Balance Sheet

Luther Seminary and Foundation Audited Consolidated Balance Sheet
June 30, 2014 and 2013

Assets

 2014

 2013

Current Assets

    
Cash and Cash Equivalents $5,758,632 $5,111,973
Restricted Cash 833,340 656,150
Student Accounts, Less Allowance    
of $100,000 and $122,900 for 2014 and 2013, respectively 178,231 224,318
Accrued Interest Receivable 3,306 8,667
Other Receivables 485,368 151,635
Inventory 6,853 245,918
Total Current Assets $7,265,730 $6,398,661

Other Assets

    
Contributions Receivable, Net 1,126,905 1,305,629
Investments 82,712,434 74,613,299
Beneficial Interest in Remainder Trusts 1,957,816 1,433,231
Life Interest in Land 212,900 212,900
Other Assets 1,561,648 1,620,732
Student Notes Receivable, Net 2,861,930 2,762,358
Assets Held for Sale 4,613,944 0
Land, Buildings and Equipment, Net 8,368,705 13,128,263
Total Other Assets $103,416,282 $95,076,412
Total Assets $110,682,012 $101,475,073

Liabilities and Net Assets

    

Current Liabilities

    
Accounts Payable 515,574 151,914
Accrued Expenses 1,412,114 1,235,234
Deposits and Deferred Revenue 589,799 510,847
Line of Credit 1,150,000 1,355,000
Current Portion of Split Interest Agreements 561,085 588,334
Notes Payable, Current Portion $240,317 $230,216
Total Current Liabilities $4,468,889 $4,071,545

Long-Term Liabilities

    
Split Interest Agreements, Net of Current Portion 3,408,865 3,659,041
Notes Payable, Net of Current Portion 5,514,140 5,754,457
Asset Retirement Obligation 2,491,611 2,292,135
Advances from Government for Federal Loans 2,008,032 2,048,933
Total Long-Term Liabilities $13,422,648 $13,754,566
Total Liabilities $17,891,537 $17,826,111

Net Assets

    

Unrestricted:

    
Board Designated—Endowment 551,579 166,148
Board Designated—Land, Buildings and Equipment 7,515,390 7,482,054
Board Designated—Other 752,007 553,367
Undesignated (8,056,353) (14,006,068)
Total Unrestricted $762,623 ($5,804,499)
Temporarily Restricted 15,022,833 15,183,232
Permanently Restricted 77,005,019 74,270,229
Total Net Assets $92,790,475 $83,648,962

 

Total Liabilities and Net Assets

 

$110,682,012

 

$101,475,073