Notes to Consolidated Financial Statements June 30, 2024 and 2023 4. Tuition and Other Receivables Tuition and other receivables at June 30 consist of the following (in thousands): 2024 2023 Student accounts, net of allowance of $2,555 in 2024 and $2,323 in 2023 $ 18,696 $ 19,676 Unreimbursed grant and contract expenditures 16,819 13,941 Health centers’ patient accounts, net of allowance of $2,628 in 2024 and $2,427 in 2023 - 855 Accrued interest 4,190 3,602 Other 8,223 6,860 Total $ 47,928 $ 44,934 5. Pledges Receivable Unconditional promises to give to the university are included in the consolidated financial statements as pledges receivable and contribution revenue in the appropriate net asset category. In accordance with ASC 820, the university applies a present value technique to new pledges received, whereby the estimated future cash flows are discounted based on a risk-adjusted discount rate in order to determine the fair value of the pledge to be recorded as of the date the pledge was made. The risk-adjusted discount rates applied ranged from 0.8 to 14.4 percent. Pledges are expected to be collected as follows as of June 30 (in thousands): 2024 2023 Current: In one year or less $ 21,119 $ 23,719 Less allowance (2,450) (1,640) 18,669 22,079 Future: Between one and five years 34,318 26,858 More than five years 2,072 4,310 Less discount and allowance (11,181) (7,915) 25,209 23,253 Total $ 43,878 $ 45,332 At June 30, pledges receivable had the following donor stipulations (in thousands): 2024 2023 Endowments $ 44,655 $ 49,287 Property, plant, and equipment 691 654 Scholarships and other 12,163 4,946 Subtotal 57,509 54,887 Less discount and allowance (13,631) (9,555) Total $ 43,878 $ 45,332 The university received unconditional pledges from a related party and its associated organizations representing approximately 45.2 percent and 66.5 percent of the balance of outstanding pledges receivable as of June 30, 2024 and 2023, respectively. These pledges are payable in annual installments ranging from approximately $3.6 million to $4.8 million through fiscal 2029. 25
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