| 2020 | 2019 | |
| Cash flows from operating activities | ||
| Tuition and fees | $ 10,266,987 | $ 9,620,776 |
| Grants and contracts | 28,603,517 | 18,210,886 |
| Payments to suppliers | (18,192,160) | (25,529,497) |
| Payments to employees | (42,081,381) | (43,025,130) |
| Payments to students | (6,231,551) | (6,037,006) |
| Loans issued to students | (610,763) | - |
| Collection of loans issued to students | (32,084) | 106,884 |
| Auxiliary enterprises: | ||
| Residence halls and dining | 5,212,302 | 4,334,243 |
| Bookstore | 35,136 | 113,190 |
| Other auxiliaries | - | 13,618 |
| Other payments | 242,109 | 1,195,356 |
| Net cash from operating activities | (22,787,888) | (40,996,680) |
| Cash flows from non-capital financing activities | ||
| State appropriations | 25,766,500 | 25,749,000 |
| Federal grants and contracts | 4,703,308 | 4,261,886 |
| Draws on line of credit | 832,066 | - |
| Net cash from non-capital financing activities | 31,301,874 | 30,010,886 |
| Cash flows from capital financing activities | ||
| Purchases of capital assets | (8,676,658) | (2,180,306) |
| Draws on line of credit | - | 2,061,650 |
| Principal paid on capital debt | (528,811) | (834,386) |
| Interest paid on capital debt | (104,459) | (284,060) |
| Capital appropriations | - | 151,277 |
| Net cash from capital financing activities | (9,309,928) | (1,085,825) |
| Cash flows from investing activities | ||
| Investment income | 376,186 | 871,874 |
| Proceeds from sale of investments | 22,029,736 | 21,916,724 |
| Purchases of investments | (21,373,631) | (22,703,965) |
| Net cash from investing activities | 1,032,291 | 84,633 |
| Net change in cash and cash equivalents | 236,349 | (11,986,986) |
| Cash and cash equivalents at beginning of year | 2,909,505 | 14,896,491 |
| Cash and cash equivalents at end of year | $ 3,145,854 | $ 2,909,505 |
| Non-cash capital financing activities: | ||
| Construction in progress acquired by capital lease | $ 13,247,087 | $ - |
20.