Financials
Consolidated Statements of Financial Position
| ASSETS | 2024 | 2023 |
|---|---|---|
| Cash & Cash Equivalents | 9,341,503 | 7,396,354 |
| Accounts Receivable, Net | 998,294 | 1,362,339 |
| Prepayments & Other Assets | 1,185,305 | 1,059,739 |
| Restricted Cash | 924,509 | 671,465 |
| Contributions Receivable, Net | 160,111 | 421,834 |
| Student Loans, Net | 6,775,224 | 7,136,870 |
| Investments | 61,271,369 | 53,273,824 |
| Operating Lease Right-of-Use Assets | 1,032,541 | 1,415,377 |
| Property & Equipment, Net | 8,151,487 | 9,093,959 |
| Total Assets | $89,840,343 | $81,831,761 |
| LIABILITIES AND NET ASSETS | 2024 | 2023 |
|---|---|---|
| LIABILITIES | ||
| Accounts Payable & Accrued Expenses | 1,838,620 | 1,548,512 |
| Deferred Revenue | 2,605,008 | 2,776,808 |
| Operating Lease Liability | 1,141,192 | 1,554,063 |
| Bonds Payable | 2,800,000 | 3,365,000 |
| Refundable U.S. Government Grants | 6,027,149 | 6,271,952 |
| Total Liabilities | $14,411,969 | $15,516,335 |
| NET ASSETS | ||
| Without Donor Restrictions | 61,109,385 | 52,732,344 |
| With Donor Restrictions | 14,318,989 | 13,583,082 |
| Total Net Assets | $75,428,374 | $66,315,426 |
| Total Liabilities and Net Assets | $89,840,343 | $81,831,761 |
Consolidated Statements of Activities
| OPERATING REVENUES | 2024 w/o Donor Restrictions | 2024 with Donor Restrictions | 2024 Total | 2023 Total |
|---|---|---|---|---|
| Student Tuition & Fees, Net of Student Aid of $1,657,276 in 2024 and $1,597,518 in 2023 | 23,165,398 | 23,165,398 | 22,799,000 | |
| Contributions & Bequests | 352,285 | 690,484 | 1,042,769 | 961,243 |
| Patient Care | 2,713,806 | 2,713,806 | 2,900,144 | |
| Professional Service Agreements | 2,220,669 | 2,220,669 | 2,189,627 | |
| Grants and Contracts | 1,770,403 | 1,770,403 | 2,112,949 | |
| Interest Income on Other Than Investments | 340,243 | 340,243 | 230,783 | |
| Other Sources | 141,072 | 141,072 | 223,792 | |
| Auxiliary Enterprises | 157,379 | 157,379 | 124,045 | |
| Total Operating Revenues | $30,861,255 | $690,484 | $31,551,739 | $31,541,583 |
| Net Assets Released from Restrictions | 1,115,556 | (694,538) | 421,018 | 396,267 |
|
Total Operating Revenues and
Net Assets Released from Restrictions |
31,976,811 | (4,054) | 31,972,757 | 31,937,850 |
| OPERATING EXPENSES | ||||
| Clinical Instruction & Patient Care | 7,665,227 | 7,665,227 | 7,520,908 | |
| Instruction | 6,670,219 | 6,670,219 | 6,306,094 | |
| Research | 1,888,070 | 1,888,070 | 1,836,263 | |
| Academic Support | 2,445,004 | 2,445,004 | 3,051,391 | |
| Student & Auxiliary Services | 2,491,297 | 2,491,297 | 2,446,321 | |
| Institutional Support & Fundraising | 7,219,107 | 7,219,107 | 6,955,910 | |
| Total Operating Expenses | $28,378,924 | $28,378,924 | $28,116,887 | |
| Change in Net Assets from Operating Activities | $3,597,887 | ($4,054) | $3,593,833 | $3,820,963 |
| NON-OPERATING ACTIVITIES | ||||
| Net Assets Released from Restrictions | (421,018) | (421,018) | (396,267) | |
| Investment Return | 4,784,290 | 1,160,979 | 5,945,269 | 3,564,482 |
| Change in Value of Annuity Obligations | (4,191) | (4,191) | (1,347) | |
| Loss on Sale/Disposal of Assets | (945) | (945) | (105,954) | |
| Change in Net Assets | $8,377,041 | $735,907 | $9,112,948 | $6,881,877 |
| NET ASSETS AS OF BEGINNING OF YEAR | $52,732,344 | $13,583,082 | $66,315,426 | $59,433,549 |
| NET ASSETS AS OF END OF YEAR | $61,109,385 | $14,318,989 | $75,428,374 | $66,315,426 |