| Assets | 2007 | 2006 (as of
May 31) |
| Cash and cash equivalents | 14,432,535 | $24,038,502 |
Accounts receivable:
Students, net
Other |
5,324,763
17,565,255 |
5,125,123
16,779,039 |
| Contributions receivable, net | 19,779,899 | 22,022,652 |
| Investments, at fair value | 333,780,073 | 270,862,613 |
| Deferred bond issuance costs and other assets | 18,183,391 | 14,546,652 |
| Student loans receivable,
net | 20,224,607 | 18,764,416 |
| Funds held by bond trustees | 186,347,518 | 57,300,504 |
| Plant assets, net | 480,490,826 | 446,220,644 |
| Total Assets | $1,096,128,867 | $875,660,145 |
| | | |
| Liabilities | | |
| Accounts payable and accrued expenses | $57,876,121 | $49,838,113 |
| Deferred revenues | 10,872,235 | 10,210,744 |
| Present value of annunities payable | 5,060,987 | 4,754,851 |
| Refundable government advances | 14,273,184 | 14,202,881 |
| Long-term debt | 540,288,234 | 382,861,340 |
| Total Liabilities | 628,370,761 | 461,867,929 |
| | | |
| Net Assets | | |
| Unrestricted | 378,916,142 | 328,459,336 |
| Temporarily restricted | 28,307,717 | 28,939,203 |
| Permanently Restricted | 60,534,247 | 56,393,677 |
| Total Net
Assets | 467,758,106 | 413,792,216 |
Total Liabilities and Net
Assets | $1,096,128,867 | $875,660,145 |