The 1997 balance sheet totals and the 1997 totals on the statement of changes in fund balances and the statement of current funds revenues, expenditures and other changes have been presented for comparative purposes only.
 

C.  ACCOUNTS RECEIVABLE AND STUDENT LOANS:

 Accounts receivable of $13,852,000 in the current fund group at June 30, 1998, are principally comprised of receivables from the federal government and student accounts receivable.  The student accounts receivable are carried net of an allowance for doubtful accounts of $293,938.

 Student loans receivable of $32,762,000 in the loan fund group at June 30, 1998, are carried net of an allowance for uncollectible loans of $2,274,000.

 The United States Government Capital Contribution fund balance at June 30, 1998 includes net University matching funds of $1,234,000.
 

D.  LAND, BUILDINGS AND EQUIPMENT:

 Land, buildings and equipment are stated at cost or, in the case of gifts, at the fair value at the date of donation.

 Depreciation is calculated using the straight-line method with estimated useful lives of forty years for buildings, sixteen years for fixed equipment, and five years for movable equipment.  Depreciation for fiscal year 1998 is $5,110,000 for buildings and $1,685,000 for movable and fixed equipment.

 At June 30, 1998, $5,008,000 unexpended plant funds and $9,113,000 funds for renewals and replacements have been internally designated for plant purposes.  At June 30, 1998, plant assets, net of accumulated depreciation, consisted of land, $5,994,000; buildings, $125,308,000; and equipment, $8,251,000; total accumulated depreciation at June 30, 1998 is $132,552,000.