Page 32 - msmannualreport_3_14_17

Morehouse School of Medicine, Inc. and Affiliate
Consolidated Balance Sheets

Year ended June 30, 2016 2015
The Consolidated Balance Sheet
presents the assets, liabilities, and net Assets $ $
position of MSM as of the end of the Cash and cash equivalents 39,246,724 5,873,554
fiscal year. Accounts receivable, net 12,172,460 18,153,892
Pledges receivable, net 13,367,876 4,025,950
The purpose of the Consolidated Loans receivable, net of allowance for doubtful accounts 926,389 1,434,270
Balance Sheet is to present a finan- Patient accounts receivable, net 1,309,986 740,986
cial condition snapshot of Morehouse Other receivables 193,335 243,023
School of Medicine as of June 30, Investments, at fair value 96,498,930 96,081,433
2016. Other assets 871,611 283,252

Property and equipment, net 56,392,839 57,150,088
The Consolidated Balance Sheet is
prepared under the accrual basis of
accounting which requires revenue Total Assets $220,980,150 $183,986,448
and asset recognition when service is
provided, and expense and liability Liabilities and Net Assets
recognition when goods and services
are rendered despite when cash is Liabilities
exchanged. Accounts payable 6,156,053 7,501,388
Accrued expenses and other liabilities 8,776,839 4,166,768
Borrowings under line of credit arrangements 3,504,558 -
Deferred revenue 666,438 248,524
Capital leases payable 165,858 239,573
Long-term debt payable 10,591,333 12,674,667
Government advances for student loans 1,550,271 1,550,271

Total Liabilities $31,411,350 $26,381,191

Net Assets
Unrestricted 71,443,109 47,948,867
Temporarily restricted 17,615,665 14,277,865
Permanently restricted 100,510,026 95,378,525

Total Net Assets $189,568,800 $157,605,257

Total Liabilities and Net Assets $220,980,150 $183,986,448