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2009 2008 <br /> LIABILITIES <br /> Current liabilities <br /> Current portion of bonds and notes payable 1,653,496 1,592,886 <br /> Accounts payable 46,136 268,977 <br /> Accrued expenses 259,585 147,670 <br /> Total current liabilities 1,959,217 2,009,533 <br /> Non-current liabilities <br /> Accrued compensated absences 134,417 72,980 <br /> Bonds and notes payable, net of current portion 25,563,680 27,020,792 <br /> Total non-current liabilities 25,698,097 27,093,772 <br /> Total liabilities 27,657,314 29,103,305 <br /> NET ASSETS <br /> Net assets <br /> Invested in capital assets, net of related debt 68,058,514 66,653,456 <br /> Restricted: <br /> Debt services 60,495 585,397 <br /> Loan reserves 2,395,224 1,636,088 <br /> Unrestricted 5,942,251 7,955,677 <br /> Total net assets 76,456,484 76,830,618 <br /> 9 <br />