Current Assets
|
2013
|
2012
|
| Cash and Cash Equivalents |
$5,111,973 |
$4.649,014 |
| Restricted Cash |
656,150 |
450,137 |
| Student Accounts and Notes Receivable, Less Allowance of $239,000 and $314,000 for 2013 and 2012, respectively |
3,090,324 |
3,224,658 |
| Current Portion of Contributions Receivable, Less Allowance of $0 and $10,000 for 2013 and 2012, respectively |
- |
175,066 |
| Accrued Interest Receivable |
8,667 |
15,729 |
| Other Receivables |
151,635 |
31,837 |
| Inventory |
245,918 |
317,131 |
| Total Current Assets |
$9,264,667
|
$8,863,572 |
Other Assets
|
|
|
| Investments |
74,613,299 |
72,985,832 |
| Beneficial Interest in Remainder Trusts |
1,433,231 |
1,291,142 |
| Life Interest in Land |
212,900 |
212,900 |
| Land, Buildings and Equipment, Net |
13,128,263 |
13,044,814 |
| Contributions Receivable, Net of Current Portion |
1,305,629 |
931,940 |
| Other Assets |
1,620,732 |
1,789,075 |
| Total Other Assets |
$92,314,054
|
$90,255,703 |
| |
|
|
| Total Assets |
$101,578,721
|
$99,119,275 |
Current Liabilities
|
|
|
| Notes Payable, Current Portion |
$230,216 |
$2,168,187 |
| Line of Credit |
1,355,000 |
3,180,679 |
| Accounts Payable |
151,914 |
883,100 |
| Accrued Expenses |
1,235,234 |
1,317,370 |
| Deposits and Deferred Rental Revenue |
510,847 |
343,835 |
| Current Portion of Split Interest Agreements |
588,334 |
564,352 |
| Total Current Liabilities |
$4,071,545 |
$8,457,523 |
Long-Term Liabilities
|
|
|
| Split Interest Agreements, Net of Current Portion |
3,659,041 |
3,468,658 |
| Notes Payable, Net of Current Portion |
5,754,457 |
4,588,573 |
| Asset Retirement Obligation |
2,292,135 |
2,142,183 |
| Advances from Government for Federal Loans |
2,152,581 |
2,095,333 |
| Total Long-Term Liabilities |
$13,858,214 |
$12,294,747 |
| |
|
|
| Total Liabilities |
$17,929,759
|
$20,752,270 |
Net Assets
|
|
|
| Unrestricted: |
|
|
| Board Designated - Endowment |
166,148 |
1,001,326 |
| Board Designated - Land, Buildings and Equipment |
7,482,054 |
8,502,086 |
| Board Designated - Other |
533,367 |
352,379 |
| Undesignated |
(14,006,068) |
(15,744,924) |
| Total Unrestricted |
($5,804,499) |
($5,889,133) |
| Temporarily Restricted |
15,183,232 |
12,186,514 |
| Permanently Restricted |
74,270,229 |
72,069,624 |
| Total Net Assets |
$83,648,962
|
$78,367,005 |
| |
|
|
| Total Liabilities and Net Assets |
$101,578,721
|
$99,119,275 |
