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Guaranteed
Student Loan Programs - Financial Statements, March 31, 2002 and 2001 (index)Statement of Revenue, Expenses and Changes
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2002
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2001
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| Revenue: | ||||
| Defaulted loan collections (note 5) | $ | 53,848,271 | 56,693,757 | |
| Administrative and program fee income (note 4) | 28,150,889 | 33,049,269 | ||
| Investment income | 2,721,996 | 4,671,278 | ||
| Other | 1,383,208 | 1,238,584 | ||
| Debt management initiative program fees | 792,053 | 530,755 | ||
| Total revenue | 86,896,417 | 96,183,643 | ||
| Expenses: | ||||
| Salaries and employee benefits | 37,316,272 | 38,220,298 | ||
| General and administrative expenses | 17,342,650 | 18,693,296 | ||
| Collection expenses | 15,292,939 | 17,665,496 | ||
| NYS Office for Technology equipment usage charges | 7,443,428 | 2,240,944 | ||
| Depreciation | 174,101 | 282,999 | ||
| Purchases of defaulted State loans from lenders | 84,136 | 24,701 | ||
| Total expenses | 77,653,526 | 77,127,734 | ||
| Income from operations | 9,242,891 | 19,055,909 | ||
| Fund balances at beginning of year | 63,439,698 | 44,383,789 | ||
| Fund balances at end of year | $ | 72,682,589 | 63,439,698 |
See accompanying notes to financial statements.