Consolidated Balance Sheets (In thousands $)
June 30, 2021 and 2020
Assets | 2021 | 2020 | |||
---|---|---|---|---|---|
Cash and cash equivalents | $ | 34,411 | 56,088 | ||
Student receivables, net of allowance for doubtful accounts of $14,791 and $15,208 in 2021 and 2020, respectively | 19,794 | 22,088 | |||
Other receivables, net of allowance for doubtful accounts of $182 and $343 in 2021 and 2020, respectively | 9,683 | 8,236 | |||
Prepaid and other assets | 9,701 | 13,359 | |||
Contributions receivable, net of allowance for uncollectible pledges of $1,264 and $3,125 in 2021 and 2020, respectively | 18,075 | 26,879 | |||
Government receivables for student grants and loans | 7,347 | 8,414 | |||
Beneficial interest in charitable term trust | 43,826 | 17,627 | |||
Investments | 1,053,850 | 817,113 | |||
Right of use assets - operating, net of accumulated amortization | 75,625 | 85,180 | |||
Right of use assets - finance, net of accumulated amortization | 5,391 | 5,615 | |||
Land, buildings, and equipment, net of accumulated depreciation | 632,276 | 653,274 | |||
Intangible asset, net of accumulated amortization | 42,903 | 43,835 | |||
Total assets | $ | 1,952,882 | 1,757,708 | ||
Liabilities and Net Assets | 2021 | 2020 | |||
Liabilities: | |||||
Accounts payable and accrued expenses | $ | 59,896 | 47,879 | ||
Deferred tuition revenue | 29,041 | 33,687 | |||
Deposits and deferred revenue | 20,883 | 21,374 | |||
Lease obligations - operating | 47,943 | 56,816 | Lease obligations - finance | 1,563 | 1,680 |
Bonds and notes payable, net of debt issuance costs | 270,474 | 319,194 | |||
Government advances for student loans | 7,497 | 8,971 | |||
Accrued postretirement benefits obligation | 56,816 | 63,889 | |||
Total liabilities | $ | 494,113 | 553,490 | ||
Net assets: | |||||
Net assets without donor restrictions | 1,315,917 | 1,093,874 | |||
Net assets with donor restrictions | 142,852 | 110,344 | |||
Total net assets | $ | 1,458,769 | 1,204,218 | ||
Total liabilities and net assets | $ | 1,952,882 | 1,757,708 | ||
Source: University Financial Statements. | IRMA 2021 |