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10 FINANCIAL REPORT 2015 ARCHDIOCESE OF DENVER HOLY FAMILY HIGH SCHOOL, INC. For the school year ended June 2015, HFHS graduated 154 seniors, who received $14.5 million in merit-based scholarships (including two national merit students) to aend colleges and universities throughout the United States. For the current school year that began in August 2014, HFHS is at capacity, educating 610 students. HFHS's loss from operations decreased in fiscal 2015 as compared to fiscal 2014. Average enrollment for the 2014-2015 school year of 610 students was consistent with the 614 students for the 2013-2014 school year, however, the tuition collection rate in 2015 was beer than 2014, resulting in an increase of nearly $400,000 in tuition income. HFHS realized a modest decrease in non-operating support revenues in fiscal 2015 as compared to fiscal 2014 due primarily to a decrease in investment income from unfavorable investment returns. HFHS students continue to achieve many accomplishments. In addition to aaining high academic performance and receiving the highest scores in math, art and Latin competitions, they are blessed with a faith-filled curriculum with four years of theology and more than 35 different clubs and athletic programs. STATEMENTS OF FINANCIAL POSITION As of June 30, 2015 and 2014 2015 2014 ASSETS: Cash & cash equivalents $1,509,062 $1,170,467 Cash & short-term investments held in trust or restricted 130,800 145,150 Total cash & short- term investments 1,639,862 1,315,617 Tuition receivable and other assets, net 5,951 13,624 Contributions receivable and other assets, net 6,684 2,500 Investments 3,418,495 3,516,636 Property & equipment, net 10,360,310 10,685,526 Total assets $15,431,302 $15,533,903 LIABILITIES: Accounts payable & accrued expenses $242,818 $284,376 Funds held in trust for others 130,800 140,950 Tuition & fees paid in advance 410,109 461,462 Note payable to revolving fund trust 358,882 397,278 Total liabilities 1,142,609 1,284,066 NET ASSETS: Unrestricted 10,825,300 10,695,666 Temporarily restricted 789,847 880,683 Permanently restricted 2,673,546 2,673,488 Total net assets 14,288,693 14,249,837 Total liabilities & net assets $15,431,302 $15,533,903 STATEMENTS OF ACTIVITIES Years ended June 30, 2015 and 2014 2015 2014 OPERATING REVENUES: Tuition income, net $5,013,099 $4,620,158 Catholic Schools Assistance Fund grants 425,400 429,200 Student fees & other operating revenues 605,736 527,249 Total operating revenues 6,044,235 5,576,607 OPERATING EXPENSES Educational salaries & direct expenses 3,787,164 3,710,326 Facilities & educational administration 2,075,269 1,975,467 Support & administration 319,913 392,428 Total operating expenses 6,182,346 6,078,221 Loss from operations (138,111) (501,614) NON-OPERATING SUPPORT & EXPENSES: Grants & other contributions 128,747 197,462 Special events, net of expenses 310,286 270,995 Investment income, net 7,957 457,703 Development, fundraising & other expenses, net (270,023) (209,716) Net non-operating support 176,967 716,444 Increase in net assets $38,856 $214,830 Holy Family High School students value teamwork, both on the field and in the classroom.