09 autumn reporter 1-20 - Franklin College

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Message from the board chair: Dear Alumni and Friends, Over the past fiscal year, hardly a day has gone by when the board of trustees has not thought about Franklin College’s finances. Chances are you and your family spend significant time looking at your own financial picture. Like donors, the board of trustees deliberates extensively about financial decisions. We take the trust and faith put into our collective hands very seriously, and we look to Franklin’s history of honorably serving students through wars, recessions and economic good times as a guiding principle for our efforts. In a similar way, individual donors reflect on the value of their Franklin experiences as a guide for giving. We are very grateful that the fiscal year fundraising results indicate the high value supporters place on their college experience; fundraising for the Franklin Fund totaled $643,400, which exceeded the goal, and alumni participation reached 28 percent. We sincerely thank you for your loyal support during a difficult year. 22 Your support was significant to the board of trustees’ work in doing what we believe is best for Franklin College. We are proud of our fiscal year accomplishments: The board of trustees approved an increase in Franklin’s tuition by less than 4 percent and a budget that will give raises to college employees next year. The incremental tuition increase helped stabilize enrollment and enable advocacy for those students whose college of choice is Franklin. Employee raises are vital to retention and recruitment to ensure continuation of the caring work that Franklin’s faculty and staff do on behalf of students every day. The board of trustees also collaborated with Franklin’s employees and students during the process of crafting and modifying a Campus Master Plan, which, coupled with a more comprehensive Franklin College Plan, will provide a blueprint for our actions for the next 10 to 15 years. We will keep you involved and informed every step of the way as we put into place plans and programs to meet future needs. As always, the board of trustees operates with a commitment to serving students, recruiting and retaining outstanding faculty and staff, securing the quality of the liberal arts and spreading the word about the Franklin College experience. As we work toward building Franklin’s endowment, increasing the Franklin Fund for Student Scholarships, recruiting and retaining outstanding faculty and enhancing college programs and facilities, the need for your continuing support will be of high priority. Thank you for being our partner and enabling us to look at Franklin’s future with confidence. Sincerely, Susan Johnson DeVoss ’65 Board of Trustees Chair Message from the president: Dear Alumni and Friends, Franklin College is a sound and strong institution, poised to face the challenges as our nation continues working through tough economic times. Franklin, as it has historically, perseveres because of its people. Individuals — past and present — who have invested their hearts and minds in Franklin College are our greatest resource. Franklin is doing well in these difficult times because of the quality and character of our supporters, those who believe in our college mission and are committed to serving students. Franklin’s supporters care deeply about preparing men and women for significant careers through the liberal arts. Moreover, Franklin’s supporters know that learning to think for oneself, to communicate clearly, and to work with, for, and on behalf of other people is the true path to a life of excellence, leadership and service. Franklin’s career-focused liberal arts experience coupled with a stable enrollment of approximately 1,000 is integral to effectively fulfilling our mission. We’re the perfect size for what we do, making education genuinely interpersonal and enabling the college to deliver transformative learning experiences for students. In these uncertain economic times, the backbone of Franklin College is fiscal integrity. The Council of Independent Colleges Composite Financial Index compares 740 colleges in terms of the sufficiency and flexibility of resources, the management of debt, the performance of assets, and the results of operations. A score of three is considered the threshold for financial health. In the last six years, Franklin’s scores have progressed from 5.6 to the current 8.6. While we’re proud of Franklin’s tremendous progress, there’s still much work to do. We hope you’ll join us in securing the future of Franklin College. A key strategy for the future is the Campus Master Plan, crafted collaboratively by faculty, staff, students, alumni and trustees. The plan will guide our thinking about facilities and grounds for the next 10 to 15 years. As the Campus Master Plan is integrated into the overall Franklin College Plan, we will explore ways to fulfill our distinctive mission more effectively. With your help, we will ensure that Franklin College remains accessible to the students we serve well. Eleven current students are featured in this Annual Report to provide you with a glimpse of the outstanding young people your financial gifts assist; they are our future, the men and women who will go on to make a difference in the world. Among the same pages are favorite stories told by 11 alumni, whose memories of Franklin’s past serve as an important record of college history. Then and now, it’s Franklin’s people who make this a great time to be a Grizzly. Thank you for supporting Franklin College and our students. Sincerely, Jay Moseley President
ASSETS Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,281,595 Accounts receivable, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,031,758 Pledges receivable, net of allowance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $376,918 Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $67,782,191 Inventories, prepaid expenses and other assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $556,363 Investments in plant, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $50,895,901 Bond issue costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $170,968 Cash surrender value of life insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $343,558 Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $125,439,252 LIABILITIES Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $415,660 Accrued payroll and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $560,041 Borrowings under lines of credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,400,000 Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $11,401,335 Advances from federal agency for student loans . . . . . . . . . . . . . . . . . . . . . . . . . . $1,852,203 Liabilities under charitable annuity unitrust agreements . . . . . . . . . . . . . . . . . . . . $806,769 Capital lease obligation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $126,525 Deferred tuition; fees and deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $298,319 Funds held for campus organizations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $116,746 Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $16,977,598 NET ASSETS Unrestricted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $60,403,697 Temporarily restricted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $11,788,638 Permanently restricted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $36,269,319 TOTAL NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $108,461,654 TOTAL LIABILITES AND NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $125,439,252 REVENUES Auxiliaries 14.8% Investment Income 11.1% Miscellaneous 0.8% Tuition and fees 61.9% Contributions (including pledges) 11.3% Student services 15.8% Institutional support 7.9% Academic support 9.6% Fundraising 4.0% Statement of Financial Position June 30, 2009 Endowment Investment The Franklin College Endowment is invested according to the policy adopted by the board of trustees. An investment committee directs and reviews the endowment fund policies and performance. The market value of the endowment investments totals $69,891,700, as of June 30, 2009. The majority of the funds are maintained in the endowment pool; others are invested individually due to donor restrictions. Eighteen investment firms are retained to manage the endowment pool funds. The endowment pool, which has a balance of $68,041,935, is invested as follows: Cash and cash equivalents 4.2% . . . . . . . . . . $2,852,945 Bonds 3.5% . . . . . . . . . . . . . . . . . . . . . . . . . . $2,402,225 Bond mutual funds 14.1% . . . . . . . . . . . . . . $9,623,156 Stocks 3.4% . . . . . . . . . . . . . . . . . . . . . . . . . . $2,304,863 Stock mutual funds 37.6% . . . . . . . . . . . . . $25,557,068 Alternative investments 29.0% . . . . . . . . . . $19,721,678 Real estate 8.2% . . . . . . . . . . . . . . . . . . . . . . . $5,580,000 Other endowment funds are separately invested per instructions of the donor. These funds total $1,849,765. The endowment also includes life income and annuity funds with a market value of $1,247,672. EXPENDITURES Auxiliary enterprises 12.3% Instruction 23.5% Student aid 26.9% 23
Page 1 and 2: FRANKLIN COLLEGE autumn 2009 R E P
Page 3 and 4: 48 Alumni and friends share favorit
Page 5 and 6: 4 3. Split end Adam Mellencamp ’1
Page 7 and 8: 5. Class of ’74 reunion attendees
Page 9 and 10: 5 6 1. Class of ’89 reunion atten
Page 11 and 12: 5 WWW.FRANKLINCOLLEGE.EDU AUTUMN 20
Page 13 and 14: College earns governor’s award PH
Page 15 and 16: Girls in Power Camp participants br
Page 17 and 18: Jamie Bromley, assistant professor
Page 19 and 20: Franklin College coach, athlete hon
Page 21: 2008-09 Annual Report 42
Page 25 and 26: OLD MAIN SOCIETY Recognizes alumni
Page 27 and 28: James M. Frische Robert Garton Alic
Page 29 and 30: Blue and Gold Club Phyllis Taylor A
Page 31 and 32: Paul F. Gray Samuel G. Hicks Donna
Page 33 and 34: Meredith W. Price Judith M. Roscoe
Page 35 and 36: Luann Williams Colin Robert L. Coli
Page 37 and 38: 1989 President’s Circle Lisa Comb
Page 39 and 40: Wellhouse Society Brett Michael Haw
Page 41 and 42: Frank Hutcheon Bill and Margo Marti
Page 43 and 44: Mr. John Peter Sohn Dr. David Wantz
Page 45 and 46: Mr. Matthew Joseph Prusiecki Ms. Do
Page 47 and 48: 2008-09 Franklin College Executive
Page 49 and 50: “Let’s go up to fourth floor an
Page 51 and 52: professor Sam Hicks, a group of ded
Page 53 and 54: moments, but mostly as I think abou
Page 55 and 56: Trisha Taylor ’04: It’s hard to
Page 57 and 58: Minister leads parishioners in knoc
Page 59 and 60: “When I go into a supermarket, I
Page 61 and 62: Higher education seems to be the fr
Page 63 and 64: The ’50s Don Dilmore ’50 and hi
Page 65 and 66: special education teacher at Macona
Page 67 and 68: Tiffany Henderson ’07 and Jason F
Page 69 and 70: Applied Spectroscopy, and he was a
Page 71 and 72: Pauline DeVore Crump ’38, Horizon

09 autumn reporter 1-20 - Franklin College

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