Condensed Statement of Revenues, Expenses and Changes in Net Position
| 2018 | 2017 | |
| REVENUES | ||
| Student tuition and fees, net | $ 11,525,935 | $ 10,497,944 |
| Grants and contracts | 18,672,021 | 19,192,283 |
| Auxiliary enterprises | 4,239,569 | 3,774,500 |
| Other operating revenue | - | 964,396 |
| Total operating revenues | 34,437,525 | 34,429,123 |
| EXPENSES | ||
| Educational and general | 62,301,199 | 64,882,362 |
| Auxiliary enterprises | 5,694,800 | 5,712,000 |
| Total operating expenses | 67,995,999 | 70,594,362 |
| Operating loss | (33,558,474) | (36,165,239) |
| NONOPERATING REVENUES (EXPENSES) | ||
| State appropriations | 26,462,300 | 26,729,600 |
| Federal grants and contracts | 4,391,839 | 3,776,772 |
| Investment income | 1,174,232 | 1,407,599 |
| Interest on capital asset – related debt | (236,690) | (226,835) |
| Other | 971,372 | (88,964) |
| Total non-operating revenues | 32,763,053 | 31,598,172 |
| Loss before capital appropriations | (795,421) | (4,567,067) |
| Capital appropriations | 3,548,918 | 4,906,223 |
| Change in net position | 2,753,497 | 339,156 |
| NET POSITION | ||
| Net position, beginning of year, as restated in 2018 | (1,675,975) | 8,362,208 |
| Cumulative effect of GASB 75 implementation | - | (10,377,339) |
| Net position, end of year, as restated in 2017 | $ 1,077,522 | $ (1,675,975) |
6.