| Assets | 2005 | 2004 |
| Cash and cash equivalents | $23,945,321 | $26,097,795 |
Accounts receivable:
Students, net
Other |
4,916,575
12,877,933 |
4,651,157
12,447,849 |
| Contributions receivable, net | 30,034,606 | 32,446,752 |
| Investments, at fair value | 238,598,512 | 212,492,636 |
| Deferred bond issuance costs and other assests | 12,126,654 | 8,068,064 |
| Student loans receivable, net | 18,855,308 | 18,558,589 |
| Funds held by bond trustee | 70,420,634 | 23,818,796 |
| Plant assests, net | 418,801,189 | 404,000,118 |
| Total assests | 830,576,732 | 742,581,756 |
| | | |
| Liabilities | 2005 | 2004 |
| Accounts payable and accrued expenses | $51,215,075 | $42,608,808 |
| Deferred revenues | 7,980,724 | 9,073,857 |
| Present value of annuities payable | 4,655,552 | 4,711,896 |
| Refundable government advances | 14,145,944 | 13,860,805 |
| Long-term debt | 388,493,267 | 327,112,649 |
| Total liabilities | 466,490,562 | 397,368,015 |
| | | |
| Net assests | 2005 | 2004 |
| Unrestricted | 280,598,966 | 258,939,509 |
| Temporarily restricted | 32,701,929 | 40,138,805 |
| Permanently restricted | 50,785,275 | 46,135,427 |
| Total net assests | 364,086,170 | 345,213,741 |
| Total liabilities and net
assests | 830,576,732 | 742,581,756 |