| Cash flows from operating activities | 2014 | 2013 |
|---|---|---|
| Tuition and fees | $18,362,048 | $15,559,397 |
| Grants and contracts | 15,461,022 | 17,525,213 |
| Payments to suppliers | (23,480,750) | (20,782,828) |
| Payments to employees | (37,413,975) | (39,359,104) |
| Student financial aid | (8,542,435) | (8,254,844) |
| Collection of loans issued to students | 202,850 | 301,045 |
| Auxiliary enterprises: | ||
| Residence halls and dining | 6,039,451 | 5,611,564 |
| Bookstore | 75,000 | 152,500 |
| Other auxiliaries | 80,973 | 301,329 |
| Other receipts | 1,254,152 | 1,301,352 |
| Net cash from operating activities | (27,961,664) | (27,644,376) |
| Cash flows from non-capital financing activities | ||
| State appropriations | 23,537,400 | 23,537,402 |
| Federal grants and contracts | 5,928,036 | 5,922,954 |
| Endowment gifts | 12,676 | 7,276 |
| Student organization agency receipts | 78,409 | 109,910 |
| Student organization agency disbursements | (70,044) | (70,045) |
| Other receipts | 71,352 | 583,269 |
| Net cash from non-capital financing activities | 29,557,829 | 30,090,766 |
| Cash flows from capital financing activities | ||
| Purchases of capital assets | (1,834,139) | (3,227,528) |
| Principal paid on capital debt | (875,082) | (496,634) |
| Interest paid on capital debt | (317,534) | (276,050) |
| Net cash from capital financing activities | (3,026,755) | (4,000,212) |
| Cash flows from investing activities | ||
| Investment income | 1,766,328 | 1,235,741 |
| Investment expenses | (66,058) | (84,908) |
| Proceeds from sale of investments | 12,830,492 | 5,932,168 |
| Purchases of investments | (14,632,193) | (8,263,916) |
| Net cash from investing activities | (101,431) | (1,180,915) |
| Net decrease in cash and cash equivalents | (1,532,021) | (2,734,737) |
| Cash and cash equivalents at beginning of year | 21,107,984 | 23,842,721 |
| Cash and cash equivalents at end of year | $19,575,963 | $21,107,984 |
See accompanying notes.