The University’s financial position as of May 31, 2007, and its
operating results for the year then ended are presented in the
accompanying statements, which have been prepared by the
University’s management in accordance with reporting and accounting
standards established by the Financial Accounting Standards Board
for not-for-profit organizations.
As presented in the accompanying Balance Sheets, total assets
were $1.1 billion at May 31, 2007, as compared to $875.7 million at
May 31, 2006. The increase is due primarily to an increase of $62.9
million, or 23.2%, in the value of the University’s investment
portfolio, a $129.0 million increase in funds held by bond
trustees, and net additions to plant assets of $34.3 million.
Total assets and total net assets are presented in the
The Statements of Activities presents the change in net assets
for each of the University’s net asset categories, unrestricted,
temporarily restricted and permanently restricted for the years
ended May 31, 2007 and 2006. Total operating revenues increased
$21.7 million, or 6.1%, to $377.5 million. Total operating expenses
increased $23.9 million, or 7.0%, to $365.8 million. Operating
revenues exceeded operating expenses by $11.7 million.
Non-operating activities include investment return in excess of
the amount utilized in operations of $47.4 million offset by
nonoperating charges of $8.7 million which, when combined with
operating income, increased unrestricted net assets by $50.5
million, or 15.4%, to $378.9 million.
Temporarily restricted net assets decreased by $631,000, or
2.2%, to $28.3 million, while permanently restricted net assets
increased $4.1 million, or 7.3%, to $60.5 million.
Total net assets increased $54.0 million, or 13.0%, to $467.8
The two pie charts that follow present the composition of total
operating revenues and total operating expenses for fiscal year