Financial Report 1997
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CONSOLIDATED STATEMENT OF ACTIVITIES
For the Year Ended June 30, 1997
(in thousands)

                Temporarily   Permanently    
REVENUE AND SUPPORT           Unrestricted   Restricted   Restricted   Total
Student charges                        
Regular academic term degree programs:                        
Undergraduate tuition and fees           $ 31,411   $ -   $ -   $ 31,411
Less: grants and scholarships           (10,042)    _______    _______   (10,042)
Net undergraduate tuition and fees           21,369   -   -   21,369
Graduate tuition and fees           3,945           3,945
Continuing education, summer school and                        
other special programs           4,538    _______    _______   4,538
Net tuition and fees           29,852   -   -   29,852
Student housing and dining fees           6,739           6,739
Governmental grants, primarily for students           1,162           1,162
Private gifts and grants           2,796   1,396   625   4,817
Interest and investment income, including unrealized                        
gains of $2,142, net of investment expenses of $3           3,055   176       3,231
Net realized gains on investments           565           565
Public service activities           1,306           1,306
Sales and service of educational activities           535   680       535
Change in value of split interest agreements           35           715
Other revenue and support           1,262    _______    _______   1,262
            47,307   2,252   625   50,184
Net assets released from restrictions           316   (316)    _______    _______
Total revenues, gains and other support           47,623   1,936   625   50,184
                         
EXPENSES                        
Instruction                        
Regular academic term degree programs           16,063           16,063
Continuing education, summer school and                        
other special programs           3,392    _______    _______   3,392
Total instruction           19,455    -    -   19,455
Public service           763           763
Academic support           2,060           2,060
Student services           6,643           6,643
Institutional support           7,224           7,224
Student housing and dining expenses           6,896    _______    _______   6,896
Total expenses           43,041   _______   _______   43,041
Increase in net assets           4,582   1,936   625   7,143
                         
Net assets at beginning of year           48,525   6,847   8,472   64,114
Net assets at end of year           $ 53,107   $ 8,783   $ 9,367   $ 71,257
          ========   ========   ========   ========
See notes to consolidated financial statements

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