| Changes in Unrestricted
Net Assets | 2007 | 2006 (as of
May 31) |
| Operating revenues: | | |
Tuition and Fees
Less scholarship allowance
Net tuition and fees | $406,237,116
(128,494,992)
277,742,124 | $377,028,813
(115,396,374)
261,632,439 |
| Investment return utilized | 17,912,603 | 14,434,254 |
| Private gifts, grants and
contracts | 7,709,439 | 11,996,529 |
| Government grants and contracts | 16,088,539 | 14,386,346 |
| Auxiliary enterprises | 40,169,777 | 34,396,278 |
| Other revenues | 11,977,225 | 10,891,040 |
| Net Assets released from
restrictions | 5,911,607 | 8,036,728 |
| Total Operating Revenues | 377,511,314 | 355,773,614 |
| Operating expenses: | | |
| Instruction | 136,150,617 | 122,723,476 |
| Research | 7,988,977 | 8,824,797 |
| Academic support | 52,202,814 | 49,043,662 |
| Student services | 34,453,153 | 31,504,823 |
| Institutional support | 78,641,508 | 77,556,761 |
| Auxiliary enterprises | 56,328,311 | 52,187,989 |
| Total Operating Expenses | 365,765,380 | 341,841,508 |
| Excess of operating revenues over
operating expenses | 11,745,934 | 13,932,106 |
| Nonoperating activities: | | |
| Investment return in excess of
amount utilized in operations | 47,419,784 |
27,947,409 |
| Change in fair value of interest rate swap | (1,278,398) | 4,521,750 |
| Effect of advance refunding of long-term debt | (7,430,514) | - |
| Gain on sale of NIT tournament rights | - | 7,841,729 |
| Adjustment to contributions receivable | - | (2,442,208) |
| Cumulative effect of change in accounting
principle | - | (3,940,416) |
| Increase (Decrease) in Unrestricted Net
Assets | 50,456,806 | 47,860,370 |
| | | |
| Changes in Temporarily
Restricted Net Assets | | |
| Investment returns | 1,850,027 | 1,568,906 |
| Private gifts, grants and
contracts | 3,430,094 |
6,467,113 |
| Adjustment to contributions receivable | - | (3,762,726) |
| Net assets released from
restrictions | (5,911,607) |
(8,036,728) |
| Decrease in Temporarily Restricted Net
Assets | (631,486) | (3,762,726) |
| | | |
| Changes in Permanently
Restricted Net Assets | | |
| Private gifts, grants and contracts | 4,140,570 | 6,608,402 |
| Increase in permanently
restricted net assets | 4,140,570 |
5,608,402 |
| Increse in net assets | 53,965,890 | 49,706,046 |
Net Assets
at Beginning of Year
Net Assets at End of Year | 413,792,216
$467,758,106 | 364,086,170
$413,792,216 |