The net assets of the Seminary increased by $0.9 million in 2009-2010. An increase in net assets from non-operating activity of $1.2 million was slightly offset by a decrease in net assets from operating activity of $0.3 million. Total operating revenues of $2.0 million for 2009-2010 were down $0.4 million as a result of a decline in private gifts and grants. An $88,000 increase in net tuition revenue was offset by an $83,000 decline in investment income.
Operating expenses increased by only $21,000, or less than 1% of all expenses, reflecting careful fiscal management.