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Financial Statements

In accordance with U.S. Generally Acceptable Accounting Principles (GAAP), The Ä¢¹½ÊÓƵ (BAC) has fulfilled the requirement for preparation and fair presentation of institutional financial statements.

2024 Financial Statements

The Statements of Financial Position show that the College possessed approximately $37.9 million in total assets, with total liabilities of $21.5 million and net assets of $16.3 million as of June 30. The BAC’s operations generated a total revenue of $17.3 million while incurring operating expenses of $19.1 million. Non-Operating Activities included a $1.7M gain resulting in change in net assets at a loss of ($137,988).

2024 Financial Summary and Statements


Highlights:

  • Total operating revenue remained consistent with the prior year excluding additional board designated draw in prior year of ~$2.2M.
  • Expenses decreased ~$1M from prior year as a result of cost reduction strategies.
  • Overall change in net assets essentially breakeven at a loss of $138k, up from a loss of $1.9M .
  • $1.4M of investment gain, resulting from ~13.5% return on investment.
  • Total investments increased from $10.2M to $11.1M.
  • The institution did not incur any new debt in FY24.
  • Repayment of old debt dropped from $10,647,855 to $10,072,178 in FY24.
  • Institutional liquidity went from $10,431,071 in FY23 to $10,984,105 in FY24.
  • Deferred revenues increased from $8.6M to $10.2M due to enrollment gains.

2023 Financial Statements

The Statements of Financial Position show that the College possessed approximately $37.8 million in total assets, with total liabilities of $21.2 million and net assets of $16.6 million as of June 30. The BAC’s operations generated a total revenue of $19.6 million while incurring operating expenses of $20.2 million. The change in net assets from operations was $(619,544). Net revenue from tuition and fees decreased by $(592,570).

In the fiscal year ending June 30, 2023, the College continued to grapple with the post-COVID challenges of resuming on-campus operations, incurring an operating loss of $(694,418). We observed total revenues and other support decrease by $(239,806).

2023 Financial Summary and Statements


Highlights:

  • Total operating revenue and expenses remained consistent with the prior year.
  • Loss from operations ($620k) down from prior year ($2.1M) due to additional draws from board designated funds (~$2.2M).
  • $1.1M in total capital additions with $810k related to the geothermal project and $146k related to the restoration project.
  • $1.2M of investment gain, resulting in ~10.65% return on investment.
  • Total investments decreased from $12.6M to $10.2M attributable to additional board designated endowment draw during 2023 to fund operations.
  • The institution did not incur any new debt in FY23.
  • Repayment of old debt dropped from $11,764,481 in FY22 to $11,228,402 in FY23.
  • Institutional liquidity went from $9,387,777 in FY22 to $9,871,267 in FY23.

2022 Financial Statements

The Statements of Financial Position show that the College possessed approximately $40 million in total assets, with total liabilities of $19.8 million and net assets of $20.2 million as of June 30. The BAC’s operations generated a total revenue of $19.3 million while incurring operating expenses of $20 million. The change in net assets from operations was $(704,042.00). Net revenue from tuition and fees increased by over $200,000.00.

In the fiscal year ending June 30, 2022, the College grappled with the challenges of resuming on-campus operations, incurring an operating loss of $1.3 million. Nevertheless, despite these obstacles, we have observed a rise in total revenues and other support by $1.8 million. This includes a $224,306 increase in net tuition and fees, thanks to our growing student enrollment.

2022 Financial Summary and Statements


Highlights:

  • In view of the pandemic's effect on student finances, we've set aside an allowance for doubtful accounts amounting to $1.4 million.
  • Like many institutions, the market downturn led to a $2.2 million decrease in the value of BAC's investments. This decline largely contributed to the $2.8 million decrease in net assets.
  • The institution’s cash balances went from $1,169,675 in FY21 to $454,035 in FY22, due to forgiveness of the Paycheck Protection Program loan in FY2021.
  • Capital expenditures remained on par with the prior year, going from $668,283 in FY21 to $607,089 in FY22.
  • The institution did not incur any new debt in FY22.
  • Repayment of old debt dropped from $12,280,994 in FY21 to $11,764,481 in FY22.
  • Institutional liquidity went from $10,820,525 in FY21 to $9,387,777 in FY22.

2021 Financial Statements

The Ä¢¹½ÊÓƵ's financial summary and audited financial statements for 2021 and a Fiscal Year 2019 to Fiscal Year 2021 Financial Summary.

2020 Financial Statements

The Ä¢¹½ÊÓƵ's financial summary and audited financial statements for 2020.

2019 Financial Statements

The Ä¢¹½ÊÓƵ's financial summary and audited financial statements for 2019.

Need Assistance?

If you have any questions, please contact the Vice President of Finance at VPFA@the-bac.edu.

The BAC's publications are available upon request from the Director of Marketing and Communications at Communications@the-bac.edu.