2007-2008 President's Report - University of the Virgin Islands

UNIVERSITY OF THE VIRGIN ISLANDS
2007-2008 President’s Report
19
Financial Report
University of the Virgin Islands Statement of Net Assets September 30, 2008
Assets
Current assets:
Cash and cash equivalents $ 12,417,987
Investments with bond trustees at fair value 4,864,460
Receivables:
Accounts receivable, net of allowance of $1,348,180 10,684,327
Inventories 833,690
Prepaid expenses and other assets 659,784
Total current assets 29,460,248
Noncurrent assets:
Restricted cash and cash equivalents 14,617,845
Investments at fair value 22,301,848
Capital assets, net 52,429,449
Other assets 3,797,215
Total noncurrent assets 93,146,357
Total assets $ 122,606,605
Liabilities
Current liabilities:
Accounts payable and accrued liabilities $ 9,020,804
Deferred revenue 3,063,338
Current portion of long-term debt 764,188
Total current liabilities 12,848,330
Noncurrent liabilities:
Long-term debt 43,234,807
Other long-term liabilities 75,000
Total noncurrent liabilities 43,309,807
Total liabilities $ 56,158,137
Net assets
Invested in capital assets, net of related debt $ 22,831,9995
Restricted, nonexpendable:
Scholarships and fellowships 5,536,509
Restricted, expendable 27,603,605
Unrestricted 10,476,355
Total net assets $ 66,448,468
Audited Financial Statement