| Changes in Unrestricted
Net Assets | 2006 | 2005 (as of
May 31) |
| Operating revenues: | | |
Tuition and Fees
Less scholarship allowance
Net tuition and fees | $377,028,813
(115,396,374)
261,632,439 | $345,700,716
(100,684,688)
245,016,028 |
| Investment return utilized | 14,434,254 | 11,413,734 |
| Private gifts, grants and
contracts | 11,996,529 | 8,866,267 |
| Government grants and contracts | 14,386,346 | 16,266,210 |
| Auxiliary enterprises | 34,396,278 | 30,969,740 |
| Other revenues | 10,891,040 | 9,099,278 |
| Net Assets released from
restrictions | 8,036,728 | 10,250,040 |
| Total Operating Revenues | 355,773,614 | 331,881,297 |
| Operating expenses: | | |
| Instruction | 122,723,476 | 116,525,771 |
| Research | 8,824,797 | 8,948,212 |
| Academic support | 49,043,662 | 46,319,299 |
| Student services | 31,504,823 | 28,304,595 |
| Institutional support | 77,556,761 | 71,282,415 |
| Auxiliary enterprises | 52,187,989 | 45,732,565 |
| Total Operating Expenses | 341,841,508 | 317,112,857 |
| Excess of operating revenues over
operating expenses | 13,932,106 | 14,768,440 |
| Nonoperating activities: | | |
| Investment return in excess of
amount utilized in operations |
27,947,409 |
17,307,436 |
| Change in fair value of interest rate swap | 4,521,750 | (667,388) |
| Adjustment to contributions
receivable |
(2,442,208) |
(749,095) |
| Effect of advance refunding of long-term debt | - | (5,029,332) |
| Voluntary Seperation Offer
charge | - |
(2,449,724) |
| Net loss on deposit of fixed assets | - | (1,520,880) |
| Gain on sale of NIT tournament
rights |
7,841,729 | - |
| Cumulative effect of change in accounting
principle | (3,940,416) | - |
| Increase (Decrease) in
Unrestricted Net Assets | 47,860,370 | 21,659,457 |
| | | |
| Changes in Temporarily
Restricted Net Assets | | |
| Investment returns | 1,568,906 | 1,367,713 |
| Private gifts, grants and
contracts |
6,467,113 |
1,739,671 |
| Adjustment to contributions receivable | (3,762,726) | (294,220) |
| Net assets released from
restrictions |
(8,036,728) |
(10,250,040) |
| Decrease in Temporarily Restricted Net
Assets | (3,762,726) | (7,436,876) |
| | | |
| Changes in Permanently
Restricted Net Assets | |
|
| Private gifts, grants and contracts | 6,608,402 | 4,649,848 |
| Increase in permanently
restricted net assets |
5,608,402 |
4,649,848 |
| Increse in net assets | 49,706,046 | 18,872,429 |
Net Assets
at Beginning of Year
Net Assets at End of Year | 364,086,170
$413,792,216 | 345,216,741
$364,086,170 |