Liquidity

May 31, 2020 & 2021
(in thousands)
2020
2021
Financial assets:
Cash and cash equivalents
$    228,052 $    309,236
Student accounts receivable, net
28,637 35,311
Contributions receivable, net
125,702 107,309
Grants and other receivable, net
49,154 37,078
Student loans receivable, net
7,566 6,179
Long-term investments, at fair value
1,425,665
1,905,616
Financial assets at year-end
1,864,776
2,400,729

Less assets unavailable for expenditure within one year, due to:
Endowment assets with perpetual restrictions
(823,839) (867,196)
Endowment assets subject to future appropriation
(287,499) (600,877)
Assets subject to time or purpose restrictions
(156,519)
(181,875)
Board-designated endowment funds
(270,100)
(361,376)
Financial assets available to meet cash needs for general expenditures within one year
$    326,819
$    389,405