Financial Report 1997
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As of June 30, 1996, and 1997
(in thousands)

June 30
ASSETS 1997 1996
Cash and cash equivalents $ 8,510 $ 8,622
Student accounts, net 2,760 2,994
Governmental grants and other receivables 818 1,074
Current portion of student loans 968 810
Current portion of notes receivable 333 121
Investments 17,650 13,331
Inventories and prepaid expenses 561 1,028
Total current assets 31,600 27,980
 
Student loans, net of allowance of $200 and $203, respectively 4,808 4,861
Notes receivable, net 3,004 2,854
Investments 17,947 15,397
Land, buildings, and equipment, net 53,573 52,855
Total assets $ 110,932 $ 103,947
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LIABILITIES AND NET ASSETS
Accounts payable, accrued expenses and other liabilities $ 4,280 $ 4,232
Student deposits and prepaid fees 1,790 1,759
Deferred revenue 2,370 2,676
Current portion of long-term and other debt 1,864 1,215
Total current liabilities 10,304 9,882
 
Long-term debt, less current portion of $1,727 and $1,070 13,680 15,384
Other, principally trust funds held for others and life
income funds less current portion of $137 and $145 2,262 2,361
Trust and annuity obligations 8,184 7,124
Governmental student loan programs 5,245 5,082
Total liabilities 39,675 39,833
Net assets
Unrestricted -
Available for operational activities 3,220 3,221
Long term investments for endowments 11,722 9,081
Invested in land, buildings and equipment 38,165 36,223
Total unrestricted net assets 53,107 48,525
 
Temporarily restricted -
Trusts and annuities 8,580 6,655
Other 203 192
Total temporarily restricted net assets 8,783 6,847
 
Permanently restricted - endowments 9,367 8,742
Total net assets 71,257 64,114
Total liabilities and net assets $ 110,932 $ 103,947
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See notes to consolidated financial statements

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