Hebrew College Audited Financials

December 17, 2025

Management Summary of FY`25 Audited Financials

The College is pleased to report that it is in its healthiest financial position in many years! Net Unrestricted Assets as of June 30, 2025 total $10.39MM. This balance reflects an FY’25 Change in Unrestricted Net Assets of a positive $528K largely driven by Capital Contributions collected during this time-period and released from new campus development restrictions pertaining thereto. Net Assets, including those with and without donor restrictions total $19.45MM.

Working Capital of $2.32MM includes $1.60MM of Unrestricted Cash plus $721K in time or purpose restricted cash, representing approximately 3.1 months of working capital.

Hebrew College generated an Operating Surplus in FY25 of $253K on a Cash Basis. On a GAAP Basis there is a reported deficit of $228K after Depreciation Expense of $481K, primarily on the new campus fixed assets.

Operating Revenue of $8.71MM includes $4.83MM Unrestricted Grants and Contributions, $3.09MM Net Tuition Revenue, $626K Rentals and Other Income and $166K in Investment Return Designated for current operations.

Operating Expenses of $8.94MM include $5.73MM Instruction, $1.98MM Institutional Support, $481K Academic Support, $459K Institutional Advancement, and $289K Student Services.

The new Washington Street shared campus is a model for the possibilities of collaborative success and was developed with support from Eastern Bank in the form of a $4.0MM construction line of credit and from a private loan of $1.0MM. As of the end of FY25, remaining balances on those two instruments were $475K and $600K respectively. The Eastern Bank obligation will be paid off in full by its May 2026 maturity date from continuing Capital Campaign contributions and pledge collections. The College has raised $14.1MM in Capital Campaign Commitments to fund the new campus project.

Unqualified auditor opinions continue to be received in FY25 and annually.

Keith E. Dropkin
Chief Financial & Administrative Officer