Consolidated Balance Sheets (In thousands $)
June 30, 2019 and 2018
Assets | 2019 | 2018 | |||
---|---|---|---|---|---|
Cash and cash equivalents | $ | 41,022 | 59,598 | ||
Student receivables, net of allowance for doubtful accounts of $14,326 and $14,028 in 2019 and 2018, respectively | 20,305 | 19,299 | |||
Other receivables, net of allowance for doubtful accounts of $68 and $60 in 2019 and 2018, respectively | 64,890 | 5,166 | |||
Prepaid and other assets | 11,574 | 11,740 | |||
Contributions receivable, net of allowance for uncollectible pledges of $2,210 and $1,852 in 2019 and 2018, respectively | 10,955 | 11,706 | |||
Government receivables for student grants and loans | 10,026 | 11,757 | |||
Deposit for facility construction | - | 8,621 | |||
Beneficial interest in charitable term trust | 17,442 | 17,664 | |||
Investments | 724,866 | 722,542 | |||
Right of use assets - operating, net of accumulated amortization | 94,323 | - | |||
Right of use assets - finance, net of accumulated amortization | 5,552 | - | |||
Land, buildings, and equipment, net of accumulated depreciation | 659,929 | 821,956 | |||
Intangible asset, net of accumulated amortization | 44,768 | - | |||
Total assets | $ | 1,705,652 | 1,690,049 | ||
Liabilities and Net Assets | 2019 | 2018 | |||
Liabilities: | |||||
Accounts payable and accrued expenses | $ | 66,795 | 56,807 | ||
Deferred tuition revenue | 31,787 | 31,975 | |||
Deposits and deferred revenue | 24,494 | 29,222 | |||
Lease obligations - operating | 65,053 | - | Lease obligations - finance | 1,513 | - |
Other financing obligation | - | 82,257 | |||
Bonds and notes payable, net of debt issuance costs | 309,936 | 330,610 | |||
Government advances for student loans | 10,734 | 10,559 | |||
Accrued postretirement benefits obligation | 58,464 | 58,718 | |||
Total liabilities | $ | 568,776 | 600,148 | ||
Net assets: | |||||
Net assets without donor restrictions | 1,043,078 | 1,000,221 | |||
Net assets with donor restrictions | 93,798 | 89,680 | |||
Total net assets | $ | 1,136,876 | 1,089,901 | ||
Total liabilities and net assets | $ | 1,705,652 | 1,690,049 | ||
Source: University Financial Statements. | IRMA 2019 |