Accounts receivable consist primarily of amounts for student tuition and fees, contract and grant reimbursements due from third parties, and interest due on investments. The composition of accounts receivable at September 30, 2019 and 2018 is summarized below:
| Accounts Receivables | 2019 | 2018 |
|---|---|---|
| Student accounts | $48,162,439 | $53,249,000 |
| Receivables from sponsoring agencies | 19,588,845 | 17,811,457 |
| Accrued interest receivable | 14,452,984 | 12,240,065 |
| Other | 11,054,599 | 16,671,730 |
| Total accounts receivable | 93,258,867 | 99,972,252 |
| Less provision for doubtful accounts | (1,447,096) | (3,880,708) |
Accounts receivable, net | $91,811,771 | $96,091,544 |
In 2005, the University established a program to provide financial assistance to University student organizations to help those organizations improve the quality and safety of the residential options those organizations provide to students. This program has supported the construction of several new student organization facilities and renovations and additions to many others. As a result, the University has entered into notes receivables transactions with various student organizations. Notes receivable from student organizations bear interest rates ranging from 3.55% to 5.73% with terms up to 40 years. The composition of notes receivable at September 30, 2019 and 2018 is summarized as follows:
| Notes Receivable | 2019 | 2018 | |
|---|---|---|---|
| Notes receivable from student organizations | $221,563,872 | $207,186,394 | |
| Less current portion | (5,040,811) | (4,462,276) | |
Notes receivable, noncurrent | $216,523,061 | $202,724,118 |
Future minimum payments to be received for each of the five succeeding fiscal years as of September 30, 2019 are shown below. There are no unguaranteed residual values or contingent payments.
Additionally, the University does not record an allowance for uncollectible receivables due to the collateral of the buildings, which secure the notes receivable.
| | Principal | Interest | Total |
|---|---|---|---|
| 2020 | 5,040,811 | 11,110,747 | 16,151,558 |
| 2021 | 5,308,916 | 10,894,299 | 16,203,215 |
| 2022 | 5,425,242 | 10,719,277 | 16,144,519 |
| 2023 | 5,605,345 | 10,482,325 | 16,087,670 |
| 2024 | 5,701,116 | 10,251,802 | 15,952,918 |
| Total | $27,081,430 | $53,458,450 | $80,539,880 |
Student loans receivable represent all amounts owed on promissory notes from debtors, including student loans made under the Federal Perkins Loan Program and other loan programs.
The composition of student loans receivable at September 30, 2019 and 2018, is summarized as follows:
| Loans Receivable | 2019 | 2018 |
|---|---|---|
| Federal loan program | $12,742,795 | $13,796,749 |
| University loan funds | 1,779,029 | 1,882,974 |
| Less allowance for doubtful loans | (3,696,717) | (3,696,717) |
| Total student loans outstanding, net | 10,825,107 | 11,983,006 |
| Less current portion | (2,000,480) | (2,020,335) |
Total student loans oustanding, noncurrent | $8,824,627 | $9,962,671 |
Pledges receivable represent unconditional promises to give from third party donors and are presented at their gross, undiscounted amount.
The composition of pledges receivable at September 30, 2019 and 2018, is summarized as follows:
| Pledges Receivable | 2019 | 2018 |
|---|---|---|
| Operations | $12,125,273 | $11,598,774 |
| Capital | 30,198,873 | 17,602,037 |
| Less allowance for doubtful pledges | (2,066,861) | (1,546,883) |
| Total pledges, net | 40,257,285 | 27,653,928 |
| Less current portion | (11,670,109) | (8,685,620) |
Total pledges, noncurrent | $28,587,176 | $18,968,308 |
