Hebrew College Audited Financials
December 29, 2020
Management Summary of FY’20 Audited Financials
Hebrew College’s financial position has continued to significantly strengthen during FY’20 under the astute leadership of its present administration. Through an assortment of strategic initiatives, the institution achieved a positive Change in Unrestricted Net Assets and a substantial increase in Cash Balances. Despite and in response to the challenges of a global pandemic, the college has maintained and embraced a steady student enrollment in its core Graduate Studies programs and heading into FY’21 has expanded upon its Community Education offerings and reach.
- Key FYE June 30, 2020 financial metrics include:
- Cash position has increased to $2.6MM Unrestricted and $3.6MM Total as compared with $913K and $1.8MM respectively in prior year.
- Unrestricted Current Assets have increased from $2.9MM to $4.8MM.
- Net Assets without donor restrictions have increased by $340K.
- Total Operating Revenue in FY’20 increased to $9.3MM from $8.4MM in prior year, reflecting the extraordinary impact of a Cares Act Paycheck Protection Program Loan/Conditional Grant.
- Change in Unrestricted Net Assets from Operations indicates a positive $553K in comparison with a negative ($1.0MM) in prior year.
Vice President for Finance & Administration