STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED
JUNE 30, 2011
General
Diversity
Total
ASSETS
Operating
Investment
Research
Initiatives
2011
2010
Current assets:
Cash and cash equivalents
4,938,019
$
11,228,798
$
-
$
-
$
16,166,817
$
16,669,451
$
Accounts receivable, net of allowance for doubtful
accounts of $656,445 and $540,906
1,216,727
42,688
1,259,415
403,314
Interest receivable
-
105,705
105,705
161,657
Unrealized gain on futures
42,756
42,756
-
Inventories
291,341
291,341
210,300
Current portion of test costs
-
-
997,653
Debt issuance costs, net of accumulated
amortization of $87,004 in 2010
-
-
208,427
Other current assets
1,106,272
1,106,272
1,228,552
Total current assets
7,552,359
11,419,947
-
-
18,972,306
19,879,354
Noncurrent assets:
Interfund receivable (payable)
(3,451,440)
(5,277,777)
6,984,191
1,745,026
-
-
Software development, net of accumulated
amortization of $13,746,539 and $13,665,422
101,396
101,396
182,513
Long-term investments
-
169,894,803
169,894,803
154,182,966
Property, plant and equipment, net of accumulated
depreciation of $19,608,416 and $17,578,085
15,686,271
1,281,853
16,968,124
16,842,787
Test costs, net of current portion
-
-
73,975
Total noncurrent assets
12,336,227
165,898,879
6,984,191
1,745,026
186,964,323
171,282,241
Total assets
19,888,586
$
177,318,826
$
6,984,191
$
1,745,026
$
205,936,629
$
191,161,595
$
LIABILITIES AND NET ASSETS
Current liabilities:
Accounts payable and accrued expenses
4,588,996
$
143,181
$
-
$
-
$
4,732,177
$
4,839,818
$
Unrealized loss on futures
-
-
578,693
Current portion of long-term debt
-
-
700,000
Current portion of long-term capital lease
29,767
29,767
36,311
Accumulated postretirement benefits - current portion
138,787
138,787
124,151
Deferred rental income
37,295
37,295
42,327
Deferred applicant fees, net
4,454,996
4,454,996
4,705,895
Total current liabilities
9,212,546
180,476
-
-
9,393,022
11,027,195
Accumulated post-retirement benefits - long-term portion
8,981,633
8,981,633
8,667,684
Long-term debt, net of current portion
-
-
14,400,000
Capital lease long-term portion
79,527
79,527
-
Total liabilities
18,273,706
180,476
-
-
18,454,182
34,094,879
NET ASSETS:
Unrestricted
General operating fund
1,614,880
1,614,880
1,614,880
Investment fund
177,138,350
177,138,350
147,882,960
Research fund
6,984,191
6,984,191
5,926,929
Diversity initiatives fund
1,745,026
1,745,026
1,641,947
Total net assets
1,614,880
177,138,350
6,984,191
1,745,026
187,482,447
157,066,716
Total liabilitiesand net assets
19,888,586
$
177,318,826
$
6,984,191
$
1,745,026
$
205,936,629
$
191,161,595
$
33