March 31, 2012 (with comparative totals for 2011)
2012 2011
Assets
Cash and cash equivalents $   2,673,392 $ 1,446,093
Restricted cash 300,000 300,000
Investments 30,403,240 24,261,864
Contributions receivable, net 8,850,220 4,536,362
Property and equipment, net 37,485 69,938
Prepaid expenses and other assets 271,031 151,616
Total Assets $ 42,535,368  $30,765,873
Liabilities and Net Assets
Liabilities:
Accounts payable and accrued expenses $       651,573 $       584,672
Scholarships payable 1,533,060 0
Obligations under capital leases 23,798 34,781
Total Liabilities 2,208,431 619,453
Net Assets:
Unrestricted (836,947) (755,265)
Temporarily restricted 28,048,964 18,971,285
Permanently restricted 13,114,920 11,930,400
Total Net Assets 40,326,937 30,146,420
Total Liabilities and Net Assets $42,535,368 $30,765,873