Statements of Financial Position

AssetsAs of June 30, 2021As of June 30, 2020
Current Assets
Cash and cash equivalents$109,954,375$82,831,045
Receivables and accrued interest21,065,22614,252,081
Inventories1,063,1471,084,675
Prepaid expenses and other assets1,882,885788,291
Contributions receivable and bequests in probate22,462,65518,564,596
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 endowment753,512,400567,919,000
Annuity and life income28,143,40023,993,400
Funds held in trust by others37,472,00030,818,000
Other investments4,044,8004,094,200
Total long-term investments$1,645,074,800$1,281,072,700
Property, plant, and equipment (net)255,215,023248,195,854
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 valuation4,638,6516,483,948
Long-term debt88,880,87840,260,219
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 Restrictions933,740,832752,936,410
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 RevenueYear ended June 30, 2021Year ended June 30, 2020
Spendable return from long-term investments$54,395,617$52,994,574
Gifts and donations6,832,9886,448,140
Federal and state grants54,416,98960,918,226
Fees paid by students1,113,373957,861
Other income4,029,8668,454,359
Residence halls and dining service5,340,4748,937,077
Student industries and rentals3,317,6833,560,157
Loss on sale of property, plant and equipment(2,771,687)(115,649)
Net assets released from restrictions19,697,65714,986,528
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 service10,662,53310,911,288
Student industries and rentals4,876,6545,651,283
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 swaps1,857,000(2,126,000)
Investment return (less) more than amounts designated for current operations308,981,396(22,959,351)
Unrestricted bequests14,333,1477,384,850
Restricted gifts and donations25,388,36937,300,720
Restricted spendable return on endowment investments5,098,5415,551,889
Reclassification of net assets released from restrictions($19,697,657)($14,986,528)
Net adjustment of annuity payment and deferred giving liability5,104,351(868,771)
Total change in net assets$347,697,073$21,067,108
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