Consolidated Balance Sheets (In thousands $)
June 30, 2020 and 2019
Assets | 2020 | 2019 | |||
---|---|---|---|---|---|
Cash and cash equivalents | $ | 56,088 | 41,022 | ||
Student receivables, net of allowance for doubtful accounts of $15,208 and $14,326 in 2020 and 2019, respectively | 22,088 | 20,305 | |||
Other receivables, net of allowance for doubtful accounts of $343 and $68 in 2020 and 2019, respectively | 8,236 | 64,890 | |||
Prepaid and other assets | 13,359 | 11,574 | |||
Contributions receivable, net of allowance for uncollectible pledges of $3,125 and $2,210 in 2020 and 2019, respectively | 26,879 | 10,955 | |||
Government receivables for student grants and loans | 8,414 | 10,026 | |||
Beneficial interest in charitable term trust | 17,627 | 17,442 | |||
Investments | 817,113 | 724,866 | |||
Right of use assets - operating, net of accumulated amortization | 85,180 | 94,323 | |||
Right of use assets - finance, net of accumulated amortization | 5,615 | 5,552 | |||
Land, buildings, and equipment, net of accumulated depreciation | 653,274 | 659,929 | |||
Intangible asset, net of accumulated amortization | 43,835 | 44,768 | |||
Total assets | $ | 1,757,708 | 1,705,652 | ||
Liabilities and Net Assets | 2020 | 2019 | |||
Liabilities: | |||||
Accounts payable and accrued expenses | $ | 47,879 | 66,795 | ||
Deferred tuition revenue | 33,687 | 31,787 | |||
Deposits and deferred revenue | 21,374 | 24,494 | |||
Lease obligations - operating | 56,816 | 65,053 | Lease obligations - finance | 1,680 | 1,513 |
Bonds and notes payable, net of debt issuance costs | 319,194 | 309,936 | |||
Government advances for student loans | 8,971 | 10,734 | |||
Accrued postretirement benefits obligation | 63,889 | 58,464 | |||
Total liabilities | $ | 553,490 | 568,776 | ||
Net assets: | |||||
Net assets without donor restrictions | 1,093,874 | 1,043,078 | |||
Net assets with donor restrictions | 110,344 | 93,798 | |||
Total net assets | $ | 1,204,218 | 1,136,876 | ||
Total liabilities and net assets | $ | 1,757,708 | 1,705,652 | ||
Source: University Financial Statements. | IRMA 2020 |