4.06¾STATEMENTS OF FINANCIAL POSITION
ASSETS |
2002 |
2001 |
|
Cash and cash equivalents |
$ 1,260,256 |
$ 1,180,393 |
|
Accounts receivable, net of allowance of $1,650,000 in 2002 and $2,000,000 in 2001, respectively |
1,344,956 |
1,148,577 |
|
Contributions receivable |
644,907 |
1,967,926 |
|
Other receivables |
412,043 |
315,324 |
|
Other assets |
123,807 |
136,479 |
|
Student loans receivable |
301,973 |
294,013 |
|
Investments |
4,852,143 |
4,232,734 |
|
Funds held in trust by the Georgia Baptist Foundation |
6,518,401 |
6,953,132 |
|
Property and equipment |
13,461,119 |
9,997,053 |
|
|
|
|
|
|
$28,919,605 |
$26,225,631 |
|
|
|
|
LIABILITIES AND NET ASSETS |
|
|
|
Liabilities |
|
|
|
Accounts payable |
$ 593,334 |
$ 507,601 |
|
Accrued liabilities |
620,795 |
546,209 |
|
Deferred revenue and student deposits |
549,507 |
541,223 |
|
Capital lease |
357,263 |
268,473 |
|
Notes and bonds payable – financial institutions |
7,967,983 |
6,404,326 |
|
Notes payable to Georgia Baptist Foundation |
3,731,608 |
1,811,798 |
|
Annuities payable |
215,497 |
385,946 |
|
Refundable advances from Federal government – Perkins loans |
185,120 |
144,603 |
|
|
|
|
|
|
$14,221,107 |
$10,610,179 |
|
|
|
|
|
Net Assets |
|
|
|
Unrestricted |
$ 1,349,468 |
$ 982,882 |
|
Temporarily restricted |
1,540,896 |
3,197,282 |
|
Permanently restricted |
11,808,134 |
11,434,288 |
|
|
|
|
|
|
$14,698,498 |
$15,614,452 |
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
$28,919,605 |
$26,224,631 |