| 2012 | 2011 | |
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | $ 23,842,721 | $ 29,623,196 |
| Accounts, grants and loans receivable, net | 13,941,173 | 8,408,728 |
| Inventory and other current assets | 511,899 | 363,926 |
| Total current assets | 38,295,793 | 38,395,850 |
| Noncurrent assets | ||
| Accounts, grants and loans receivable, net | 744,925 | 742,612 |
| Investments | 11,169,649 | 10,581,408 |
| Capital assets, net | 84,512,241 | 83,376,527 |
| Total noncurrent assets | 96,426,815 | 94,700,547 |
| Total assets | 134,722,608 | 133,096,397 |
| LIABILITIES | ||
| Current liabilities | ||
| Accounts payable and accrued liabilities | 3,781,912 | 2,210,577 |
| Accrued compensated absences | 1,730,370 | 2,131,019 |
| Deferred revenue | 2,211,334 | 2,146,007 |
| Deposits | 120,991 | 36,372 |
| Other current liabilities | 122,183 | 161,097 |
| Bonds and capital lease obligations, current portion | 796,929 | 764,247 |
| Total current liabilities | 8,763,719 | 7,449,319 |
| Noncurrent liabilities | ||
| Bonds and capital lease obligations, noncurrent portion | 7,875,689 | 8,676,154 |
| Federal grants refundable | 991,709 | 991,709 |
| Total noncurrent liabilities | 8,867,398 | 9,667,863 |
| Total liabilities | 17,631,117 | 17,117,182 |
| NET ASSETS | ||
| Invested in capital assets, net of related debt | 75,839,623 | 73,936,126 |
| Restricted | ||
| Nonexpendable | 8,657,506 | 8,594,513 |
| Expendable | 6,668,365 | 5,119,673 |
| Unrestricted | 25,925,997 | 28,328,903 |
| Total net assets | $117,091,491 | $ 115,979,215 |
See accompanying notes.