Financial Report 1996
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STATEMENT OF FINANCIAL POSITION
(in thousands)

June 30
ASSETS 1996 1995
Cash, including short-term investments of $6,720 and $6,563 $ 8,622 $ 8,807
Student accounts, net of allowance of $349 and $327 2,994 2,912
Government grants and other receivables 1,074 750
Current portion of long-term loans, notes and contracts 931 940
Inventories and prepaid expenses 1,028 958
Total current assets 14,649 14,367
 
Student loans, net of allowance of $203, less current
portion of $810 and $831 4,861 4,771
Notes and contracts, net of allowance of $56, less
current portion of $121 and $109 2,854 3,180
Pooled investments, at market 22,629 17,164
Marketable securities, at market 1,479 1,582
Real estate held for investment or sale 4,620 6,968
Land, buildings, and equipment, less accumulated depreciation
of $25,286 and $22,593 52,855 52,211
$ 103,947 $ 100,243
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LIABILITIES AND NET ASSETS
Note payable - bank line of credit $ - $ 1,600
Accounts payable 745 1,175
Accrued expenses and other liabilities 3,487 3,486
Student deposits and prepaid fees 1,759 1,965
Deferred revenue 2,676 2,433
Current portion of long-term debt 1,215 1,026
Total current liabilities 9,882 11,685
 
Bank notes payable, less current portion of $1,070 and $872 15,384 14,966
Other, principally trust funds held for others and life income funds
less current portion of $145 and $154 2,361 3,805
Trust and annuity obligations 7,124 7,029
Governmental student loan programs 5,082 4,873
39,833 42,358
Net assets
Unrestricted -
Available for operational activities 3,221 3,224
Long term investments - endowments 9,081 6,876
Invested in land, buildings and equipment 36,223 34,632
Total unrestricted net assets 48,525 44,732
 
Temporarily restricted
Trusts and annuities 6,655 5,840
Other 192 211
Total temporarily restricted net assets 6,847 6,051
 
Permanently restricted - endowments 8,742 8,102
Total net assets 64,114 58,885
$ 103,947 $ 101,243
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See notes to combined financial statements

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