We continue to be amazed by God's unusual care for Covenant College as demonstrated by the positive standing of our financial position. With the generosity of donors, the sustained interest by new students, and the stewarding of resources by many capable managers, we are able to report a positive financial picture for the 2010-2011 year.
Tuition revenue of nearly $15 million and gift revenue over $3.3 million helped us to post a positive change in net assets of about $2.6 million. This positive figure included an unrestricted gain, including gains on investments, of $500K or about 2% of the operating budget.
The $4 million growth of the investments allowed the College to reclassify its net assets to reflect a value that is once again greater than the historic gift value of the permanently restricted funds. Because of the decline in markets, that value had been below the historic gift value for the last two years.
The consolidated investments rose from about $21 million to about $25 million, and we were able to draw more than $900K from the endowment to support the work of the College. We continue to be thankful for those who have given in the past and for those who are currently making estate plans to enable this sustaining support to continue.
During this year, we constructed a conservative ten-year budget plan that included sustaining operations, increasing compensation, and addressing deferred maintenance issues over the next decade. Based on the data, we continue to be thankful and guardedly optimistic, knowing that the future is in the control of our sovereign God. I continue to be amazed by God's grace, the work of his people and the privilege of serving a college that embodies such a unified mission of keeping Jesus preeminent in all things.
Vice President for Academic Affairs and
Chief Financial Officer