| 2016 | 2015 |
|---|
| NONOPERATING REVENUES (EXPENSES) | | |
|---|
| State appropriations | $ 23,429,600 | $ 23,429,600 |
|---|
| Federal grants and contracts | 3,785,004 | 5,024,963 |
|---|
| Investment (loss) income (net of investment expense) | (209,844) | 280,360 |
|---|
| Interest on capital asset-related debt | (445,054) | (263,107) |
|---|
| Endowment gifts | 187 | 4,636 |
|---|
| Net non-operating revenues | 26,559,893 | 28,476,452 |
|---|
| Decrease in net position before cumulative effect of change | (3,083,960) | (5,207,193) |
|---|
| Cumulative effect of a change in accounting principle | - | (93,364,175) |
|---|
| Decrease in net position | (3,083,960) | (98,571,368) |
|---|
| NET POSITION | | |
|---|
| Net position, beginning of year | 11,446,168 | 110,017,536 |
|---|
| Net position, end of year | $ 8,362,208 | $ 11,446,168 |
|---|