Guaranteed
Student Loan Programs - Financial Statements, March 31, 2002 and 2001 (index)
Balance Sheets
March 31, 2002 and 2001
| Assets |
|
2002
|
|
2001
|
Unrestricted Operating Fund Assets: |
|
|
|
|
| Cash and cash equivalents
(note 3) |
$ |
91,769,690 |
|
74,066,672 |
| Receivable from U.S. Department
of Education (note 4) |
|
8,616,009 |
|
7,405,951 |
| Collections receivable
(note 5) |
|
— |
|
1,761,796 |
| EFT fees receivable from lenders |
|
290,093 |
|
246,075 |
| Due from other sources
(note 6) |
|
74,014 |
|
1,391,938 |
| Prepaid expenses and other
assets |
|
670,273 |
|
355,797 |
| Fixed assets net of accumulated
depreciation (note 7) |
|
370,981 |
|
459,645 |
| Total
unrestricted assets |
|
101,791,060 |
|
85,687,874 |
| |
|
|
|
|
| Restricted Federal Fund Assets: |
|
|
|
|
| Cash and cash equivalents
(note 3) |
|
127,283,509 |
|
126,132,278 |
Reinsurance receivable,
net of collections due
U.S. Department of Education |
|
20,161,811 |
|
5,754,698 |
| Insurance premium receivable
(note 10) |
|
969 |
|
1,680 |
| Accrued investment income |
|
927,270 |
|
1,508,487 |
| Long term investments (note
3) |
|
40,650,000 |
|
61,068,750 |
| Fixed assets net of accumulated
depreciation (note 7) |
|
42,133 |
|
128,934 |
| Total
restricted assets |
|
189,065,692 |
|
194,594,827 |
| Total
assets |
$ |
290,856,752 |
|
280,282,701 |
| |
|
|
|
|
| Liabilities and Fund Balance |
|
|
|
|
Reinsurance collections payable to U.S. Department
of
Education (note 5) |
|
$ 632,914 |
|
— |
| Accounts payable and accrued
expenses |
|
15,349,218 |
|
16,763,737 |
| Default aversion fee refunds
(note 4) |
|
8,389,167 |
|
2,011,000 |
| Amount payable to lenders
through EFT |
|
4,737,173 |
|
3,473,439 |
| Payable to the U.S. Department
of Education: |
|
|
|
|
| Federal
fund liability (note 11) |
|
113,166,145 |
|
136,917,381 |
| Federal
reserve return (note 8) |
|
65,599,198 |
|
47,377,098 |
| Advances
from U.S. Department of Education (note 12) |
|
10,300,348 |
|
10,300,348 |
| Total
liabilities |
|
218,174,163 |
|
216,843,003 |
| Fund balance |
|
72,682,589 |
|
63,439,698 |
| Total
liabilities and fund balance |
$ |
290,856,752 |
|
280,282,701 |
See accompanying notes
to financial statements.
Last modified on December 9, 2002 |
