For many years CST has faced financial challenges, but because of your faithfulness to the mission, our work continues. Here are the numbers:
For the fiscal year which ended June 30, 2017, CST posted a loss of ($2,763,989) compared to the June 20th, 2016 fiscal year end, with a posted loss of ($2,114,109). The larger deficit is attributed to a decrease in revenues as the Claremont Lincoln University teach-out winds down ($240,704), and from a reduction in total contributions ($1,816,367) due to a windfall estate gift received in 2016. Ignoring that windfall gift, donations were up a little from year to year . Total expenses were down $70,526 year to year, even as the school incurs significant legal expenses over the disposition of the physical campus.
When asked about our financial situation, Vice President for Business Affairs and Chief Financial Officer Gamward Quan explains, “We have been cutting our expenses. We have the largest enrollment ever. We have left
some things undone in regard to campus maintenance, and we are still at a deficit. Truly, donor support has kept this dream alive since its inception , but it is time for all of us to face up to the realities of the cost of higher education. How many students would it take? How many donations would we need? The continuation of the school’s mission can only be accomplished by rethinking the way we operate.”
4%
13%
1%
REVENUES
2017
2016
2017 REVENUE SOURCES $7,855,354
27%
9%
NET TUITION CLU TEACH-OUT CONTRIBUTIONS (WINDFALL ESTATE GIFT) INVESTMENT RETURN CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS
$2,087,893 $500,000 $3,099,610 $680,702 $98,176 $1,047,716 $341,257 $7,855,354
$1,972,976 $740,704
$4,915,977 $(156,192) $(253,457) $1,060,860 $294,892 $8,575,760
6%
40%
RENTAL INCOME OTHER INCOME
4%
EXPENSES
2017
2016
24%
2017 EXPENSES $10,619,343
INSTRUCTION ACADEMIC SUPPORT SPONSORED PROGRAMS STUDENT SERVICES INSTITUTIONAL SUPPORT PLANT OPERATION AND MAINTENANCE COMMUNITY SERVICE
$3,580,787 $658,860 $547,961
$3,518,063 $610,208 $821,052
34%
$1,170,655 $1,683,913 $2,586,782 $390,385 $10,619,343
$1,129,617 $1,713,610 $2,419,330 $477,989 $10,689,869
16%
6%
5% 11%
6
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