The trust indenture establishes that specific accounts be maintained to properly account for the financial activities related to the build, lease, and operation of the new dormitory through the issuance of the Certificates. The accounts are described as follows:
Administrative expense fund: Designated for the purpose of paying the costs of issuance of the certificates.
Certificate payment fund: Designated for the purpose of paying principal of and interest on the certificates when due.
Capitalized interest fund: Designated for the purpose of paying interest due and payable on the certificates during the construction period.
Construction fund: Designated for the purpose of paying the costs of the development, acquisition, construction, installation, and equipping of the project.
Management, operations, maintenance, and capital reserve fund: Designated for the purpose of paying the costs of maintaining the project, including amounts due and payable under the management agreement.
The balance of these restricted cash accounts at June 30, 2022, are as follows:
| Cash and Cash Equivalents | |
| Administrative expense fund | $ 33,840 |
| Capital reserve fund | -0- |
| Certificate payment fund | 136 |
| Capitalized interest fund | 3,069,898 |
| Construction fund | 16,737,301 |
| Management, operations, maintenance and capital reserve fund | 2,400,397 |
| Total | $ 22,241,572 |
As of June 30, 2022, the University had the following fixed income investments with the following maturities:
| Investment Type | Fair Value | <1 Year | 1-5 Years | 6-10 Years | 11-20 Years |
|---|---|---|---|---|---|
| Exchange traded funds | $ 2,174,539 | $ 2,174,539 | $-0- | $-0- | $-0- |
| Corporate bonds | 4,270,927 | 723,456 | 2,350,421 | 1,197,050 | -0- |
| Government bonds | 1,666,688 | 84,306 | 589,036 | 993,346 | -0- |
| $ 8,112,154 | $ 2,982,301 | $ 2,939,457 | $ 2,190,396 | $-0- |
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