Reaching the Goal: Impacting the World Through Christian Education.

• Annual Report Fiscal Year 2010

“A voice of one calling: ‘In the desert prepare the way for the LORD; make straight in the wilderness a highway for our God. Every valley shall be raised up, every mountain and hill made low; the rough ground shall become level, the rugged places a plain. And the glory of the LORD will be revealed, and all mankind together will see it. For the mouth of the LORD has spoken.’” - Isaiah 40:3-5

Exemplary Academics Christ-Centered Community



hank you! By the grace of God, and with your prayers and financial backing, Colorado Christian University just concluded a banner fiscal year of rising enrollment, academic achievement, evangelism, missions, and great success in athletics and community life. In a little less than 10 decades, what began as a oneroom school with two students and a single teacher has become a fully accredited university enrolling nearly 3,700 undergraduate and graduate students, with regional centers in six cities, a pleasant and humble campus, and thousands of alumni around the world. Colorado Christian University is an accredited evangelical university in the Rocky Mountain region and continues to increase academic standards, enrollment, and community life while becoming financially strong and well-prepared for future growth and opportunities. Colorado Christian University (CCU) cultivates knowledge and a love of God in a Christ-centered community of learners and scholars, with an enduring commitment to the integration of exemplary academics, spiritual formation, and engagement with the world. The University holds firmly to traditional values and high academic standards. Throughout their education at CCU, students learn to trust the Bible, live holy lives, and be evangelists - sharing the love of Christ on campus, in the local community, and around the world. CCU has a rich history of active service through student-led mission trips and ministries that touch the lives of others. Regular chapel services, Bible studies and discipleship groups, and mentoring relationships with dedicated faculty and staff members teach and encourage students as they progress through their education here. The University believes this unique combination of classroom learning, active service, and spiritual formation creates a transformational experience that produces graduates who think critically and creatively, lead with high ethical and professional standards, embody the character and compassion of Jesus Christ, and change the world. Thank you for your faithfulness as we seek to honor Christ in the church, academia, business, the arts, government, and many other professions. We appreciate your encouragement and support more than you know. Sincerely, William L. Armstrong, President



Mr. William Armstrong

Dr. Toby Cole

Mr. Terry Considine

Dr. James Dixon

Dr. Margaret Fomer

Mrs. Kaye Lynn Fote

Mr. Don Harwell

Mr. Sam Kimbriel

Mr. Harold Krause

Mr. Chick Lee

Ms. Terry Leprino

Dr. Gerald May

Ms. Lee McDowell Vice Chairman

Mr. Tim McTavish

Mrs. Susan Mueller

Mr. William Pauls

Mr. Walt Rakowich

Dr. Dale Schafer

Mr. Donald Siecke

Dr. Donald Sweeting

Dr. John Turner

Mr. William White Chairman

Dr. Robert Woodson


VISION We envision graduates who think critically and creatively, lead with high ethical and professional standards, embody the character and compassion of Jesus Christ, and who thereby are prepared to impact the world.

MISSION Colorado Christian University cultivates knowledge and love of God in a Christ-centered community of learners and scholars, with an enduring commitment to the integration of exemplary academics, spiritual formation, and engagement with the world. Christ-centered community Our community of interdependent students, faculty, and staff seeks to honor and obey Jesus Christ, who is present in Spirit and speaks in Scripture, and to advance God’s purposes in the lives of every member. Exemplary academics Our undergraduate and graduate curricula integrate faith and learning in a scholarly environment that fosters critical and creative thinking, academic excellence, and professional competence. Spiritual formation Our academic and student-development programs cultivate a deep and enduring faith that affirms the authority of Scripture and embraces Christ as the authentic center of life. Engagement with the world Our students experience and engage the world in ways that prepare leaders to serve and transform their professions, churches, and communities.

The CCU2theWorld program offers students opportunities each year to balance their Christian education with missionary service and evangelism in locations worldwide. Across the last decade, over 100 short-term, studentled teams have gone to more than 36 countries, serving through relational evangelism, work projects, sports ministry, teaching, and more. During the 2009-10 school year CCU teams visited 3 U.S. states and 10 foreign countries.


In 2010, Bill Inman received his bachelor’s diploma from CCU after an educational climb of more than 30 years. In 1981, then a student at CU-Boulder, he was in a car accident from which surgeons had to remove a third of his brain, leaving him severely mentally and physically handicapped. In the following three decades, Bill fought to regain his speech and analytical and motor skills, taking one college course at a time, eventually coming to CCU. He’s now writing a book and wants to influence others as a public speaker on the lecture circuit.


STRATEGIC OBJECTIVES Colorado Christian University’s Strategic Objectives were adopted by the CCU board of trustees to serve as a guiding compass for the University. They direct the implementation of CCU’s long-established mission and vision, and provide context for the University’s first priority, an enduring commitment to Jesus Christ and His Kingdom. The Strategic Objectives provide a point of convergence for every member of the CCU community and for every aspect of life at CCU, from teaching and learning in the classroom to living with and serving others.

CCU is home to nearly 3,700 students, and nearly two-thirds are enrolled in the College of Adult and Graduate Studies. Last March, the College’s Northern Colorado Center relocated to a larger facility with improved learning technology, a change reflective of wide growth among in-seat and online programs in the College. Since 2007, its Western Colorado Center has also moved to a prominent new site, facilities opened in Northglenn and the Denver Tech Center, offerings to local military personnel expanded, and several nursing programs were launched.


COLORADO CHRISTIAN UNIVERSITY SHALL: • Honor Christ and share the love of Christ on campus and around the world; • Teach students to trust the Bible, live holy lives, and be evangelists; • Be a magnet for outstanding students and prepare them for positions of significant leadership in the church, business, government, and professions by offering an excellent education in strategic disciplines; • Teach students how to learn; • Teach students how to think for themselves; • Teach students how to speak and write clearly and effectively; • Give students significant opportunities to serve our Lord while they are at CCU and to help them develop a lifetime habit of such service; • Impact our culture in support of traditional family values, sanctity of life, compassion for the poor, biblical view of human nature, limited government, personal freedom, free markets, natural law, original intent of the Constitution, and Western civilization; • Be seekers of truth; • Debunk “spent ideas” and those who traffic in them; • Ask God to multiply our time and ability to the glory of His great name; • Be a servant of the church; and

In October the School of Music held a special concert to celebrate the contributions of many donors and a generous matching grant by the Rockley Family Foundation, which made possible the purchase of a brand new Bechstein 9’2” concert grand, one of the finest pianos made. Along with the new hardwood stage it sits on, the piano is a tremendous improvement for the performing arts at CCU.


• Become a great university.


Evangelical Council for Financial Accountability

Condensed Financial Statements
Fiscal Year Ended June 30,
Condensed Balance Sheet Assets Cash & Cash Equivalents Accounts Receivable Investments Property and Equipment, Net Other Assets Total Assets Liabilities Accounts Payable and Other Deferred Revenue Bonds Payable Other Total Liabilities Net Assets Unrestricted Restricted Total Net Assets Total Liabilities and Net Assets Condensed Statement of Activities Operating Revenue Tuition Revenue Scholarships and Grants Auxiliary Services Contributions Other Total Revenue Operating Expenses Instruction Academic Support Student Services Auxiliary Enterprises Total Program Expenses Support Activities General and Administrative Fund Raising Public Service Total Support Expenses $33,666,096 94% $32,470,946 97% (6,565,639) -18% (5,488,516) -16% 4,582,213 13% 4,266,613 13% 2,472,339 7% 987,649 3% 1,759,859 5% 1,190,164 4% $35,914,868 100% $33,426,856 100% $12,350,236 3,914,819 9,834,881 4,230,263 $30,330,199 $2,418,185 823,376 248,311 $3,489,872 37% $11,405,545 12% 4,200,490 29% 9,321,955 13% 4,000,756 90% $28,928,746 7% 2% 1% 10% 100% $2,364,260 765,589 67,202 $3,197,051 36% 13% 29% 12% 90% 7% 2% 0% 10% 2010 % 2009 %

$10,571,462 20% $8,135,467 16% 1,861,926 4% 2,084,609 4% 21,725,952 42% 22,027,232 43% 14,499,024 28% 15,684,925 31% 3,522,094 7% 3,074,040 6% $52,180,458 100% $51,006,273 100% $1,739,261 2,849,011 10,000,000 1,142,008 $15,730,280 3% $2,323,555 5% 2,718,622 19% 10,000,000 2% 900,020 30% $15,942,197 5% 5% 20% 2% 31%

$32,922,179 63% $33,054,061 65% 3,527,999 7% 2,010,015 4% 36,450,178 70% 35,064,076 69% $52,180,458 100% $51,006,273 100%

In the late ’90s, CCU student Clint Hill started a campus mountain-biking club that frequently did urban rides in downtown Denver. Conscience soon interrupted their sessions as they rode past numerous homeless people, and before long the group morphed into FatBoys, named after the fat tires on mountain bikes, and started peddling food, clothing, and spiritual care along those same streets. These days bikes aren’t always involved, but FatBoys is one of CCU’s most long-standing and widely attended student-led ministries.


Total Operating Expenses $33,820,071 Change in Net Assets from Operations 2,094,797 Investment Mark-to-Market, and Other Non-Operating Net (708,695) Change in Net Assets $1,386,102

$32,125,797 100% 1,301,059 (3,917,779) $(2,616,720)


CCU’s public-policy think tank, Centennial Institute, led by former Colorado senator John Andrews, garnered headlines in The Denver Post and other media in July during its firstever Western Conservative Summit. The annual gathering of conservative leaders drew a public crowd of over 700 and featured guest speakers U.S. Rep. Michele Bachmann, retired Lt. Gen. Jerry Boykin, columnist Michelle Malkin, and political analyst Dick Morris.


Summary of Financial Results Fiscal Year Ended June 30, 2010
Chart A

Operating Revenue Analysis
Five Years Ended June 30, 2010


Balance-Sheet Highlights The condensed financial statements on page seven are summarized from the complete set of financial statements for Colorado Christian University, as audited by our independent, certified public accountants. The balance sheet as of June 30, 2010, reflects a strong financial condition, as evidenced by the following key metrics: • CCU has a total debt-to-total-assets ratio of 30%, which indicates a conservative borrowing strategy and a large net equity. The primary borrowings of the University are a $10-million taxexempt bond issuance, which provides a reasonable interest rate. • CCU has 62% of all its assets in cash, cash equivalents, and investments. This high liquidity is appropriate in uncertain economic circumstances, and again reflects the conservative fiduciary management of the assets. • The University has managed its accounts receivable, primarily tuition receivable, to result in an 11% decrease from the previous fiscal-year end. This decrease is directly attributable to concentrated efforts to work with students at every step of the billing process to avoid delinquencies wherever possible. • Total equity of the University has increased nearly $1.4 million from the previous fiscal year, and as a result is in good financial health to meet the growth and financial demands of future years.







2006 2007
Net Tuition

Auxiliary Services



Chart B
Gross Tuition and Discount Analysis
Five Years Ended June 30, 2010

40 35 30 25 20 15 10 5

25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 2006
Gross Tuition

Revenue Highlights For several years, net income from operations for Colorado Christian University has been positive or “in the black.” These favorable financial results are intentional. CCU budgets operations carefully and every department and area of the University manages to the budget. This conservative fiscal management has occurred in an environment of growth and change, which has built a solid foundation for the future. Operating revenue for the past five years, as summarized from the respective year’s audit report is reflected on Chart A. For the fiscal year ended June 30, 2010, gross tuition revenue totaled approximately $33.7 million, and scholarships and grants totaled $6.6 million against this amount, for a net of $27.1 million. This overall discount rate of 19.5% recognizes CCU’s continuing commitment to academic excellence, including raising the average combined SAT scores (reading, writing, math) of incoming freshmen to 1623*. This average rate of SAT scores has improved dramatically over the last few years. The details of gross tuition revenue and discount rates for the last five fiscal years are reflected on Chart B.

(5) (10) 2007 2008 2009 2010


Percent Discount to Tuition


*Data provided by the Noel-Levitz ERMS Study - December, 2009; based on a 2,400-point SAT scale factoring reading, writing, and mathematics.


Expenses Highlights Historically, Colorado Christian University has placed a significant emphasis on proper stewardship of all funds—recognizing that it is often through personal sacrifice on the part of the student and/or his or her family that each student is able to attend. As a result of this conservative financial management, 90% of every dollar is spent directly in educationrelated expenses, and only 7% of each dollar is spent on general and administrative (G&A) expenses. This low number in G&A is intentional and provides maximum learning efficiency for all tuition revenues. A breakdown of all expenses, as reflected in the 2010 audit report, is reflected on Chart C. This low G&A percentage has been held low for many years, as reflected on Chart D. Net Revenue As a nonprofit as defined under section 501(c)(3) of the Internal Revenue Code,many of the financing and operating vehicles available to commercial enterprises are not available to Colorado Christian University. For example, since there are no stockholders, there is no ability to raise funds through stock or other equity offerings. As a result, prudent financial management requires careful planning to ensure that any excess of earnings over expenses in a given year are available for reinvestment into the future of the University. Accordingly, the change in net assets from operations is a very important measurement tool to discern the University’s ability to thrive into the future. Management of operations during turbulent financial circumstances, such as the recession that began in late 2008, requires special diligence to ensure that resources will be available for the future. In the prior fiscal year which ended June 30, 2009, CCU—like many other institutions— experienced a large mark-to-market write-down of the investment portfolio. This also occurred in the fiscal year ended June 30, 2010, but to a lesser extent. These mark-to-market adjustments do not affect cash flow of the University, nor do they affect the net income from operations, since they are “below the line.” However, there is a negative impact on the final bottom line, as evidenced on Chart E (page 10). CCU managed effectively throughout the recent recession. While there was some affect on the bottom line in fiscal year 2009, neither cash flow nor net operating revenue were impacted, and the stage was set for successful operations in fiscal year 2010.

Chart C

Fiscal Year Ended June 30, 2010
Academic Support 12%

Summary of Expenses

Instruction 37% Public Service 1% Fund Raising 2% General and Administrative 7% Auxiliary Enterprises 12%
Student Services 29%

Chart D
Operating Expenses Analysis
Five Years Ended June 30, 2010








2006 2007 2008 2009 2010



General & Admin

Fund Raising

Public Service


Chart E

Net Operating Revene vs. Net Revenue
Five Years Ended June 30, 2010
4 3 2 1 -

In 2009 CCU established The Fund for Beckman Scholars to provide financial assistance to traditional undergraduate students. The award honors Dr. L. David Beckman’s stalwart leadership and service as multi-term president of CCU and heritage school Rockmont College during some of the University’s most lean times. While leader, scholar, pastor, and teacher all describe his long career, words hardly do justice to how deeply his legacy is rooted in the CCU community.


(1) (2) (3) 2006 2007 2008
Change in Net Assets



Change in Net Assets from Operations

Outlook for the Future As of June 30, 2010, there were adequate liquid assets on hand and a significant equity-to-total-assets position. Operations are largely supported by tuition and fees, and there is not a reliance on other, more volatile income sources such as endowments or investment earnings. All financial audits have been completed with no major audit findings, and the general economic forecast seems to be improving. Colorado Christian University is financially poised for significant future growth—and to God alone be the glory!

Director of Athletics Darren Richie was in Colorado Springs last June receiving CCU’s third-consecutive sportsmanship award from the Rocky Mountain Athletic Conference. The RMAC is one of the largest NCAA Division-II conferences in the nation. CCU, though one of its smallest member schools, was recognized as setting a consistent model for character-based competition among athletes, coaches, athletics staff, and fans.


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Spiritual Formation

Engaging the World

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Office of Development 8787 W. Alameda Ave. Lakewood, CO 80226 www.ccu.edu/Support 303.963.3330

• Student Scholarships: The Fund for Beckman Scholars was established in honor of President Emeritus Dr. L. David Beckman. It is a tribute to his legacy of scholastic excellence, leadership, and heartfelt care for students. As donations are received toward The Fund, the total amount of gifts contributed during each calendar year will be awarded as scholarships to eligible students for use during the following academic year. • Gift-Matching: Many companies encourage philanthropy by matching their employees’ gifts to colleges and universities such as CCU. Most match the gift dollar for dollar, and some will even double or triple the amount. Participating companies may also recognize donations made by retirees and/or spouses. • Estate-Planning Gifts: Be a legacy! Through a Charitable Gift Annuity or by including CCU in your will or as a beneficiary, you will provide a lasting impact that will change students’ lives for many years to come.

For more information on giving to Colorado Christian University, please contact the Office of Development at 303.963.3330 or visit our Web site at:


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