Condensed Statement of Net Position
| 2023 | 2022 | |
| ASSETS | ||
| Current | $ 11,571,484 | $ 12,740,549 |
| Noncurrent | 27,207,001 | 41,933,538 |
| Capital Assets, Net | 145,642,754 | 127,253,475 |
| Total Assets | 184,421,239 | 181,927,562 |
| DEFERRED OUTFLOWS OF RESOURCES | 14,759,583 | 13,867,561 |
| LIABILITIES | ||
| Current | 12,490,321 | 9,177,199 |
| Noncurrent | 164,465,711 | 162,375,461 |
| Total Liabilities | 176,956,032 | 171,552,660 |
| DEFERRED INFLOWS OF RESOURCES | 10,533,213 | 20,701,326 |
| NET POSITION | ||
| Net Investment in Capital Assets | 69,600,865 | 74,864,875 |
| Restricted | 19,120,815 | 19,063,354 |
| Unrestricted Deficit | (77,030,103) | (90,387,092) |
| Total Net Position | $ 11,691,577 | $ 3,541,137 |
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.
The following presents a comparison of the University's revenues, expenses, and changes in net position for the years ended June 30, 2023, and 2022:
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