June 30, 2013
Condensed Statement of Net Position
| 2013 | 2012 |
|---|
| ASSETS | | |
|---|
| Current assets | $ 32,521,844 | $ 36,245,542 |
|---|
| Noncurrent assets | 97,130,896 | 96,383,732 |
|---|
| Total assets | $ 129,652,740 | $ 132,629,274 |
|---|
| LIABILITIES | | |
|---|
| Current liabilities | 7,303,864 | 9,263,719 |
|---|
| Non-current liabilities | 8,292,611 | 8,867,398 |
|---|
| Total liabilities | 15,596,475 | 18,131,117 |
|---|
| NET POSITION | | |
|---|
| Invested in capital assets, net of related debt | 75,009,634 | 75,796,540 |
|---|
| Restricted | | |
|---|
| Nonexpendable | 8,657,506 | 8,657,506 |
|---|
| Expendable | 5,905,037 | 6,668,365 |
|---|
| Unrestricted | 24,484,088 | 23,375,746 |
|---|
| Total net position | $ 114,056,265 | $ 114,498,157 |
|---|
Assets: As of June 30, 2013, total assets amounted to $129.7 million. Of this amount, investment in capital assets (net of depreciation) of $83.2 million, or 64.1% of total assets, represented the largest asset class. Investments amounted to $13.5 million or 10.4% of total assets. During the year, total assets decreased by $3.0 million, primarily due to decreases in cash and cash equivalents, student accounts receivable, grant and loans receivables, and capital assets.
Liabilities: As of June 30, 2013, total liabilities amounted to 15.5 million. Long-term debt includes bonds payable for housing and dining system and energy-related equipment and technology equipment purchased under a Master Lease Agreement. During the year, total liabilities decreased by 2.5 million, primarily due to a decrease in accounts payable, unearned revenue, and bonds and capital lease obligations.
Net Position: Net position of the University was $114.1 million at June 30, 2013 and was reported in four net position categories: invested in capital assets, net of related debt $75.0 million (66.1%), restricted nonexpendable $8.6 million (7.6%), restricted expendable $5.9 million (5.2%), and unrestricted $24.5 million (21.1%).