FINANCIAL
SUMMARY
Arnaud Soupa
Chair, TFS Audit and
Finance Committee
I want to thank Laura Dottori-Attanasio
for her leadership as Chair of the TFS
Audit and Finance Committee for the past
two years.
For the year ending June 30, 2020, TFS
solidified its balance sheet, continuing its
commitment to accountability and fiscal
responsibility.
As a reminder, tuition fees allow the school
to cover its basic and ongoing operating
costs. But it is essentially our community's
philanthropic support that provides TFS
with the means to enrich the educational
program, enhance facilities and provide
life-changing scholarships.
2020 2019
TFS
Highlights of the Statement of
Financial Position ($000s)
Total Current Assets $ 15,245 $ 13,590
Capital Assets $ 52,469 $ 52,242
Total Assets $ 67,714 $ 65,832
Total Current Liabilities $ 34,858 $ 34,674
Long-Term Debt $ - $ 1,281
Deferred Capital Contributions $ 13,892 $ 13,652
Total Liabilities $ 48,750 $ 49,607
Net Assets $ 18,964 $ 16,225
Highlights of the Statement of
Operations ($000s)
Tuition and Instructional Fees $ 47,376 $ 46,582
Other Income $ 3,259 $ 3,503
Total Revenue $ 50,635 $ 50,085
Educational Expenses $ 33,912 $ 33,716
Administration and General Expenses $ 12,668 $ 13,486
Amortization Expenses, Net $ 1,314 $ 1,262
Total Expenses $ 47,894 $ 48,464
Excess of Revenue Over Expenses $ 2,741 $ 1,621
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