BASIC FINANCIAL STATEMENTS
ROCK VALLEY COLLEGE ILLINOIS COMMUNITY COLLEGE DISTRICT NUMBER 511 STATEMENTS OF NET ASSETS June 30, 2008 and 2007 2008 2007 ASSETS Current assets: Cash and cash equivalents $ 11,651,718 $ 8,299,274 Current investments 13,802,123 14,604,056 Receivables: Due from component unit 113,079 13,451 Property taxes, net of allowance for uncollectible balances of $292,900 for 2008 and $281,700 for 2007 18,832,496 18,331,502 Accounts, net of allowance for uncollectible balances of $160,700 for 2008 and $158,900 for 2007 6,232,510 6,034,155 Accrued interest 208,126 417,641 Prepaid items 735,414 467,859 Restricted cash and cash equivalents 347,531 388,680 Restricted investments 16,125,679 6,729,367 Total current assets 68,048,676 55,285,985 Noncurrent assets: Bond issuance costs, net of accumulated amortization of $406,207 for 2008 and $300,341 for 2007 834,165 830,868 Capital assets: Depreciable assets, net of accumulated depreciation 62,360,825 57,455,756 Nondepreciable assets 1,919,433 8,489,165 Total noncurrent assets 65,114,423 66,775,789 Total assets $ 133,163,099 $ 122,061,774 The accompanying notes are an integral part of this financial statement 19