In accordance with U.S. Generally Acceptable Accounting Principles (GAAP), The Boston Architectural College (BAC) has fulfilled the requirement for preparation and fair presentation of institutional financial statements.
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.
- 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.
2020 Financial Statements
The Boston Architectural College's financial summary and audited financial statements for 2020.
2019 Financial Statements
The Boston Architectural College's financial summary and audited financial statements for 2019.