| Assets | 2003 | 2002 (as of
May 31) |
Cash and cash equivalents | $16,211,187 | $2,471,839 |
Accounts receivable:
Students, net
Other |
4,512,386
11,262,015 |
3,838,156
11,006,826 |
| Contributions receivable, net | 36,523,313 | 37,547,026 |
| Investments, at fair value | 176,625,549 | 213,596,553 |
| Deferred bond issuance costs and other assets | 7,589,363 | 7,693,762 |
| Student loans receivable,
net | 19,307,545 | 19,083,842 |
| Funds held by bond trustees | 41,006,809 | 72,678,632 |
| Plant assets, net | 382,070,886 | 366,722,189 |
| Total Assets | 695,109,053 | 734,638,825 |
| Liabilities | | |
| Accounts payable and accrued expenses | $38,558,312 | $47,007,628 |
| Obligations with financial
institutions | -- | 8,000,000 |
| Deferred revenues | 9,455,497 | 10,443,976 |
| Present value of annunities
payable | 3,931,057 | 3,849,216 |
| Refundable government advances | 12,995,342 | 12,465,168 |
| Long-term debt | 330,500,367 | 341,052,592 |
| Total Liabilities | 395,440,575 | 442,818,580 |
| Net Assets | | |
| Unrestricted | 216,496,267 | 224,778,058 |
| Temporarily restricted | 40,321,528 | 49,435,234 |
| Permanently Restricted | 42,850,683 | 37,606,953 |
| Total Net
Assets | 299,668,478 | 311,820,245 |
Total Liabilities and Net
Assets | $695,109,053 | $734,638,825 |