| As of April 30 | 1995 | 1994 |
| Assets | ||
| Cash and temporary cash investments | $274,262 | $1,099,866 |
| Accounts receivable (net of an allowance for doubtful accounts of $40,000 in 1995 and $45,000 in 1994) | 1,336,098 | 1,493,191 |
| Publication and electronic media inventories | 1,032,718 | 967,676 |
| Prepaid course and other expenses | 690,972 | 461,514 |
| Land, building, furniture and equipment, at cost: | ||
| Land and land improvements | 1,078,083 | 1,000,000 |
| Building and building improvements | 14,196,590 | 13,715,172 |
| Furniture and equipment | 5,818,637 | 5,267,304 |
| Total cost | 21,093,310 | 19,982,476 |
| Accumulated depreciation | 5,680,735 | 4,489,147 |
| Net land, building, furniture and equipment | 15,412,575 | 15,493,329 |
| Deferred product cost | 1,036,336 | 686,169 |
| Investments-at market: | ||
| Permanent fund | 8,788,456 | 8,550,617 |
| IRB fund | 6,006,872 | 6,068,400 |
| R&D fund | 2,682,565 | 2,466,692 |
| Project fund | 4,397,286 | 1,579,783 |
| Due to operating fund | 900,927 | 2,034,687 |
| Total investments | 22,776,106 | 20,700,179 |
| Total assets | $42,559,067 | $40,901,924 |
| Liabilities and Fund balance | ||
| Liabilities: | ||
| Accounts payable and accrued liabilities | $3,903,569 | $4,676,156 |
| Deferred subscription revenue | 74,049 | 99,267 |
| Future course fees | 984,058 | 1,084,175 |
| Deferred product revenue | 148,286 | 321,352 |
| Notes payable | 6,800,000 | 6,900,000 |
| Total liabilities | 11,909,962 | 13,080,950 |
| Fund balance: | 30,649,105 | 27,820,974 |
| Total liabilities and fund balance | $42,559,067 | $40,901,924 |