EM>* The College's $19.1 million in total debt as of 6/30/09 reflects a $2.6 million reduction from the fiscal year ending 6/30/08. The decrease includes a $1.7 million decrease in our Bank of America liabilities. The reduction, however, was offset by a $2.6 million loan from the endowment, for which the College will pay interest and which will be repaid on a set schedule.* The correct level of the College's endowment including the portion pledged to the bank (approximately $12 million), trust funds, loans, etc. is about $17 million./SPAN>/>
