The College awarded $2.97 million in scholarship aid and paid out $1.7 million in student employment. The combined total of $4.7 million represents 14% of the total operating budget. Revenues from government grants totaled $6.93 million.
The College received $4 million from the Paycheck Protection Program in April 2020. The loan was forgiven in June 2021 and no liability remains at the end of the year. $2.3 million has been included in revenues from government contracts in FY 2021.
In May 2021, the College refinanced its MDFA 2016 Series bonds with $22.9 million in MDFA Series 2021 tax-exempt bonds. $14.9 million of the bond is outstanding at the end of the year. The College can drawdown an additional $8 million over three years to finance a windows replacement project on campus. Interest only payments are due for the first three years. The interest rate is fixed at 2.44% for the first ten years.
Cash and investments combined total $22.6 million as of the end of the year.
The change in net assets from the FY 2021 Audited Financial Statements was $5,012,957, the highest in the College’s history. Total net assets are $23.9 million as of the end of the year. The following are financial highlights from the year:
$45.5 million in Total Assets
$23.9 million in Net Assets
$6.93 million in Government Contracts
$2.97 million in Scholarship Aid
$1.73 million in Student Employment
For detailed information about our financial statements, please contact Daniel Brent, Vice President of Finance and Operations, at 617-564-9336 or firstname.lastname@example.org.
Please click here for a copy of our Consolidated Financial Statements for FY21.
Please click here for a copy of our Consolidated Financial Statements for FY20.
Please click here for a copy of our Consolidated Financial Statements for FY19.