31
Financial
Reports
STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED
JUNE 30, 2010
General
Diversity
Total
ASSETS
Operating
Investment
Research
Initiatives
2010
2009
Current assets:
Cash and cash equivalents
4,943,262
$
11,726,189
$
-
$
-
$
16,669,451
$
13,845,745
$
Accounts receivable, net of allowance for doubtful
accounts of $540,906 and $548,358
362,918
40,396
403,314
1,734,919
Interest receivable
161,657
161,657
138,987
Other receivable
-
478,421
Inventories
210,300
210,300
175,472
Current portion of test costs
997,653
997,653
997,653
Debt issuance costs, net of accumulated
amortization of $87,004 and $77,875
208,427
208,427
217,556
Other current assets
1,228,552
1,228,552
1,865,044
Total current assets
7,951,112
11,928,242
-
-
19,879,354
19,453,797
Noncurrent assets:
Interfund receivable (payable)
11,210,180
(18,779,056)
5,926,929
1,641,947
-
-
Software development, net of accumulated
amortization of $13,665,422 and $13,604,585
182,513
182,513
243,350
Long-term investments
154,182,966
154,182,966
133,576,774
Property, plant and equipment, net of accumulated
depreciation of $17,578,085 and $15,234,957
15,536,956
1,305,831
16,842,787
18,198,146
Test costs, net of current portion
73,975
73,975
1,071,628
Other non-current assets
-
-
50,000
Total noncurrent assets
27,003,624
136,709,741
5,926,929
1,641,947
171,282,241
153,139,898
Total assets
34,954,736
$
148,637,983
$
5,926,929
$
1,641,947
$
191,161,595
$
172,593,695
$
LIABILITIES AND NET ASSETS
Current liabilities:
Accounts payable and accrued expenses
4,705,815
$
134,003
$
-
$
-
$
4,839,818
$
3,479,877
$
Unrealized loss on futures
-
578,693
578,693
-
Current portion of long-term debt
700,000
700,000
700,000
Current portion of long-term capital lease
36,311
36,311
44,914
Accumulated postretirement benefits - current portion
124,151
124,151
137,605
Deferred rental income
42,327
42,327
52,581
Deferred applicant fees, net
4,705,895
4,705,895
6,560,425
Total current liabilities
10,272,172
755,023
-
-
11,027,195
10,975,402
Accumulated post-retirement benefits - long-term portion
8,667,684
8,667,684
6,927,983
Long-term debt, net of current portion
14,400,000
14,400,000
15,100,000
Capital lease long-term portion
-
36,311
Total liabilities
33,339,856
755,023
-
-
34,094,879
33,039,696
NET ASSETS:
Unrestricted
General operating fund
1,614,880
1,614,880
1,614,880
Investment fund
147,882,960
147,882,960
131,075,725
Research fund
5,926,929
5,926,929
4,959,010
Diversity initiatives fund
1,641,947
1,641,947
1,904,384
Total net assets
1,614,880
147,882,960
5,926,929
1,641,947
157,066,716
139,553,999
Total liabilitiesand net assets
34,954,736
$
148,637,983
$
5,926,929
$
1,641,947
$
191,161,595
$
172,593,695
$