2020-2021 President's Annual Report

FISCAL UPDATE

Texas College has demonstrated a position of financial strength, prudent fiscal behavior and oversight along with maintaining adequate financial reserves. At the end of FY 2020, the College’s total operating revenue was $17,463,858.00 with $6,369,159.00 in endowment investments. Cash on hand for the same fiscal period was $1,691,650.00 with a debt coverage ratio at 4.85x based on operating cash flow. For more than a decade the College has operated fiscally sound with codified budgeting and management processes. The results of such outcomes are associated with sound budgeting that is fiscally conservative and operating with a plan of strategic direction; the receipt of CARES ACT Funding was also beneficial to the fiscal posture of the College. The following fiscal overview provides a comprehensive summary of what has occurred for the 2020 period; the College again operated in the “black.”

Investments at Fair Market Value INCREASED 15%

Liabilities DECREASED 1%

Value of Property, Plant & Equipment INCREASED 1%

Total Assets INCREASED 4%

Total Operating Expenses DECREASED 2%

Change in Net Assets INCREASED 19%

Gifts, Scholarships and Philanthropic Supports The pursuit and resources of gifts to the College are essential to the sustainability and operations of the College. During the 2020-2021 period a number of corporate friends and individuals gave unselfishly to the cause of “making educational dreams a reality.” They are: The Christian Methodist Episcopal Church; UNCF; Hank Aaron Chasing the Dream Foundation; Alpha Kappa Alpha Sorority; Brookshire Grocers ;Texas College National Alumni Association; Mrs. Billye Aaron; Oncor; Ford Foundation/Toyota via UNCF; and Marshalling Resources. Grants and External Funding Texas College has been fortunate to have the support of various entities. Such support is significant to the continuous support of the mission and benefits the stakeholder of the College. It is with gratitude and appreciation that the administration acknowledges the resources that have been received; they are: National Parks Service; DOE/SAFRA; National Science Foundation; ETMC Foundation; CARES Act Funding; and DOE Title III Part B.

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