President's Report - Johnson C. Smith University

President’s Report 2010-2011Statements of Financial PositionAs of June 30 2011 2010$ $AssetsCash and cash equivalents 14,510,178 14,715,546Investments 50,425,092 45,189,763Accounts receivable, net of allowance for uncollectible accounts of approximately$607,000 in 2011 and $592,000 in 2010 597,191 625,933Grants and receivable from federal and state government 1,488,814 826,362Contributions receivable, net 821,611 1,304,303Notes receivable, net of allow ance for uncollectible accounts of approximately$760,000 in 2011 and 2010 995,192 1,078,724Inventories 215,238 265,521Prepaid expenses 182,131 230,293Beneficial interest in trust 1,244,142 1,492,514Institutional property and equipment, net 37,829,070 39,079,919Total assets 108,308,659 104,808,87816Liabilities and net assetsAccounts payable and accrued liabilities 3,582,953 3,602,446Bonds payable 5,470,000 6,055,000Advances from federal government for student loans 329,132 329,132Deferred revenues and other liabilities 116,746 131,792Capital lease obligations 1,036,200 549,781Notes payable 1,900,342 549,781Mortgage note payable - 706,280Asset retirement obligation 1,153,601 1,099,715Total liabilities 13,588,974 14,474,845Commitments and contingenciesNet assets:Unrestricted 45,608,624 45,735,506Temporarily restricted 17,857,670 13,581,803Permanently restricted 31,253,391 31,016,724Total net assets 94,719,685 90,334,033Total liabilities and net assets 108,308,659 104,808,878