| Assets | 2006 | 2005 (as of
May 31) |
| Cash and cash equivalents | $24,038,502 | $23,945,321 |
Accounts receivable:
Students, net
Other |
5,125,123
16,779,039 |
4,916,575
12,877,933 |
| Contributions receivable, net | 22,022,652 | 30,034,606 |
| Investments, at fair value | 270,862,613 | 238,598,512 |
| Deferred bond issuance costs and other assets | 14,546,652 | 12,126,654 |
| Student loans receivable,
net | 18,764,416 | 18,855,308 |
| Funds held by bond trustees | 57,300,504 | 70,420,634 |
| Plant assets, net | 446,220,644 | 418,801,189 |
| Total Assets | $875,660,145 | $830,576,732 |
| | | |
| Liabilities | | |
| Accounts payable and accrued expenses | $49,838,113 | $51,215,075 |
| Deferred revenues | 10,210,744 | 7,980,724 |
| Present value of annunities payable | 4,754,851 | 4,655,552 |
| Refundable government advances | 14,202,881 | 14,145,944 |
| Long-term debt | 382,861,340 | 388,493,267 |
| Total Liabilities | 461,867,929 | 466,490,562 |
| | | |
| Net Assets | | |
| Unrestricted | 328,459,336 | 280,598,966 |
| Temporarily restricted | 28,939,203 | 32,701,929 |
| Permanently Restricted | 56,393,677 | 50,785,275 |
| Total Net
Assets | 413,792,216 | 364,086,170 |
Total Liabilities and Net
Assets | $875,660,145 | $830,576,732 |