The financial statements of the institution for the year 2011 (in process of being audited) and 2010 (audited) continue showing signs of stability:

•We keep a positive relationship in our capacity of covering short-term liabilities with working assets and we have net positive working capital.

•We have the capacity to cover short-term liabilities with cash and equivalent resources.

•Accounts receivable due to student tuitions reflect an improvement in collection management.

•With our own resources we made investments in real estate, furniture and equipment in the amount of 46.2 and 47.0 million pesos, respectively. In addition we express our gratitude to the donations that will be mentioned below.

The result of our operations in the year 2011 reflected a surplus of 26.3 million pesos (compared to a surplus of 18.4 million pesos in the year 2010). Such surplus is mainly the result of an increase in the tuition net income -our main activity- as well as the operational efficiency and a strong control of the institution’s expenses.

Finally, it is worth mentioning that the result of the enrollment of the 2012 spring period resulted in a 1.5 million pesos surplus with respect to the amounts foreseen in our budget.