Statement of Financial Position

Financial Report 1997

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As of June 30, 1996, and 1997
(in thousands)



	June 30
ASSETS	1997	1996
Cash and cash equivalents	$ 8,510	$ 8,622
Student accounts, net	2,760	2,994
Governmental grants and other receivables	818	1,074
Current portion of student loans	968	810
Current portion of notes receivable	333	121
Investments	17,650	13,331
Inventories and prepaid expenses	561	1,028
Total current assets	31,600	27,980

Student loans, net of allowance of $200 and $203, respectively	4,808	4,861
Notes receivable, net	3,004	2,854
Investments	17,947	15,397
Land, buildings, and equipment, net	53,573	52,855
Total assets	$ 110,932	$ 103,947
	========	========
LIABILITIES AND NET ASSETS
Accounts payable, accrued expenses and other liabilities	$ 4,280	$ 4,232
Student deposits and prepaid fees	1,790	1,759
Deferred revenue	2,370	2,676
Current portion of long-term and other debt	1,864	1,215
Total current liabilities	10,304	9,882

Long-term debt, less current portion of $1,727 and $1,070	13,680	15,384
Other, principally trust funds held for others and life
income funds less current portion of $137 and $145	2,262	2,361
Trust and annuity obligations	8,184	7,124
Governmental student loan programs	5,245	5,082
Total liabilities	39,675	39,833


Net assets
Unrestricted -
Available for operational activities	3,220	3,221
Long term investments for endowments	11,722	9,081
Invested in land, buildings and equipment	38,165	36,223
Total unrestricted net assets	53,107	48,525


Temporarily restricted -
Trusts and annuities	8,580	6,655
Other	203	192
Total temporarily restricted net assets	8,783	6,847


Permanently restricted - endowments	9,367	8,742
Total net assets	71,257	64,114
Total liabilities and net assets	$ 110,932	$ 103,947
	========	========



See notes to consolidated financial statements

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Seattle Pacific University
3307 Third Avenue West
Seattle, Washington 98119-1997
United States of America