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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, 2005 and 2004
| Assets | 2005 |
2004 |
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| Current assets: | (Restated) | ||
| Cash and cash equivalents | $14,188,776 | $10,488,081 | |
| Accounts receivable, net | 42,637 | 279,862 | |
| Accrued interest and dividends receivable | 108,416 | 91,666 | |
| Contributions receivable, net | 13,621,650 | 20,494,153 | |
| Other assets | 491,751 | 445,425 | |
| Total current assets | 28,453,230 | 31,799,187 | |
| Noncurrent assets: | |||
| Contributions receivable, net | 11,780,854 | 40,112,893 | |
| Contributions receivable from charitable remainder trusts | 3,860,590 | 3,426,445 | |
| Investments | 651,292,966 | 602,978,788 | |
| Investments held by trustee | 6,352,648 | 5,430,950 | |
| Property and equipment, net | 67,743,312 | 68,608,058 | |
| Other assets | 1,608,324 | 1,462,434 | |
| Total noncurrent assets | 742,638,694 | 722,019,568 | |
| Total assets | $771,091,924 | $753,818,755 | |
| Liabilities and Net Assets | |||
| Current liabilities: | |||
| Accounts payable and accrued liabilities | $3,655,241 | $3,553,859 | |
| Deposits held for others | 422,055 | 764,712 | |
| Liabilities under split-interest agreements | 3,372,323 | 3,249,600 | |
| Custodial funds | 4,689,716 | 4,174,350 | |
| Deferred revenue | 1,241,951 | 990,248 | |
| Capital lease liability | 225,245 | 177,380 | |
| Bonds payable, net | 1,200,000 | — | |
| Total current liabilities | 14,806,531 | 12,910,149 | |
| Noncurrent liabilities: | |||
| Line of credit advances | — | 1,650,000 | |
| Funds held in trust for others | 2,766,316 | 2,764,045 | |
| Liabilities under split-interest agreements, net of current portion | 27,383,903 | 27,361,379 | |
| Custodial funds, net of current portion | 85,027,510 | 74,908,697 | |
| Deferred revenue, net of current portion | 121,869 | 872,709 | |
| Capital lease liability, net of current portion | 4,851,756 | 5,077,001 | |
| Bonds payable, net | 68,035,844 | 69,241,248 | |
| Total noncurrent liabilities | 188,187,198 | 181,875,079 | |
| Total liabilities | 202,993,729 | 194,785,228 | |
| Commitments and contingencies | |||
| Unrestricted net assets | 30,203,340 | 24,192,187 | |
| Temporarily restricted net assets | 347,974,446 | 355,353,096 | |
| Permanently restricted net assets | 189,920,409 | 179,488,244 | |
| Total net assets | 568,098,195 | 559,033,527 | |
| Total liabilities and net assets | $771,091,924 | $753,818,755 | |
See accompanying notes to consolidated financial statements.