate or completer of a program that was placed based upon the benefit of the training received from the program in obtaining a new position or maintaining a current position, supporting promotion or improving job related skills.

11Retention & Placement Data

Placement rates are calculated for each institution according to standard formulas adopted by the Council.

(Placed by job title + Placed by skills + Placed by benefit of training)

((Completers + Graduates) - (Exemptions*))

** Data does not include institutions that reported zeros for both retention and placement where applicable. *Total includes campuses that offer doctoral programs

0

20

40

60

80

100

Standard Deviation

Placement Rate

20142013201220112010

7111

7013

66

217212

7412

PLA

CEM

ENT

RATE

(%)

REPORTING YEAR

0

20

40

60

80

100

Standard Deviation

Placement Rate

20142013201220112010

7111

7013

66

217212

7412

AVERAGE PLACEMENT RATES BY YEAR

* Exemptions are: pregnancy, death or other health-related issues, continuing education, military service, visa restrictions, enrollment in English as a Second Language (ESL) program, & incarceration.

0

20

40

60

80

100

Master'sDegree

Bachelor'sDegree

AcademicAssociate's

Degree

OccupationalAssociate's

Degree

Non-Degree

71 77 73 73 76

PLA

CEM

ENT

RATE

(%)

CREDENTIAL LEVEL

AVERAGE PLACEMENT RATES BY CREDENTIAL LEVEL

12 2014 Key Operating Statistics

2010 2011 2012 2013 2014Alabama 66 67 68 67 65

Alaska 72 64 72 62 59

Arizona 75 72 73 75 70

Arkansas 62 64 72 69 71

California 79 79 80 80 80

Colorado 74 72 73 73 72

Connecticut 78 75 76 79 79

District of Columbia N/A N/A N/A N/A 81

Florida 72 72 73 74 71

Georgia 69 66 71 70 71

Hawaii N/A N/A N/A N/A N/A

Idaho 81 77 78 75 68

Illinois 74 73 74 76 77

Indiana 72 68 63 68 66

Iowa 78 61 61 62 65

Kansas 68 68 69 67 66

Kentucky 68 64 65 65 65

Lousiana 68 71 71 71 47

Maine 72 73 71 72 67

Maryland 77 74 79 73 72

Massachusetts 75 74 73 76 76

Michigan 74 71 73 71 68

Minnesota 73 70 71 73 72

Mississippi 69 72 67 66 64

Missouri 76 73 70 72 71

Nebraska 72 70 77 64 62

2010 2011 2012 2013 201468 71 71 72 74

88 84 47 75 95

70 68 66 75 76

72 63 47 65 63

73 73 71 75 77

69 70 71 73 76

72 69 64 67 70

N/A N/A N/A N/A 75

68 71 66 71 74

74 69 56 68 75

N/A N/A N/A N/A N/A

73 58 77 77 77

73 78 57 58 75

76 70 69 75 76

100 78 74 73 76

80 70 61 65 73

69 66 73 74 72

76 68 72 59 73

69 68 71 79 71

65 56 52 52 70

73 73 61 65 71

71 69 62 63 75

80 76 71 76 77

72 70 51 70 71

73 75 68 71 75

75 72 35 84 73

PlacementRetention

RETENTION & PLACEMENT AVERAGES BY STATEEXPRESSED IN %

13Retention & Placement Data

2010 2011 2012 2013 2014Nevada 79 75 77 77 73

New Hampshire 88 88 84 85 81

New Jersey 76 76 78 76 77

New Mexico 82 77 72 75 72

New York 76 74 72 77 76

North Carolina 69 69 67 70 70

North Dakota N/A N/A N/A N/A N/A

Ohio 69 65 68 68 67

Oklahoma 70 70 73 69 69

Oregon 78 79 77 80 77

Pennsylvania 75 74 74 75 76

Puerto Rico 71 68 69 71 72

Rhode Island 76 77 75 81 81

South Carolina 79 71 72 73 71

South Dakota 62 60 68 75 68

Tennessee 69 67 68 67 67

Texas 76 72 72 73 76

Utah 72 69 71 72 73

Virginia 75 73 75 75 75

Washington 81 77 72 75 78

West Virginia 71 73 68 70 72

Wisconsin 76 68 66 70 64

Wyoming 69 68 66 70 75

International 78 84 81 82 79

2010 2011 2012 2013 201470 63 69 70 73

70 41 65 67 73

73 73 69 70 74

70 69 75 68 76

72 69 65 68 71

74 70 58 71 75

N/A N/A N/A N/A N/A

73 70 69 74 73

68 74 73 76 81

66 68 61 66 78

75 75 69 70 72

72 69 66 67 61

65 70 68 58 76

76 76 66 68 78

73 81 82 85 74

68 69 67 69 74

67 66 61 70 74

79 75 70 68 71

71 62 67 71 74

68 67 61 66 71

73 76 76 80 77

70 57 59 71 78

85 90 72 85 80

82 80 61 60 56

PlacementRetention

14 2014 Key Operating Statistics

0 100 200 300 400 500 600 700 800Massage Therapy

Computer and Information Systems SecurityMedical Office Assistant

Computer Systems Networking/ Telecommunication

Electrical, Electronic & Communications Engineering Technology/Technician

Legal Assistant / Paralegal

Accounting

Criminal Justice/Law Enforcement

Medical/Clinical Assistant

Business Administration and Management789578490312290264240232232218

TOP PROGRAMS BY NUMBER OFFERED

0 20,000 40,000 60,000 80,000 100,000Securities Services Administration/Management

Nursing

Medical Administrative Assistant

Cooking and Related Culinary Arts, General

Business and Related Support Services, Other

Electrical, Electronic & Communications Engineering Technology/Technician

Criminal Justice/Law Enforcement

System, Networking, and LAN/WAN Management/Manager

Business Administration & Management

Medical/ Clinical Assistant87,98439,80725,21823,12921,54521,27720,96316,72715,46615,305

TOP PROGRAMS BY ENROLLMENT

PROGRAM CONTACT HOURS & TUITION & FEES

ACICS monitors average program lengths and tuition and fees of similar programs of study of its accredited institutions as required by the U.S. Department of Education. Further, the Accreditation Criteria specifies that the Council will collect and provide data relative to program length and tuition and fees for all ACICS-accredited institutions.

The charts on the following pages identify the average program length and tuition and fees charged by credential for selected programs. The data were derived from the statistical information reported on the 2014 Campus Accountability Reports (CAR) by all ACICS-accredited institutions. The program codes given correspond with those used to report program data on the CAR. To maintain confidentiality, ACICS does not publish information for programs that are offered by fewer than ten institutions.

16 2014 Key Operating Statistics

Program Program Code Number of Programs Average Contact Hours

Standard Deviation

DAY EVENING

Accounting 52.0301 103 103 717 187

Administrative Assistant 52.0401 179 179 718 223

Aesthetician/Esthetician and Skin Care Specialist 12.0409 25 25 775 202

Animation/Interactive Technology/Video Graphics 10.0304 11 11 1,333 212

Automotive Mechanics Technology 47.0604 25 25 1,240 221

Baking and Pastry Arts 12.0501 54 54 940 150

Banking and Financial Support Services 52.0803 21 21 1,091 32

Barbering/Barber 12.0402 22 22 1,188 317

Bartending 12.0502 18 18 911 223

Business Accounting Technology 52.0302 95 95 599 164

Business Administration and Management 52.0201 158 158 536 209

Business Office Technology 52.0407 50 50 673 262

Business/Commerce, General 52.0101 16 16 671 124

Cardiovascular Technology 51.0901 17 17 1,231 526

Child Care and Support Services Management 19.0708 12 12 1,073 118

Computer and Information Systems Security 11.1003 26 26 753 261

Computer Installation and Repair Technology 47.0104 29 29 919 231

Computer Software and Media Applications 11.0899 10 10 808 347

Computer Support Specialist 11.1006 48 48 654 203

Computer Systems Networking/ Telecommunications 11.0901 55 55 911 193

Computer Systems Technology 15.1202 37 37 610 178

Cooking and Related Culinary Arts 12.0500 55 55 970 193

Cosmetology 12.0401 183 183 1,251 332

Court Reporting 22.0303 20 20 2,293 1,552

Criminal Justice/Law Enforcement 43.0103 37 37 688 145

Culinary Arts/Chef Training 12.0503 15 15 893 217

Data Entry/Microcomputer Applications 11.0601 28 28 573 147

Data Processing Technology 11.0301 33 33 698 145

Dental Assistant 51.0601 123 123 870 147

Diagnostic Medical Sonography 51.0910 20 20 1,937 107

Electrical/Electronics Maintenance and Repair Tech 47.0199 40 40 924 201

Emergency Medical Technology 51.0904 22 22 950 398

English as a Second Language 13.1401 56 56 822 245

AVERAGE PROGRAM CONTACT HOURS

CERTIFICATE/DIPLOMA

17Average Program Contact Hours by Degree Level & Program

Program Program Code Number of Programs Average Contact Hours

Standard Deviation

DAY EVENING

Graphic Design 50.0409 26 26 1,037 198

Health and Physical Education/Fitness 31.0599 26 26 862 211

Heating, A/C and Refrigeration Technology 15.0501 63 63 969 274

Information Technology 11.0103 28 28 876 249

Legal Administrative Assistant 22.0301 62 62 962 149

Legal Assistant/Paralegal 22.0302 75 75 766 219

Licensed Practical/Vocational Nurse 51.1613 46 46 1,242 298

Massage Therapy 51.3501 199 199 864 118

Medical Administrative Assistant 51.0716 131 131 818 168

Medical Insurance Coding Specialist/Coder 51.0713 156 156 788 152

Medical Insurance Specialist/Medical Biller 51.0714 139 139 771 154

Medical Office Assistant 51.0710 207 207 754 213

Medical Transcription 51.0708 19 19 1,098 38

Medical/Clinical Assistant 51.0801 387 387 878 143

Nail Technician/Specialist and Manicurist 12.0410 29 29 710 260

Nursing 51.1601 24 24 1,278 185

Nursing/Patient Care Assistant 51.1614 37 37 750 413

Pharmacy Assistant 51.0805 167 167 766 191

Phlebotomy 51.1009 31 31 643 251

Radiologic Technology 51.0911 15 15 1,038 418

Respiratory Therapy Assistant 51.0812 15 15 1,270 171

Surgical Technology 51.0909 31 31 1,247 191

Tourism and Travel Services Management 52.0903 20 20 1,053 152

Web Page and Digital/Multimedia Design 11.0801 49 49 794 154

18 2014 Key Operating Statistics

Program Program Code Number of Programs Average Contact Hours

Standard Deviation

DAY EVENING

Accounting 52.0301 59 59 1,298 252

Administrative Assistant 52.0401 47 47 1,365 256

Business Administration and Management 52.0201 110 110 1,233 245

Cardiovascular Technology 51.0901 10 10 1,935 306

Computer Systems Networking/ Telecommunications 11.0901 30 30 1,307 111

Computer Systems Technology 15.1202 14 14 1,244 159

Cosmetology 12.0401 12 12 1,757 149

Court Reporting 22.0303 27 27 2,594 823

Criminal Justice/Law Enforcement 43.0103 34 34 1,263 342

Dental Assistant 51.0601 12 12 1,426 335

Health Information Technology 51.0707 36 36 1,410 283

Human Resources Management 52.1001 18 18 1,283 270

Information Technology 11.0103 11 11 1,379 177

Legal Administrative Assistant 22.0301 12 12 1,325 166

Legal Assistant/Paralegal 22.0302 39 39 1,216 217

Marketing/Marketing Management 52.1401 15 15 1,335 175

Massage Therapy 51.3501 33 33 1,335 199

Medical Administrative Assistant 51.0716 49 49 1,308 259

Medical Insurance Coding Specialist/Coder 51.0713 20 20 1,261 182

Medical Insurance Specialist/Medical Biller 51.0714 19 19 1,171 83

Medical Office Assistant 51.0710 22 22 1,336 150

Medical Staff Services Technology/Technician 51.0717 16 16 1,306 233

Medical/Clinical Assistant 51.0801 81 81 1,340 297

Pharmacy Assistant 51.0805 11 11 1,104 42

Respiratory Therapy Assistant 51.08012 10 10 1,764 160

Surgical Technology 51.0909 20 20 1,512 183

Web Page and Digital/Multimedia Design 11.0801 11 11 1,303 162

OCCUPATIONAL ASSOCIATE’S DEGREE

19Average Program Contact Hours by Degree Level & Program

Program Program Code Number of Programs Average Contact Hours

Standard Deviation

DAY EVENING

Accounting 52.0301 151 151 1,127 146

Administrative Assistant 52.0401 67 67 1,161 179

Baking and Pastry Arts 12.0501 29 29 1,386 164

Business Accounting Technology 52.0302 94 94 1,092 119

Business Administration and Management 52.0201 309 309 1,048 163

Business and Related Support Services, Other 52.9999 30 30 971 30

Business Office Technology 52.0407 11 11 1,163 174

Business/Commerce, General 52.0101 108 108 1,021 53

Cardiovascular Technology 51.0901 19 19 1,767 487

Clinical Laboratory Technology 51.1005 11 11 1,498 261

Computer and Electronics Engineering Technology

15.0303 229 229 1,117 95

Computer and Information Systems Security 11.1003 55 55 1,157 193

Computer Drafting and Design 15.1302 126 126 1,223 155

Computer Programming 11.0201 171 171 1,143 94

Computer Science 11.0701 12 12 947 242

Computer Software and Media Applications 11.0899 21 21 1,189 121

Computer Systems Networking/ Telecommunications

11.0901 187 187 1,169 138

Computer/Info Technology Services Administration and Management

11.1099 13 13 1,078 59

Construction Management 52.2001 11 11 965 0

Cooking and Related Culinary Arts 12.0500 22 22 1,448 183

Criminal Justice/Law Enforcement 43.0103 290 290 1,076 196

Criminalistics and Criminal Science 43.0111 101 101 1,015 17

Dental Assistant 51.0601 23 23 1,315 121

Design and Visual Communications 50.0401 76 76 1,218 189

Drafting and Design Technology 15.1301 157 157 1,104 32

Early Childhood Education 13.1210 17 17 1,235 138

Electrical/Electronics Maintenance and Repair Tech

47.0199 11 11 1,111 111

Electronics and Communications Engineering 14.1001 16 16 1,109 50

Fashion/Apparel Design 50.0407 10 10 1,408 265

General Studies 24.0102 11 11 1,006 308

Graphic Design 50.0409 140 140 1,155 105

Health and Physical Education/Fitness 31.0599 20 20 1,164 51

Health Care Administration/Management 51.0701 60 60 1,097 110

ACADEMIC ASSOCIATE’S DEGREE

20 2014 Key Operating Statistics

Program Program Code Number of Programs Average Contact Hours

Standard Deviation

DAY EVENING

Health Information Technology 51.0707 78 78 1,199 122

Health Services/Allied Health/ Health Sciences

51.0000 28 28 898 440

Hotel/Motel Administration/Management 52.0904 15 15 1,272 267

Human Resources Management 52.1001 17 17 1,061 60

Information Technology 11.0103 93 93 1,164 139

Interior Design 50.0408 12 12 1,196 159

Legal Administrative Assistant 22.0301 15 15 1,297 135

Legal Assistant/Paralegal 22.0302 236 236 1,117 166

Marketing/Marketing Management 52.1401 44 44 1,053 43

Massage Therapy 51.3501 35 35 1,352 119

Medical Administrative Assistant 51.0716 76 76 1,192 133

Medical Insurance Coding Specialist/Coder 51.0713 54 54 1,108 64

Medical Insurance Specialist/Medical Biller 51.0714 27 27 1,257 245

Medical Office Assistant 51.0710 61 61 1,142 166

Medical/Clinical Assistant 51.0801 220 220 1,216 122

Nursing 51.1601 50 50 1,550 165

Nursing/Registered Nurse 51.3801 74 74 1,568 178

Occupational Therapist Assistant 51.0803 24 24 1,671 118

Pharmacy Assistant 51.0805 62 62 1,233 153

Physical Therapist Assistant 51.0806 8 8 1,766 199

Securities Services Administration/ Management

43.0112 19 19 970 0

Surgical Technology 51.0909 70 70 1,410 130

System Administration 11.1001 69 69 1,174 38

System, Networking, and LAN/WAN Management/Manager

11.1002 114 114 1,104 13

Veterinary/Animal Health Technology 51.0808 46 46 1,482 209

Web Page and Digital/Multimedia Design 11.0801 46 46 1,140 86

ACADEMIC ASSOCIATE’S DEGREE (Continued)

21Average Program Contact Hours by Degree Level & Program

Program Program Code Number of Programs Average Contact Hours Standard Deviation

DAY EVENING

Accounting 52.0301 71 71 2,065 218

Advertising 09.0903 13 13 2,348 167

Animation/Interactive Technology/ Video Graphics

10.0304 92 92 2,323 162

Business Administration and Management 52.0201 356 356 1,960 270

Computer and Electronics Engineering Technology

15.0303 86 86 2,107 187

Computer and Information Systems Security 11.1003 212 212 2,186 188

Computer Graphics 11.0803 11 11 2,437 58

Computer Programming 11.0201 114 114 2,181 162

Computer Science 11.0701 11 11 2,058 295

Computer Software and Media Applications 11.0899 14 14 2,199 191

Construction Management 52.2001 40 40 2,052 128

Criminal Justice/Law Enforcement 43.0103 224 224 1,963 183

Design and Visual Communications 50.0401 15 15 2,324 36

Electrical & Electronic EngTechnologies/ Technician

15.0399 83 83 2,159 266

Electronics and Communications Engineering 14.1001 16 16 2,157 110

Fashion Merchandising 52.1902 16 16 2,261 330

Fashion/Apparel Design 50.0407 18 18 2,407 140

General Studies 24.0102 14 14 1,658 444

Graphic Design 50.0409 53 53 2,335 202

Health Care Administration/Management 51.0701 135 135 1,989 250

Human Resources Management 52.1001 16 16 1,946 147

Information Technology 11.0103 125 125 2,152 279

Interior Design 50.0408 36 36 2,361 174

Legal Assistant/Paralegal 22.0302 49 49 2,116 212

Marketing/Marketing Management 52.1401 14 14 1,907 141

Nursing 51.1601 16 16 2,071 594

Nursing/Registered Nurse 51.3801 35 35 1,265 683

Photography 50.0605 12 12 2,202 410

Project Management 52.0211 133 133 1,997 109

Securities Services Administration/Management 43.0112 16 16 1,941 32

System Administration 11.1001 14 14 2,178 62

Web Page and Digital/Multimedia Design 11.0801 37 37 2,257 285

BACHELOR’S DEGREE

22 2014 Key Operating Statistics

Program Program Code Number of Programs Average Contact Hours

Standard Deviation

DAY EVENING

Business Administration and Management 52.0201 98 98 663 368

MASTER’S DEGREE

23

AVERAGE PROGRAM TUITION AND FEES

CERTIFICATE/DIPLOMA

Program Program Code

Number of ProgramsDAY EVENING

Average Tuition & FeesDAY EVENING

Standard DeviationDAY EVENING

Accounting 52.0301 103 103 17,445 18,131 6,891 6,976

Administrative Assistant 52.0401 179 179 16,198 16,818 5,813 5,988

Aesthetician/Esthetician and Skin Care Specialist 12.0409 25 25 10,424 10,921 2,760 2,317

Animation/Interactive Technology/ Video Graphics

10.0304 11 11 29,714 20,758 10,146 4,908

Automotive Mechanics Technology 47.0604 25 25 12,402 12,402 7,939 7,939

Baking and Pastry Arts 12.0501 54 54 17,197 15,711 7,072 5,737

Banking and Financial Support Services 52.0803 21 21 10,396 10,396 1,823 1,823

Barbering/Barber 12.0402 22 22 11,970 11,970 4,775 4,775

Bartending 12.0502 18 18 7,551 7,551 1,744 1,744

Business Accounting Technology 52.0302 95 95 16,241 16,568 4,516 4,655

Business Administration and Management 52.0201 158 158 15,616 15,722 4,705 4,570

Business Office Technology 52.0407 50 50 12,342 13,733 3,871 2,036

Business/Commerce, General 52.0101 16 16 17,795 18,976 7,696 6,290

Cardiovascular Technology 51.0901 17 17 25,190 25,368 8,473 8,830

Child Care and Support Services Management 19.0708 12 12 8,739 8,739 2,427 2,427

Computer and Information Systems Security 11.1003 26 26 17,250 17,735 6,092 6,126

Computer Installation and Repair Technology 47.0104 29 29 11,324 10,589 5,062 5,350

Computer Software and Media Applications 11.0899 10 10 14,809 12,594 8,302 4,730

Computer Support Specialist 11.1006 48 48 15,296 15,183 2,861 3,013

Computer Systems Networking/ Telecommunications

11.0901 55 55 17,595 17,595 6,478 6,478

Computer Systems Technology 15.1202 37 37 15,474 15,474 6,148 6,237

Cooking and Related Culinary Arts 12.0500 55 55 19,368 17,701 7,539 6,578

Cosmetology 12.0401 183 183 13,694 13,662 6,043 6,146

Court Reporting 22.0303 20 20 37,192 47,294 22,232 29,632

Criminal Justice/Law Enforcement 43.0103 37 37 17,480 17,905 3,725 3,432

Culinary Arts/Chef Training 12.0503 15 15 21,359 20,344 5,504 3,881

Data Entry/Microcomputer Applications 11.0601 28 28 10,897 10,897 2,451 2,451

Data Processing Technology 11.0301 33 33 15,766 15,251 1,302 767

Dental Assistant 51.0601 123 123 17,283 17,593 3,332 3,659

Diagnostic Medical Sonography 51.0910 20 20 36,176 33,344 10,240 1,173

24 2014 Key Operating Statistics

Program Program Code

Number of ProgramsDAY EVENING

Average Tuition & FeesDAY EVENING

Standard DeviationDAY EVENING

Electrical/Electronics Maintenance and Repair Tech

47.0199 40 40 13,140 13,069 4,033 4,454

Emergency Medical Technology 51.0904 22 22 10,387 10,387 3,356 3,356

English as a Second Language 13.1401 56 56 7,294 6,064 5,149 4,009

Graphic Design 50.0409 26 26 23,070 25,368 6,347 6,005

Health and Physical Education/Fitness 31.0599 26 26 17,063 17,086 6,833 6,865

Heating, A/C and Refrigeration Technology 15.0501 63 63 15,324 14,846 5,535 5,231

Information Technology 11.0103 28 28 12,953 13,232 4,537 4221

Legal Administrative Assistant 22.0301 62 62 18,195 18,946 5,998 6,417

Legal Assistant/Paralegal 22.0302 75 75 17,913 18,174 6,195 6,108

Licensed Practical/Vocational Nurse 51.1613 46 46 19,933 19,626 8,649 9,675

Massage Therapy 51.3501 199 199 15,185 15,280 4,408 4,583

Medical Administrative Assistant 51.0716 131 131 17,594 18,071 4,984 5,074

Medical Insurance Coding Specialist/Coder 51.0713 156 156 18,140 18,292 4,156 4,166

Medical Insurance Specialist/Medical Biller 51.0714 139 139 16,427 16,480 3,730 4,047

Medical Office Assistant 51.0710 207 207 17,403 17,619 5,612 5,974

Medical Transcription 51.0708 19 19 14,073 12,668 7,350 6,913

Medical/Clinical Assistant 51.0801 387 387 19,006 16,930 4,033 7,532

Nail Technician/Specialist and Manicurist 12.0410 29 29 7,115 7,215 2,222 2,197

Nursing 51.1601 24 24 20,500 19,882 8,892 9,554

Nursing/Patient Care Assistant 51.1614 37 37 14,704 14,766 8,649 8,790

Pharmacy Assistant 51.0805 167 167 17,124 17,254 4,075 4,145

Phlebotomy 51.1009 31 31 12,769 12,685 4,220 4,342

Radiologic Technology 51.0911 15 15 23,974 23,842 4,978 5,298

Respiratory Therapy Assistant 51.0812 15 15 10,029 10,029 839 839

Surgical Technology 51.0909 31 31 16,508 16,343 6,522 6,747

Tourism and Travel Services Management 52.0903 20 20 11,559 11,559 2,806 2,806

Web Page and Digital/Multimedia Design 11.0801 49 49 22,712 20,459 4632 6136

CERTIFICATE/DIPLOMA (Continued)

25Average Program Tuition & Fees by Degree Level & Program

Program Program Code Number of ProgramsDAY EVENING

Average Tuition & FeesDAY EVENING

Standard Deviation DAY EVENING

Accounting 52.0301 59 59 30,176 32,000 9,850 10,660

Administrative Assistant 52.0401 47 47 28,534 28,967 8,974 9,945

Business Administration and Management 52.0201 110 110 30,031 30,649 7,714 7,970

Cardiovascular Technology 51.0901 10 10 26,917 15,718 10,532 16,854

Computer Systems Networking/ Telecommunications

11.0901 30 30 33,972 34,527 5,626 5,610

Computer Systems Technology 15.1202 14 14 28,814 29,077 5,920 6,394

Cosmetology 12.0401 12 12 24,493 28,333 6,119 6,766

Court Reporting 22.0303 27 27 37,673 42,089 10,377 13,410

Criminal Justice/Law Enforcement 43.0103 34 34 33,016 32,961 7,741 8,053

Dental Assistant 51.0601 12 12 28,218 26,050 7,056 11,066

Health Information Technology 51.0707 36 36 28,502 28,616 6,378 6,821

Human Resources Management 52.1001 18 18 33,894 33,894 9,841 9,841

Information Technology 11.0103 11 11 26,812 28,302 4,905 5,465

Legal Administrative Assistant 22.0301 12 12 24,371 24,380 3,374 3,947

Legal Assistant/Paralegal 22.0302 39 39 28,146 28,197 7,264 7,617

Marketing/Marketing Management 52.1401 15 15 35,501 35,501 10,343 10,343

Massage Therapy 51.3501 33 33 27,850 28,234 6,526 6,573

Medical Administrative Assistant 51.0716 49 49 27,370 27,765 5,271 5,649

Medical Insurance Coding Specialist/Coder 51.0713 20 20 25,212 26,487 7,724 8,568

Medical Insurance Specialist/Medical Biller 51.0714 19 19 36,379 36,379 9,669 9,669

Medical Office Assistant 51.0710 22 22 23,721 24,207 4,518 4,888

Medical Staff Services Technology/Technician 51.0717 16 16 30,284 29,957 5,224 5,257

Medical/Clinical Assistant 51.0801 81 81 32,270 32,861 7,985 8,526

Pharmacy Assistant 51.0805 11 11 29,459 29,459 10,019 10,019

Respiratory Therapy Assistant 51.0812 11 11 34,765 37,057 2,874 7,322

Surgical Technology 51.0909 20 20 31,401 31,536 7,841 6,933

Web Page and Digital/Multimedia Design 11.0801 11 11 31,126 27,361 11,258 3,948

OCCUPATIONAL ASSOCIATE’S DEGREE

26 2014 Key Operating Statistics

ACADEMIC ASSOCIATE’S DEGREE

Program Program Code Number of ProgramDAY EVENING

Average Tuition & Fees DAY EVENING

Standard Deviation DAY EVENING

Accounting 52.0301 151 151 34,645 34,558 8,645 8,592

Administrative Assistant 52.0401 67 67 28,853 29,164 7,485 7,440

Baking and Pastry Arts 12.0501 29 29 39,704 38,351 4,156 1,701

Business Accounting Technology 52.0302 94 94 42,771 43,610 6,363 5,509

Business Administration and Management 52.0201 309 309 33,611 33,641 9,724 9,708

Business and Related Support Services, Other 52.9999 30 30 44,669 44,832 3,804 3,743

Business Office Technology 52.0407 11 11 26,701 26,701 17,283 17,283

Business/Commerce, General 52.0101 108 108 45,917 45,915 5,194 5,194

Cardiovascular Technology 51.0901 19 19 35,340 35,505 5,211 5,322

Clinical Laboratory Technology 51.1005 11 11 37,551 37,551 3,862 3,862

Computer and Electronics Engineering Technology

15.0303 229 229 47,001 46,798 3,786 4,901

Computer and Information Systems Security 11.1003 55 55 35,216 35,356 12,177 12,291

Computer Drafting and Design 15.1302 126 126 46,955 47,165 3,174 2,250

Computer Programming 11.0201 171 171 42,989 43,337 8,099 7,889

Computer Science 11.0701 12 12 26,295 24,927 13,829 13,933

Computer Software and Media Applications 11.0899 21 21 39,377 37,538 9,951 11,200

Computer Systems Networking/ Telecommunications

11.0901 187 187 43,427 44,141 6,842 6,225

Computer/Information Technology Services Administration and Management

11.1099 13 13 46,149 46,149 0 0

Construction Management 52.2001 11 11 38,469 38,469 2,874 2,874

Cooking and Related Culinary Arts 12.0500 22 22 39,032 35,158 7,285 5,017

Criminal Justice/Law Enforcement 43.0103 290 290 39,921 40,574 8,211 8,090

Criminalistics and Criminal Science 43.0111 101 101 46,536 46,536 4,357 4,357

Dental Assistant 51.0601 23 23 30,890 31,789 3,466 3,103

Design and Visual Communications 50.0401 76 76 47,444 47,452 7,577 7,262

Drafting and Design Technology 15.1301 157 157 44,540 44,530 4,497 4,510

Early Childhood Education 13.1210 17 17 26,640 26,640 11,293 11,293

Electrical/Electronics Maintenance and Repair Tech 47.0199 11 11 33,131 33,131 1,303 1,303

Electronics and Communications Engineering 14.1001 16 16 40,428 40,474 6,818 6,794

Fashion/Apparel Design 50.0407 10 10 43,768 33,835 12,524 2,561

Genral Studies 24.0102 11 11 30,670 28,196 7,186 9,523

Graphic Design 50.0409 140 140 41,821 42,142 6,761 6,437

Health and Physical Education/Fitness 31.0599 20 20 34,195 34,195 4,988 4,988

Health Care Administration/Management 51.0701 60 60 32,074 32,071 5,719 5,716

Health Information Technology 51.0707 78 78 35,847 36,781 7,718 7,982

27Average Program Tuition & Fees by Degree Level & Program

Program Program Code Number of ProgramDAY EVENING

Average Tuition & Fees DAY EVENING

Standard Deviation DAY EVENING

Health Services/Allied Health/ Health Sciences 51.0000 28 28 24,660 24,154 14,893 15,574

Hotel/Motel Administration/Management 52.0904 15 15 32,054 34,061 2,832 1,003

Human Resources Management 52.1001 17 17 31,342 31,342 6,252 6,252

Information Technology 11.0103 93 93 36,022 36,471 6,683 6,437

Interior Design 50.0408 12 12 44,015 33,364 8,991 1,358

Legal Administrative Assistant 22.0301 15 15 29,847 38,442 7,763 6,727

Legal Assistant/Paralegal 22.0302 236 236 40,004 40,536 8,180 7,967

Marketing/Marketing Management 52.1401 44 44 37,222 37,222 2,026 2,026

Massage Therapy 51.3501 35 35 36,744 36,744 3,408 3,408

Medical Administrative Assistant 51.0716 76 76 34,405 35,294 7,514 4,295

Medical Insurance Coding Specialist/Coder 51.0713 54 54 36,222 36,466 5,590 5,400

Medical Insurance Specialist/Medical Biller 51.0714 27 27 29,141 29,145 7,612 7,611

Medical Office Assistant 51.0710 61 61 33,707 34,656 6,422 5,520

Medical/Clinical Assistant 51.0801 220 220 35,622 35,854 6,655 6,613

Nursing 51.1601 50 50 43,176 43,679 12,993 13,451

Nursing/Registered Nurse 51.3801 74 74 50,268 50,067 9,229 10,516

Occupational Therapist Assistant 51.0803 24 24 37,718 38,389 4,148 2,677

Pharmacy Assistant 51.0805 62 62 32,223 32,590 6,680 6,654

Securities Services Administration/Management 43.0112 19 19 44,189 44,189 5,338 5,338

Surgical Technology 51.0909 70 70 35,541 34,657 4,676 3,949

System Administration 11.1001 69 69 33,765 33,938 6,182 6,136

System, Networking, and LAN/WAN Manage-ment/Manager

11.1002 114 114 46,201 46,196 190 195

Veterinary/Animal Health Technology 51.0808 46 46 37,867 38,350 8,665 8,894

Web Page and Digital/Multimedia Design 11.0801 46 46 41,603 39,940 11,136 6,997

28 2014 Key Operating Statistics

Program Program Code Number of ProgramDAY EVENING

Average Tuition & Fees DAY EVENING

Standard DeviationDAY EVENING

Accounting 52.0301 71 71 69,285 69,285 16,429 16,429

Advertising 09.0903 13 13 78,949 62,728 12,164 3,661

Animation/Interactive Technology/Video Graphics 10.0304 92 92 81,072 79,873 11,644 12,579

Business Administration and Management 52.0201 356 356 72,306 71,775 15,894 16,120

Computer and Electronics Engineering Technol-ogy

15.0303 86 86 88,258 88,258 6,556 6,556

Computer and Information Systems Security 11.1003 212 212 86,312 86,468 9,724 8,592

Computer Graphics 11.0803 11 11 65,300 48,239 30,280 27,858

Computer Programming 11.0201 114 114 86,671 87,118 10,161 9,111

Computer Science 11.0701 11 11 58,714 59,162 24,245 28,042

Computer Software and Media Applications 11.0899 14 14 73,681 71,700 8,867 7,034

Construction Management 52.2001 40 40 87,243 87,243 5,234 5,234

Criminal Justice/Law Enforcement 43.0103 224 224 76,979 76,979 13,724 13,724

Design and Visual Communications 50.0401 15 15 77,136 77,136 4,197 4,197

Electrical & Electronic EngTechnologies/Techni-cian

15.0399 83 83 88,559 88,556 4,749 4,749

Electronics and Communications Engineering 14.1001 16 16 89,040 86,216 0 10,937

Fashion Merchandising 52.1902 16 16 76,831 68,079 11,632 6,793

Fashion/Apparel Design 50.0407 18 18 80,451 65,513 17,784 2,688

General Studies 24.0102 14 14 52,672 50,152 12,163 14,769

Graphic Design 50.0409 53 53 76,905 73,720 15,246 15,676

Health Care Administration/Management 51.0701 135 135 66,674 66,289 10,319 10,680

Human Resources Management 52.1001 16 16 71,359 67,098 19,649 21,821

Information Technology 11.0103 125 125 69,676 69,939 13,443 12,983

Interior Design 50.0408 36 36 76,479 72,577 12,867 13,490

Legal Assistant/Paralegal 22.0302 49 49 68,912 68,912 14,218 14,218

Marketing/Marketing Management 52.1401 14 14 63,446 63,446 18,654 18,654

Nursing 51.1601 16 16 57,842 53,455 32,837 31,129

Nursing/Registered Nurse 51.3801 35 35 41,293 39,636 16,023 14,880

Photography 50.0605 12 12 82,913 76,668 9,206 13,549

Project Management 52.0211 133 133 88,989 88,987 1,479 1,479

Securities Services Administration/Management 43.0112 16 16 77,422 77,422 8,900 8,900

System Administration 11.1001 14 14 71,298 71,298 15,268 15,268

Web Page and Digital/Multimedia Design 11.0801 37 37 70,661 60,733 15,814 13,457

BACHELOR’S DEGREE

29Average Program Tuition & Fees by Degree Level & Program

Program Program Code Number of ProgramsDAY EVENING

Average Tuition & Fees DAY EVENING

Standard Deviation DAY EVENING

Business Administration and Management

52.0201 98 98 25,981 26,212 7,211 8,225

MASTER’S DEGREE

ANNUAL FINANCIAL REPORT DATA

32 2014 Key Operating Statistics

INCOME STATEMENTTotal Educational Revenue < $1,000,000Mean Average (AVG)Operating Ratio (OR) = % of Total Educational Revenues

All Credential Levels

N = 51

Non-Degree

N = 20

Occupational Associate’s

N = 6

AVG OR AVG OR AVG OR

Gross Tuition 661,523 108.70% 605,312 104.38% 908,876 138.71%

Gross Contract Revenue 3,138 0.52% 1,291 0.22% 0 0.00%

(Less Tuition Refunds) (37,608) -6.18% (10,734) -1.85% (190,687) -29.10%

(Less Textbook Expense) (18,492) -3.04% (15,955) -2.75% (62,964) -9.61%

TOTAL EDUCATIONAL REVENUES $608,561 100.00% $579,914 100.00% $655,225 100.00%

Instructional Salaries 182,702 30.02% 177,874 30.67% 169,426 25.86%

Instructional Expenses 43,132 7.09% 32,066 5.53% 26,494 4.04%

Student Recruitment 121,082 19.90% 56,735 9.78% 78,371 11.96%

Depreciation of Equipment 31,315 5.15% 14,876 2.57% 14,813 2.26%

Occupancy Expense 173,529 28.51% 118,455 20.43% 100,639 15.36%

Administrative Salaries 123,582 20.31% 127,876 22.05% 152,582 23.29%

Officer Salaries 35,492 5.83% 25,106 4.33% 27,827 4.25%

Administrative Expense 150,011 24.65% 109,602 18.90% 139,569 21.30%

Student Personnel Services 20,628 3.39% 5,855 1.01% 15,002 2.29%

TOTAL EDUCATIONAL EXPENSES $881,473 144.85% $668,445 115.27% $724,723 110.61%

EDUCATIONAL INCOME (272,912) -44.85% (88,531) -15.27% (69,498) -10.61%

Net Dormitory Income 0 0.00% 0 0.00% 0 0.00%

Net Bookstore Operations 4,780 0.79% 2,399 0.41% 7,111 1.09%

Net Interest Income Expense 714 0.12% (507) -0.09% (120) -0.02%

Other Income Expense 15,849 2.60% 6,799 1.17% 6,795 1.04%

Net Extraordinary & Unusual Income & Expense 0 0.00% 0 0.00% 0 0.00%

TOTAL OTHER INCOME AND EXPENSE $21,343 3.51% $8,691 1.50% $13,786 2.10%

NET INCOME/(LOSS) BEFORE PROVISION FOR INCOME TAXES

($251,569) -41.34% ($79,840) -13.77% ($55,712) -8.50%

Provision for Income Taxes ($2,934) -0.48% (4,287) -0.74% (10,063) -1.54%

NET INCOME/(LOSS) ($254,503) -41.82% ($84,127) -14.51% ($65,775) -10.04%

N = number of income statements in this revenue range

33Income Statements

Academic Associate’s

N = 10

Bachelor’s

N = 4

Master’s

N = 11

AVG OR AVG OR AVG OR

Gross Tuition 793,165 104.43% 621,397 104.98% 523,721 103.91%

Gross Contract Revenue 0 0.00% 26,941 4.55% 2,405 0.48%

(Less Tuition Refunds) (25,838) -3.40% (34,080) -5.76% (14,955) -2.97%

(Less Textbook Expense) (7,820) -1.03% (22,351) -3.78% (7,144) -1.42%

TOTAL EDUCATIONAL REVENUES $759,507 100.00% $591,907 100.00% $504,027 100.00%

Instructional Salaries 211,846 27.89% 152,243 25.72% 183,303 36.37%

Instructional Expenses 50,880 6.70% 56,753 9.59% 60,331 11.97%

Student Recruitment 185,394 24.41% 261,037 44.10% 152,018 30.16%

Depreciation of Equipment 66,812 8.80% 16,795 2.84% 43,214 8.57%

Occupancy Expense 216,425 28.50% 242,639 40.99% 249,292 49.46%

Administrative Salaries 98,996 13.03% 60,971 10.30% 145,076 28.78%

Officer Salaries 46,235 6.09% 40,035 6.76% 47,137 9.35%

Administrative Expense 149,985 19.75% 176,127 29.76% 219,707 43.59%

Student Personnel Services 53,998 7.11% 26,181 4.42% 18,204 3.61%

TOTAL EDUCATIONAL EXPENSES $1,080,571 142.27% $1,032,781 174.48% $1,118,282 221.87%

EDUCATIONAL INCOME (321,064) -42.27% (440,874) -74.48% (614,255) -121.87%

Net Dormitory Income 0 0.00% 0 0.00% 0 0.00%

Net Bookstore Operations 14,377 1.89% 1,385 0.23% 350 0.07%

Net Interest Income Expense 1,260 0.17% 329 0.06% 3,031 0.60%

Other Income Expense 67,378 8.87% 395 0.07% (3,983) -0.79%

Net Extraordinary & Unusual Income & Expense 0 0.00% 0 0.00% 0 0.00%

TOTAL OTHER INCOME AND EXPENSE $83,015 10.93% $2,109 0.36% ($602) -0.12%

NET INCOME/(LOSS) BEFORE PROVISION FOR INCOME TAXES

($238,049) -31.34% ($438,765) -74.13% ($614,857) -121.99%

Provision for Income Taxes (136) -0.02% (342) -0.06% (73) -0.01%

NET INCOME/(LOSS) ($238,185) -31.36% ($439,107) -74.19% ($614,930) -122.00%

34 2014 Key Operating Statistics

INCOME STATEMENTTotal Educational Revenue $1,000,000 - $ 9,999,999Mean Average (AVG)Operating Ratio (OR) = % of Total Educational Revenues

ALL CREDENTIAL LEVELS N = 667

NON-DEGREE N = 103

OCCUPATIONAL ASSOCIATE’SN = 103

AVG OR AVG OR AVG OR

Gross Tuition 5,350,794 109.71% 4,487,928 105.94% 4,487,624 106.89%

Gross Contract Revenue 23,306 0.48% 21,295 0.50% 4,527 0.11%

(Less Tuition Refunds) (368,268) -7.55% (113,414) -2.68% (201,611) -4.80%

(Less Textbook Expense) (128,694) -2.64% (159,339) -3.76% (92,279) -2.20%

TOTAL EDUCATIONAL REVENUES $4,877,138 100.00% $4,236,470 100.00% $4,198,261 100.00%

Instructional Salaries 1,039,714 21.32% 924,481 21.82% 918,915 21.89%

Instructional Expenses 231,026 4.74% 218,758 5.16% 279,515 6.66%

Student Recruitment 1,014,448 20.80% 548,848 12.96% 782,674 18.64%

Depreciation of Equipment 161,696 3.32% 159,142 3.76% 111,521 2.66%

Occupancy Expense 724,768 14.86% 647,563 15.29% 660,405 15.73%

Administrative Salaries 535,909 10.99% 522,173 12.33% 511,021 12.17%

Officer Salaries 62,067 1.27% 74,116 1.75% 65,600 1.56%

Administrative Expense 912,939 18.72% 1,020,497 24.09% 599,884 14.29%

Student Personnel Services 136,535 2.80% 155,179 3.66% 111,458 2.65%

TOTAL EDUCATIONAL EXPENSES $4,819,102 98.81% $4,270,757 100.81% $4,040,993 96.25%

EDUCATIONAL INCOME $58,036 1.19% ($34,287) -0.81% $157,268 3.75%

Net Dormitory Income 2,292 0.05% 3,129 0.07% 20 0.00%

Net Bookstore Operations 44,870 0.92% 19,490 0.46% 75,390 1.80%

Net Interest Income Expense (7,470) -0.15% (76,056) -1.80% 12,270 0.29%

Other Income Expense (41,934) -0.86% 41,286 0.97% (276,730) -6.59%

Net Extraordinary & Unusual Income & Expense (7,635) -0.16% (7,366) -0.17% (17,074) -0.41%

TOTAL OTHER INCOME AND EXPENSE ($9,877) -0.20% ($19,517) -0.46% ($206,124) -4.91%

NET INCOME/(LOSS) BEFORE PROVISION FOR INCOME TAXES

$48,159 0.99% ($53,804) -1.27% ($48,856) -1.16%

Provision for Income Taxes 45,385 0.93% 40,314 0.95% 6,515 0.16%

NET INCOME/(LOSS) $93,544 1.92% ($13,490) -0.32% ($42,341) -1.01%

N = number of income statements in this revenue range

35Income Statements

ACADEMIC ASSOCIATE’S N = 169

BACHELOR’SN = 245

MASTER’SN = 47

AVG OR AVG OR AVG OR

Gross Tuition 4,928,253 107.21% 6,481,402 114.78% 4,759,130 99.88%

Gross Contract Revenue 6,753 0.15% 17,999 0.32% 156,051 3.28%

(Less Tuition Refunds) (218,263) -4.75% (697,332) -12.35% (116,046) -2.44%

(Less Textbook Expense) (119,990) -2.61% (155,243) -2.75% (34,238) -0.72%

TOTAL EDUCATIONAL REVENUES $4,596,753 100.00% $5,646,826 100.00% $4,764,897 100.00%

Instructional Salaries 1,031,363 22.44% 1,132,441 20.05% 1,103,635 23.16%

Instructional Expenses 223,551 4.86% 194,850 3.45% 367,108 7.70%

Student Recruitment 900,807 19.60% 1,451,714 25.71% 671,997 14.10%

Depreciation of Equipment 159,484 3.47% 175,911 3.12% 211,100 4.43%

Occupancy Expense 727,918 15.84% 759,044 13.44% 845,018 17.73%

Administrative Salaries 522,277 11.36% 529,700 9.38% 701,932 14.73%

Officer Salaries 55,468 1.21% 53,765 0.95% 94,924 1.99%

Administrative Expense 829,325 18.04% 1,072,165 18.99% 833,935 17.50%

Student Personnel Services 135,764 2.95% 121,038 2.14% 234,186 4.91%

TOTAL EDUCATIONAL EXPENSES $4,585,957 99.77% $5,490,628 97.23% $5,063,835 106.27%

EDUCATIONAL INCOME $10,796 0.23% $156,198 2.77% ($298,938) -6.27%

Net Dormitory Income 5,429 0.12% (152) 0.00% 6,901 0.14%

Net Bookstore Operations 53,881 1.17% 35,221 0.62% 51,502 1.08%

Net Interest Income Expense 8,447 0.18% (2,265) -0.04% 15,208 0.32%

Other Income Expense (43,292) -0.94% (10,274) -0.18% 130,087 2.73%

Net Extraordinary & Unusual Income & Expense (1,106) -0.02% (9,084) -0.16% (3,461) -0.07%

TOTAL OTHER INCOME AND EXPENSE $23,359 0.51% $13,446 0.24% $200,237 4.20%

NET INCOME/(LOSS) BEFORE PROVISION FOR INCOME TAXES

$34,155 0.74% $169,644 3.00% ($98,701) -2.07%

Provision for Income Taxes 56,917 1.24% 57,594 1.02% 36,714 0.77%

NET INCOME/(LOSS) $91,072 1.98% $227,238 4.02% ($61,987) -1.30%

36 2014 Key Operating Statistics

INCOME STATEMENTTotal Educational Revenue $10,000,000- $19,999,999Mean Average (AVG)Operating Ratio (OR) = % of Total Educational Revenues

ALL CREDENTIAL LEVELS N = 93

NON-DEGREEN = 9

OCCUPATIONAL ASSOCIATE’SN = 6

AVG OR AVG OR AVG OR

Gross Tuition 14,058,900 109.89% 12,346,964 104.10% 12,639,912 103.20%

Gross Contract Revenue 148 0.00% 0 0.00% 0 0.00%

(Less Tuition Refunds) (997,959) -7.80% (255,175) -2.15% (212,614) -1.74%

(Less Textbook Expense) (267,974) -2.09% (231,303) -1.95% (179,904) -1.47%

TOTAL EDUCATIONAL REVENUES $12,793,115 100.00% $11,860,486 100.00% $12,247,394 100.00%

Instructional Salaries 2,388,339 18.67% 2,414,161 20.35% 2,686,326 21.93%

Instructional Expenses 652,120 5.10% 487,416 4.11% 603,987 4.93%

Student Recruitment 2,375,395 18.57% 1,044,471 8.81% 2,251,291 18.38%

Depreciation of Equipment 361,064 2.82% 489,950 4.13% 323,203 2.64%

Occupancy Expense 1,414,444 11.06% 1,332,151 11.23% 1,461,284 11.93%

Administrative Salaries 1,149,048 8.98% 1,795,645 15.14% 1,026,136 8.38%

Officer Salaries 132,025 1.03% 452,676 3.82% 33,766 0.28%

Administrative Expense 2,143,022 16.75% 2,639,062 22.25% 1,289,164 10.53%

Student Personnel Services 260,652 2.04% 310,497 2.62% 269,198 2.20%

TOTAL EDUCATIONAL EXPENSES $10,876,109 85.02% $10,966,029 92.46% $9,944,355 81.20%

EDUCATIONAL INCOME $1,917,006 14.98% $894,457 7.54% $2,303,039 18.80%

Net Dormitory Income 21,221 0.17% 0 0.00% 0 0.00%

Net Bookstore Operations 79,994 0.63% 1,411 0.01% 161,415 1.32%

Net Interest Income Expense (53,933) -0.42% (483,558) -4.08% (4,922) -0.04%

Other Income Expense (63,336) -0.50% 279,540 2.36% (546,566) -4.46%

Net Extraordinary & Unusual Income & Expense (4,615) -0.04% (33,317) -0.28% 0 0.00%

TOTAL OTHER INCOME AND EXPENSE ($20,669) -0.16% ($235,924) -1.99% ($390,073) -3.18%

NET INCOME/(LOSS) BEFORE PROVISION FOR INCOME TAXES

$1,896,337 14.82% $658,533 5.55% $1,912,966 15.62%

Provision for Income Taxes (173,885) -1.36% 73,257 0.62% 85,799 0.70%

NET INCOME/(LOSS) $1,722,452 13.46% $731,790 6.17% $1,998,765 16.32%

N = number of income statements in this revenue range

37Income Statements

Academic Associate’s N= 19

Bachelor’s N = 48

Master’s N = 11

AVG OR AVG OR AVG OR

Gross Tuition 14,015,187 106.35% 14,464,961 114.61% 14,537,168 104.31%

Gross Contract Revenue (16,556) -0.13% 5,471 0.04% 5,974 0.04%

(Less Tuition Refunds) (563,268) -4.27% (1,565,451) -12.40% (308,568) -2.21%

(Less Textbook Expense) (256,888) -1.95% (283,449) -2.25% (297,639) -2.14%

TOTAL EDUCATIONAL REVENUES $13,178,475 100.00% $12,621,532 100.00% $13,936,935 100.00%

Instructional Salaries 2,637,153 20.01% 2,034,454 16.12% 3,319,131 23.82%

Instructional Expenses 773,029 5.87% 641,404 5.08% 651,046 4.67%

Student Recruitment 2,279,791 17.30% 2,724,259 21.58% 2,174,846 15.60%

Depreciation of Equipment 345,128 2.62% 305,571 2.42% 545,940 3.92%

Occupancy Expense 1,820,458 13.81% 1,171,102 9.28% 1,816,785 13.04%

Administrative Salaries 1,407,009 10.68% 938,382 7.43% 1,160,756 8.33%

Officer Salaries 125,466 0.95% 78,973 0.63% 166,100 1.19%

Administrative Expense 2,494,002 18.92% 2,023,679 16.03% 2,117,443 15.19%

Student Personnel Services 333,612 2.53% 203,245 1.61% 339,690 2.44%

TOTAL EDUCATIONAL EXPENSES $12,215,648 92.69% $10,121,069 80.19% $12,291,737 88.20%

EDUCATIONAL INCOME $962,827 7.31% $2,500,463 19.81% $1,645,198 11.80%

Net Dormitory Income (334) 0.00% 9,727 0.08% 137,542 0.99%

Net Bookstore Operations 112,345 0.85% 79,453 0.63% 46,361 0.33%

Net Interest Income Expense (41,260) -0.31% (11,034) -0.09% 61,760 0.44%

Other Income Expense (237,400) -1.80% (57,539) -0.46% 195,069 1.40%

Net Extraordinary & Unusual Income & Expense 0 0.00% (2,695) -0.02% 0 0.00%

TOTAL OTHER INCOME AND EXPENSE ($166,649) -1.26% $17,912 0.14% $440,732 3.16%

NET INCOME/(LOSS) BEFORE PROVISION FOR INCOME TAXES

$796,178 6.04% $2,518,375 19.95% $2,085,930 14.97%

Provision for Income Taxes (24,165) -0.18% (402,886) -3.19% 222,933 1.60%

NET INCOME/(LOSS) $772,013 5.86% $2,115,489 16.76% $2,308,863 16.57%

38 2014 Key Operating Statistics

INCOME STATEMENTTotal Educational Revenue $20,000,000- $49,999,999Mean Average (AVG)Operating Ratio (OR) = % of Total Educational Revenues

ALL CREDENTIAL LEVELS N = 17

OCCUPATIONAL ASSOCIATE’S N = 2

ACADEMIC ASSOCIATE’SN = 2

AVG OR AVG OR AVG OR

Gross Tuition 27,891,657 105.35% 26,612,495 110.93% 22,912,146 107.45%

Gross Contract Revenue 0 0.00% 0 0.00% 0 0.00%

(Less Tuition Refunds) (1,202,847) -4.54% (2,507,369) -10.45% (813,492) -3.81%

(Less Textbook Expense) (213,971) -0.81% (115,334) -0.48% (774,439) -3.63%

TOTAL EDUCATIONAL REVENUES $26,474,839 100.00% $23,989,792 100.00% $21,324,215 100.00%

Instructional Salaries 4,661,551 17.61% 5,427,097 22.62% 5,417,832 25.41%

Instructional Expenses 1,055,067 3.99% 1,061,757 4.43% 1,481,813 6.95%

Student Recruitment 5,882,867 22.22% 7,140,230 29.76% 3,738,209 17.53%

Depreciation of Equipment 506,800 1.91% 380,425 1.59% 457,070 2.14%

Occupancy Expense 2,940,920 11.11% 7,585,453 31.62% 2,092,632 9.81%

Administrative Salaries 1,902,479 7.19% 1,250,240 5.21% 1,659,600 7.78%

Officer Salaries 110,128 0.42% 282,899 1.18% 13,823 0.06%

Administrative Expense 4,653,234 17.58% 13,732,984 57.25% 1,683,913 7.90%

Student Personnel Services 632,433 2.39% 659,409 2.75% 649,487 3.05%

TOTAL EDUCATIONAL EXPENSES $22,345,479 84.40% $37,520,494 156.40% $17,194,379 80.63%

EDUCATIONAL INCOME $4,129,360 15.60% ($13,530,702) -56.40% $4,129,836 19.37%

Net Dormitory Income (8,764) -0.03% (472,729) -1.97% 0 0.00%

Net Bookstore Operations 251,021 0.95% 234,439 0.98% 0 0.00%

Net Interest Income Expense 29,582 0.11% 243,005 1.01% (467) 0.00%

Other Income Expense (418,933) -1.58% (73,816) -0.31% 15,247 0.07%

Net Extraordinary & Unusual Income & Expense 0 0.00% 0 0.00% 0 0.00%

TOTAL OTHER INCOME AND EXPENSE ($147,094) -0.56% ($69,101) -0.29% $14,780 0.07%

NET INCOME/(LOSS) BEFORE PROVISION FOR INCOME TAXES

$3,982,266 15.04% ($13,599,803) -56.69% $4,144,616 19.44%

Provision for Income Taxes (423,059) -1.60% 2,655,206 11.07% 52,729 0.25%

NET INCOME/(LOSS) $3,559,207 13.44% ($10,944,597) -45.62% $4,197,345 19.68%

N = number of income statements in this revenue range

39Income Statements

BACHELOR’SN = 8

MASTER’S N = 5

AVG OR AVG OR

Gross Tuition 27,439,938 107.58% 31,117,878 100.13%

Gross Contract Revenue 0 0.00% 0 0.00%

(Less Tuition Refunds) (1,701,549) -6.67% (38,859) -0.13%

(Less Textbook Expense) (232,246) -0.91% 0 0.00%

TOTAL EDUCATIONAL REVENUES $25,506,143 100.00% $31,079,019 100.00%

Instructional Salaries 4,214,504 16.52% 4,768,095 15.34%

Instructional Expenses 827,281 3.24% 1,246,150 4.01%

Student Recruitment 6,923,272 27.14% 4,573,137 14.71%

Depreciation of Equipment 467,461 1.83% 640,183 2.06%

Occupancy Expense 2,885,102 11.31% 1,511,730 4.86%

Administrative Salaries 1,214,970 4.76% 3,360,540 10.81%

Officer Salaries 152,435 0.60% 11,852 0.04%

Administrative Expense 3,320,859 13.02% 4,340,865 13.97%

Student Personnel Services 574,776 2.25% 707,071 2.28%

TOTAL EDUCATIONAL EXPENSES $20,580,660 80.69% $21,159,623 68.08%

EDUCATIONAL INCOME $4,925,483 19.31% $9,919,396 31.92%

Net Dormitory Income 99,558 0.39% 0 0.00%

Net Bookstore Operations 371,064 1.45% 165,995 0.53%

Net Interest Income Expense 10,470 0.04% (13,189) -0.04%

Other Income Expense (904,509) -3.55% 46,268 0.15%

Net Extraordinary & Unusual Income & Expense 0 0.00% 0 0.00%

TOTAL OTHER INCOME AND EXPENSE ($423,417) -1.66% $199,074 0.64%

NET INCOME/(LOSS) BEFORE PROVISION FOR INCOME TAXES

$4,502,066 17.65% $10,118,470 32.56%

Provision for Income Taxes (1,413,017) -5.54% (260,748) -0.84%

NET INCOME/(LOSS) $3,089,049 12.11% $9,857,722 31.72%

40 2014 Key Operating Statistics

INCOME STATEMENTTotal Educational Revenue > $50,000,000Mean Average (AVG)Operating Ratio (OR) = % of Total Educational Revenues

All Credential Levels N = 4

Bachelor’s N = 1

Master’sN = 3

AVG OR AVG OR AVG OR

Gross Tuition 142,700,176 103.81% 46,293,540 78.98% 174,835,721 106.78%

Gross Contract Revenue 3,279,590 2.39% 13,118,359 22.38% 0 0.00%

(Less Tuition Refunds) (7,004,381) -5.10% 0 0.00% (9,339,175) -5.70%

(Less Textbook Expense) (1,515,582) -1.10% (794,344) -1.36% (1,755,995) -1.07%

TOTAL EDUCATIONAL REVENUES $137,459,803 100.00% $58,617,555 100.00% $163,740,551 100.00%

Instructional Salaries 17,023,280 12.38% 33,344,604 56.89% 11,582,839 7.07%

Instructional Expenses 3,886,106 2.83% 5,243,984 8.95% 3,433,480 2.10%

Student Recruitment 11,204,974 8.15% 628,036 1.07% 14,730,620 9.00%

Depreciation of Equipment 937,451 0.68% 1,149,449 1.96% 866,785 0.53%

Occupancy Expense 4,450,482 3.24% 9,002,509 15.36% 2,933,139 1.79%

Administrative Salaries 3,608,409 2.63% 4,170,076 7.11% 3,421,187 2.09%

Officer Salaries 261,255 0.19% 1,045,018 1.78% 0 0.00%

Administrative Expense 11,662,963 8.48% 2,312,512 3.95% 14,779,780 9.03%

Student Personnel Services 309,159 0.22% 0 0.00% 412,212 0.25%

TOTAL EDUCATIONAL EXPENSES $53,344,079 38.81% $56,896,188 97.06% $52,160,042 31.86%

EDUCATIONAL INCOME $84,115,724 61.19% $1,721,367 2.94% $111,580,509 68.14%

Net Dormitory Income 0 0.00% 0 0.00% 0 0.00%

Net Bookstore Operations 174,132 0.13% 0 0.00% 232,175 0.14%

Net Interest Income Expense (213,683) -0.16% (852,755) -1.45% (659) 0.00%

Other Income Expense (2,285,203) -1.66% 0 0.00% (3,046,937) -1.86%

Net Extraordinary & Unusual Income & Expense 0 0.00% 0 0.00% 0 0.00%

TOTAL OTHER INCOME AND EXPENSE ($2,324,754) -1.69% ($852,755) -1.45% ($2,815,421) -1.72%

NET INCOME/(LOSS) BEFORE PROVISION FOR INCOME TAXES

$81,790,970 59.50% $868,612 1.48% $108,765,088 66.43%

Provision for Income Taxes (73,217) -0.05% 0 0.00% (97,622) -0.06%

NET INCOME/(LOSS) $81,717,753 59.45% $868,612 1.48% $108,667,466 66.37%

N = number of income statements in this revenue range

ANNUAL FINANCIAL REPORT DATABALANCE SHEET - ASSETS

42 2014 Key Operating Statistics

BALANCE SHEET - ASSETSTotal Assets < $1,000,000Mean Average (in $)

All Credential Levels Non-Degree Occupational Associate’s

N = 49 N =24 N = 10

Cash on Hand - Unrestricted 88,998 17.15% 109,111 23.39% 109,592 21%

Cash - Restricted 38,086 7.34% 4,363 0.94% 0 0%

A/R Students 167,370 32.26% 157,491 33.77% 138,214 26%

A/R - Related Parties 6,573 1.27% 10,855 2.33% 0 0%

A/R Other 14,447 2.78% 10,725 2.30% 4,781 1%

Allowance for Doubtful Accounts (15,083) -2.91% (7,559) -1.62% (20,569) -4%

N/R Related Parties 21,479 4.14% 30,277 6.49% 18,141 3%

N/R Other 700 0.13% 2,432 0.52% 0 0%

Inventory Books and Supplies 7,411 1.43% 5,228 1.12% 15,364 3%

Temporary Investments 6,494 1.25% 15,281 3.28% 0 0%

Current Prepaid Expense 15,642 3.01% 8,142 1.75% 37,260 7%

Other Current Assets 22,199 4.28% 2,323 0.50% 78,767 15%

TOTAL CURRENT ASSETS $374,316 72.14% $348,669 74.76% $381,550 72%

Buildings 18,427 3.55% 50,727 11% 0 0%

(Accumulated Depreciation) (14,834) -2.86% (42,158) -9% 0 0%

Furniture and Equipment 281,473 54.25% 236,829 51% 492,316 93%

(Accumulated Depreciation) (241,702) -46.58% (201,390) -43% (431,604) -81%

Leasehold Improvements 102,517 19.76% 26,612 6% 90,273 17%

(Amortization) (61,391) -11.83% (13,102) -3% (56,822) -11%

Library 10,371 2.00% 0 0% 0 0%

(Accumulated Depreciation) (5,677) -1.09% 0 0% 0 0%

Land 1,465 0.28% 4,222 1% 0 0%

Other Fixed Assets 38,409 7.40% 13,247 3% 39,801 8%

(Accumulated Depreciation) (31,519) -6.07% (9,623) -2% (29,467) -6%

TOTAL FIXED ASSETS $97,539 18.80% $65,364 14% $104,497 20%

Deposits 15,350 2.96% 8,433 2% 4,677 1%

Other Prepaid Expenses 743 0.14% 2,276 0% 0 0%

Goodwill 125 0.02% 0 0% 613 0%

Revolving Book Account 0 0.00% 0 0% 0 0%

SFA Matching Funds 0 0.00% 0 0% 0 0%

Other Assets 30,799 5.94% 41,656 9% 38,243 7%

TOTAL OTHER ASSETS $47,017 9.06% $52,365 11% $43,533 8%

TOTAL ASSETS $518,872 100% $466,398 100% $529,580 100%

N= number of balance sheets in this range of total assets

43Balance Sheets - Assets

Academic Associate’s Master’s

N = 8 N = 7

Cash on Hand - Unrestricted 41,237 8.59% 122,304 29%

Cash - Restricted 87,200 18.16% 92,158 22%

A/R Students 164,885 34.33% 42,331 10%

A/R - Related Parties 0 0.00% 18,728 4%

A/R Other 128 0.03% 191 0%

Allowance for Doubtful Accounts 3,500 0.73% (1,330) -0%

N/R Related Parties 0 0.00% 0 0%

N/R Other 0 0.00% 0 0%

Inventory Books and Supplies 2,965 0.62% 11,374 3%

Temporary Investments 0 0.00% 0 0%

Current Prepaid Expense 2,556 0.53% 7,320 2%

Other Current Assets 1,696 0.35% 128 0%

TOTAL CURRENT ASSETS $304,167 63.34% $293,204 70%

Buildings 0 0.00% 0 0%

(Accumulated Depreciation) 0 0.00% 0 0%

Furniture and Equipment 168,504 35.09% 139,527 33%

(Accumulated Depreciation) (126,085) -26.25% (113,094) -27%

Leasehold Improvements 193,216 40.23% 138,055 33%

(Amortization) (105,297) -21.93% (119,651) -29%

Library 7,789 1.62% 56,718 14%

(Accumulated Depreciation) (4,217) -0.88% (28,507) -7%

Land 0 0.00% 0 0%

Other Fixed Assets 107,526 22.39% 5,752 1%

(Accumulated Depreciation) (86,313) -17.97% (473) -0%

TOTAL FIXED ASSETS $155,123 32.30% $78,327 19%

0%

Deposits 18,331 3.82% 8,428 2%

Other Prepaid Expenses 0 0.00% 0 0%

Goodwill 0 0.00% 0 0%

Revolving Book Account 0 0.00% 0 0%

SFA Matching Funds 0 0.00% 0 0%

Other Assets 2,625 0.55% 39,318 9%

TOTAL OTHER ASSETS $20,956 4.36% $47,746 11%

TOTAL ASSETS $480,246 100% $419,277 100%

44 2014 Key Operating Statistics

BALANCE SHEET - ASSETSTotal Assets $1,000,000 - $9,999,999Mean Average (in $)

All Credential LevelsN = 194

Non-Degree N =31

Occupational Associate’s N = 32

Cash on Hand - Unrestricted 836,687 20.04% 244,823 6.82% 1,014,313 30.84%

Cash - Restricted 219,713 5.26% 12,342 0.34% 37,329 1.14%

A/R Students 664,156 15.91% 794,029 22.11% 860,564 26.17%

A/R - Related Parties 64,150 1.54% 172,593 4.81% 8,445 0.26%

A/R Other 28,801 0.69% 8,647 0.24% 16,842 0.51%

Allowance for Doubtful Accounts (70,927) -1.70% (131,037) -3.65% (93,251) -2.84%

N/R Related Parties 55,492 1.33% 199,268 5.55% 0 0.00%

N/R Other 10,786 0.26% 1,585 0.04% 9,949 0.30%

Inventory Books and Supplies 42,314 1.01% 19,364 0.54% 55,690 1.69%

Temporary Investments 64,590 1.55% 231,782 6.45% 4,206 0.13%

Current Prepaid Expense 57,412 1.37% 52,303 1.46% 55,352 1.68%

Other Current Assets 118,702 2.84% 119,351 3.32% 100,712 3.06%

TOTAL CURRENT ASSETS $2,091,876 50.10% $1,725,050 48.03% $2,070,151 62.94%

Buildings 171,550 4.11% 22,591 0.63% 289,870 8.81%

(Accumulated Depreciation) (65,324) -1.56% (15,121) -0.42% (118,802) -3.61%

Furniture and Equipment 1,368,288 32.77% 702,050 19.55% 1,162,628 35.35%

(Accumulated Depreciation) (1,075,466) -25.76% (495,836) -13.80% (963,501) -29.30%

Leasehold Improvements 1,696,128 40.62% 1,015,190 28.26% 879,537 26.74%

(Amortization) (1,010,196) -24.19% (612,318) -17.05% (437,647) -13.31%

Library 53,252 1.28% 4,205 0.12% 51,918 1.58%

(Accumulated Depreciation) (41,749) -1.00% (3,612) -0.10% (41,101) -1.25%

Land 35,742 0.86% 1,735 0.05% 9,458 0.29%

Other Fixed Assets 134,101 3.21% 45,101 1.26% 173,926 5.29%

(Accumulated Depreciation) (118,386) -2.84% (39,285) -1.09% (132,012) -4.01%

TOTAL FIXED ASSETS $1,147,940 27.49% $624,700 17.39% $874,274 26.58%

Deposits 19,456 0.47% 17,137 0.48% 22,741 0.69%

Other Prepaid Expenses 11,511 0.28% 4,736 0.13% 0 0.00%

Goodwill 110,449 2.65% 6,593 0.18% 142,378 4.33%

Revolving Book Account 0 0.00% 0 0.00% 0 0.00%

SFA Matching Funds 3,310 0.08% 0 0.00% 10,694 0.33%

Other Assets 791,190 18.95% 1,213,582 33.79% 168,599 5.13%

TOTAL OTHER ASSETS $935,916 22.41% $1,242,048 34.58% $344,412 10.47%

TOTAL ASSETS $4,175,732 100% $3,591,798 100% $3,288,837 100%

N= number of balance sheets in this range of total assets

45Balance Sheets - Assets

Academic Associate’sN = 63

Bachelor’sN = 49

Master’sN = 19

Cash on Hand - Unrestricted 828,429 19.35% 1,095,504 20.63% 863,111 25.76%

Cash - Restricted 104,024 2.43% 701,061 13.20% 7,461 0.22%

A/R Students 618,820 14.46% 604,058 11.38% 426,776 12.74%

A/R - Related Parties 50,711 1.18% 19,939 0.38% 139,619 4.17%

A/R Other 4,459 0.10% 56,403 1.06% 91,355 2.73%

Allowance for Doubtful Accounts (79,574) -1.86% (17,765) -0.33% (43,686) -1.30%

N/R Related Parties 7,391 0.17% 25,291 0.48% 151,747 4.53%

N/R Other 10,842 0.25% 11,651 0.22% 24,790 0.74%

Inventory Books and Supplies 45,458 1.06% 53,308 1.00% 18,452 0.55%

Temporary Investments 63,958 1.49% 0 0.00% 62,173 1.86%

Current Prepaid Expense 65,658 1.53% 41,322 0.78% 83,373 2.49%

Other Current Assets 194,864 4.55% 53,156 1.00% 64,440 1.92%

TOTAL CURRENT ASSETS $1,915,040 44.74% $2,643,928 49.80% $1,889,611 56.39%

Buildings 113,664 2.66% 213,689 4.02% 298,574 8.91%

(Accumulated Depreciation) (29,984) -0.70% (108,596) -2.05% (62,749) -1.87%

Furniture and Equipment 1,204,540 28.14% 2,355,098 44.36% 799,700 23.87%

(Accumulated Depreciation) (939,773) -21.95% (1,891,329) -35.62% (555,616) -16.58%

Leasehold Improvements 1,974,597 46.13% 2,787,085 52.49% 445,579 13.30%

(Amortization) (1,099,083) -25.68% (1,816,461) -34.21% (249,613) -7.45%

Library 41,851 0.98% 102,478 1.93% 46,371 1.38%

(Accumulated Depreciation) (35,736) -0.83% (74,323) -1.40% (40,994) -1.22%

Land 16,974 0.40% 17,816 0.34% 243,959 7.28%

Other Fixed Assets 164,094 3.83% 103,919 1.96% 190,626 5.69%

(Accumulated Depreciation) (148,501) -3.47% (105,979) -2.00% (156,635) -4.67%

TOTAL FIXED ASSETS $1,262,643 29.50% $1,583,397 29.82% $959,202 28.63%

Deposits 13,709 0.32% 7,718 0.15% 67,029 2.00%

Other Prepaid Expenses 146 0.00% 42,392 0.80% 0 0.00%

Goodwill 173,608 4.06% 93,966 1.77% 59,215 1.77%

Revolving Book Account 0 0.00% 0 0.00% 0 0.00%

SFA Matching Funds 4,762 0.11% 0 0.00% 0 0.00%

Other Assets 910,756 21.28% 937,949 17.67% 375,630 11.21%

TOTAL OTHER ASSETS $1,102,981 25.77% $1,082,025 20.38% $501,874 14.98%

TOTAL ASSETS $4,280,664 100% $5,309,350 100.00% $3,350,687 100%

46 2014 Key Operating Statistics

BALANCE SHEET - ASSETSTotal Assets $10,000,000 - $19,999,999Mean Average (in $)

All Credential Levels Non-Degree Occupational Associate’s

N = 49 N =3 N = 5

Cash on Hand - Unrestricted 1,405,752 9.47% 1,983,228 13.54% 715,330 4.49%

Cash - Restricted 393,328 2.65% 85,093 0.58% 0 0.00%

A/R Students 1,907,131 12.85% 12,906,005 88.12% 314,741 1.98%

A/R - Related Parties 31,521 0.21% 0 0.00% 0 0.00%

A/R Other 73,973 0.50% 0 0.00% 1,618 0.01%

Allowance for Doubtful Accounts (606,172) -4.08% (5,991,723) -40.91% (106,337) -0.67%

N/R Related Parties 178,788 1.20% 363,933 2.48% 0 0.00%

N/R Other 17,253 0.12% 0 0.00% 27,587 0.17%

Inventory Books and Supplies 63,267 0.43% 66,558 0.45% 26,335 0.17%

Temporary Investments 32,160 0.22% 0 0.00% 0 0.00%

Current Prepaid Expense 107,296 0.72% 86,807 0.59% 79,333 0.50%

Other Current Assets 118,008 0.80% 18,919 0.13% 46,072 0.29%

TOTAL CURRENT ASSETS $3,722,305 25.08% $9,518,820 65.00% $1,104,679 6.94%

Buildings 891,051 6.00% 0 0.00% 0 0.00%

(Accumulated Depreciation) (127,708) -0.86% 0 0.00% 0 0.00%

Furniture and Equipment 2,115,603 14.26% 1,184,399 8.09% 1,014,051 6.37%

(Accumulated Depreciation) (1,563,226) -10.53% (779,866) -5.32% (949,481) -5.96%

Leasehold Improvements 2,786,157 18.77% 921,943 6.30% 1,343,926 8.44%

(Amortization) (1,575,662) -10.62% (507,507) -3.47% (1,223,898) -7.68%

Library 72,501 0.49% 2,801 0.02% 17,169 0.11%

(Accumulated Depreciation) (48,680) -0.33% (1,315) -0.01% (15,078) -0.09%

Land 384,065 2.59% 0 0.00% 0 0.00%

Other Fixed Assets 211,282 1.42% 92,199 0.63% 102,517 0.64%

(Accumulated Depreciation) (114,996) -0.77% (197,949) -1.35% (97,380) -0.61%

TOTAL FIXED ASSETS $3,030,387 20.42% $714,705 4.88% $191,826 1.20%

Deposits 37,991 0.26% 31,802 0.22% 15,000 0.09%

Other Prepaid Expenses 2,191 0.01% 35,793 0.24% 0 0.00%

Goodwill 495,717 3.34% 120,000 0.82% 0 0.00%

Revolving Book Account 4,186 0.03% 0 0.00% 0 0.00%

SFA Matching Funds 1,874 0.01% 0 0.00% 0 0.00%

Other Assets 7,545,222 50.84% 4,224,308 28.84% 14,615,743 91.77%

TOTAL OTHER ASSETS $8,087,181 54.50% $4,411,903 30.12% $14,630,743 91.86%

TOTAL ASSETS $14,839,873 100% $14,645,428 100% $15,927,248 100%

N= number of balance sheets in this range of total assets

47Balance Sheets - Assets

Academic Associate’s Bachelor’s Master’s

N = 18 N = 18 N = 5

Cash on Hand - Unrestricted 718,890 4.92% 1,872,551 12.88% 2,541,915 16.09%

Cash - Restricted 0 0.00% 1,043,505 7.18% 46,944 0.30%

A/R Students 310,165 2.12% 1,228,281 8.45% 5,093,138 32.23%

A/R - Related Parties 0 0.00% 85,100 0.59% 2,545 0.02%

A/R Other 5,722 0.04% 187,262 1.29% 28,569 0.18%

Allowance for Doubtful Accounts (70,280) -0.48% (303,882) -2.09% (892,129) -5.65%

N/R Related Parties 0 0.00% 426,044 2.93% 0 0.00%

N/R Other 20,607 0.14% 18,697 0.13% 0 0.00%

Inventory Books and Supplies 55,361 0.38% 65,967 0.45% 116,970 0.74%

Temporary Investments 0 0.00% 87,545 0.60% 0 0.00%

Current Prepaid Expense 90,672 0.62% 98,512 0.68% 239,019 1.51%

Other Current Assets 172,160 1.18% 133,133 0.92% 0 0.00%

TOTAL CURRENT ASSETS $1,303,297 8.92% $4,942,715 33.99% $7,176,971 45.42%

Buildings 0 0.00% 1,863,349 12.82% 2,024,248 12.81%

(Accumulated Depreciation) 0 0.00% (268,039) -1.84% (286,593) -1.81%

Furniture and Equipment 1,404,636 9.62% 2,710,308 18.64% 4,194,417 26.55%

(Accumulated Depreciation) (1,140,755) -7.81% (1,962,078) -13.49% (2,732,013) -17.29%

Leasehold Improvements 3,044,843 20.85% 3,254,611 22.38% 2,729,212 17.27%

(Amortization) (1,823,568) -12.49% (1,872,972) -12.88% (605,542) -3.83%

Library 5,986 0.04% 112,116 0.77% 266,488 1.69%

(Accumulated Depreciation) (5,656) -0.04% (87,728) -0.60% (125,011) -0.79%

Land 74 0.00% 802,178 5.52% 875,730 5.54%

Other Fixed Assets 88,027 0.60% 339,415 2.33% 373,937 2.37%

(Accumulated Depreciation) (83,566) -0.57% (109,755) -0.75% (214,862) -1.36%

TOTAL FIXED ASSETS $1,490,021 10.20% $4,781,405 33% $6,500,011 41.14%

Deposits 14,841 0.10% 68,471 0% 38,305 0.24%

Other Prepaid Expenses 0 0.00% 0 0% 0 0.00%

Goodwill 434,216 2.97% 576,019 4% 1,149,182 7.27%

Revolving Book Account 0 0.00% 11,394 0% 0 0.00%

SFA Matching Funds 0 0.00% 5,101 0% 0 0.00%

Other Assets 11,361,098 77.80% 4,154,506 29% 936,681 5.93%

TOTAL OTHER ASSETS $11,810,155 80.87% $4,815,491 33% $2,124,168 13.44%

TOTAL ASSETS $14,603,473 100% $14,539,611 100% $15,801,150 100%

48 2014 Key Operating Statistics

BALANCE SHEET - ASSETSTotal Assets $20,000,000 - $49,999,999Mean Average (in $)

All Credential Levels Non-Degree Occupational Associate’s

N = 50 N =3 N = 7

Cash on Hand - Unrestricted 1,850,195 5.78% 1,876,869 6.58% 824,867 2.87%

Cash - Restricted 490,013 1.53% 186,866 0.66% 0 0.00%

A/R Students 2,577,366 8.05% 9,504,398 33.33% 506,698 1.76%

A/R - Related Parties 974,912 3.05% 64,289 0.23% 3,398,202 11.81%

A/R Other 23,699 0.07% 916 0.00% 10,898 0.04%

Allowance for Doubtful Accounts (558,565) -1.74% (1,391,847) -4.88% (56,331) -0.20%

N/R Related Parties 39,777 0.12% 0 0.00% 0 0.00%

N/R Other 51,238 0.16% 58,716 0.21% 9,363 0.03%

Inventory Books and Supplies 121,907 0.38% 201,662 0.71% 72,360 0.25%

Temporary Investments 363,183 1.13% 0 0.00% 460,035 1.60%

Current Prepaid Expense 191,415 0.60% 177,909 0.62% 91,436 0.32%

Other Current Assets 116,437 0.36% 706,533 2.48% 55,237 0.19%

TOTAL CURRENT ASSETS $6,241,577 19.50% $11,386,311 39.93% $5,372,765 18.68%

Buildings 1,691,853 5.28% 1,678,494 5.89% 538,021 1.87%

(Accumulated Depreciation) (266,228) -0.83% (89,054) -0.31% (128,571) -0.45%

Furniture and Equipment 3,401,572 10.63% 2,693,476 9.45% 1,594,270 5.54%

(Accumulated Depreciation) (2,584,950) -8.07% (910,812) -3.19% (1,372,385) -4.77%

Leasehold Improvements 3,678,164 11.49% 5,018,387 17.60% 4,698,421 16.33%

(Amortization) (2,053,385) -6.41% (3,135,945) -11.00% (2,260,162) -7.86%

Library 69,243 0.22% 2,422 0.01% 42,089 0.15%

(Accumulated Depreciation) 24,538 0.08% (2,411) -0.01% (30,073) -0.10%

Land 624,480 1.95% 424,223 1.49% 90,957 0.32%

Other Fixed Assets 312,289 0.98% 5,000 0.02% 128,303 0.45%

(Accumulated Depreciation) (243,902) -0.76% 0 0.00% (92,538) -0.32%

TOTAL FIXED ASSETS $4,653,674 14.54% $5,683,780 19.93% $3,208,332 11.15%

Deposits 49,092 0.15% 84,990 0.30% 11,790 0.04%

Other Prepaid Expenses 1,814 0.01% 1,250 0.00% 0 0.00%

Goodwill 1,352,181 4.22% 4,722,818 16.56% 0 0.00%

Revolving Book Account 23,295 0.07% 0 0.00% 0 0.00%

SFA Matching Funds 3,853 0.01% 0 0.00% 0 0.00%

Other Assets 19,687,695 61.50% 6,635,814 23.27% 20,175,850 70.13%

TOTAL OTHER ASSETS $21,117,930 65.97% $11,444,872 40.14% $20,187,640 70.17%

TOTAL ASSETS $32,013,181 100% $28,514,963 100% $28,768,737 100%

N= number of balance sheets in this range of total assets

49Balance Sheets - Assets

Academic Associate’s Bachelor’s Master’s

N = 23 N = 10 N = 7

Cash on Hand - Unrestricted 1,063,067 3.54% 3,712,530 10.20% 2,789,889 7.53%

Cash - Restricted 532,195 1.77% 1,169,956 3.22% 0 0.00%

A/R Students 702,135 2.34% 4,381,343 12.04% 5,263,670 14.22%

A/R - Related Parties 247,765 0.83% 1,195,990 3.29% 1,015,261 2.74%

A/R Other 23,679 0.08% 39,847 0.11% 23,264 0.06%

Allowance for Doubtful Accounts (175,436) -0.58% (1,247,878) -3.43% (977,795) -2.64%

N/R Related Parties 0 0.00% 198,887 0.55% 0 0.00%

N/R Other 28,335 0.09% 166,848 0.46% 0 0.00%

Inventory Books and Supplies 30,572 0.10% 332,582 0.91% 136,410 0.37%

Temporary Investments 8,335 0.03% 1,317,581 3.62% 224,481 0.61%

Current Prepaid Expense 93,423 0.31% 428,733 1.18% 280,127 0.76%

Other Current Assets 17,975 0.06% 272,290 0.75% 25,612 0.07%

TOTAL CURRENT ASSETS $2,572,045 8.57% $11,968,709 32.89% $8,780,919 23.72%

Buildings 574,331 1.91% 3,149,462 8.66% 4,440,968 11.99%

(Accumulated Depreciation) (82,384) -0.27% (346,172) -0.95% (969,668) -2.62%

Furniture and Equipment 1,827,110 6.08% 7,465,615 20.52% 4,879,802 13.18%

(Accumulated Depreciation) (1,554,599) -5.18% (5,426,781) -14.91% (3,840,686) -10.37%

Leasehold Improvements 2,211,392 7.36% 5,551,330 15.26% 4,226,965 11.42%

(Amortization) (1,557,670) -5.19% (2,761,205) -7.59% (2,000,258) -5.40%

Library 25,424 0.08% 82,670 0.23% 249,832 0.67%

(Accumulated Depreciation) (22,839) -0.08% 272,335 0.75% (107,628) -0.29%

Land 127,295 0.42% 272,765 0.75% 3,379,885 9.13%

Other Fixed Assets 243,043 0.81% 750,678 2.06% 229,223 0.62%

(Accumulated Depreciation) (157,726) -0.53% (646,644) -1.78% (207,602) -0.56%

TOTAL FIXED ASSETS $1,633,377 5.44% $8,364,053 22.99% $10,280,833 27.77%

Deposits 16,904 0.06% 119,368 0.33% 76,380 0.21%

Other Prepaid Expenses 0 0.00% 8,693 0.02% 0 0.00%

Goodwill 710,467 2.37% 3,015,348 8.29% 992,340 2.68%

Revolving Book Account 0 0.00% 0 0.00% 166,392 0.45%

SFA Matching Funds 0 0.00% 3,278 0.01% 22,838 0.06%

Other Assets 25,095,919 83.57% 12,909,443 35.48% 16,706,527 45.12%

TOTAL OTHER ASSETS $25,823,290 86.00% $16,056,130 44.12% $17,964,477 48.52%

TOTAL ASSETS $30,028,712 100% $36,388,892 100% $37,026,229 100%

50 2014 Key Operating Statistics

BALANCE SHEET - ASSETSTotal Assets $50,000,000 - $99,999,999Mean Average (in $)

All Credential Levels Non-Degree Occupational Associate’s

N = 14 N =1 N = 1

Cash on Hand - Unrestricted 1,867,841 2.85% 2,107,793 4.20% 12,828 0.02%

Cash - Restricted 0 0.00% 0 0.00% 0 0.00%

A/R Students 7,572,571 11.56% 806,877 1.61% 123,440 0.23%

A/R - Related Parties 0 0.00% 0 0.00% 0 0.00%

A/R Other 960,880 1.47% 2,582 0.01% 1,621 0.00%

Allowance for Doubtful Accounts (1,593,147) -2.43% (222,283) -0.44% (101,590) -0.19%

N/R Related Parties 0 0.00% 0 0.00% 0 0.00%

N/R Other 235,103 0.36% 31,972 0.06% 1,326 0.00%

Inventory Books and Supplies 146,464 0.22% 98,802 0.20% 125,595 0.24%

Temporary Investments 0 0.00% 0 0.00% 0 0.00%

Current Prepaid Expense 519,299 0.79% 143,190 0.29% 202,524 0.38%

Other Current Assets 1,817,890 2.78% 0 0.00% 22,185,385 41.66%

TOTAL CURRENT ASSETS $11,526,901 17.60% $2,968,933 5.91% $22,551,129 42.35%

Buildings 5,170,497 7.90% 0 0.00% 0 0.00%

(Accumulated Depreciation) (703,752) -1.07% 0 0.00% 0 0.00%

Furniture and Equipment 6,761,601 10.33% 1,268,392 2.52% 4,027,323 7.56%

(Accumulated Depreciation) (5,107,637) -7.80% (1,155,109) -2.30% (3,457,771) -6.49%

Leasehold Improvements 5,113,968 7.81% 155,985 0.31% 7,417,230 13.93%

(Amortization) (3,654,452) -5.58% (155,985) -0.31% (4,916,707) -9.23%

Library 14,985 0.02% 9,835 0.02% 21,583 0.04%

(Accumulated Depreciation) (12,255) -0.02% (9,835) -0.02% (16,357) -0.03%

Land 0 0.00% 0 0.00% 0 0.00%

Other Fixed Assets 144,693 0.22% 84,520 0.17% 14,319 0.03%

(Accumulated Depreciation) (113,249) -0.17% (84,493) -0.17% 0 0.00%

TOTAL FIXED ASSETS $7,614,399 11.63% $113,310 0.23% $3,089,620 5.80%

Deposits 93,652 0.14% 42,957 0.09% 221,588 0.42%

Other Prepaid Expenses 594,381 0.91% 0 0.00% 0 0.00%

Goodwill 5,577,158 8.52% 0 0.00% 27,290,450 51.25%

Revolving Book Account 0 0.00% 0 0.00% 0 0.00%

SFA Matching Funds 0 0.00% 0 0.00% 0 0.00%

Other Assets 40,073,544 61.20% 47,114,679 93.78% 95,005 0.18%

TOTAL OTHER ASSETS $46,338,735 70.77% $47,157,636 93.86% $27,607,043 51.85%

TOTAL ASSETS $65,480,035 100% $50,239,879 100% $53,247,792 100%

N= number of balance sheets in this range of total assets

51Balance Sheets - Assets

Academic Associate’s Bachelor’s Master’s

N = 4 N = 4 N = 4

Cash on Hand - Unrestricted 1,794,549 2.56% 4,210,586 6.05% 2,154 0.00%

Cash - Restricted 0 0.00% 0 0.00% 0 0.00%

A/R Students 18,957,415 27.01% 7,001,980 10.06% 312,023 0.49%

A/R - Related Parties 0 0.00% 0 0.00% 0 0.00%

A/R Other 159,376 0.23% 3,202,136 4.60% 517 0.00%

Allowance for Doubtful Accounts (3,404,997) -4.85% (1,970,455) -2.83% (119,593) -0.19%

N/R Related Parties 0 0.00% 0 0.00% 0 0.00%

N/R Other 273,864 0.39% 540,671 0.78% 0 0.00%

Inventory Books and Supplies 310,479 0.44% 125,146 0.18% 20,898 0.03%

Temporary Investments 0 0.00% 0 0.00% 0 0.00%

Current Prepaid Expense 110,919 0.16% 1,541,595 2.22% 78,603 0.12%

Other Current Assets 459,524 0.65% 0 0% 356,744 0.56%

TOTAL CURRENT ASSETS $18,661,129 26.58% $14,651,659 21.06% $651,346 1.03%

Buildings 1,699,267 2.42% 16,396,618 23.56% 854 0.00%

(Accumulated Depreciation) (139,614) -0.20% (2,323,348) -3.34% (171) 0.00%

Furniture and Equipment 5,492,483 7.82% 14,885,382 21.39% 1,963,809 3.09%

(Accumulated Depreciation) (4,427,487) -6.31% (10,714,303) -15.40% (1,581,719) -2.49%

Leasehold Improvements 5,010,487 7.14% 8,834,810 12.70% 2,160,288 3.40%

(Amortization) (3,804,099) -5.42% (6,819,240) -9.80% (899,069) -1.42%

Library 18,024 0.03% 0 0.00% 26,568 0.04%

(Accumulated Depreciation) (17,350) -0.02% 0 0.00% (18,996) -0.03%

Land 0 0.00% 0 0.00% 0 0.00%

Other Fixed Assets 146,496 0.21% 64,367 0.09% 270,855 0.43%

(Accumulated Depreciation) (133,980) -0.19% (37,665) -0.05% (203,601) -0.32%

TOTAL FIXED ASSETS $3,844,227 5.48% $20,286,621 29.15% $1,718,818 2.71%

Deposits 0 0.00% 251,279 0.36% 10,368 0.02%

Other Prepaid Expenses 0 0.00% 2,080,332 2.99% 0 0.00%

Goodwill 1,017,561 1.45% 11,679,880 16.78% 0 0.00%

Revolving Book Account 0 0.00% 0 0.00% 0 0.00%

SFA Matching Funds 0 0.00% 0 0.00% 0 0.00%

Other Assets 46,671,308 66.49% 20,637,075 29.66% 61,146,607 96.25%

TOTAL OTHER ASSETS $47,688,869 67.94% $34,648,566 49.79% $61,156,975 96%

TOTAL ASSETS $70,194,225 100% $69,586,846 100% $63,527,139 100%

52 2014 Key Operating Statistics

BALANCE SHEET - ASSETSTotal Assets $100,000,000 - $699,999,999Mean Average (in $)

All Credential Levels Non-Degree Occupational Associate’s

N = 10 N =2 N = 2

Cash on Hand - Unrestricted 4,653,859 1.99% 7,374,912 2.70% 8,901,431 4.61%

Cash - Restricted 6,548,695 2.80% 27,250,000 9.98% 458,309 0.24%

A/R Students 15,593,355 6.66% 47,810,439 17.51% 5,007,340 2.59%

A/R - Related Parties 309,473 0.13% 0 0.00% 0 0.00%

A/R Other 152,206 0.07% 416,279 0.15% 251,875 0.13%

Allowance for Doubtful Accounts (2,749,167) -1.17% (6,893,500) -2.52% (1,979,995) -1.03%

N/R Related Parties 1,657,431 0.71% 0 0.00% 0 0.00%

N/R Other 0 0.00% 0 0.00% 0 0.00%

Inventory Books and Supplies 903,474 0.39% 1,442,389 0.53% 221,223 0.11%

Temporary Investments 0 0.00% 0 0.00% 0 0.00%

Current Prepaid Expense 2,663,222 1.14% 5,644,282 2.07% 2,928,953 1.52%

Other Current Assets 5,758,384 2.46% 5,569,888 2.04% 7,347,713 3.81%

TOTAL CURRENT ASSETS $35,490,932 15.16% $88,614,689 32.45% $23,136,849 11.99%

Buildings 16,346,598 6.98% 49,124,000 17.99% 0 0.00%

(Accumulated Depreciation) (4,431,602) -1.89% (16,612,000) -6.08% 0 0.00%

Furniture and Equipment 29,370,523 12.54% 45,142,568 16.53% 24,891,093 12.90%

(Accumulated Depreciation) (18,119,187) -7.74% (32,437,632) -11.88% (18,683,996) -9.68%

Leasehold Improvements 19,601,717 8.37% 49,328,534 18.06% 27,432,566 14.21%

(Amortization) (9,780,380) -4.18% (31,982,405) -11.71% (13,872,365) -7.19%

Library 22,796 0.01% 0 0.00% 104,446 0.05%

(Accumulated Depreciation) (6,977) 0.00% 0 0.00% (25,412) -0.01%

Land 3,393,926 1.45% 8,781,500 3.22% 0 0.00%

Other Fixed Assets 849,915 0.36% 3,071,427 1.12% 14,238 0.01%

(Accumulated Depreciation) (3,851,115) -1.64% (2,109,003) -0.77% (13,216) -0.01%

TOTAL FIXED ASSETS $33,396,214 14.26% $72,306,989 26.48% $19,847,354 10.28%

Deposits 297,953 0.13% 0 0.00% 745,158 0.39%

Other Prepaid Expenses 143,150 0.06% 0 0.00% 1,841 0.00%

Goodwill 45,115,115 19.27% 67,711,378 24.80% 61,940,306 32.10%

Revolving Book Account 0 0.00% 0 0.00% 0 0.00%

SFA Matching Funds 0 0.00% 0 0.00% 0 0.00%

Other Assets 119,711,013 51.12% 44,428,678 16.27% 87,314,358 45.24%

TOTAL OTHER ASSETS $165,267,231 70.58% $112,140,056 41.07% $150,001,663 77.73%

TOTAL ASSETS $234,154,377 100% $273,061,734 100% $192,985,866 100%

N= number of balance sheets in this range of total assets

53Balance Sheets - Assets

Academic Associate’s Master’s

N = 3 N = 3

Cash on Hand - Unrestricted 2,676,494 1.71% 1,985,475 0.63%

Cash - Restricted 3,333,333 2.13% 23,444 0.01%

A/R Students 13,187,096 8.43% 3,578,901 1.14%

A/R - Related Parties 0 0.00% 1,031,576 0.33%

A/R Other 42,527 0.03% 19,390 0.01%

Allowance for Doubtful Accounts (1,653,959) -1.06% (1,594,269) -0.51%

N/R Related Parties 0 0.00% 5,524,770 1.76%

N/R Other 0 0.00% 0 0.00%

Inventory Books and Supplies 1,822,655 1.17% 79,853 0.03%

Temporary Investments 0 0.00% 0 0.00%

Current Prepaid Expense 2,657,686 1.70% 504,230 0.16%

Other Current Assets 10,567,392 6.76% 15,486 0.00%

TOTAL CURRENT ASSETS $32,633,224 20.86% $11,168,856 3.56%

Buildings 1,878,011 1.20% 19,861,315 6.34%

(Accumulated Depreciation) 0 0.00% (3,697,341) -1.18%

Furniture and Equipment 46,572,730 29.77% 4,639,905 1.48%

(Accumulated Depreciation) (22,902,808) -14.64% (3,413,396) -1.09%

Leasehold Improvements 12,027,833 7.69% 2,137,157 0.68%

(Amortization) (166,947) -0.11% (1,864,472) -0.59%

Library 0 0.00% 6,356 0.00%

(Accumulated Depreciation) 0 0.00% (6,314) 0.00%

Land 0 0.00% 5,458,754 1.74%

Other Fixed Assets 612,922 0.39% 163,019 0.05%

(Accumulated Depreciation) (11,277,467) -7.21% (144,768) -0.05%

TOTAL FIXED ASSETS $26,744,274 17.10% $23,140,215 7.38%

Deposits 448,982 0.29% 47,424 0.02%

Other Prepaid Expenses 475,941 0.30% 0 0.00%

Goodwill 63,949,262 40.88% 0 0.00%

Revolving Book Account 0 0.00% 0 0.00%

SFA Matching Funds 0 0.00% 0 0.00%

Other Assets 32,169,658 20.57% 279,038,352 89.04%

TOTAL OTHER ASSETS $97,043,843 62.04% $279,085,776 89.05%

TOTAL ASSETS $156,421,341 100% $313,394,847 100%

54 2014 Key Operating Statistics

BALANCE SHEET - ASSETSTotal Assets > $700,000,000Mean Average (in $)

All Credential Levels Bachelor’s Master’s

N = 3 N = 1 N = 2

Cash on Hand - Unrestricted 384,127,116 14.25% 936,370,000 15.99% 108,005,674 9.68%

Cash - Restricted 1,878,667 0.07% 0 0.00% 2,818,000 0.25%

A/R Students 44,270,717 1.64% 0 0.00% 66,406,076 5.95%

A/R - Related Parties 0 0.00% 0 0.00% 0 0.00%

A/R Other 148,620,667 5.51% 445,862,000 7.62% 0 0.00%

Allowance for Doubtful Accounts (4,221,518) -0.16% 0 0.00% (6,332,278) -0.57%

N/R Related Parties 0 0.00% 0 0.00% 0 0.00%

N/R Other 0 0.00% 0 0.00% 0 0.00%

Inventory Books and Supplies 19,477,667 0.72% 58,433,000 1.00% 0 0.00%

Temporary Investments 76,844,000 2.85% 230,532,000 3.94% 0 0.00%

Current Prepaid Expense 22,066,041 0.82% 37,678,000 0.64% 14,260,061 1.28%

Other Current Assets 28,626,090 1.06% 0 0.00% 42,939,135 3.85%

TOTAL CURRENT ASSETS $721,689,447 26.78% $1,708,875,000 29.19% $228,096,668 20.45%

Buildings 429,934,000 15.95% 1,172,579,000 20.03% 58,611,500 5.25%

(Accumulated Depreciation) (10,599,667) -0.39% 0 0.00% (15,899,500) -1.43%

Furniture and Equipment 736,398,566 27.32% 2,045,275,000 34.94% 81,960,349 7.35%

(Accumulated Depreciation) (672,483,316) -24.95% (1,882,200,000) -32.15% (67,624,975) -6.06%

Leasehold Improvements 24,218,829 0.90% 51,063,000 0.87% 10,796,743 0.97%

(Amortization) (5,160,086) -0.19% 0 0.00% (7,740,129) -0.69%

Library 0 0.00% 0 0.00% 0 0.00%

(Accumulated Depreciation) 0 0.00% 0 0.00% 0 0.00%

Land 59,297,000 2.20% 138,629,000 2.37% 19,631,000 1.76%

Other Fixed Assets 64,486,359 2.39% 166,200,000 2.84% 13,629,539 1.22%

(Accumulated Depreciation) (5,954,459) -0.22% 0 0.00% (8,931,689) -0.80%

TOTAL FIXED ASSETS $620,137,226 23.01% $1,691,546,000 28.89% $84,432,838 7.57%

Deposits 30,500 0.00% 0 0.00% 45,750 0.00%

Other Prepaid Expenses 0 0.00% 0 0.00% 0 0.00%

Goodwill 0 0.00% 0 0.00% 0 0.00%

Revolving Book Account 0 0.00% 0 0.00% 0 0.00%

SFA Matching Funds 0 0.00% 0 0.00% 0 0.00%

Other Assets 1,353,205,615 50.21% 2,454,058,000 41.92% 802,779,427 71.98%

TOTAL OTHER ASSETS $1,353,236,115 50.21% $2,454,058,000 41.92% $802,825,177 71.98%

TOTAL ASSETS $2,695,062,788 100% $5,854,479,000 100% $1,115,354,683 100%

N= number of balance sheets in this range of total assets

ANNUAL FINANCIAL REPORT DATABALANCE SHEET - LIABILITIES & EQUITY

56 2014 Key Operating Statistics

BALANCE SHEET - LIABILITIES AND EQUITYTotal Liabilities & Equity < $1,000,000Mean Average (in $)

All Credential Levels Non-Degree Occupational Associate’s

N = 49 N =24 N = 10

Accounts Payable Trade 52,416 10.10% 45,210 8.13% 39,943 7.54%

Notes Payable Equipment 2,917 0.56% 5,956 1.07% 0 0.00%

Notes Payable Other 9,474 1.83% 3,387 0.61% 27,556 5.20%

Tuition Refunds Payable 1,611 0.31% 1,853 0.33% 0 0.00%

Current Portion of Long Term Debt 20,254 3.90% 11,253 2.02% 2,023 0.38%

Payroll Taxes Payable 18,776 3.62% 25,178 4.53% 2,811 0.53%

Accrued Salaries and Wages 14,950 2.88% 10,373 1.86% 24,519 4.63%

Unearned Tuition 135,305 26.08% 150,968 27.14% 101,502 19.17%

Unearned Dormitory Fees 315 0.06% 0 0.00% 0 0.00%

Other Current Liabilities 93,926 18.10% 53,126 9.55% 58,855 11.11%

TOTAL CURRENT LIABILITIES $349,944 67.44% $307,304 55.24% $257,209 48.57%

Notes or Bonds Payable 90,880 17.51% 15,996 2.88% 7,000 1.32%

Mortgage Payable 3,610 0.70% 7,369 1.32% 0 0.00%

Other Long-Term Liabilities 31,026 5.98% 40,033 7.20% 120 0.02%

TOTAL LONG-TERM LIABILITIES $125,516 24.19% $63,398 11.40% $7,120 1.34%

TOTAL LIABILITIES $475,460 91.63% $370,702 66.63% $264,329 49.91%

Preferred Stock (8,069) -1.56% (16,474) -2.96% 0 0.00%

Common Stock 23,112 4.45% 14,937 2.68% 74,170 14.01%

Other Equity 157,810 30.41% 216,741 38.96% (73,797) -13.94%

Retained Earnings 0.00%

Beginning Balance 91,535 17.64% 98,256 17.66% 218,904 41.34%

Earnings or Loss for Year (174,818) -33.69% (69,822) -12.55% 167,726 31.67%

(Dividends) (10,854) -2.09% (4,494) -0.81% (20,742) -3.92%

Other R/E Changes (35,304) -6.80% (53,511) -9.62% (101,010) -19.07%

Ending Balance (129,441) -24.95% (29,571) -5.32% 264,878 50.02%

TOTAL STOCKHOLDERS EQUITY $43,412 8.37% $185,633 33.37% $265,251 50.09%

TOTAL LIABILITIES AND EQUITY $518,872 100% $556,335 100% $529,580 100%

N= number of balance sheets in this range of total liabilities and equity

57Balance Sheets - Liabilities and Equity

Academic Associate’s Master’s

N = 8 N = 7

Accounts Payable Trade 87,736 18.27% 54,574 13.02%

Notes Payable Equipment 0 0.00% 0 0.00%

Notes Payable Other 13,420 2.79% 0 0.00%

Tuition Refunds Payable 4,308 0.90% 0 0.00%

Current Portion of Long Term Debt 60,578 12.61% 31,078 7.41%

Payroll Taxes Payable 32,734 6.82% 3,680 0.88%

Accrued Salaries and Wages 19,243 4.01% 12,067 2.88%

Unearned Tuition 131,268 27.33% 134,511 32.08%

Unearned Dormitory Fees 1,929 0.40% 0 0.00%

Other Current Liabilities 43,440 9.05% 341,608 81.48%

TOTAL CURRENT LIABILITIES $394,656 82.18% $577,518 137.74%

Notes or Bonds Payable 499,900 104.09% 0 0.00%

Mortgage Payable 0 0.00% 0 0.00%

Other Long-Term Liabilities 63,082 13.14% 7,664 1.83%

TOTAL LONG-TERM LIABILITIES $562,982 117.23% $7,664 1.83%

TOTAL LIABILITIES $957,638 199.41% $585,182 139.57%

Preferred Stock 0 0.00% 0 0.00%

Common Stock 3,789 0.79% 286 0.07%

Other Equity 97,666 20.34% 355,364 84.76%

Retained Earnings 0.00%

Beginning Balance 26,772 5.57% (39,446) -9.41%

Earnings or Loss for Year (515,117) -107.26% (635,237) -151.51%

(Dividends) (27,076) -5.64% 0 0.00%

Other R/E Changes (63,426) -13.21% 153,128 36.52%

Ending Balance (578,847) -120.53% (521,555) -124.39%

TOTAL STOCKHOLDERS EQUITY ($477,392) -99.41% ($165,905) -39.57%

TOTAL LIABILITIES AND EQUITY $480,246 100% $419,277 100%

58 2014 Key Operating Statistics

BALANCE SHEET - LIABILITIES AND EQUITYTotal Liabilities & Equity $1,000,000 - $9,999,999Mean Average (in $)

All Credential Levels Non-Degree Occupational Associate’s

N = 194 N =31 N = 32

Accounts Payable Trade 126,244 3.02% 136,992 3.81% 154,028 4.68%

Notes Payable Equipment 2,987 0.07% 6,060 0.17% 6,894 0.21%

Notes Payable Other 8,097 0.19% 24,180 0.67% 16,558 0.50%

Tuition Refunds Payable 11,766 0.28% 2,700 0.08% 15,991 0.49%

Current Portion of Long Term Debt 19,774 0.47% 14,361 0.40% 42,850 1.30%

Payroll Taxes Payable 8,004 0.19% 1,347 0.04% 3,409 0.10%

Accrued Salaries and Wages 51,166 1.23% 43,467 1.21% 60,024 1.83%

Unearned Tuition 595,971 14.27% 727,325 20.25% 735,564 22.37%

Unearned Dormitory Fees 1,344 0.03% 0 0.00% 157 0.00%

Other Current Liabilities 184,206 4.41% 134,347 3.74% 278,863 8.48%

TOTAL CURRENT LIABILITIES $1,009,559 24.18% $1,090,779 30.37% $1,314,338 39.96%

Notes or Bonds Payable 69,616 1.67% 23,516 0.65% 106,586 3.24%

Mortgage Payable 59,191 1.42% 274 0.01% 61,577 1.87%

Other Long-Term Liabilities 815,968 19.54% 832,819 23.19% 118,035 3.59%

TOTAL LONG-TERM LIABILITIES $944,775 22.63% $856,609 23.85% $286,198 8.70%

TOTAL LIABILITIES $1,954,334 46.80% $1,947,388 54.22% $1,600,536 48.67%

Preferred Stock 2,260 0.05% 0 0.00% 993 0.03%

Common Stock 23,896 0.57% 13,389 0.37% 16,789 0.51%

Other Equity 970,830 23.25% 1,861,752 51.83% 1,228,774 37.36%

Retained Earnings

Beginning Balance 1,712,189 41.00% 164,535 4.58% 658,384 20.02%

Earnings or Loss for Year (293,035) -7.02% (222,762) -6.20% 4,651 0.14%

(Dividends) (85,435) -2.05% (13,516) -0.38% (71,975) -2.19%

Other R/E Changes (109,307) -2.62% (158,988) -4.43% (149,315) -4.54%

Ending Balance 1,224,412 29.32% (230,731) -6.42% 441,745 13.43%

TOTAL STOCKHOLDERS EQUITY $2,221,398 53.20% $1,644,410 45.78% $1,688,301 51.33%

TOTAL LIABILITIES AND EQUITY $4,175,732 100% $3,591,798 100% $3,288,837 100%

N= number of balance sheets in this range of total liabilities and equity

59Balance Sheets - Liabilities and Equity

Academic Associate’s Bachelor’s Master’s

N = 63 N = 49 N = 19

Accounts Payable Trade 121,260 2.83% 80,266 1.51% 197,010 5.88%

Notes Payable Equipment 2,714 0.06% 0 0.00% 0 0.00%

Notes Payable Other 833 0.02% 0 0.00% 12,575 0.38%

Tuition Refunds Payable 12,899 0.30% 16,607 0.31% 3,200 0.10%

Current Portion of Long Term Debt 20,982 0.49% 3,275 0.06% 28,288 0.84%

Payroll Taxes Payable 15,403 0.36% 6,640 0.13% 5,583 0.17%

Accrued Salaries and Wages 39,675 0.93% 52,676 0.99% 83,017 2.48%

Unearned Tuition 580,992 13.57% 491,577 9.26% 465,442 13.89%

Unearned Dormitory Fees 3,841 0.09% 268 0.01% 29 0.00%

Other Current Liabilities 219,631 5.13% 157,865 2.97% 56,603 1.69%

TOTAL CURRENT LIABILITIES $1,018,230 23.79% $809,174 15.24% $851,747 25.42%

Notes or Bonds Payable 91,359 2.13% 6,766 0.13% 172,555 5.15%

Mortgage Payable 35,841 0.84% 49,087 0.92% 254,781 7.60%

Other Long-Term Liabilities 1,047,591 24.47% 1,231,706 23.20% 123,766 3.69%

TOTAL LONG-TERM LIABILITIES $1,174,791 27.44% $1,287,559 24.25% $551,102 16.45%

TOTAL LIABILITIES $2,193,021 51.23% $2,096,733 39.49% $1,402,849 41.87%

Preferred Stock 3,834 0.09% 1,020 0.02% 6,060 0.18%

Common Stock 12,407 0.29% 34,898 0.66% 62,727 1.87%

Other Equity 804,450 18.79% 135,075 2.54% 1,789,838 53.42%

Retained Earnings 0.00%

Beginning Balance 1,728,525 40.38% 3,910,981 73.66% 287,403 8.58%

Earnings or Loss for Year (140,044) -3.27% (774,019) -14.58% (175,911) -5.25%

(Dividends) (139,048) -3.25% (77,814) -1.47% (67,339) -2.01%

Other R/E Changes (182,481) -4.26% (17,524) -0.33% 45,060 1.34%

Ending Balance 1,266,952 29.60% 3,041,624 57.29% 89,213 2.66%

TOTAL STOCKHOLDERS EQUITY $2,087,643 48.77% $3,212,617 60.51% $1,947,838 58.13%

TOTAL LIABILITIES AND EQUITY $4,280,664 100% $5,309,350 100% $3,350,687 100%

60 2014 Key Operating Statistics

BALANCE SHEET - LIABILITIES AND EQUITYTotal Liabilities & Equity $10,000,000 - $19,999,999Mean Average (in $)

All Credential Levels Non-Degree Occupational Associate’s

N = 49 N =3 N = 5

Accounts Payable Trade 204,046 1.37% 315,522 2.15% 16,078 0.10%

Notes Payable Equipment 6,226 0.04% 0 0.00% 0 0.00%

Notes Payable Other 17,328 0.12% 0 0.00% 0 0.00%

Tuition Refunds Payable 77,363 0.52% 0 0.00% 159 0.00%

Current Portion of Long Term Debt 324,363 2.19% 63,582 0.43% 0 0.00%

Payroll Taxes Payable 7,328 0.05% 7,789 0.05% 0 0.00%

Accrued Salaries and Wages 84,062 0.57% 336,210 2.30% 6,877 0.04%

Unearned Tuition 747,156 5.03% 2,452,294 16.74% 392,986 2.47%

Unearned Dormitory Fees 520 0.00% 0 0.00% 0 0.00%

Other Current Liabilities 484,391 3.26% 36,333 0.25% 89,332 0.56%

TOTAL CURRENT LIABILITIES $1,952,783 13.16% $3,211,730 21.93% $505,432 3.17%

Notes or Bonds Payable 295,058 1.99% 46,853 0.32% 0 0.00%

Mortgage Payable 484,763 3.27% 0 0.00% 0 0.00%

Other Long-Term Liabilities 1,050,259 7.08% 472,728 3.23% 237,631 1.49%

TOTAL LONG-TERM LIABILITIES $1,830,080 12.33% $519,581 3.55% $237,631 1.49%

TOTAL LIABILITIES $3,782,863 25.49% $3,731,311 25.48% $743,063 4.67%

Preferred Stock 20 0.00% 333 0.00% 0 0.00%

Common Stock 123,942 0.84% 33 0.00% 100 0.00%

Other Equity 3,350,601 22.58% 225,655 1.54% 4,021,812 25.25%

Retained Earnings

Beginning Balance 8,299,041 55.92% 10,674,928 72.89% 10,440,357 65.55%

Earnings or Loss for Year (636,653) -4.29% 75,316 0.51% 721,915 4.53%

(Dividends) (13,309) -0.09% (62,148) -0.42% 0 0.00%

Other R/E Changes (66,632) -0.45% 0 0.00% 0 0.00%

Ending Balance 7,582,447 51.10% 10,688,096 72.98% 11,162,273 70.08%

TOTAL STOCKHOLDERS EQUITY $11,057,010 74.51% $10,914,117 74.52% $15,184,185 95.33%

TOTAL LIABILITIES AND EQUITY $14,839,873 100% $14,645,428 100% $15,927,248 100%

N= number of balance sheets in this range of total liabilities and equity

61Balance Sheets - Liabilities and Equity

Academic Associate’s Bachelor’s Master’s

N = 18 N = 18 N = 5

Accounts Payable Trade 39,249 0.27% 310,073 2.13% 536,702 3.40%

Notes Payable Equipment 0 0.00% 16,947 0.12% 0 0.00%

Notes Payable Other 0 0.00% 47,170 0.32% 0 0.00%

Tuition Refunds Payable 6,231 0.04% 195,631 1.35% 31,298 0.20%

Current Portion of Long Term Debt 0 0.00% 809,442 5.57% 226,619 1.43%

Payroll Taxes Payable 0 0.00% 11,570 0.08% 25,488 0.16%

Accrued Salaries and Wages 9,180 0.06% 151,425 1.04% 37,030 0.23%

Unearned Tuition 529,588 3.63% 411,507 2.83% 2,069,823 13.10%

Unearned Dormitory Fees 0 0.00% 993 0.01% 1,520 0.01%

Other Current Liabilities 183,404 1.26% 820,578 5.64% 1,021,564 6.47%

TOTAL CURRENT LIABILITIES $767,652 5.26% $2,775,336 19.09% $3,950,044 25.00%

Notes or Bonds Payable 0 0.00% 793,513 5.46% 6,811 0.04%

Mortgage Payable 0 0.00% 863,668 5.94% 1,641,477 10.39%

Other Long-Term Liabilities 1,824,583 12.49% 646,099 4.44% 876,813 5.55%

TOTAL LONG-TERM LIABILITIES $1,824,583 12.49% $2,303,280 15.84% $2,525,101 15.98%

TOTAL LIABILITIES $2,592,235 17.75% $5,078,616 34.93% $6,475,145 40.98%

Preferred Stock 0 0.00% 0 0.00% 0 0.00%

Common Stock 278 0.00% 332,678 2.29% 15,872 0.10%

Other Equity 3,115,618 21.33% 4,792,915 32.96% 207,968 1.32%

Retained Earnings 0.00%

Beginning Balance 8,791,528 60.20% 6,372,862 43.83% 9,893,484 62.61%

Earnings or Loss for Year 103,815 0.71% (2,050,589) -14.10% 2,082 0.01%

(Dividends) 0 0.00% (6,233) -0.04% (70,699) -0.45%

Other R/E Changes 0 0.00% 19,362 0.13% (722,702) -4.57%

Ending Balance 8,895,342 60.91% 4,335,402 29.82% 9,102,165 57.60%

TOTAL STOCKHOLDERS EQUITY $12,011,238 82.25% $9,460,995 65.07% $9,326,005 59.02%

TOTAL LIABILITIES AND EQUITY $14,603,473 100% $14,539,611 100% $15,801,150 100%

62 2014 Key Operating Statistics

BALANCE SHEET - LIABILITIES AND EQUITYTotal Liabilities & Equity $20,000,000 - $49,999,999Mean Average (in $)

All Credential Levels Non-Degree Occupational Associate’s

N = 50 N =3 N = 7

Accounts Payable Trade 356,794 1.11% 1,814,554 6.36% 35,499 0.12%

Notes Payable Equipment 1,565 0.00% 0 0.00% 0 0.00%

Notes Payable Other 40,000 0.12% 666,667 2.34% 0 0.00%

Tuition Refunds Payable 80,197 0.25% 7,200 0.03% 7,248 0.03%

Current Portion of Long Term Debt 144,808 0.45% 413,208 1.45% 0 0.00%

Payroll Taxes Payable 23,578 0.07% 49,336 0.17% 0 0.00%

Accrued Salaries and Wages 159,988 0.50% 697,896 2.45% 40,222 0.14%

Unearned Tuition 1,489,099 4.65% 5,727,366 20.09% 498,380 1.73%

Unearned Dormitory Fees 0 0.00% 0 0.00% 0 0.00%

Other Current Liabilities 354,204 1.11% 630,034 2.21% 185,781 0.65%

TOTAL CURRENT LIABILITIES $2,650,233 8.28% $10,006,261 35.09% $767,130 2.67%

Notes or Bonds Payable 1,196,520 3.74% 3,566,928 12.51% 0 0.00%

Mortgage Payable 549,956 1.72% 1,640,030 5.75% 0 0.00%

Other Long-Term Liabilities 798,195 2.49% 1,770,188 6.21% 1,236,246 4.30%

TOTAL LONG-TERM LIABILITIES $2,544,671 7.95% $6,977,146 24.47% $1,236,246 4.30%

TOTAL LIABILITIES $5,194,904 16.23% $16,983,407 59.56% $2,003,376 6.96%

Preferred Stock 68,300 0.21% 2,333 0.01% 0 0.00%

Common Stock 960 0.00% 246 0.00% 143 0.00%

Other Equity 9,748,036 30.45% 5,680,034 19.92% 30,742,174 106.86%

Retained Earnings

Beginning Balance 16,984,438 53.05% 6,446,407 22.61% (2,337,049) -8.12%

Earnings or Loss for Year 163,164 0.51% (597,464) -2.10% (1,638,907) -5.70%

(Dividends) 0 0.00% 0 0.00% 0 0.00%

Other R/E Changes (146,621) -0.46% 0 0.00% 0 0.00%

Ending Balance 17,000,981 53.11% 5,848,943 20.51% (3,976,956) -13.82%

TOTAL STOCKHOLDERS EQUITY $26,818,277 83.77% $11,531,556 40.44% $26,765,361 93.04%

TOTAL LIABILITIES AND EQUITY $32,013,181 100% $28,514,963 100% $28,768,737 100%

N= number of balance sheets in this range of total liabilities and equity

63Balance Sheets - Liabilities and Equity

Academic Associate’s Bachelor’s Master’s

N = 23 N = 10 N = 7

Accounts Payable Trade 91,353 0.30% 885,824 2.43% 169,738 0.46%

Notes Payable Equipment 0 0.00% 0 0.00% 11,180 0.03%

Notes Payable Other 0 0.00% 0 0.00% 0 0.00%

Tuition Refunds Payable 1,907 0.01% 389,362 1.07% 0 0.00%

Current Portion of Long Term Debt 92,502 0.31% 343,237 0.94% 62,979 0.17%

Payroll Taxes Payable 1,353 0.00% 39,773 0.11% 86,002 0.23%

Accrued Salaries and Wages 43,309 0.14% 343,222 0.94% 170,834 0.46%

Unearned Tuition 737,207 2.46% 2,310,180 6.35% 1,960,947 5.30%

Unearned Dormitory Fees 0 0.00% 0 0.00% 0 0.00%

Other Current Liabilities 108,982 0.36% 1,059,396 2.91% 202,726 0.55%

TOTAL CURRENT LIABILITIES $1,076,613 3.59% $5,370,994 14.76% $2,664,406 7.20%

Notes or Bonds Payable 769,337 2.56% 3,141,947 8.63% 1,569 0.00%

Mortgage Payable 0 0.00% 1,331,149 3.66% 1,323,746 3.58%

Other Long-Term Liabilities 380,160 1.27% 1,531,265 4.21% 269,879 0.73%

TOTAL LONG-TERM LIABILITIES $1,149,497 3.83% $6,004,361 16.50% $1,595,194 4.31%

TOTAL LIABILITIES $2,226,110 7.41% $11,375,355 31.26% $4,259,600 11.50%

Preferred Stock 148,174 0.49% 0 0.00% 0 0.00%

Common Stock 44 0.00% 1,624 0.00% 4,143 0.01%

Other Equity 3,898,963 12.98% 13,475,642 37.03% 4,390,558 11.86%

Retained Earnings 0.00%

Beginning Balance 22,436,358 74.72% 13,706,349 37.67% 27,591,755 74.52%

Earnings or Loss for Year 1,350,934 4.50% (1,518,616) -4.17% 792,091 2.14%

(Dividends) 0 0.00% 0 0.00% 0 0.00%

Other R/E Changes (31,871) -0.11% (651,462) -1.79% (11,917) -0.03%

Ending Balance 23,755,421 79.11% 11,536,271 31.70% 28,371,928 76.63%

TOTAL STOCKHOLDERS EQUITY $27,802,602 92.59% $25,013,537 68.74% $32,766,629 88.50%

TOTAL LIABILITIES AND EQUITY $30,028,712 100% $36,388,892 100% $37,026,229 100%

64 2014 Key Operating Statistics

BALANCE SHEET - LIABILITIES AND EQUITYTotal Liabilities & Equity $50,000,000 - $99,999,999Mean Average (in $)

All Credential Levels Non-Degree Occupational Associate’s

N = 14 N =1 N = 1

Accounts Payable Trade 1,949,177 2.98% 20,829 0.04% 176,506 0.33%

Notes Payable Equipment 8,980 0.01% 0 0.00% 0 0.00%

Notes Payable Other 449,656 0.69% 0 0.00% 0 0.00%

Tuition Refunds Payable 175,161 0.27% 0 0.00% 2,422,449 4.55%

Current Portion of Long Term Debt 620,390 0.95% 0 0.00% 0 0.00%

Payroll Taxes Payable 0 0.00% 0 0.00% 0 0.00%

Accrued Salaries and Wages 579,927 0.89% 0 0.00% 47,925 0.09%

Unearned Tuition 5,348,828 8.17% 821,236 1.63% 99,515 0.19%

Unearned Dormitory Fees 0 0.00% 0 0.00% 0 0.00%

Other Current Liabilities 256,982 0.39% 66,379 0.13% 371,793 0.70%

TOTAL CURRENT LIABILITIES $9,389,101 14.34% $908,444 1.81% $3,118,188 5.86%

Notes or Bonds Payable 1,142,857 1.75% 0 0.00% 0 0.00%

Mortgage Payable 3,030,916 4.63% 0 0.00% 0 0.00%

Other Long-Term Liabilities 1,955,825 2.99% 3,160 0.01% 5,740,479 10.78%

TOTAL LONG-TERM LIABILITIES $6,129,598 9.36% $3,160 0.01% $5,740,479 10.78%

TOTAL LIABILITIES $15,518,699 23.70% $911,604 1.81% $8,858,667 16.64%

Preferred Stock 647,884 0.99% 0 0.00% 0 0.00%

Common Stock 2,135,263 3.26% 0 0.00% 10,000 0.02%

Other Equity 13,172,561 20.12% 0 0.00% 29,958,268 56.26%

Retained Earnings

Beginning Balance 33,559,942 51.25% 46,505,888 92.57% 15,269,596 28.68%

Earnings or Loss for Year 1,017,445 1.55% 2,822,387 5.62% (848,739) -1.59%

(Dividends) (436,688) -0.67% 0 0.00% 0 0.00%

Other R/E Changes (135,071) -0.21% 0 0.00% 0 0.00%

Ending Balance 34,005,628 51.93% 49,328,275 98.19% 14,420,857 27.08%

TOTAL STOCKHOLDERS EQUITY $49,961,336 76.30% $49,328,275 98.19% $44,389,125 83.36%

TOTAL LIABILITIES AND EQUITY $65,480,035 100% $50,239,879 100% $53,247,792 100%

N= number of balance sheets in this range of total liabilities and equity

65Balance Sheets - Liabilities and Equity

Academic Associate’s Bachelor’s Master’s

N = 4 N = 4 N = 4

Accounts Payable Trade 1,533,522 2.18% 5,224,753 7.51% 14,511 0.02%

Notes Payable Equipment 31,429 0.04% 0 0.00% 0 0.00%

Notes Payable Other 76,204 0.11% 1,497,594 2.15% 0 0.00%

Tuition Refunds Payable 3,055 0.00% 0 0.00% 4,398 0.01%

Current Portion of Long Term Debt 145,000 0.21% 2,026,364 2.91% 0 0.00%

Payroll Taxes Payable 0 0.00% 0 0.00% 0 0.00%

Accrued Salaries and Wages 278,151 0.40% 1,683,679 2.42% 55,933 0.09%

Unearned Tuition 12,998,429 18.52% 4,814,560 6.92% 677,722 1.07%

Unearned Dormitory Fees 0 0.00% 0 0.00% 0 0.00%

Other Current Liabilities 126,672 0.18% 629,742 0.90% 33,481 0.05%

TOTAL CURRENT LIABILITIES $15,192,462 21.64% $15,876,692 22.82% $786,045 1.24%

Notes or Bonds Payable 0 0.00% 4,000,000 5.75% 0 0.00%

Mortgage Payable 827,547 1.18% 9,780,658 14.06% 0 0.00%

Other Long-Term Liabilities 765,318 1.09% 3,947,343 5.67% 696,817 1.10%

TOTAL LONG-TERM LIABILITIES $1,592,865 2.27% $17,728,001 25.48% $696,817 1.10%

TOTAL LIABILITIES $16,785,327 23.91% $33,604,693 48.29% $1,482,862 2.33%

Preferred Stock 0 0.00% 2,267,595 3.26% 0 0.00%

Common Stock 0 0.00% 7,470,919 10.74% 0 0.00%

Other Equity 12,701,237 18.09% 14,600,894 20.98% 11,312,270 17.81%

Retained Earnings 0.00%

Beginning Balance 39,664,545 56.51% 10,629,944 15.28% 51,721,436 81.42%

Earnings or Loss for Year 2,199,701 3.13% 1,857,374 2.67% (989,429) -1.56%

(Dividends) (1,156,585) -1.65% (371,823) -0.53% 0 0.00%

Other R/E Changes 0 0.00% (472,750) -0.68% 0 0.00%

Ending Balance 40,707,661 57.99% 11,642,745 16.73% 50,732,007 79.86%

TOTAL STOCKHOLDERS EQUITY $53,408,898 76.09% $35,982,153 51.71% $62,044,277 97.67%

TOTAL LIABILITIES AND EQUITY $70,194,225 100% $69,586,846 100% $63,527,139 100%

66 2014 Key Operating Statistics

BALANCE SHEET - LIABILITIES AND EQUITYTotal Liabilities & Equity $100,000,000 - $699,999,999Mean Average (in $)

All Credential Levels Non-Degree Occupational Associate’s

N = 10 N =2 N = 2

Accounts Payable Trade 6,642,076 2.84% 13,923,377 5.10% 2,162,433 1.12%

Notes Payable Equipment 0 0.00% 0 0.00% 0 0.00%

Notes Payable Other 51,785 0.02% 0 0.00% 0 0.00%

Tuition Refunds Payable 637,305 0.27% 0 0.00% 3,186,526 1.65%

Current Portion of Long Term Debt 957,888 0.41% 217,500 0.08% 1,993,845 1.03%

Payroll Taxes Payable 42,167 0.02% 210,835 0.08% 0 0.00%

Accrued Salaries and Wages 1,382,450 0.59% 883,742 0.32% 3,896,821 2.02%

Unearned Tuition 11,349,557 4.85% 41,952,961 15.36% 3,217,516 1.67%

Unearned Dormitory Fees 0 0.00% 0 0.00% 0 0.00%

Other Current Liabilities 3,676,487 1.57% 7,052,615 2.58% 4,267,635 2.21%

TOTAL CURRENT LIABILITIES $24,739,715 10.57% $64,241,030 23.53% $18,724,776 9.70%

Notes or Bonds Payable 30,338,093 12.96% 44,840,500 16.42% 79,415,830 41.15%

Mortgage Payable 0 0.00% 0 0.00% 0 0.00%

Other Long-Term Liabilities 30,313,821 12.95% 98,420,085 36.04% 27,723,933 14.37%

TOTAL LONG-TERM LIABILITIES $60,651,914 25.90% $143,260,585 52.46% $107,139,763 55.52%

TOTAL LIABILITIES $85,391,629 36.47% $207,501,615 75.99% $125,864,539 65.22%

Preferred Stock 78,133 0.03% 390,660 0.14% 4 0.00%

Common Stock 14,140,888 6.04% 70,688,502 25.89% 501 0.00%

Other Equity 85,879,825 36.68% (31,122,500) -11.40% 171,190,432 88.71%

Retained Earnings

Beginning Balance 68,279,238 29.16% 60,118,010 22.02% (91,198,950) -47.26%

Earnings or Loss for Year (3,438,932) -1.47% (31,160,053) -11.41% (13,606,163) -7.05%

(Dividends) (3,618,582) -1.55% (3,354,500) -1.23% (14,738,411) -7.64%

Other R/E Changes (12,557,822) -5.36% 0 0.00% 15,473,914 8.02%

Ending Balance 48,663,902 20.78% 25,603,457 9.38% (104,069,610) -53.93%

TOTAL STOCKHOLDERS EQUITY $148,762,748 63.53% $65,560,119 24.01% $67,121,327 34.78%

TOTAL LIABILITIES AND EQUITY $234,154,377 100% $273,061,734 100% $192,985,866 100%

N= number of balance sheets in this range of total liabilities and equity

67Balance Sheets - Liabilities and Equity

Academic Associate’s Master’s

N = 3 N = 3

Accounts Payable Trade 8,780,229 5.61% 2,636,151 0.84%

Notes Payable Equipment 0 0.00% 0 0.00%

Notes Payable Other 172,616 0.11% 0 0.00%

Tuition Refunds Payable 0 0.00% 0 0.00%

Current Portion of Long Term Debt 1,114,656 0.71% 604,073 0.19%

Payroll Taxes Payable 0 0.00% 0 0.00%

Accrued Salaries and Wages 1,362,475 0.87% 58,649 0.02%

Unearned Tuition 6,903,879 4.41% 814,328 0.26%

Unearned Dormitory Fees 0 0.00% 0 0.00%

Other Current Liabilities 4,094,080 2.62% 614,043 0.20%

TOTAL CURRENT LIABILITIES $22,427,935 14.34% $4,727,244 1.51%

Notes or Bonds Payable 10,400,969 6.65% 7,888,455 2.52%

Mortgage Payable 0 0.00% 0 0.00%

Other Long-Term Liabilities 16,622,318 10.63% 327,739 0.10%

TOTAL LONG-TERM LIABILITIES $27,023,287 17.28% $8,216,194 2.62%

TOTAL LIABILITIES $49,451,222 31.61% $12,943,438 4.13%

Preferred Stock 0 0.00% 0 0.00%

Common Stock 170 0.00% 10,120 0.00%

Other Equity 191,679,872 122.54% 1,207,591 0.39%

Retained Earnings 0.00%

Beginning Balance (34,595,563) -22.12% 282,913,649 90.27%

Earnings or Loss for Year 2,060,989 1.32% 16,320,049 5.21%

(Dividends) 0 0.00% 0 0.00%

Other R/E Changes (52,175,349) -33.36% 0 0.00%

Ending Balance (84,709,923) -54.15% 299,233,698 95.48%

TOTAL STOCKHOLDERS EQUITY $106,970,119 68.39% $300,451,409 95.87%

TOTAL LIABILITIES AND EQUITY $156,421,341 100% $313,394,847 100%

68 2014 Key Operating Statistics

BALANCE SHEET - LIABILITIES AND EQUITYTotal Liabilities & Equity > $700,000,000Mean Average (in $)

All Credential Levels Bachelor’s Degree Master’s Degree

N = 3 N = 1 N = 2

Accounts Payable Trade 57,654,000 2.14% 114,941,000 1.96% 29,010,500 2.60%

Notes Payable Equipment 0 0.00% 0 0.00% 0 0.00%

Notes Payable Other 0 0.00% 0 0.00% 0 0.00%

Tuition Refunds Payable 0 0.00% 0 0.00% 0 0.00%

Current Portion of Long Term Debt 6,849,000 0.25% 20,547,000 0.35% 0 0.00%

Payroll Taxes Payable 0 0.00% 0 0.00% 0 0.00%

Accrued Salaries and Wages 72,117,693 2.67% 198,162,000 3.38% 9,095,540 0.82%

Unearned Tuition 52,505,241 1.95% 0 0.00% 77,257,861 6.93%

Unearned Dormitory Fees 0 0.00% 0 0.00% 0 0.00%

Other Current Liabilities 233,534,659 8.66% 450,575,000 7.70% 125,014,488 11.21%

TOTAL CURRENT LIABILITIES $422,660,593 15.68% $784,225,000 13.40% $240,378,389 21.55%

Notes or Bonds Payable 373,415,000 13.85% 1,120,245,000 19.13% 0 0.00%

Mortgage Payable 0 0.00% 0 0.00% 0 0.00%

Other Long-Term Liabilities 194,976,547 7.23% 366,745,000 6.26% 109,092,321 9.78%

TOTAL LONG-TERM LIABILITIES $568,391,547 21.08% $1,486,990,000 25.40% $109,092,321 9.78%

TOTAL LIABILITIES $991,052,140 36.76% $2,271,215,000 38.79% $349,470,710 31.33%

Preffered Stock 0 0.00% 0 0.00% 0 0.00%

Common Stock 123,667 0.00% 0 0.00% 185,500 0.02%

Other Equity (275,058,000) -10.20% 0 0.00% (412,587,000) -36.99%

Retained Earnings 0.00%

Beginning Balance 1,598,113,090 59.28% 2,716,906,000 46.41% 1,038,716,636 93.13%

Earnings or Loss for Year 296,983,891 11.02% 611,814,000 10.45% 139,568,837 12.51%

(Dividends) 0 0.00% 0 0.00% 0 0.00%

Other R/E Changes 84,848,000 3.15% 254,544,000 4.35% 0 0.00%

Ending Balance 1,979,944,981 73.44% 3,583,264,000 61.21% 1,178,285,473 105.64%

TOTAL STOCKHOLDERS EQUITY $1,705,010,648 63.24% $3,583,264,000 61.21% $765,883,973 68.67%

TOTAL LIABILITIES AND EQUITY $2,696,062,788 100.00% $5,854,479,000 100.00% $1,115,354,683 100.00%

N= number of balance sheets in this range of total liabilities and equity

ANALYSIS OF BALANCE SHEETS

70 2014 Key Operating Statistics

ANALYSIS OF BALANCE SHEET

Total Assets < $1,000,000 All Credential LevelsN = 49

Non-DegreeN = 24

Occupational Associate’s Degree

N = 10

Academic Associate’s Degree

N = 8

Bachelor’s DegreeN = 0

Master’s DegreeN = 7

Current Ratio 1 1 1 1 N/A 1

current assets/current liabilities

Quick Ratio 1 1 1 1 N/A 0

current assets - (inventory + current prepaid expenses)/current liabilities

Debt-to-Equity Ratio 11 2 1 -2 N/A -4

total liabilities/total stockholders equity

Total Assets $1,000,000 - $ 9,999,999

All Credential Levels N = 194

Non-DegreeN = 31

Occupational Associate’s Degree

N = 32

Academic Associate’s Degree

N = 63

Bachelor’s DegreeN = 49

Master’s DegreeN = 19

Current Ratio 2 2 2 2 3 2

current assets/current liabilities

Quick Ratio 2 2 1 2 3 2

current assets - (inventory + current prepaid expenses)/ current liabilities

Debt-to-Equity Ratio 1 1 1 1 1 1

total liabilities/total stockholders equity

Total Assets $10,000,000 - $19,999,999

All Credential LevelsN = 49

Non-DegreeN = 3

Occupational Associate’s Degree

N = 5

Academic Associate’s Degree

N = 18

Bachelor’s DegreeN = 18

Master’s DegreeN = 5

Current Ratio 2 3 2 2 2 2

current assets/current liabilities

Quick Ratio 2 3 2 2 2 2

current assets - (inventory + current prepaid expenses)/ current liabilities

Debt-to-Equity Ratio 0 0 0 0 1 1

total liabilities/total stockholders equity

71

ANALYSIS OF BALANCE SHEET

Total Assets < $1,000,000 All Credential LevelsN = 49

Non-DegreeN = 24

Occupational Associate’s Degree

N = 10

Academic Associate’s Degree

N = 8

Bachelor’s DegreeN = 0

Master’s DegreeN = 7

Current Ratio 1 1 1 1 N/A 1

current assets/current liabilities

Quick Ratio 1 1 1 1 N/A 0

current assets - (inventory + current prepaid expenses)/current liabilities

Debt-to-Equity Ratio 11 2 1 -2 N/A -4

total liabilities/total stockholders equity

Total Assets $1,000,000 - $ 9,999,999

All Credential Levels N = 194

Non-DegreeN = 31

Occupational Associate’s Degree

N = 32

Academic Associate’s Degree

N = 63

Bachelor’s DegreeN = 49

Master’s DegreeN = 19

Current Ratio 2 2 2 2 3 2

current assets/current liabilities

Quick Ratio 2 2 1 2 3 2

current assets - (inventory + current prepaid expenses)/ current liabilities

Debt-to-Equity Ratio 1 1 1 1 1 1

total liabilities/total stockholders equity

Total Assets $10,000,000 - $19,999,999

All Credential LevelsN = 49

Non-DegreeN = 3

Occupational Associate’s Degree

N = 5

Academic Associate’s Degree

N = 18

Bachelor’s DegreeN = 18

Master’s DegreeN = 5

Current Ratio 2 3 2 2 2 2

current assets/current liabilities

Quick Ratio 2 3 2 2 2 2

current assets - (inventory + current prepaid expenses)/ current liabilities

Debt-to-Equity Ratio 0 0 0 0 1 1

total liabilities/total stockholders equity

72 2014 Key Operating Statistics

Total Assets $20,000,000 - $49,999,999

All Credential LevelsN = 50

Non-DegreeN = 3

Occupational Associate’s Degree

N = 7

Academic Associate’s Degree

N = 23

Bachelor’s DegreeN = 10

Master’s DegreeN = 7

Current Ratio 2 1 7 2 2 3

current assets/current liabilities

Quick Ratio 2 1 7 2 2 3

current assets - (inventory + current prepaid expenses)/ current liabilities

Debt-to-Equity Ratio 0 1 0 0 0 0

total liabilities/total stockholders equity

Total Assets $50,000,000 - $99,999,999

All Credential LevelsN = 14

Non-DegreeN = 1

Occupational Associate’s Degree

N = 1

Academic Associate’s Degree

N = 4

Bachelor’s DegreeN = 4

Master’s DegreeN = 4

Current Ratio 1 3 7 1 1 1

current assets/current liabilities

Quick Ratio 1 3 7 1 1 1

current assets - (inventory + current prepaid expenses)/ current liabilities

Debt-to-Equity Ratio 0 0 0 0 1 0

total liabilities/total stockholders equity

Total Assets $100,000,000 - $699,999,999

All Credential LevelsN = 10

Non-DegreeN = 2

Occupational Associate’s Degree

N = 2

Academic Associate’s Degree

N = 3

Bachelor’s DegreeN = 0

Master’s DegreeN = 3

Current Ratio 1 1 1 1 N/A 2

current assets/current liabilities

Quick Ratio 1 1 1 1 N/A 2

current assets - (inventory + current prepaid expenses)/ current liabilities

Debt-to-Equity Ratio 1 3 2 0 N/A 0

total liabilities/total stockholders equity

73

Total Assets $20,000,000 - $49,999,999

All Credential LevelsN = 50

Non-DegreeN = 3

Occupational Associate’s Degree

N = 7

Academic Associate’s Degree

N = 23

Bachelor’s DegreeN = 10

Master’s DegreeN = 7

Current Ratio 2 1 7 2 2 3

current assets/current liabilities

Quick Ratio 2 1 7 2 2 3

current assets - (inventory + current prepaid expenses)/ current liabilities

Debt-to-Equity Ratio 0 1 0 0 0 0

total liabilities/total stockholders equity

Total Assets $50,000,000 - $99,999,999

All Credential LevelsN = 14

Non-DegreeN = 1

Occupational Associate’s Degree

N = 1

Academic Associate’s Degree

N = 4

Bachelor’s DegreeN = 4

Master’s DegreeN = 4

Current Ratio 1 3 7 1 1 1

current assets/current liabilities

Quick Ratio 1 3 7 1 1 1

current assets - (inventory + current prepaid expenses)/ current liabilities

Debt-to-Equity Ratio 0 0 0 0 1 0

total liabilities/total stockholders equity

Total Assets $100,000,000 - $699,999,999

All Credential LevelsN = 10

Non-DegreeN = 2

Occupational Associate’s Degree

N = 2

Academic Associate’s Degree

N = 3

Bachelor’s DegreeN = 0

Master’s DegreeN = 3

Current Ratio 1 1 1 1 N/A 2

current assets/current liabilities

Quick Ratio 1 1 1 1 N/A 2

current assets - (inventory + current prepaid expenses)/ current liabilities

Debt-to-Equity Ratio 1 3 2 0 N/A 0

total liabilities/total stockholders equity

74 2014 Key Operating Statistics

Total Assets > $700,000,000 All Credential LevelsN = 3

Non-DegreeN = 0

Occupational Associate’s Degree

N = 0

Academic Associate’s Degree

N = 0

Bachelor’s DegreeN = 1

Master’s DegreeN = 2

Current Ratio 2 N/A N/A N/A 2 1

current assets/current liabilities

Quick Ratio 2 N/A N/A N/A 2 1

current assets - (inventory + current prepaid expenses)/ current liabilities

Debt-to-Equity Ratio 1 N/A N/A N/A 1 0

total liabilities/total stockholders equity

N = number of balance sheets in this range of total assets

75

Total Assets > $700,000,000 All Credential LevelsN = 3

Non-DegreeN = 0

Occupational Associate’s Degree

N = 0

Academic Associate’s Degree

N = 0

Bachelor’s DegreeN = 1

Master’s DegreeN = 2

Current Ratio 2 N/A N/A N/A 2 1

current assets/current liabilities

Quick Ratio 2 N/A N/A N/A 2 1

current assets - (inventory + current prepaid expenses)/ current liabilities

Debt-to-Equity Ratio 1 N/A N/A N/A 1 0

total liabilities/total stockholders equity

N = number of balance sheets in this range of total assets

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