Condensed Statement of Revenues, Expenses and Changes in Net Position
| 2020 | 2019 | |
| REVENUES | ||
| Student tuition and fees, net | $ 10,290,971 | $ 9,710,046 |
| Grants and contracts | 23,396,504 | 19,615,052 |
| Auxiliary enterprises | 5,263,410 | 4,426,675 |
| Other operating revenue | 971,948 | 1,221,466 |
| Total operating revenues | 39,922,833 | 34,973,239 |
| EXPENSES | ||
| Educational and general | 63,057,725 | 65,992,835 |
| Auxiliary enterprises | 5,466,801 | 4,726,810 |
| Total operating expenses | 68,524,526 | 70,719,645 |
| Operating loss | (28,601,693) | (35,746,406) |
| NONOPERATING REVENUES (EXPENSES) | ||
| State appropriations | 25,766,500 | 25,749,000 |
| Federal grants and contracts | 4,703,308 | 4,261,886 |
| Investment income | 590,615 | 871,874 |
| Interest on capital asset – related debt | (118,215) | (276,798) |
| Total non-operating revenues | 30,942,208 | 30,605,962 |
| Income before capital appropriations | 2,340,515 | (5,140,444) |
| Capital appropriations | - | 151,277 |
| Change in net position | 2,340,515 | (4,989,167) |
| NET POSITION | ||
| Net position, beginning of year | (3,911,645) | 1,077,522 |
| Net position, end of year | $ (1,571,130) | $ (3,911,645) |
6.