Condensed Statement of Revenues, Expenses and Changes in Net Position
| 2017 | 2016 | |
| OPERATING REVENUES | ||
| Student tuition and fees, net | $ 10,497,944 | $ 9,316,745 |
| Grants and contracts | 19,192,283 | 17,814,452 |
| Auxiliary enterprises | 3,774,500 | 3,702,842 |
| Other operating revenue | 964,396 | 846,985 |
| Total operating revenues | 34,429,123 | 31,681,024 |
| OPERATING EXPENSES | ||
| Educational and general | 64,882,362 | 56,825,667 |
| Auxiliary enterprises | 5,712,000 | 4,499,210 |
| Total operating expenses | 70,594,362 | 61,324,877 |
| OPERATING LOSS | (36,165,239) | (29,643,853) |
| NON-OPERATING REVENUES (EXPENSES) | ||
| State appropriations | 26,729,600 | 23,429,600 |
| Federal grants and contracts | 3,776,772 | 3,785,004 |
| Investment income (loss) | 1,407,599 | (209,844) |
| Interest on capital asset – related debt | (226,835) | (445,054) |
| Other | (88,964) | 187 |
| Total non-operating revenues | 31,598,172 | 26,559,893 |
| Loss before capital appropriations | (4,567,067) | (3,083,960) |
| Capital appropriations | 4,906,223 | - |
| Change in net position | 339,156 | (3,083,960) |
| Net position, beginning of year | 8,362,208 | 11,446,168 |
| Net position, end of year | $ 8,701,364 | $ 8,362,208 |
6.