Condensed Statement of Revenues, Expenses and Changes in Net Assets
| 2012 | 2011 | 2010 |
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| OPERATING REVENUES | | | |
|---|
| Student tuition and fees, net | $ 18,943,062 | $ 18,200,942 | $ 16,512,333 |
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| Grants and contracts | 12,267,993 | 14,066,912 | 14,589,783 |
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| Federal appropriations | 3,796,394 | 5,042,652 | 6,507,463 |
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| Auxiliary enterprises | 6,838,829 | 6,618,704 | 6,745,546 |
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| Other operating revenue | 1,653,909 | 1,103,669 | 1,006,390 |
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| Total operating revenues | 43,500,187 | 45,032,879 | 45,361,515 |
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| OPERATING EXPENSES | | | |
|---|
| Educational and general | 69,494,007 | 63,647,079 | 61,873,552 |
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| Auxiliary enterprises | 6,208,366 | 5,511,984 | 5,764,044 |
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| Total operating expenses | 75,702,373 | 69,159,063 | 67,637,596 |
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| OPERATING LOSS | (32,202,186) | (24,126,184) | (22,276,081) |
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| NONOPERATING REVENUES | | | |
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| (EXPENSES) | | | |
|---|
| State appropriations | 24,660,001 | 25,363,422 | 24,630,377 |
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| Federal grants and contracts | 7,373,490 | 7,062,876 | 6,556,989 |
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| Gifts and grants | 251,309 | 969,703 | 613,057 |
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| Investment income (loss) | 849,729 | 1,789,055 | 1,158,756 |
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| Interest on capital asset – related debt | (373,738) | (429,253) | (483,085) |
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| Other | 447,119 | (46,632) | (697,500) |
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| Total non-operating revenues | 33,207,910 | 34,709,171 | 31,778,594 |
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| Income before other revenues, expenses, gains (losses) | 1,005,724 | 10,582,987 | 9,502,513 |
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| Endowment Gifts | 106,552 | - | - |
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| Capital appropriations | - | - | 1,760,427 |
|---|
| Total net increase in net assets | 1,112,276 | 10,582,987 | 11,262,940 |
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| Net assets, beginning of year | 115,979,215 | 105,396,228 | 94,133,288 |
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| Net assets, end of year | $ 117,091,491 | $ 115,979,215 | $105,396,228 |
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