| Assets | 2004 | 2003 (as of
May 31) |
| Cash and cash equivalents | $26,097,795 | $16,211,187 |
Accounts receivable:
Students, net
Other |
4,651,157
12,447,849 |
4,512,386
11,262,015 |
| Contributions receivable, net | 32,446,752 | 36,523,313 |
| Investments, at fair value | 212,492,636 | 176,625,549 |
| Deferred bond issuance costs and other assets | 8,068,064 | 7,589,363 |
| Student loans receivable,
net | 18,558,589 | 19,307,545 |
| Funds held by bond trustees | 23,818,796 | 41,006,809 |
| Plant assets, net | 404,000,118 | 382,070,886 |
| Total Assets | 742,581,756 | 695,109,053 |
| | | |
| Liabilities | | |
| Accounts payable and accrued expenses | $42,608,808 | $38,558,312 |
| Obligations with financial
institutions | -- | -- |
| Deferred revenues | 9,073,857 | 9,455,497 |
| Present value of annunities
payable | 4,711,896 | 3,931,057 |
| Refundable government advances | 13,860,805 | 12,995,342 |
| Long-term debt | 327,112,649 | 330,500,367 |
| Total Liabilities | 397,368,015 | 395,440,575 |
| | | |
| Net Assets | | |
| Unrestricted | 258,939,509 | 216,496,267 |
| Temporarily restricted | 40,138,805 | 40,321,528 |
| Permanently Restricted | 46,135,427 | 42,850,683 |
| Total Net
Assets | 345,213,741 | 299,668,478 |
Total Liabilities and Net
Assets | $742,581,756 | $695,109,053 |