Cash and cash equivalents

$9,066,297

3,608,720

Accounts receivable, net

503,085

364,755

Accrued interest and dividends receivable

131,269

79,974

Contributions receivable, net

71,640,361

81,501,329

8,152,594

7,110,452

Investments

516,223,720

502,208,166

Investments held by trustee

22,832,645

61,115,153

Assets held for transfer to the University

-

7,335,500

Property and equipment, net

16,269,292

8,078,552

Construction-in-progress

46,116,776

6,416,994

Other assets

1,732,948

1,635,764

Total assets

$692,668,987

679,455,359

Liabilities

Accounts payable and accrued liabilities

$ 3,822,834

1,978,226

Deposits held for others

587,464

680,728

Line of credit

7,265,103

-

Funds held in trust for others

1,316,475

2,092,638

Liabilities under split-interest agreements

34,417,935

31,194,789

Custodial funds

56,749,056

56,112,834

Deferred revenue

1,923,000

2,122,487

Capital lease liability

6,580,174

6,828,327

Bonds payable, net

69,246,652

69,252,055

Total liabilities

181,908,693

170,262,084

Commitments and contingencies (notes 7, 8, 9 and 12)

Unrestricted net assets

15,146,203

19,168,810

Temporarily restricted net assets

323,727,091

324,596,147

Permanently restricted net assets

171,887,000

165,428,318

Total net assets

510,760,294

509,193,275

Total liabilities and net assets

$ 692,668,987

679,455,359

See accompanying notes to consolidated financial statements.