June 30, 2012
Condensed Statement of Net Assets
| 2012 | 2011 | 2010 | |
| ASSETS | |||
| Current assets | $ 38,295,793 | $ 38,395,850 | $ 30,819,820 |
| Noncurrent assets | 96,426,815 | 94,700,547 | 92,557,670 |
| Total assets | $ 134,722,608 | $ 133,096,397 | $ 123,377,490 |
| LIABILITIES | |||
| Current liabilities | 8,763,719 | 7,449,319 | 7,588,173 |
| Non-current liabilities | 8,867,398 | 9,667,863 | 10,393,089 |
| Total liabilities | 17,631,117 | 17,117,182 | 17,981,262 |
| NET ASSETS | |||
| Invested in capital assets, net of related debt | 75,839,623 | 73,936,126 | 71,831,353 |
| Restricted | |||
| Nonexpendable | 8,657,506 | 8,594,513 | 8,048,379 |
| Expendable | 6,668,365 | 5,119,673 | 5,063,026 |
| Unrestricted | 25,925,997 | 28,328,903 | 20,453,470 |
| Total net assets | $ 117,091,491 | $ 115,979,215 | $ 105,396,228 |
Assets: As of June 30, 2012, total assets amounted to $134.7 million. Of this amount, investment in capital assets (net of depreciation) of $84.5 million, or 62.7% of total assets, represented the largest asset class. Investments amounted to $11.2 million or 8.3% of total assets. During the year, total assets increased by $1.6 million, primarily due to increases in cash and cash equivalents, student accounts, grant and loans receivables, capital assets and investments.
Liabilities: As of June 30, 2012, total liabilities amounted to $17.6 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 increased by $514 thousand, primarily due to an increase in accounts payable and a decrease in bonds and capital lease obligations.
Net Assets: Net assets of the University were $117.1 million at June 30, 2012 and were reported in four net asset categories: invested in capital assets, net of related debt $75.8 million (64.7%), restricted nonexpendable $8.7 million (7.4%), restricted expendable $6.7 million (5.7%), and unrestricted $25.9 million (22.1%).