Statements of Financial Position
| Assets | As of June 30, 2024 | June 30, 2023 |
|---|---|---|
| CURRENT ASSETS | ||
| Cash and cash equivalents | $ 126,659,294 | $ 120,072,447 |
| Receivables and accrued interest | 4,188,073 | 3,812,280 |
| Inventories | 1,330,348 | 1,250,900 |
| Prepaid expenses and other assets | 982,608 | 1,123,136 |
| Contributions receivable and bequests in probate (net) | 23,101,301 | 37,349,931 |
| Total current assets | 156,261,624 | 163,608,694 |
| LONG-TERM PREPAID EXPENSES AND OTHER ASSETS | 1,785,549 | 1,730,534 |
| LONG-TERM CONTRIBUTIONS RECEIVABLE AND BEQUESTS IN PROBATE (NET) | 6,373,705 | 19,164,743 |
| LONG-TERM RECEIVABLES | ||
| Notes receivable – hydro projects | 11,141,879 | 8,196,879 |
| Institutional student loans | 438,422 | 434,861 |
| Total long-term receivables | 11,580,301 | 8,631,740 |
| LONG-TERM INVESTMENTS | ||
| Donor restricted endowment | 823,255,700 | 753,304,300 |
| Board designated endowment | 802,872,400 | 733,865,700 |
| Annuity and life income | 20,984,300 | 21,655,800 |
| Funds held in trust by others | 22,730,000 | 21,245,000 |
| Other investments | 4,369,600 | 1,493,200 |
| Total long-term investments | 1,674,212,000 | 1,531,564,000 |
| OTHER LONG-TERM ASSETS – INVESTMENT IN HYDRO PROJECTS | 11,740,202 | 8,932,369 |
| PROPERTY, PLANT AND EQUIPMENT (net) | 270,617,150 | 267,371,333 |
| Total assets | $ 2,132,570,531 | $2,001,003,413 |
| LIABILITIES AND NET ASSETS | ||
| CURRENT LIABILITIES | ||
| Accounts payable and accrued expenses | $ 7,568,081 | $ 9,082,912 |
| Accrued salaries and wages | 3,570,836 | 3,533,539 |
| Current maturities of long-term debt | 2,071,699 | 2,021,305 |
| Other current liabilities | 1,027,451 | 912,610 |
| Total current liabilities | 14,238,067 | 15,550,366 |
| LONG-TERM LIABILITIES | ||
| Actuarial liability for annuities payable and other liabilities | 12,403,802 | 12,843,657 |
| Deferred financing expense | (938,641) | (1,216,234) |
| Interest rate swap valuation | 877,743 | 1,362,512 |
| Long-term debt | 82,906,471 | 86,311,087 |
| Total long-term liabilities | 95,249,375 | 99,301,022 |
| Total liabilities | 109,487,442 | 114,851,388 |
| NET ASSETS | ||
| Without Donor Restrictions | 1,093,075,452 | 1,006,780,157 |
| With Donor Restrictions | 930,007,637 | 879,371,868 |
| Total net assets | 2,023,083,089 | 1,886,152,025 |
| Total liabilities and net assets | $ 2,132,570,531 | $2,001,003,413 |
Statements of Activities
| OPERATING REVENUE | June 30, 2024 | June 30, 2023 |
|---|---|---|
| Spendable return from long-term investments | $ 67,296,301 | $ 65,969,988 |
| Gifts and donations | 8,549,818 | 6,861,569 |
| Federal and state grants | 9,367,857 | 25,785,906 |
| Fees paid by students | 1,244,663 | 1,269,584 |
| Other income | 10,956,689 | 9,142,687 |
| Residence halls and dining service | 10,903,945 | 10,187,489 |
| Auxiliaries | 6,604,559 | 5,974,260 |
| Loss on sale of property, plant and equipment | (30,788) | (77,842) |
| Net assets released from restrictions | 21,129,870 | 20,720,264 |
| Gross operating revenue | 136,022,914 | 145,833,905 |
| Less: Student aid | (3,784,657) | (3,381,745) |
| Net operating revenue | 132,238,257 | 142,452,160 |
| OPERATING EXPENSES | ||
| Program services — | ||
| Educational and general | 69,362,117 | 88,647,821 |
| Residence halls and dining service | 14,185,185 | 12,183,197 |
| Auxiliaries | 7,671,259 | 7,109,105 |
| Total program services | 91,218,561 | 107,940,123 |
| Support services | 27,516,401 | 24,728,118 |
| Total operating expenses | 118,734,962 | 132,668,241 |
| Operating revenue in excess of operating expenses | 13,503,295 | 9,783,919 |
| OTHER CHANGES IN NET ASSETS | ||
| Gain on valuation of interest rate swaps | 451,000 | 1,231,000 |
| Debt forgiveness – new markets tax credits | 622,917 | – |
| Investment return more than amounts designated for current operations | 102,611,385 | 44,421,803 |
| Unrestricted bequests | 8,673,832 | 13,350,040 |
| Restricted gifts and donations | 23,996,436 | 57,644,095 |
| Restricted spendable return on endowment investments | 6,704,079 | 6,242,969 |
| Reclassification of net assets released from restrictions | (21,129,870) | (20,720,264) |
| Net adjustment of annuity payment and deferred giving liability | 1,497,990 | 1,715,481 |
| Total change in net assets | $ 136,931,064 | $ 113,669,043 |
