Accountants’ Report and Consolidated Financial Statements ...

Accountants' Report and Consolidated Financial Statements

June 30, 2012 and 2011

Trinity International University

June 30, 2012 and 2011

Contents

Independent Accountants' Report ....................................................................................... 1

Consolidated Financial Statements Statements of Financial Position ........................................................................................................ 2 Statements of Activities ..................................................................................................................... 3 Statements of Cash Flows .................................................................................................................. 4 Notes to Financial Statements ............................................................................................................ 5

Independent Accountants' Report

Board of Regents Trinity International University Deerfield, Illinois

We have audited the accompanying consolidated statements of financial position of Trinity International University (University) as of June 30, 2012 and 2011, and the related consolidated statements of activities and cash flows for the years then ended. These financial statements are the responsibility of the University's management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Trinity International University as of June 30, 2012 and 2011, and the changes in its net assets and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

September 11, 2012

Trinity International University

Consolidated Statements of Financial Position June 30, 2012 and 2011

Assets

Cash and cash equivalents Student accounts receivable, net of allowance of $819,599

and $690,179 for 2012 and 2011 Contributions receivable, net of allowance of $15,773 and

$26,965 for 2012 and 2011 Federal award reimbursements receivable Other receivables Prepaid expenses and other assets Employee loans receivable Loans receivable, net of allowance of $97,941 and $76,529

for 2012 and 2011 Investments Assets held in trust Property and equipment, net of accumulated depreciation

Total assets

Liabilities

Accounts payable Line of credit Accrued and other liabilities Deposits Deferred revenue Annuities and trusts payable Refundable government loan advances Long-term debt

Total liabilities

Net Assets

Unrestricted Temporarily restricted Permanently restricted

Total net assets

Total liabilities and net assets

2012

2011

$ 2,436,527 $

56,364

1,263,766

1,075,527

498,330 1,371,886

44,253 927,425 103,474

655,392 1,321,160

94,681 1,435,155

158,090

2,585,004 49,498,216

618,130 43,519,422

2,586,727 24,760,383

634,016 44,336,240

$ 102,866,433 $ 77,113,735

$ 902,254 $ 812,796

1,880,000

900,000

1,144,489

832,111

283,598

283,588

1,864,955

1,622,679

1,212,805

1,344,631

2,544,113

2,504,842

23,006,622

23,055,070

32,838,836

31,355,717

30,140,028 12,394,078 27,493,491

33,154,431 3,445,310 9,158,277

70,027,597

45,758,018

$ 102,866,433 $ 77,113,735

See Notes to Consolidated Financial Statements

2

Trinity International University

Consolidated Statements of Activities Years Ended June 30, 2012 and 2011

Revenue, Gains (Losses) and Other Support Tuition and fees Institutional scholarships

Net tuition and fees Contributions Auxiliary enterprises Investment return Other Net assets released from

restrictions Change in value of split-interest

agreements

Total revenue, gains (losses) and other support

Expenses Instruction Academic support Student services Operation and maintenance Institutional support Fundraising Auxiliary enterprises Other

Total expenses

Change in Net Assets Before Depreciation and Amortization and Bad Debt Expenses on Contribution Receivables

Depreciation and Amortization

Bad Debt Expense on Contribution Receivables

Change in Net Assets

Net Assets, Beginning of Year

Net Assets, End of Year

Unrestricted

2012

Temporarily Permanently

Restricted

Restricted

Total

$ 38,187,705 $ (11,389,107)

-- $ --

-- $ 38,187,705

--

(11,389,107)

26,798,598 3,716,540 6,482,054 (1,142,144)

606,941

2,953,358

17,035

-- 11,284,622

-- 567,675

--

(2,953,358)

49,829

-- 18,325,184

-- 13,589

--

--

(3,559)

26,798,598 33,326,346 6,482,054

(560,880) 606,941

--

63,305

39,432,382

14,041,038 2,845,847 7,461,001 3,252,625 8,889,433 1,474,241 2,052,229 4,585

40,020,999

8,948,768

-- -- -- -- -- -- -- --

--

18,335,214

-- -- -- -- -- -- -- --

--

66,716,364

14,041,038 2,845,847 7,461,001 3,252,625 8,889,433 1,474,241 2,052,229 4,585

40,020,999

(588,617) (2,425,786)

8,948,768 --

18,335,214 --

26,695,365 (2,425,786)

--

--

--

--

(3,014,403)

8,948,768

18,335,214

24,269,579

33,154,431

3,445,310

9,158,277

45,758,018

$ 30,140,028 $ 12,394,078 $ 27,493,491 $ 70,027,597

See Notes to Consolidated Financial Statements

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