June 30, 2011
2010 versus 2009. Total assets amounted to 123.4 million and 113.9 million in fiscal year 2010 and 2009 respectively. Total liabilities amount to 18.0 million in fiscal year 2010 and 19.8 million in fiscal year 2009. When compared to fiscal year 2009, the University's total assets for fiscal year 2010 increased 9.5 million primarily in the current asset category due to an increase in student accounts, grant and loans receivables, investments, and capital assets.
The Statements of Revenues, Expenses and Changes in Net Assets are prepared on the accrual basis of accounting, whereby revenues and assets are recognized when the service is provided and expenses and liabilities are recognized when others provide the service, regardless of when cash is exchanged. All items that increase or decrease net assets must appear on the Statements of Revenues, Expenses and Changes in Net Assets as revenues, expenses, gains or losses.
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 amortizes 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. A summarized comparison of the University's revenues, expenses and changes in net assets for the years ended June 30, 2011, 2010 and 2009 is as follows: