Statements of Financial Position
| Assets | As of June 30, 2021 | As of June 30, 2020 |
|---|---|---|
| Current Assets | ||
| Cash and cash equivalents | $109,954,375 | $82,831,045 |
| Receivables and accrued interest | 21,065,226 | 14,252,081 |
| Inventories | 1,063,147 | 1,084,675 |
| Prepaid expenses and other assets | 1,882,885 | 788,291 |
| Contributions receivable and bequests in probate | 22,462,655 | 18,564,596 |
| Total current assets | $156,428,288 | $117,520,688 |
| Long-term Prepaid Expenses and Other Assets | $2,418,247 | $2,011,384 |
| Long-term Contributions Receivable and Bequests in Probate | $15,598,349 | $22,505,154 |
| Long-term Receivables | $337,256 | $596,051 |
| Long-term Investments | ||
| Donor restricted endowment | $821,902,200 | $654,248,100 |
| Board designated endowment | 753,512,400 | 567,919,000 |
| Annuity and life income | 28,143,400 | 23,993,400 |
| Funds held in trust by others | 37,472,000 | 30,818,000 |
| Other investments | 4,044,800 | 4,094,200 |
| Total long-term investments | $1,645,074,800 | $1,281,072,700 |
| Property, plant, and equipment (net) | 255,215,023 | 248,195,854 |
| Total assets | $2,075,071,963 | $1,671,901,831 |
| Liabilities and Net Assets | ||
| Current Liabilities | ||
| Actuarial liability for annuities payable and other liabilities | $15,672,992 | $14,917,141 |
| Deferred financing expense | (1,780,333) | (1,221,673) |
| Interest rate swap valuation | 4,638,651 | 6,483,948 |
| Long-term debt | 88,880,878 | 40,260,219 |
| Total long-term liabilities | $107,412,188 | $60,439,635 |
| Total liabilities | $136,256,122 | $80,783,063 |
| Net Assets | ||
| Without Donor Restrictions | $1,005,075,009 | $838,182,358 |
| With Donor Restrictions | 933,740,832 | 752,936,410 |
| Total net assets | $1,938,815,841 | $1,591,118,768 |
| Total liabilities and net assets | $2,075,071,963 | $1,671,901,831 |
Statements of Activities
| Operating Revenue | Year ended June 30, 2021 | Year ended June 30, 2020 |
|---|---|---|
| Spendable return from long-term investments | $54,395,617 | $52,994,574 |
| Gifts and donations | 6,832,988 | 6,448,140 |
| Federal and state grants | 54,416,989 | 60,918,226 |
| Fees paid by students | 1,113,373 | 957,861 |
| Other income | 4,029,866 | 8,454,359 |
| Residence halls and dining service | 5,340,474 | 8,937,077 |
| Student industries and rentals | 3,317,683 | 3,560,157 |
| Loss on sale of property, plant and equipment | (2,771,687) | (115,649) |
| Net assets released from restrictions | 19,697,657 | 14,986,528 |
| Gross operating revenue | $146,372,960 | $157,141,273 |
| Less: Student Aid | (6,615,528) | (6,249,167) |
| Net operating revenue | $139,757,432 | $150,892,106 |
| Operating Expenses | ||
| Program Services | ||
| Educational and general | $98,941,401 | $101,708,240 |
| Residence halls and dining service | 10,662,533 | 10,911,288 |
| Student industries and rentals | 4,876,654 | 5,651,283 |
| Total program services | $114,480,588 | $118,270,811 |
| Support services | $21,380,124 | $20,850,996 |
| Total operating expenses | $135,860,712 | $139,121,807 |
| Operating revenue in excess of operating expenses | $3,896,720 | $11,770,299 |
| Other Changes in Net Assets | ||
| Pandemic lost revenue relief | $2,735,206 | |
| Loss (gain) on valuation of interest rate swaps | 1,857,000 | (2,126,000) |
| Investment return (less) more than amounts designated for current operations | 308,981,396 | (22,959,351) |
| Unrestricted bequests | 14,333,147 | 7,384,850 |
| Restricted gifts and donations | 25,388,369 | 37,300,720 |
| Restricted spendable return on endowment investments | 5,098,541 | 5,551,889 |
| Reclassification of net assets released from restrictions | ($19,697,657) | ($14,986,528) |
| Net adjustment of annuity payment and deferred giving liability | 5,104,351 | (868,771) |
| Total change in net assets | $347,697,073 | $21,067,108 |
