| Assets | 2008 | As of May 31
2007 |
| Cash and cash equivalents | $13,900,519 | 14,432,535 |
Accounts receivable:
Students, net
Other | 7,102,715 |
5,324,763
17,565,255 |
| Contributions receivable, net | 16,370,961 | 19,779,899 |
| Investments, at fair value | 24,185,994 | 333,780,073 |
| Deferred bond issuance costs and other assets | 329,202,441 | 18,183,391 |
| Student loans receivable,
net | 19,227,662 | 20,224,607 |
| Funds held by bond trustees | 22,982,533 | 186,347,518 |
| Plant assets, net | 135,761,355 | 480,490,826 |
| Total Assets | $1,107,109,674 | $1,096,128,867 |
| | | |
| Liabilities | | |
| Accounts payable and accrued expenses | 68,447,755 | $57,876,121 |
| Deferred revenues | 16,000,000 | 10,872,235 |
| Present value of annunities payable | 10,229,791 | 5,060,987 |
| Refundable government advances | 4,800,473 | 14,273,184 |
| Long-term debt | 14,137,636 | 540,288,234 |
| Total
Liabilities | 532,536,709 | 628,370,761 |
| | | |
| Net
Assets | | |
| Unrestricted | 364,652,424 | 378,916,142 |
| Temporarily restricted | 31,634,004 | 28,307,717 |
| Permanently Restricted | 64,670,882 | 60,534,247 |
| Total
Net Assets | 460,957,310 | 467,758,10 |
Total Liabilities and Net
Assets | 1,107,109,674 | $1,096,128,867 |