Liabilities and Deferred Inflows: As of June 30, 2024, total liabilities and deferred inflows amounted to $188.0 million. Net Pension and Other Postemployment Benefits (OPEB) liabilities amounted to $57.9 million. As of June 30, 2024, long-term debt totaled $93.9 million and included bonds payable, lease agreements, and certificates of participation related to the construction of a new residence hall (Note 2). During the fiscal year ended June 30, 2024, total liabilities and deferred inflows increased by $0.5 million, primarily due to increases in the deferred inflows related to pension and other postemployment benefits.
Net Position: Net position was $32.3 million at June 30, 2024, and was reported in three categories: net investment in capital assets of $69.3 million, restricted nonexpendable of $8.7 million, restricted expendable of $13.3 million, and an unrestricted deficit of ($59.0) million.
Condensed Statement of Net Position
| 2024 | 2023 | |
| ASSETS | ||
| Current | $ 15,983,613 | $ 11,571,484 |
| Noncurrent | 51,251,616 | 27,207,001 |
| Capital Assets, Net | 142,844,038 | 145,642,754 |
| Total Assets | 210,079,267 | 184,421,239 |
| DEFERRED OUTFLOWS OF RESOURCES | 10,263,563 | 14,759,583 |
| LIABILITIES | ||
| Current | 25,635,083 | 12,490,321 |
| Noncurrent | 151,108,833 | 164,465,711 |
| Total Liabilities | 176,743,916 | 176,956,032 |
| DEFERRED INFLOWS OF RESOURCES | 11,285,818 | 10,533,213 |
| NET POSITION | ||
| Net Investment in Capital Assets | 69,304,432 | 69,600,865 |
| Restricted | 22,009,845 | 19,120,815 |
| Unrestricted Deficit | (59,001,181) | (77,030,103) |
| Total Net Position | $ 32,313,096 | $ 11,691,577 |
The Statement of Revenues, Expenses and Changes in Net Position is prepared on the accrual basis of accounting, whereby revenues are recognized when services are provided and expenses are recognized when goods and services are received, regardless of when cash is exchanged.
Financial activities are reported as either operating or nonoperating. GASB Statement No. 35 requires state appropriations, gifts, investment income and endowment income to be classified as nonoperating revenues. Accordingly, the University reports an operating loss prior to the addition of nonoperating revenues. The utilization of long-lived capital assets is reflected in the financial statements as depreciation, which expenses the cost of an asset over its expected useful life. Tuition revenue is reduced by gift scholarships and institutional aid and is reported net of scholarship allowances in the financial statements.
(6)