Assets. As of June 30, 2010, total assets amounted to $123.4 million. Of this amount, investment in capital assets (net of depreciation) of $83.0 million, or 67.3% of total assets, represented the largest asset class. Investments amounted to $10.1 million or 8.2% of total assets. During the year, total assets increased by $9.4 million, primarily due to increases in student accounts, grant and loans receivables, capital assets and investments.

Liabilities. As of June 30, 2010, total liabilities amounted to $18.0 million. Long-term debt includes bonds payable for educational buildings, the housing and dining system, energy-related equipment and technology equipment purchased under a Master Lease Agreement. During the year, total liabilities decreased by $1.8 million, primarily due to a decrease in accounts payable, bonds and capital lease obligations.

Net Assets. Net assets of the University were $105.4 million at June 30, 2010 and were reported in four net asset categories: invested in capital assets, net of related debt $71.8 million (68.2%), restricted nonexpendable $8.0 million (7.6%), restricted expendable $5.1 million (4.8%), and unrestricted $20.5 million (19.4%).

2009 versus 2008. Total assets amounted to $113.9 million and $112.9 million in fiscal year 2009 and 2008 respectively. Total liabilities amount to $19.8 million in fiscal year 2009 and $19.5 million in fiscal year 2008. When compared to fiscal year 2008, the University's total assets for fiscal year 2009 increased $1 million primarily in the current asset category due to a decrease in student accounts, grant and loans receivables, reduced market value of investments, and increase in cash, cash equivalents and capital assets, net.

The Statement of Revenues, Expenses and Changes in Net Assets is prepared on the accrual basis of accounting, whereby revenues and assets are recognized when the service is provided and expenses and liabilities are recognized when others provide the service, regardless of when cash is exchanged. All items that increase or decrease net assets must appear on the Statement of Revenues, Expenses and Changes in Net Assets as revenues, expenses, gains or losses.

5.