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Chairman and Presidents Message
Our Responsibility to You: Commitment to Openness and Privacy
Financial Statements and Notes
Consolidated Balance Sheets
June 30, 2004 and 2003
| Assets | 2004 |
2003 |
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| Current assets: | ||
| Cash and cash equivalents | $ 10,488,081 |
9,066,297 |
| Accounts receivable, net | 279,862 |
503,085 |
| Accrued interest and dividends receivable | 91,666 |
131,269 |
| Contributions receivable, net | 20,494,153 |
14,011,631 |
| Other assets | 445,425 |
218,270 |
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| Total current assets | 31,799,187 |
23,930,552 |
| Noncurrent assets: | ||
| Contributions receivable, net | 45,862,893 |
57,628,730 |
| Contributions receivable from chairitable remainder trusts | 3,492,799 |
8,152,594 |
| Investments | 608,737,805 |
516,223,720 |
| Investments held by trustee | 5,430,950 |
22,832,645 |
| Property and equipment, net | 68,454,475 |
62,386,068 |
| Other assets | 1,462,434 |
1,514,678 |
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| Total noncurrent assets | 733,441,356 |
668,738,435 |
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| Total assets | $ 765,240,543 |
692,668,987 |
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| Liabilities | ||
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| Current liabilities: | ||
| Accounts payable and accrued liabilities | $ 3,553,859 |
3,822,834 |
| Deposits held for others | 764,712 |
587,464 |
| Liabilities under split-interest agreements | 3,249,600 |
2,978,222 |
| Custodial funds | 3,697,535 |
4,549,000 |
| Deferred revenue | 990,248 |
853,000 |
| Capital lease liability | 300,660 |
287,559 |
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| Total current liabilities | 12,556,614 |
13,078,079 |
| Noncurrent liabilities: | ||
| Line of credit advances | 1,650,000 |
7,265,103 |
| Funds held in trust for others | 2,764,045 |
1,316,475 |
| Liabilities under split-interest agreements, net of current portion | 27,361,379 |
31,439,713 |
| Custodial funds, net of current portion | 74,908,697 |
52,200,056 |
| Deferred revenue, net of current portion | 872,708 |
1,070,000 |
| Capitol lease liability, net of current portion | 5,991,955 |
6,292,615 |
| Bonds payable, net | 69,241,248 |
69,246,652 |
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| Total noncurrent liablities | 182,790,032 |
168,830,614 |
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| Total liabilities | 195,346,646 |
181,908,693 |
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| Unrestricted net assets | 28,750,372 | 15,146,203 |
| Temporarily restricted net assets | 364,538,557 | 323,727,091 |
| Permanently restricted net assets | 176,604,968 | 171,887,000 |
| Total net assets | 569,893,897 | 510,760,294 |
| Commitments and contingencies (notes 7, 8, 9 and 12) | ||
| Total liabilities and net assets | $ 765,240,543 | 692,668,987 |
See accompanying notes to consolidated financial statements.