June 30, 2011
Condensed Statements of Revenues, Expenses and Changes in Net Assets
| 2011 | 2010 | 2009 | |
| OPERATING REVENUES | |||
| Student tuition and fees, net | $ 18,200,942 | $ 16,512,333 | $ 13,328,034 |
| Grants and contracts | 14,066,912 | 14,589,783 | 10,389,449 |
| Federal appropriations | 5,042,652 | 6,507,463 | 4,977,599 |
| Auxiliary enterprises | 6,618,704 | 6,745,546 | 6,356,430 |
| Other operating revenue | 1,103,669 | 1,006,390 | 909,262 |
| Total operating revenues | 45,032,879 | 45,361,515 | 35,960,774 |
| OPERATING EXPENSES | |||
| Educational and general | 63,647,079 | 61,873,552 | 57,103,977 |
| Auxiliary enterprises | 5,511,984 | 5,764,044 | 5,798,861 |
| Total operating expenses | 69,159,063 | 67,637,596 | 62,902,838 |
| OPERATING LOSS | (24,126,184) | (22,276,081) | (26,942,064) |
| NONOPERATING REVENUES (EXPENSES) | |||
| State appropriations | 25,363,422 | 24,630,377 | 26,435,199 |
| Federal grants and contracts | 7,062,876 | 6,556,989 | 4,300,478 |
| Gifts | 969,703 | 613,057 | 548,970 |
| Investment income (loss) | 1,789,055 | 1,158,756 | (1,068,877) |
| Interest on capital asset – related debt | (429,253) | (483,085) | (535,089) |
| Other | (46,632) | (697,500) | (1,966,265) |
| Total non-operating revenues | 34,709,171 | 31,778,594 | 27,714,416 |
| Income before capital appropriations | 10,582,987 | 9,502,513 | 772,352 |
| Capital appropriations | - | 1,760,427 | - |
| Increase in net assets | 10,582,987 | 11,262,940 | 772,352 |
| Net assets, beginning of year | 105,396,228 | 94,133,288 | 93,360,936 |
| Net assets, end of year | $ 115,979,215 | $ 105,396,228 | $ 94,133,288 |