| Changes
in Unrestricted Net Assets | 2008 | Year ended May 31
2007 |
| Operating revenues: | | |
Tuition and Fees
Less scholarship allowance
Net tuition and fees | $437,870,121
(139,583,162)
298,286,959 | $406,237,116
(128,494,992)
277,742,124 |
| Investment return utilized | 23,962,131 | 17,912,603 |
| Private gifts, grants and
contracts | 11,396,630 | 7,709,439 |
| Government grants and contracts | 14,156,403 | 16,088,539 |
| Auxiliary enterprises | 41,650,900 | 40,169,777 |
| Other revenues | 10,796,434 | 11,977,225 |
| Net Assets released from
restrictions | 5,527,551 | 5,911,607 |
| Total Operating
Revenues | 405,777,008 | 377,511,314 |
| Operating expenses: | | |
| Instruction | 153,273,510 | 136,150,617 |
| Research | 8,153,098 | 7,988,977 |
| Academic support | 53,678,950 | 52,202,814 |
| Student services | 42,180,888 | 34,453,153 |
| Institutional support | 80,643,782 | 78,641,508 |
| Auxiliary enterprises | 60,780,027 | 56,328,311 |
| Total Operating
Expenses | 398,710,255 | 365,765,380 |
| Excess of operating revenues over
operating expenses | 7,066,753 | 11,745,934 |
| Nonoperating activities: | | |
| Investment return in excess of
amount utilized in operations | (19,842,365) | 47,419,784 |
| Change in fair value of interest rate swap | (1,488,106) | (1,278,398) |
| Effect of advance refunding of long-term
debt | - | (7,430,514) |
| Decrease (Increase) in
Unrestricted Net Assets | (14,263,718) | 50,456,806 |
| | | |
| Changes
in Temporarily Restricted Net Assets | | |
| Investment returns | 1,192,804 | 1,850,027 |
| Private gifts, grants and
contracts | 7,661,034 | 3,430,094 |
| Net assets released from restrictions | (5,527,551) | (5,911,607) |
| Increase
(Decrease) in Temporarily Restricted Net Assets |
3,326,287 | (631,486) |
| | | |
| Changes
in Permanently Restricted Net Assets | | |
| Private gifts, grants and contracts | 4,136,635 | 4,140,570 |
| Increase in permanently
restricted net assets | 4,136,635 | 4,140,570 |
| (Decrease) Increse in net assets | (6,800,796) | 53,965,890 |
Net
Assets at Beginning of Year
Net Assets at End of Year | 467,758,106
$460,957,310 | 413,792,216
$467,758,106 |