executive committee meeting of the uwf foundation, inc...

Executive Committee Meeting of the

UWF Foundation, Inc. Board of Directors

August 31, 2016

FPAN Building, 2nd Floor

3:30 p.m. – 5:00 p.m.

Agenda

I. Opening Remarks / Announcements Gordon Sprague

II. Officer Reports

a. Call to order / Agenda Gordon Sprague

b. Roll Call / Quorum / Approval of Minutes* Richard Peterson

III. Information Reports

a. University Update Judy Bense

b. Advancement Report Brendan Kelly

c. CFO Report Daniel Lucas

IV. Committee Reports

a. Investment Gail Dorsey

Performance Report

Endowment Status

Committee Actions, if any*

b. Audit / Budget David Hightower

Budget & Financial Reports

Audited Financial Statements

Committee Actions, if any*

Student Housing Refunding* Dan Lucas

Pat Lott

V. Other Business

VI. Adjourn

* Denotes possible action items.

To attend via conference call or to file a proxy, please contact Patricia Barlow (474-2898) or Daniel

Lucas (474-3380) at least 3 business days prior to the meeting.

Please RSVP to Patricia Barlow at

474-2898 or [email protected]

UWF FOUNDATION, INC.

EXECUTIVE COMMITTEE MEETING

Florida Public Archaeology Network Classroom

May 12, 2016, Minutes

Present

Members: Dr. Judy Bense, Mr. Brett Barrow, Mr. Dave Cleveland, Mr. Gordon Sprague, Mr. Richard

Peterson, and Mr. David Hightower (by conference call)

Staff: Dr. Brendan Kelly, Mr. Dan Lucas, and Ms. Patricia Barlow

Guests: Ms. Jan Butts

Call to Order: Vice Chair Mr. Sprague called the meeting to order at 3:35 p.m. Staff confirmed a

quorum.

Minutes: The committee members reviewed the minutes of the meeting held on February 26, 2016.

Mr. Barrow made a motion to accept the minutes as presented. Mr. Hightower seconded the motion,

and the motion carried with all voting in favor.

University Update: President Bense presented the University update. She reported that the Spring 2016

commencement ceremonies had been well attended with great participation by graduating students. The

summer session has begun with enrollment up by 3.9% over last year’s summer enrollment. Dr. Bense

reported that there were indications that fall enrollment would also be up. Dr. Bense reported that the

Presidential Search was going well with applications expected to be submitted throughout the summer.

Advancement Report: Dr. Kelly shared highlights from the Division of University Advancement,

providing an update on the gifts, pledges, and planned gifts to date in the 50th Anniversary Capital

Campaign, which total over $37 million. Additionally, he highlighted several of the development goals

for 2015-2016 and the outcomes to date.

CFO’s Report: Mr. Lucas presented the CFO’s Report. He shared that the auditors had addressed the

Audit Budget Committee for the opening conference; onsite fieldwork will take place primarily in

August 2016. A full report will be presented to the Audit Budget Committee and the Executive

Committee at the end of August. He reported that work on the implementation of Academic Works was

proceeding very smoothly and ahead of schedule.

Investment Committee: Mr. Cleveland provided a report on the first quarter 2016 investment pool

performance. As of March 31, 2016, the investment value (minus reserves) was $75,566.062. With

reserves, the pool is $78,088.135. Returns for the quarter are -0.28% compared to the balanced index of

.40%. All categories are in line with policy guidelines for allocations. Several managers are on caution

status including Specialty Strategies (alternative), Barrow Hanley (fixed income), Ironwood

(alternative), and Archstone (alternative) and are being monitored. Mr. Cleveland shared that

representatives from three managers, Harbert, Portfolio Advisers, and StepStone, presented to the

Investment Committee; each manager presented an overview of the structure, strategy, and recent

performance for the company.

Executive Committee Meeting Minutes of May 12, 2016

UWF Foundation, Inc. Page 2 of 3

Mr. Cleveland shared that the Investment Committee had voted to commit $1,000,000 to a new fund

targeting mezzanine debt opportunities from Portfolio Advisors. The committed funds will be taken from

sectors that are overweight to ensure continued alignment with investment mix and asset allocation

policy guidelines.

Mr. Cleveland reported that the committee had reviewed the National Association of College and

University Business Officers (NACUBO) investment performance survey results which allows the UWF

Foundation to compare its spending rate, asset allocation, and portfolio performance with those of its

peer institutions. According to the results, the Foundation is consistent with its peers in spending rate

and asset allocation, and ahead in performance.

Mr. Sprague reported that a subcommittee reviewed the due diligence of the Foundation’s alternative

investments with the investment consultant at a meeting the previous day. Mr. Sprague shared the

investment consultant’s observation that the Foundation’s process of ensuring due diligence for

alternative investments was the most thorough of any organization he knew of.

Audit Budget Committee: Mr. Hightower and Mr. Lucas presented the Audit Budget Committee report,

noting that the third quarter financial reports (quarter ending March 31, 2016) for both the Foundation

and Housing were solid with no significant variances noted.

Mr. Lucas presented the 2016-2017 budget for Housing. The budget reflects that the Southside residence

halls would be offline in 2016-2017 to allow some renovations to take place. He called attention to the

slim debt service coverage ratio as projected, but he assured the committee that the housing staff would

work diligently to ensure compliance. Mr. Lucas next presented the 2016-2017 budget for the

Foundation, highlighting areas of significant change from the previous year’s budget.

Mr. Cleveland made a motion to approve the budgets as proposed; Mr. Hightower seconded the motion.

All voted in favor of the motion.

Nominating Committee: Dr. Kelly shared that President Bense was currently making Presidential

appointees to the Board. The new appointees would be announced at the June Board meeting.

Major Gift Information: Dr. Kelly shared that the Board for the Pensacola Museum of Art had voted

to move the PMA under the governance of the University of West Florida. As part of the plan for

donation, the PMA is gifting its historic building, art collection, and its cash, securities, and assets to the

UWF Foundation. According to the Foundation’s gift acceptance policy, the Foundation Board and the

UWF Board of Trustees must approve the real estate gift since the value of the real estate exceeds

$1,000,000. Mr. Sprague made a motion to accept the real estate gift from the Pensacola Museum of Art;

Mr. Cleveland seconded the motion. All voted in favor of the motion.

Mr. Lucas reported that some property adjacent to the Arcadia Mill property had been recently donated

to UWF. He asked that the Executive Committee agree to waive the aspect of the policy that required an

environmental survey for real estate gifts. The rationale for waiving the requirement in this instance is

that a previous survey exists that indicates a clean environment. Additionally, the property is directly

adjacent to property owned by UWF that also has a clean environmental report. Legal counsel for UWF

and for the Foundation agree that any risk to UWF is very low. Mr. Cleveland made a motion to waive

the requirement for an environmental survey for the property adjacent to the Arcadia mill property; Mr.

Sprague seconded the motion; the motion carried with all voting in favor.

Executive Committee Meeting Minutes of May 12, 2016

UWF Foundation, Inc. Page 3 of 3

Executive and Key Employee Compensation Review: Dr. Kelly reported that the Foundation reviews

on an annual basis the compensation of key employees to ensure that salaries are in line with state and

institutional ranges. For the Foundation, those employees include Dan Lucas as CFO and Jan Butts as

Director. For both employees, the compensation is well within the ranges for similar positions within the

SUS and at UWF.

There being no further business, the meeting was adjourned at 5:00 p.m.

Minutes recorded by Patricia Barlow on May 12, 2016

The University of West Florida Foundation, Inc.

Earnings vs Expenses Obligated

As of June 30, 2016

Investment Earnings 09.30.15 12.31.15 03.31.16 06.30.16 To Date

Interest Income 87,542.53$ 81,335.52$ 101,170.33$ 80,820.35$ 350,868.73$

Dividend Income 105,594.52 382,815.59 108,048.62 153,403.61 749,862.34

Unrealized Gain/Loss (5,725,767.89) 714,415.76 (226,406.91) 1,560,381.36 (3,677,377.68)

Realized Gain/Loss 226,620.56 523,705.59 121,654.09 (74,912.86) 797,067.38

Rental Income - - - - -

Investment Fees (36,678.59) (37,087.69) (48,700.84) (66,757.07) (189,224.19)

Consultant Fees - (35,784.49) (17,645.71) (18,891.52) (72,321.72)

Other Charges & Fees (352.57) (6,797.00) (3,570.11) (9,669.75) (20,389.43) Total (5,343,041.44)$ 1,622,603.28$ 34,549.47$ 1,624,374.12$ (2,061,514.57)$

Expenses Obligated

Spending Rate @

4.00%

FY 15/16

Spending Rate @

4.00%

FY 14/15

Spending Rate @

4.00%

FY 13/14

Investment Earnings $ (2,061,514.57) $ 1,869,144.65 $ 10,284,904.12

Dept. Allocated Spending 2,169,804.07 2,061,362.98 1,878,353.76

Operating Budget 1,249,987.00 1,195,873.00 1,159,569.00

Non-Endowed Budget 429,000.00 393,000.00 355,000.00

Total Committed Expenses 3,848,791.07 3,650,235.98 3,392,922.76

Income Versus Expenses (5,910,305.64)$ (1,781,091.33)$ 6,891,981.36$

Other UWF Foundation Assets

Charitable Gift Annuity

Definition: A charitable gift annuity enables you to transfer cash or marketable securities to the charitable

organization issuing the gift annuity in exchange for a current income tax deduction and the organization's

promise to make fixed annual payments to you for life. Annuity payments can begin immediately or can be

deferred to some future date.

Current Assets held by the UWF Foundation as of 06/30/2016:

Cornerstone 2,964,575.58$

`

Annuitant 1 53,031.00$

Annuitant 2 15,633.21$

Annuitant 3 2,895,911.38$

Annuity Commitments as of 6/30/2016:

Commitment ** Age

Annuitant 1 75,503.41$ 98 @ 06.30.16

Annuitant 2 7,212.71$ 86 @ 06.30.16

Annuitant 3 1,743,947.48$ 90 @ 06.30.16

**6.30.16 FASB Balances adjusted for Annuity Payments; alignment of calculation done by Cornerstone

fiscal year end.

InsuranceInsurance Commitments as of 6/30/2016 ***

Face Value Cash Value Interest Credit Cost Per Year

Insurant 1 100,000$ 40,735.67$ 1,568.51$ 870.80$

Insurant 2 25,000$ 7,457.53$ -$ 600.00$

Insurant 3 100,000$ 13,158.56$ 725.69$ 827.76$

Insurant 4 1,000,000$ 245,570.72$ -$ 65,000.00$

***Numbers represent 6.30.16 balances as information is only supplied at year end from insurance

companies.

University of West Florida Foundation

Income StatementHousing Budget to Actual for the UWF Foundation Board

Actual Budget Variance Amt. Variance % Actual to Date Budget to Date Variance Amt. Variance % Budget

6/30/2016 6/30/2016 6/30/2016 6/30/2016 6/30/2016 6/30/2016 6/30/2016 6/30/2016 6/30/2016 Notes

Revenues

97-42113 INTEREST INCOME - HOUSING $935.06 $1,078.00 ($142.94) 15.29% $4,134.93 $4,800.00 ($665.07) 16.08% $4,800.00

97-42114 INTEREST INCOME - SPIA $67,155.07 $34,366.00 $32,789.07 (48.83%) $150,243.46 $100,000.00 $50,243.46 (33.44%) $100,000.00

97-43012 RENTAL INCOME - HOUSING $1,033,321.70 $1,099,755.00 ($66,433.30) 6.43% $11,592,257.62 $11,349,371.00 $242,886.62 (2.10%) $11,349,371.00

97-44000 CONCESSIONS REVENUE $16,204.19 $11,271.00 $4,933.19 (30.44%) $57,167.78 $55,000.00 $2,167.78 (3.79%) $55,000.00

97-45000 OTHER INCOME - HOUSING $41,562.37 $45,982.00 ($4,419.63) 10.63% $204,844.39 $153,000.00 $51,844.39 (25.31%) $153,000.00

Total Revenues $1,159,178.39 $1,192,452.00 ($33,273.61) 2.87% $12,008,648.18 $11,662,171.00 $346,477.18 (2.89%) $11,662,171.00

Expenses

97-51010 SALARIES - FACULTY & STAFF $307,173.04 $349,641.00 $42,467.96 (13.83%) $1,003,122.70 $1,117,055.00 $113,932.30 (11.36%) $1,117,055.00 1 97-51137 OPS - STAFF $860,990.51 $972,008.00 $111,017.49 (12.89%) $1,302,610.49 $1,452,714.00 $150,103.51 (11.52%) $1,452,714.00

97-52110 TRAVEL $888.52 $5,540.00 $4,651.48 (523.51%) $17,197.72 $32,940.00 $15,742.28 (91.54%) $32,940.00

97-53150 CONCESSION EXP - HOUSING $17,748.33 $17,482.00 ($266.33) 1.50% $68,323.75 $94,196.00 $25,872.25 (37.87%) $94,196.00

97-54100 PROFESSIONAL DEVELOPMENT $868.89 $1,435.00 $566.11 (65.15%) $12,697.99 $13,400.00 $702.01 (5.53%) $13,400.00

97-54110 MEMBERSHIPS & DUES $0.00 $0.00 $0.00 0.00% $1,699.50 $2,000.00 $300.50 (17.68%) $2,000.00

97-54120 PUBLICATIONS & SUBSCRIPTIONS $0.00 $0.00 $0.00 0.00% $0.00 $250.00 $250.00 0.00% $250.00

97-55100 RECRUITMENT - TRAVEL $0.00 $500.00 $500.00 0.00% $768.11 $1,500.00 $731.89 (95.28%) $1,500.00

97-55110 RECRUITMENT - MEALS $0.00 $2,250.00 $2,250.00 0.00% $147.59 $4,500.00 $4,352.41 (2948.99%) $4,500.00

97-70100 OFFICE EXPENSES - COPYING $651.56 $1,171.00 $519.44 (79.72%) $3,910.33 $6,000.00 $2,089.67 (53.44%) $6,000.00

97-70110 OFFICE EXPENSES - POSTAGE $647.45 $75.00 ($572.45) 88.42% $915.85 $700.00 ($215.85) 23.57% $700.00 2 97-70120 OFFICE EXPENSES - PRINT/DUPL $772.71 $480.00 ($292.71) 37.88% $6,060.31 $8,000.00 $1,939.69 (32.01%) $8,000.00

97-70130 OFFICE EXPENSES - MKTG COMM $858.86 $2,200.00 $1,341.14 (156.15%) $14,766.03 $20,000.00 $5,233.97 (35.45%) $20,000.00

97-70140 OFFICE SUPPLIES $1,584.98 $1,285.00 ($299.98) 18.93% $6,528.21 $7,000.00 $471.79 (7.23%) $7,000.00

97-70200 COMPUTER SUPPLIES $0.00 $0.00 $0.00 0.00% $129.15 $2,000.00 $1,870.85 (1448.59%) $2,000.00

97-70220 COMPUTER - SOFTWARE SUPPORT $17,999.97 $7,000.00 ($10,999.97) 61.11% $79,503.43 $81,800.00 $2,296.57 (2.89%) $81,800.00

97-70240 COMPUTER - TRAINING $0.00 $0.00 $0.00 0.00% $0.00 $5,000.00 $5,000.00 0.00% $5,000.00

97-70300 TELEPHONE $3,721.25 $4,800.00 $1,078.75 (28.99%) $14,405.27 $25,000.00 $10,594.73 (73.55%) $25,000.00

97-71100 EQUIPMENT - GENERAL $917.23 $1,100.00 $182.77 (19.93%) $3,839.10 $5,000.00 $1,160.90 (30.24%) $5,000.00

97-71200 EQUIPMENT - COMPUTER $0.00 $1,500.00 $1,500.00 0.00% $8,216.25 $19,500.00 $11,283.75 (137.33%) $19,500.00

97-72100 CLEANING SERVICES $194,567.90 $209,082.00 $14,514.10 (7.46%) $611,859.62 $624,307.00 $12,447.38 (2.03%) $624,307.00

97-72110 CLEANING SUPPLIES $3,908.13 $6,100.00 $2,191.87 (56.08%) $16,057.51 $23,000.00 $6,942.49 (43.24%) $23,000.00

97-72200 HSG REPAIR & MAINT. - MISCELLANEOUS $6,851.88 $10,400.00 $3,548.12 (51.78%) $29,560.51 $42,000.00 $12,439.49 (42.08%) $42,000.00

97-72210 HSG REPAIR & MAINT.- TOOLS $0.00 $1,000.00 $1,000.00 0.00% $2,479.96 $5,000.00 $2,520.04 (101.62%) $5,000.00

97-72215 HSG REPAIR & MAINT. - LOCKS & KEYS $178.50 $1,250.00 $1,071.50 (600.28%) $3,464.73 $10,000.00 $6,535.27 (188.62%) $10,000.00

97-72220 HSG REPAIR & MAINT. - LANDSCAPING $1,660.21 $1,500.00 ($160.21) 9.65% $11,104.25 $10,000.00 ($1,104.25) 9.94% $10,000.00

97-72225 HSG REPAIR & MAINT. - PLUMBING $744.98 $1,500.00 $755.02 (101.35%) $2,051.17 $5,000.00 $2,948.83 (143.76%) $5,000.00

97-72230 HSG REPAIR & MAINT. - FIRE ALARM $0.00 $2,000.00 $2,000.00 0.00% $8,600.72 $23,000.00 $14,399.28 (167.42%) $23,000.00

97-72235 HSG REPAIR & MAINT. - AIR HANDLERS $7,455.78 $8,000.00 $544.22 (7.30%) $16,300.26 $28,000.00 $11,699.74 (71.78%) $28,000.00

97-72240 HSG REPAIR & MAINT. - ELEVATORS $0.00 $0.00 $0.00 0.00% $0.00 $5,000.00 $5,000.00 0.00% $5,000.00

97-72245 HSG REPAIR & MAINT. - ELECTRICAL & HVAC $0.00 $4,250.00 $4,250.00 0.00% $9,824.77 $12,000.00 $2,175.23 (22.14%) $12,000.00

97-72250 HSG REPAIR & MAINT. - PEST CONTROL $7,105.91 $3,775.00 ($3,330.91) 46.88% $22,139.90 $20,000.00 ($2,139.90) 9.67% $20,000.00

97-72255 HSG REPAIR & MAINT. - UNIFORMS $0.00 $500.00 $500.00 0.00% $1,792.45 $5,000.00 $3,207.55 (178.95%) $5,000.00

97-72300 HOUSING - VEHICLE MISC. EXP $0.00 $50.00 $50.00 0.00% $468.53 $1,000.00 $531.47 (113.43%) $1,000.00

97-72310 HOUSING - VEHICLE GAS $1,724.99 $2,400.00 $675.01 (39.13%) $8,237.44 $12,000.00 $3,762.56 (45.68%) $12,000.00

97-72320 HOUSING - VEHICLE REPAIR & MAINT. $1,439.27 $3,000.00 $1,560.73 (108.44%) $17,306.60 $12,000.00 ($5,306.60) 30.66% $12,000.00 3 97-72400 OPER EXP - HOUSING SUPPLIES ($25,696.68) $12,000.00 $37,696.68 (146.70%) $48,766.65 $75,000.00 $26,233.35 (53.79%) $75,000.00

97-72900 RENEWAL & REPLACEMENT $149,491.64 $90,000.00 ($59,491.64) 39.80% $470,677.92 $400,000.00 ($70,677.92) 15.02% $400,000.00 4 97-73100 DEPREC/AMORT EXPENSE - OFFICE/Vehicle $1,922.94 $873.00 ($1,049.94) 54.60% $7,084.48 $3,940.00 ($3,144.48) 44.39% $3,940.00 5 97-73200 DEPRECIATION EXP - SOUTHSIDE $20,417.56 $16,993.00 ($3,424.56) 16.77% $74,277.34 $67,978.00 ($6,299.34) 8.48% $67,978.00

Quarter Ending Year to Date

Actual Budget Variance Amt. Variance % Actual to Date Budget to Date Variance Amt. Variance % Budget

6/30/2016 6/30/2016 6/30/2016 6/30/2016 6/30/2016 6/30/2016 6/30/2016 6/30/2016 6/30/2016 Notes

97-73205 DEPRECIATION EXP - VILLAGE WEST $71,323.13 $71,325.00 $1.87 (0.00%) $285,292.55 $285,292.00 ($0.55) 0.00% $285,292.00

97-73210 DEPRECIATION EXP - VILLAGE EAST $100,167.26 $97,492.00 ($2,675.26) 2.67% $398,885.03 $389,965.00 ($8,920.03) 2.24% $389,965.00

97-73215 DEPRECIATION EXP - ARGO HALL $46,606.85 $45,444.00 ($1,162.85) 2.50% $183,844.15 $181,784.00 ($2,060.15) 1.12% $181,784.00

97-73220 DEPRECIATION EXP - MARTIN $77,465.18 $67,292.00 ($10,173.18) 13.13% $298,814.14 $269,162.00 ($29,652.14) 9.92% $269,162.00

97-73225 DEPRECIATION EXP - PACE HALL $46,304.51 $46,302.00 ($2.51) 0.01% $185,217.89 $185,217.00 ($0.89) 0.00% $185,217.00

97-73230 DEPRECIATION EXP - HERITAGE $131,735.42 $131,490.00 ($245.42) 0.19% $526,941.79 $525,967.00 ($974.79) 0.19% $525,967.00

97-73235 DEPRECIATION EXP - PRESIDENTS $186,995.77 $186,766.00 ($229.77) 0.12% $747,983.13 $747,070.00 ($913.13) 0.12% $747,070.00

97-74100 AMORT EXP - HOUSING MGT S-W $1,999.97 $1,998.00 ($1.97) 0.10% $8,000.00 $8,000.00 $0.00 0.00% $8,000.00

97-74150 AMORTIZATION EXPENSE - HOUSING $18,091.12 $13,839.00 ($4,252.12) 23.50% $71,949.10 $55,364.00 ($16,585.10) 23.05% $55,364.00 6 97-74200 INTEREST EXPENSE - HOUSING $1,264,806.44 $1,280,341.00 $15,534.56 (1.23%) $2,182,724.03 $2,293,786.00 $111,061.97 (5.09%) $2,293,786.00

97-74300 HOUSING - MISC. OPERATING ADMIN FEES $687.40 $550.00 ($137.40) 19.99% $2,688.70 $3,500.00 $811.30 (30.17%) $3,500.00

97-74310 HOUSING - OTHER MISC. OPER EXP $5,148.40 $5,425.00 $276.60 (5.37%) $56,153.14 $80,000.00 $23,846.86 (42.47%) $80,000.00

97-74315 HOUSING - MEAL PLANS $0.00 $2,000.00 $2,000.00 0.00% $28,421.97 $65,000.00 $36,578.03 (128.70%) $65,000.00

97-75005 HOUSING UTILITIES - ELECTRICAL $169,944.45 $225,000.00 $55,055.55 (32.40%) $789,890.73 $935,000.00 $145,109.27 (18.37%) $935,000.00

97-75010 HOUSING UTILITIES - GAS $8,220.40 $15,000.00 $6,779.60 (82.47%) $35,431.68 $60,000.00 $24,568.32 (69.34%) $60,000.00

97-75015 HOUSING UTILITIES - SEWER $34,972.53 $42,933.00 $7,960.47 (22.76%) $153,153.79 $185,000.00 $31,846.21 (20.79%) $185,000.00

97-75020 HOUSING UTILITIES - WATER $460.48 $970.00 $509.52 (110.65%) $2,959.28 $4,600.00 $1,640.72 (55.44%) $4,600.00

97-75025 HOUSING UTILITIES - GARBAGE $17,373.39 $13,500.00 ($3,873.39) 22.30% $57,504.11 $56,000.00 ($1,504.11) 2.62% $56,000.00

97-75030 HOUSING UTILITIES - CABLE $26,720.94 $43,000.00 $16,279.06 (60.92%) $147,000.36 $175,000.00 $27,999.64 (19.05%) $175,000.00

97-75100 HOUSING - INSURANCE $108.60 $0.00 ($108.60) 100.00% $10,779.64 $32,600.00 $21,820.36 (202.42%) $32,600.00

97-75105 INSURANCE - DIRECTORS/OFFICERS $0.00 $0.00 $0.00 0.00% $0.00 $5,000.00 $5,000.00 0.00% $5,000.00

97-75110 INSURANCE - BOND $6,113.31 $0.00 ($6,113.31) 100.00% $71,549.31 $82,000.00 $10,450.69 (14.61%) $82,000.00

97-75115 INSURANCE - AUTOMOBILE $16,581.00 $15,000.00 ($1,581.00) 9.54% $17,576.18 $15,000.00 ($2,576.18) 14.66% $15,000.00 7 97-75120 INSURANCE - PROPERTY $0.00 $0.00 $0.00 0.00% $41,622.91 $95,600.00 $53,977.09 (129.68%) $95,600.00

97-75200 BOND EXPENSES $51,518.28 $61,714.00 $10,195.72 (19.79%) $66,778.28 $83,000.00 $16,221.72 (24.29%) $83,000.00

97-76020 LEGAL FEES $0.00 $0.00 $0.00 0.00% $0.00 $2,600.00 $2,600.00 0.00% $2,600.00

97-76060 PROFESSIONAL SERVICES $143,880.00 $7,500.00 ($136,380.00) 94.79% $164,380.00 $22,000.00 ($142,380.00) 86.62% $22,000.00 8 97-76110 BANK SERVICE CHARGES $3,540.26 $4,200.00 $659.74 (18.64%) $9,119.00 $11,000.00 $1,881.00 (20.63%) $11,000.00

97-76115 ADMINISTRATIVE FEE - SPIA $4,495.83 $4,000.00 ($495.83) 11.03% $11,572.44 $12,000.00 $427.56 (3.69%) $12,000.00

97-76117 ADMINISTRATIVE FEE - HSG $72,130.17 $75,000.00 $2,869.83 (3.98%) $150,091.20 $145,777.00 ($4,314.20) 2.87% $145,777.00

97-76300 BAD DEBT EXPENSE $47,949.21 $0.00 ($47,949.21) 100.00% $47,949.21 $0.00 ($47,949.21) 100.00% $0.00

Total Expenses $4,141,936.61 $4,201,221.00 $59,284.39 (1.43%) $10,661,170.33 $11,295,064.00 $633,893.67 (5.95%) $11,295,064.00

BEGINNING FUND BALANCE $15,316,212.82 $0.00 $15,316,212.82 (100.00%) $10,986,936.75 $0.00 $10,986,936.75 (100.00%) $0.00

TOTAL ADJUSTED FUND BALANCE $15,316,212.82 $0.00 $15,316,212.82 (100.00%) $10,985,976.75 $0.00 $10,985,976.75 (100.00%) $0.00

NET SURPLUS/(DEFICIT) ($2,982,758.22) $0.00 ($2,982,758.22) 100.00% $1,347,477.85 $0.00 $1,347,477.85 (100.00%) $0.00

ENDING FUND BALANCE $12,333,454.60 $0.00 $12,333,454.60 (100.00%) $12,333,454.60 $0.00 $12,333,454.60 (100.00%) $0.00

Notes

1 SALARIES - Open Desktop Administrator position and two residence life coordinators hired at lower salary that predecessors.

2 OFFICE EXPENSES - POSTAGE - Mailing campaign to bring in new students

3 HOUSING - VEHICLE REPAIR & MAINT. - Several vehicles required expensive repairs.

4 RENEWAL & REPLACEMENT - This year we are moving as many expenses to this line as feasible.

5 AMORT EXPENSE - Vehicles - Purchase of new van increased the amortization expense on this line

6 AMORTIZATION EXPENSE - Refinancing of Series 2005 and 2010 bonds resulted in higher amortization costs.

7 INSURANCE - AUTOMOBILE - Increase in insurance for new van.

8 PROFESSIONAL SERVICES - Fitch and Moody's rating agencies both charged more than estimated, architectural services for proposed Greek Village project (Services provided in prevous year, but the decision made not to continue

with project made in this fiscal year and cost is being expensed).

Quarter Ending Year to Date

University of West Florida Foundation

A COMPONENT UNIT OF THE UNIVERSITY OF WEST FLORIDABUDGETED STATEMENT OF FUNCTIONAL EXPENSES

Actual Transfers

Other Program Student HSG General & Expenses Out / (In) Budget

Scholarship Services System Fundraising Admin 6/30/2016 6/30/2016 6/30/2016 Variance % Unspent

Operating Budget

Advancement Services $0 $0 $0 $0 $27,554 $27,554 $0 $27,300 ($254) (0.93%)

Alumni Relations $0 $0 $0 $0 $108,295 $108,295 $0 $159,879 $51,584 32.26%

Campaign $0 $0 $0 $8,938 $0 $8,938 $0 $30,000 $21,062 70.21%

Development $0 $0 $0 $319,894 $0 $319,894 $3,000 $359,142 $36,248 10.09%

Foundation $0 $0 $0 $0 $353,493 $353,493 $0 $443,460 $89,967 20.29%

Total Adv. Division Lines $0 $0 $0 $328,832 $489,342 $818,174 $3,000 $1,019,781 $198,607 19.48%

Executive $0 $0 $0 $0 $263,929.00 $263,929 $0 $230,206 ($33,723) (14.65%)

Total Executive Lines $0 $0 $0 $0 $263,929 $263,929 $0 $230,206 ($33,723) -14.65%

Total of Operating Budget $0 $0 $0 $328,832 $753,271 $1,082,103 $3,000 $1,249,987 $164,884 13.19%

Non-Endowed Budget

Non-End President & Reserve $0 $51,111 $0 $0 $0 $51,111 $405,000 $405,000 ($51,111) (12.62%)

Non-End Executive Lines $0 $0 $0 $7,000 $12,362 $19,362 $0 $24,000 $4,638 19.32%

Total Non-Endowed Budget $0 $51,111 $0 $7,000 $12,362 $70,474 $405,000 $429,000 ($46,474) (10.83%)

Other Areas

Administrative Fee $0 $56,708 $0 $0 $398 $57,106 $0 $85,000 $27,894 32.82%

Housing $0 $0 $10,660,885 $0 $0 $10,661,170 $0 $11,295,064 $633,894 5.61%

Unrestricted Gifts $2,654 $0 $0 $0 $819,353 $822,007 $87,727 $909,734 $0 0.00%

Other University Accounts $1,022,995 $3,879,605 $0 $40,778 $299,574 $5,242,953 ($495,727) $4,747,226 ($0) (0.00%)

Total Other Areas $1,025,649 $3,936,314 $10,660,885 $40,778 $1,119,325 $16,783,236 ($408,000) $17,037,024 $661,788 3.88%

Grand Total $1,025,649 $3,987,425 $10,660,885 $376,610 $1,884,958 $17,935,812 ($0) $18,716,011 $780,199 4.17%

Carried Forward Funds Carried Forward FundsUnspent Prior Years 165,704.33$ Unspent Prior Years 16,533.67$

Unspent 14/15 Budget Unspent 14/15 Budget

Total Carried Forward Budget 165,704.33 Total Carried Forward Budget 16,533.67

Expensed During 15/16 Expensed During 15/16State of Florida - License Plate Inventory 16,511.10

Academic Works - Scholarship Software 18,054.79

Raffalo Noel Levitz (Phonathon Calling Mgmnt.) 44,982.50

Alexander Haas (Consultant) - Partial Charges 27,472.20

Generate (Consultant) 6,440.34

Blue Wahoos Tickets 15,689.00

Total FY 15/16 Expenses to Date 129,149.93 Total FY 15/16 Expenses to Date -

Net FY 15/16 Activity 36,554.40 Net FY 15/16 Activity 16,533.67

Unspent 15/16 Budget 198,607.00 Unspent 15/16 Budget (33,723.00)

Net Carry Forward to FY 15/16 235,161.40$ Net Carry Forward to FY 15/16 (17,189.33)$

Unspent Division of Advancement Lines Unspent Executive Lines

The University of West Florida Foundation, Inc.Prior Years Unspent Budget Report

As of June 30, 2016

O:\FOUNDATION -Board Stuff\FDN - Audit Budget Committee\2017 Audit Budget Minutes and Agendas\August\Loose Materials Non Pdf\Prior Years Unspent Budget Report 06.30.16

Foundation Reso Refunding 2016

8.7.16

1

A RESOLUTION AUTHORIZING THE ISSUANCE OF DEBT

AND REQUESTING THE BOARD OF TRUSTEES OF THE

UNIVERSITY OF WEST FLORIDA TO APPROVE THE

ISSUANCE OF SUCH DEBT TO R E F U N D C E R T A I N

D E B T I N C U R R E D T O F I N A N C E THE

CONSTRUCTION OF STUDENT HOUSING FACILITIES ON

THE CAMPUS OF THE UNIVERSITY OF WEST FLORIDA;

AND PROVIDING AN EFFECTIVE DATE.

BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE UNIVERSITY OF WEST FLORIDA

FOUNDATION, INC.

Section 1. The Board of Directors (the “Board of Directors”) of The University of

West Florida Foundation, Inc. (the “Foundation”) a direct support organization of the University

of West Florida (the “University”) hereby authorizes the issuance of debt by the Foundation and

requests the Board of Trustees of the University to approve the issuance of debt in the amounts

set forth below for the purposes indicated below (the “Debt”):

1. An amount not exceeding $18,500,000 for the purpose of advance refunding the

outstanding Escambia County Housing Finance Authority Dormitory Revenue Bonds

(University of West Florida Foundation, Inc. Project), Series 2011 (the “2011 Bonds”) in

the event that debt service savings can be obtained without extension of the remaining

life of the Refunded Bonds;

2. An amount not exceeding $8,635,000 for the purpose of substituting the Foundation as

issuer in lieu of the Escambia County Housing Finance Authority (the “HFA”) in

connection with the outstanding Escambia County Housing Finance Authority Dormitory

Refunding Revenue Bonds (University of West Florida Foundation, Inc. Project), Series

2010 (the “2010 Bonds”);

3. An amount not exceeding $14,000,000 for the purpose of advance refunding the

outstanding Escambia County Housing Finance Authority Dormitory Revenue Bonds

(University of West Florida Foundation, Inc. Project), Series 2009 (the “2009 Bonds”) in

the event that debt service savings can be obtained without extension of the remaining

life of the Refunded Bonds;

4. An amount not exceeding $13,683,344 for the purpose of substituting the Foundation as

issuer in lieu of the HFA in connection with the outstanding Escambia County Housing


8.7.16

2

Finance Authority Dormitory Refunding Revenue Bonds (University of West Florida

Foundation, Inc. Project), Series 2015 (the “2015 Bonds”);

Section 2. No proceeds of the Debt will be used to finance operating expenses of

the University or the Foundation.

Section 3. The Debt is to be secured by a parity lien upon the net revenues of the

student housing system of the University. The Foundation is legally authorized to secure the

Debt with the revenues to be pledged pursuant to Section 1010.62, Florida Statutes.

Section 4. The exist ing maturi t ies of the Debt will not be extended in

connection with the refinancing herein contemplated, and all of the issues to be

refinanced matured not more than 30 (thirty) years after the date of issuance, including

any extensions or renewals thereof. The facilities financed with the proceeds of the Refunded

Bonds have a remaining estimated useful life that extends longer than the anticipated final

maturity of each issue of the Debt. The Debt will bear interest at a fixed interest rate.

Section 5. It is anticipated that the Foundation will arrange for the substitution of the

issuer in connection with the 2010 Bonds and the 2015 Bonds through a modification of the

terms of the 2010 Bonds and the 2015 Bonds with the existing holders of the respective issue.

The sale of the Debt to refund the 2011 Bonds and the 2009 Bonds, to be designated “Refunding

Revenue Bonds, Series 2016” will be through negotiated or competitive public sale or

competitive private placement.

Section 6. The Board of Directors will comply, and will require the Foundation to

comply, with all requirements of federal and state law relating to the Debt, including but not

limited to , laws relating to maintaining t h e exemption from taxation of interest payments

on the Debt and continuing secondary market disclosure of information regarding the Debt.

Section 7. The President, Vice President, C h i e f F i n an c i a l O f f i c e r and other

authorized representatives of the Foundation, are hereby authorized to take all actions and steps,

to execute all instruments, documents, and contracts, and to take all other actions as they may

deem necessary or desirable, in connection with the execution, sale and delivery of the Debt.


8.7.16

3

Section 8. In making the determination to approve the refunding of the Refunded

Bonds, the Board of Directors has reviewed the information described in the attached Appendix

A.

Section 9. This Resolution shall take effect immediately upon its adoption.

Adopted this ____ day of _______, 2016.

UNIVERSITY OF WEST FLORIDA

FOUNDATION, INC.

BOARD OF DIRECTORS

By: _____________________________________

President

CERTIFICATE OF THE SECRETARY

The undersigned Secretary of the University of West Florida Founda t ion , Inc .

does hereby certify that the attached resolution is a true and accurate copy as adopted by the

Board of Directors of the Foundation on _______, 2016 , as such resolution appears in the

official records of the Foundation.

IN WITNESS WHEREOF, I hereunto set m y hand and the official seal of the

Fo u n d a t i o n this ___ day of _____ 2016.

____________________________

Secretary


8.7.16

4

Appendix A

The following documents have been reviewed by the Board of Directors prior to the

execution of this Resolution:

a. sources and uses of funds for the Debt;

b. an estimated debt service schedule;

c. a schedule showing expected savings to be accomplished by the Refunding Debt

transaction.

Jul 19, 2016 4:51 pm Prepared by Public Financial Management, Inc

TABLE OF CONTENTS

University of West Florida Foundation2016 Refunding of Series 2009

Report Page

Sources and Uses of Funds ............................. 1

Summary of Refunding Results ........................... 2

Summary of Bonds Refunded ............................ 3

Savings .................................... 4

Escrow Requirements ............................... 5

Bond Summary Statistics .............................. 6

Bond Pricing .................................. 7

Bond Debt Service ................................ 8

Escrow Statistics ................................. 9

Jul 19, 2016 4:51 pm Prepared by Public Financial Management, Inc Page 1

SOURCES AND USES OF FUNDS


Dated Date 10/01/2016Delivery Date 10/01/2016

Sources:

Bond Proceeds:Par Amount 10,525,000.00Premium 1,828,395.50

12,353,395.50

Other Sources of Funds:DSRF Release 1,000,000.00

13,353,395.50

Uses:

Refunding Escrow Deposits:Cash Deposit 0.44SLGS Purchases 13,221,546.00

13,221,546.44

Delivery Date Expenses:Cost of Issuance 131,562.50

Other Uses of Funds:Additional Proceeds 286.56

13,353,395.50


SUMMARY OF REFUNDING RESULTS


Dated Date 10/01/2016Delivery Date 10/01/2016Arbitrage yield 2.145933%Escrow yield 0.753463%Value of Negative Arbitrage 422,660.29

Bond Par Amount 10,525,000.00True Interest Cost 2.323908%Net Interest Cost 2.600898%Average Coupon 5.000000%Average Life 7.241

Par amount of refunded bonds 11,680,000.00Average coupon of refunded bonds 5.090000%Average life of refunded bonds 7.357

PV of prior debt to 10/01/2016 @ 2.145933% 14,163,408.98Net PV Savings 672,785.98Percentage savings of refunded bonds 5.760154%Percentage savings of refunding bonds 6.392266%


SUMMARY OF BONDS REFUNDED


Maturity Interest Par Call CallBond Date Rate Amount Date Price

Series 2009, 2009:BB&T Loan, LOAN 06/01/2017 5.090% 656,000.00 - -

06/01/2018 5.090% 689,000.00 - -06/01/2019 5.090% 724,000.00 - -06/01/2020 5.090% 761,000.00 06/01/2019 101.00006/01/2021 5.090% 800,000.00 06/01/2019 101.00006/01/2022 5.090% 840,000.00 06/01/2019 101.00006/01/2023 5.090% 883,000.00 06/01/2019 101.00006/01/2024 5.090% 928,000.00 06/01/2019 101.00006/01/2025 5.090% 975,000.00 06/01/2019 101.00006/01/2026 5.090% 1,025,000.00 06/01/2019 101.00006/01/2027 5.090% 1,077,000.00 06/01/2019 101.00006/01/2028 5.090% 1,132,000.00 06/01/2019 101.00006/01/2029 5.090% 1,190,000.00 06/01/2019 101.000

11,680,000.00


SAVINGS


Present ValuePrior Refunding to 10/01/2016

Date Debt Service Debt Service Savings @ 2.1459333%

06/30/2017 1,250,512.00 1,100,833.33 149,678.67 149,780.4306/30/2018 1,250,121.60 1,103,750.00 146,371.60 141,630.6506/30/2019 1,250,051.50 1,103,000.00 147,051.50 139,259.9606/30/2020 1,250,199.90 1,100,750.00 149,449.90 138,513.9706/30/2021 1,250,465.00 1,102,000.00 148,465.00 134,672.9906/30/2022 1,249,745.00 1,101,500.00 148,245.00 131,609.1006/30/2023 1,249,989.00 1,104,250.00 145,739.00 126,630.4506/30/2024 1,250,044.30 1,105,000.00 145,044.30 123,340.3906/30/2025 1,249,809.10 1,103,750.00 146,059.10 121,552.3106/30/2026 1,250,181.60 1,100,500.00 149,681.60 121,904.5606/30/2027 1,250,009.10 1,105,250.00 144,759.10 115,380.3206/30/2028 1,250,189.80 1,102,500.00 147,689.80 115,198.7206/30/2029 1,250,571.00 1,102,500.00 148,071.00 113,025.56

16,251,888.90 14,335,583.33 1,916,305.57 1,672,499.42

Savings Summary

Dated Date 10/01/2016Delivery Date 10/01/2016PV of savings from cash flow 1,672,499.42Less: Prior funds on hand -1,000,000.00Plus: Refunding funds on hand 286.56

Net PV Savings 672,785.98


ESCROW REQUIREMENTS



Period Principal RedemptionEnding Principal Interest Redeemed Premium Total

12/01/2016 - 297,256.00 - - 297,256.0006/01/2017 656,000.00 297,256.00 - - 953,256.0012/01/2017 - 280,560.80 - - 280,560.8006/01/2018 689,000.00 280,560.80 - - 969,560.8012/01/2018 - 263,025.75 - - 263,025.7506/01/2019 724,000.00 263,025.75 9,611,000.00 96,110.00 10,694,135.75

2,069,000.00 1,681,685.10 9,611,000.00 96,110.00 13,457,795.10


BOND SUMMARY STATISTICS


Dated Date 10/01/2016Delivery Date 10/01/2016First Coupon 12/01/2016Last Maturity 06/01/2029

Arbitrage Yield 2.145933%True Interest Cost (TIC) 2.323908%Net Interest Cost (NIC) 2.600898%All-In TIC 2.496868%Average Coupon 5.000000%

Average Life (years) 7.241Weighted Average Maturity (years) 7.420Duration of Issue (years) 6.277

Par Amount 10,525,000.00Bond Proceeds 12,353,395.50Total Interest 3,810,583.33Net Interest 1,982,187.83Total Debt Service 14,335,583.33Maximum Annual Debt Service 1,105,250.00Average Annual Debt Service 1,131,756.58

Underwriter's Fees (per $1000) Average Takedown - Other Fee -

Total Underwriter's Discount -

Bid Price 117.371929

Par Average Average PV of 1 bpBond Component Value Price Coupon Life Duration change

Serials 10,525,000.00 117.372 5.000% 7.241 6.277 7,080.90

10,525,000.00 7.241 7,080.90

All-In ArbitrageTIC TIC Yield

Par Value 10,525,000.00 10,525,000.00 10,525,000.00 + Accrued Interest - - - + Premium (Discount) 1,828,395.50 1,828,395.50 1,828,395.50 - Underwriter's Discount - - - Cost of Issuance Expense -131,562.50 - Other Amounts - - -

Target Value 12,353,395.50 12,221,833.00 12,353,395.50

Target Date 10/01/2016 10/01/2016 10/01/2016Yield 2.323908% 2.496868% 2.145933%


BOND PRICING


Maturity Yield to Call Call PremiumBond Component Date Amount Rate Yield Price Maturity Date Price (-Discount)

Serials:06/01/2017 750,000 5.000% 0.940% 102.690 - - - 20,175.0006/01/2018 615,000 5.000% 1.110% 106.404 - - - 39,384.6006/01/2019 645,000 5.000% 1.230% 109.858 - - - 63,584.1006/01/2020 675,000 5.000% 1.390% 112.859 - - - 86,798.2506/01/2021 710,000 5.000% 1.560% 115.422 - - - 109,496.2006/01/2022 745,000 5.000% 1.730% 117.576 - - - 130,941.2006/01/2023 785,000 5.000% 1.900% 119.322 - - - 151,677.7006/01/2024 825,000 5.000% 2.030% 120.985 - - - 173,126.2506/01/2025 865,000 5.000% 2.160% 122.334 - - - 193,189.1006/01/2026 905,000 5.000% 2.280% 123.474 - - - 212,439.7006/01/2027 955,000 5.000% 2.400% 122.308 C 2.592% 06/01/2026 100.000 213,041.4006/01/2028 1,000,000 5.000% 2.490% 121.442 C 2.829% 06/01/2026 100.000 214,420.0006/01/2029 1,050,000 5.000% 2.540% 120.964 C 2.998% 06/01/2026 100.000 220,122.00

10,525,000 1,828,395.50

Dated Date 10/01/2016Delivery Date 10/01/2016First Coupon 12/01/2016

Par Amount 10,525,000.00Premium 1,828,395.50

Production 12,353,395.50 117.371929%Underwriter's Discount - -

Purchase Price 12,353,395.50 117.371929%Accrued Interest -

Net Proceeds 12,353,395.50


BOND DEBT SERVICE


PeriodEnding Principal Coupon Interest Debt Service

06/30/2017 750,000 5.000% 350,833.33 1,100,833.3306/30/2018 615,000 5.000% 488,750.00 1,103,750.0006/30/2019 645,000 5.000% 458,000.00 1,103,000.0006/30/2020 675,000 5.000% 425,750.00 1,100,750.0006/30/2021 710,000 5.000% 392,000.00 1,102,000.0006/30/2022 745,000 5.000% 356,500.00 1,101,500.0006/30/2023 785,000 5.000% 319,250.00 1,104,250.0006/30/2024 825,000 5.000% 280,000.00 1,105,000.0006/30/2025 865,000 5.000% 238,750.00 1,103,750.0006/30/2026 905,000 5.000% 195,500.00 1,100,500.0006/30/2027 955,000 5.000% 150,250.00 1,105,250.0006/30/2028 1,000,000 5.000% 102,500.00 1,102,500.0006/30/2029 1,050,000 5.000% 52,500.00 1,102,500.00

10,525,000 3,810,583.33 14,335,583.33


ESCROW STATISTICS


Modified Yield to Yield to Perfect Value ofTotal Duration Receipt Disbursement Escrow Negative Cost of

Escrow Cost (years) Date Date Cost Arbitrage Dead Time

Global Proceeds Escrow:13,221,546.44 2.344 0.753463% 0.753463% 12,798,886.13 422,660.29 0.02

13,221,546.44 12,798,886.13 422,660.29 0.02

Delivery date 10/01/2016Arbitrage yield 2.145933%

Jul 19, 2016 4:55 pm Prepared by Public Financial Management, Inc

TABLE OF CONTENTS


Report Page

Sources and Uses of Funds ............................. 1

Summary of Refunding Results ........................... 2

Summary of Bonds Refunded ............................ 3

Savings .................................... 4

Escrow Requirements ............................... 5

Bond Summary Statistics .............................. 6

Bond Pricing .................................. 7

Bond Debt Service ................................ 9

Escrow Statistics ................................. 10


SOURCES AND USES OF FUNDS



Sources:

Bond Proceeds:Par Amount 14,930,000.00Premium 2,702,176.55

17,632,176.55

Uses:

Refunding Escrow Deposits:Cash Deposit 0.67SLGS Purchases 17,444,678.00

17,444,678.67

Delivery Date Expenses:Cost of Issuance 186,625.00

Other Uses of Funds:Additional Proceeds 872.88

17,632,176.55


SUMMARY OF REFUNDING RESULTS


Dated Date 10/01/2016Delivery Date 10/01/2016Arbitrage yield 2.565359%Escrow yield 0.758686%Value of Negative Arbitrage 741,752.45

Bond Par Amount 14,930,000.00True Interest Cost 3.320312%Net Interest Cost 3.728677%Average Coupon 5.000000%Average Life 14.236

Par amount of refunded bonds 15,265,000.00Average coupon of refunded bonds 5.769460%Average life of refunded bonds 14.681

PV of prior debt to 10/01/2016 @ 2.565359% 21,277,248.68Net PV Savings 2,190,215.65Percentage savings of refunded bonds 14.347957%Percentage savings of refunding bonds 14.669897%


SUMMARY OF BONDS REFUNDED


Maturity Interest Par Call CallBond Date Rate Amount Date Price

Series 2011, 2011:Serials, SER 06/01/2017 3.500% 340,000.00 - -

06/01/2018 3.875% 350,000.00 - -06/01/2019 4.125% 365,000.00 - -06/01/2020 4.500% 380,000.00 06/01/2019 100.00006/01/2021 4.625% 395,000.00 06/01/2019 100.000

Term Bonds due 2026, TERM26 06/01/2022 5.250% 415,000.00 06/01/2019 100.00006/01/2023 5.250% 440,000.00 06/01/2019 100.00006/01/2024 5.250% 460,000.00 06/01/2019 100.00006/01/2025 5.250% 485,000.00 06/01/2019 100.00006/01/2026 5.250% 510,000.00 06/01/2019 100.000

Term Bonds due 2031, TERM31 06/01/2027 5.750% 535,000.00 06/01/2019 100.00006/01/2028 5.750% 570,000.00 06/01/2019 100.00006/01/2029 5.750% 600,000.00 06/01/2019 100.00006/01/2030 5.750% 635,000.00 06/01/2019 100.00006/01/2031 5.750% 670,000.00 06/01/2019 100.000

Term Bonds due 2040, TERM40 06/01/2032 5.875% 710,000.00 06/01/2019 100.00006/01/2033 5.875% 750,000.00 06/01/2019 100.00006/01/2034 5.875% 795,000.00 06/01/2019 100.00006/01/2035 5.875% 845,000.00 06/01/2019 100.00006/01/2036 5.875% 890,000.00 06/01/2019 100.00006/01/2037 5.875% 945,000.00 06/01/2019 100.00006/01/2038 5.875% 1,000,000.00 06/01/2019 100.00006/01/2039 5.875% 1,060,000.00 06/01/2019 100.00006/01/2040 5.875% 1,120,000.00 06/01/2019 100.000

15,265,000.00


SAVINGS


Present ValuePrior Refunding to 10/01/2016

Date Debt Service Debt Service Savings @ 2.5653592%

06/30/2017 1,186,993.76 1,062,666.67 124,327.09 126,003.7706/30/2018 1,185,093.76 1,063,250.00 121,843.76 117,493.9506/30/2019 1,186,531.26 1,066,000.00 120,531.26 113,332.6706/30/2020 1,186,475.00 1,062,750.00 123,725.00 113,407.7006/30/2021 1,184,375.00 1,063,750.00 120,625.00 107,811.9106/30/2022 1,186,106.26 1,063,750.00 122,356.26 106,606.4806/30/2023 1,189,318.76 1,067,750.00 121,568.76 103,254.6906/30/2024 1,186,218.76 1,065,500.00 120,718.76 99,952.3406/30/2025 1,187,068.76 1,067,250.00 119,818.76 96,710.4806/30/2026 1,186,606.26 1,067,750.00 118,856.26 93,519.3206/30/2027 1,184,831.26 1,062,000.00 122,831.26 94,189.2706/30/2028 1,189,068.76 1,065,250.00 123,818.76 92,533.0406/30/2029 1,186,293.76 1,067,000.00 119,293.76 86,906.7506/30/2030 1,186,793.76 1,067,250.00 119,543.76 84,874.4106/30/2031 1,185,281.26 1,066,000.00 119,281.26 82,534.4206/30/2032 1,186,756.26 1,063,250.00 123,506.26 83,266.2706/30/2033 1,185,043.76 1,064,000.00 121,043.76 79,529.1306/30/2034 1,185,981.26 1,063,000.00 122,981.26 78,729.5606/30/2035 1,189,275.00 1,065,250.00 124,025.00 77,360.9306/30/2036 1,184,631.26 1,065,500.00 119,131.26 72,411.1406/30/2037 1,187,343.76 1,063,750.00 123,593.76 73,183.8206/30/2038 1,186,825.00 1,065,000.00 121,825.00 70,280.3106/30/2039 1,188,075.00 1,064,000.00 124,075.00 69,728.1606/30/2040 1,185,800.00 1,065,750.00 120,050.00 65,722.27

28,476,787.68 25,557,416.67 2,919,371.01 2,189,342.77

Savings Summary

Dated Date 10/01/2016Delivery Date 10/01/2016PV of savings from cash flow 2,189,342.77Plus: Refunding funds on hand 872.88

Net PV Savings 2,190,215.65


ESCROW REQUIREMENTS



Period PrincipalEnding Principal Interest Redeemed Total

06/30/2017 340,000.00 846,993.76 - 1,186,993.7606/30/2018 350,000.00 835,093.76 - 1,185,093.7606/30/2019 365,000.00 821,531.26 14,210,000.00 15,396,531.26

1,055,000.00 2,503,618.78 14,210,000.00 17,768,618.78


BOND SUMMARY STATISTICS


Dated Date 10/01/2016Delivery Date 10/01/2016First Coupon 12/01/2016Last Maturity 06/01/2040

Arbitrage Yield 2.565359%True Interest Cost (TIC) 3.320312%Net Interest Cost (NIC) 3.728677%All-In TIC 3.423722%Average Coupon 5.000000%

Average Life (years) 14.236Weighted Average Maturity (years) 14.345Duration of Issue (years) 10.487

Par Amount 14,930,000.00Bond Proceeds 17,632,176.55Total Interest 10,627,416.67Net Interest 7,925,240.12Total Debt Service 25,557,416.67Maximum Annual Debt Service 1,067,750.00Average Annual Debt Service 1,079,890.85

Underwriter's Fees (per $1000) Average Takedown - Other Fee -

Total Underwriter's Discount -

Bid Price 118.098972

Par Average Average PV of 1 bpBond Component Value Price Coupon Life Duration change

Serials 7,365,000.00 117.687 5.000% 8.324 7.029 5,226.80Term Bonds due 2033 1,405,000.00 119.826 5.000% 16.179 11.753 1,320.70Term Bonds due 2037 3,260,000.00 118.329 5.000% 19.228 13.150 3,031.80Term Bonds due 2040 2,900,000.00 118.050 5.000% 22.699 14.567 2,668.00

14,930,000.00 14.236 12,247.30

All-In ArbitrageTIC TIC Yield

Par Value 14,930,000.00 14,930,000.00 14,930,000.00 + Accrued Interest - - - + Premium (Discount) 2,702,176.55 2,702,176.55 2,702,176.55 - Underwriter's Discount - - - Cost of Issuance Expense -186,625.00 - Other Amounts - - -

Target Value 17,632,176.55 17,445,551.55 17,632,176.55

Target Date 10/01/2016 10/01/2016 10/01/2016Yield 3.320312% 3.423722% 2.565359%


BOND PRICING


Maturity Yield to Call Call PremiumBond Component Date Amount Rate Yield Price Maturity Date Price (-Discount)

Serials:06/01/2017 565,000 5.000% 0.940% 102.690 - - - 15,198.5006/01/2018 345,000 5.000% 1.110% 106.404 - - - 22,093.8006/01/2019 365,000 5.000% 1.230% 109.858 - - - 35,981.7006/01/2020 380,000 5.000% 1.390% 112.859 - - - 48,864.2006/01/2021 400,000 5.000% 1.560% 115.422 - - - 61,688.0006/01/2022 420,000 5.000% 1.730% 117.576 - - - 73,819.2006/01/2023 445,000 5.000% 1.900% 119.322 - - - 85,982.9006/01/2024 465,000 5.000% 2.030% 120.985 - - - 97,580.2506/01/2025 490,000 5.000% 2.160% 122.334 - - - 109,436.6006/01/2026 515,000 5.000% 2.280% 123.474 - - - 120,891.1006/01/2027 535,000 5.000% 2.400% 122.308 C 2.592% 06/01/2026 100.000 119,347.8006/01/2028 565,000 5.000% 2.490% 121.442 C 2.829% 06/01/2026 100.000 121,147.3006/01/2029 595,000 5.000% 2.540% 120.964 C 2.998% 06/01/2026 100.000 124,735.8006/01/2030 625,000 5.000% 2.550% 120.869 C 3.113% 06/01/2026 100.000 130,431.2506/01/2031 655,000 5.000% 2.570% 120.679 C 3.220% 06/01/2026 100.000 135,447.45

7,365,000 1,302,645.85

Term Bonds due 2033:06/01/2032 685,000 5.000% 2.660% 119.826 C 3.428% 06/01/2026 100.000 135,808.1006/01/2033 720,000 5.000% 2.660% 119.826 C 3.428% 06/01/2026 100.000 142,747.20

1,405,000 278,555.30

Term Bonds due 2037:06/01/2034 755,000 5.000% 2.820% 118.329 C 3.721% 06/01/2026 100.000 138,383.9506/01/2035 795,000 5.000% 2.820% 118.329 C 3.721% 06/01/2026 100.000 145,715.5506/01/2036 835,000 5.000% 2.820% 118.329 C 3.721% 06/01/2026 100.000 153,047.1506/01/2037 875,000 5.000% 2.820% 118.329 C 3.721% 06/01/2026 100.000 160,378.75

3,260,000 597,525.40

Term Bonds due 2040:06/01/2038 920,000 5.000% 2.850% 118.050 C 3.833% 06/01/2026 100.000 166,060.0006/01/2039 965,000 5.000% 2.850% 118.050 C 3.833% 06/01/2026 100.000 174,182.5006/01/2040 1,015,000 5.000% 2.850% 118.050 C 3.833% 06/01/2026 100.000 183,207.50

2,900,000 523,450.00

14,930,000 2,702,176.55


BOND PRICING


Dated Date 10/01/2016Delivery Date 10/01/2016First Coupon 12/01/2016

Par Amount 14,930,000.00Premium 2,702,176.55

Production 17,632,176.55 118.098972%Underwriter's Discount - -

Purchase Price 17,632,176.55 118.098972%Accrued Interest -

Net Proceeds 17,632,176.55


BOND DEBT SERVICE


PeriodEnding Principal Coupon Interest Debt Service

06/30/2017 565,000 5.000% 497,666.67 1,062,666.6706/30/2018 345,000 5.000% 718,250.00 1,063,250.0006/30/2019 365,000 5.000% 701,000.00 1,066,000.0006/30/2020 380,000 5.000% 682,750.00 1,062,750.0006/30/2021 400,000 5.000% 663,750.00 1,063,750.0006/30/2022 420,000 5.000% 643,750.00 1,063,750.0006/30/2023 445,000 5.000% 622,750.00 1,067,750.0006/30/2024 465,000 5.000% 600,500.00 1,065,500.0006/30/2025 490,000 5.000% 577,250.00 1,067,250.0006/30/2026 515,000 5.000% 552,750.00 1,067,750.0006/30/2027 535,000 5.000% 527,000.00 1,062,000.0006/30/2028 565,000 5.000% 500,250.00 1,065,250.0006/30/2029 595,000 5.000% 472,000.00 1,067,000.0006/30/2030 625,000 5.000% 442,250.00 1,067,250.0006/30/2031 655,000 5.000% 411,000.00 1,066,000.0006/30/2032 685,000 5.000% 378,250.00 1,063,250.0006/30/2033 720,000 5.000% 344,000.00 1,064,000.0006/30/2034 755,000 5.000% 308,000.00 1,063,000.0006/30/2035 795,000 5.000% 270,250.00 1,065,250.0006/30/2036 835,000 5.000% 230,500.00 1,065,500.0006/30/2037 875,000 5.000% 188,750.00 1,063,750.0006/30/2038 920,000 5.000% 145,000.00 1,065,000.0006/30/2039 965,000 5.000% 99,000.00 1,064,000.0006/30/2040 1,015,000 5.000% 50,750.00 1,065,750.00

14,930,000 10,627,416.67 25,557,416.67


ESCROW STATISTICS


Modified Yield to Yield to Perfect Value ofTotal Duration Receipt Disbursement Escrow Negative Cost of

Escrow Cost (years) Date Date Cost Arbitrage Dead Time

Global Proceeds Escrow:17,444,678.67 2.419 0.758686% 0.758686% 16,702,926.19 741,752.45 0.03

17,444,678.67 16,702,926.19 741,752.45 0.03

Delivery date 10/01/2016Arbitrage yield 2.565359%

University of West Florida Foundation Inc.

Outstanding Fiscal Year Debt Service as of 7/18/16 - With 2016 Proposed Refunding

Series 2010 (Amended) Series 2015 2016 Refunding of Series 2009 2016 Refunding of Series 2011 Total Debt Service

Year Principal Interest Debt Service Year Principal Interest Debt Service Year Principal Interest Debt Service Year Principal Interest Debt Service Year Principal Interest Debt Service

6/30/17 618,500 237,463 855,963 6/30/17 731,544 424,184 1,155,728 6/30/17 750,000 350,833 1,100,833 6/30/17 565,000 497,667 1,062,667 6/30/17 2,665,044 1,510,146 4,175,190

6/30/18 633,500 220,454 853,954 6/30/18 751,997 401,506 1,153,503 6/30/18 615,000 488,750 1,103,750 6/30/18 345,000 718,250 1,063,250 6/30/18 2,345,497 1,828,960 4,174,457

6/30/19 652,000 203,033 855,033 6/30/19 776,196 378,194 1,154,390 6/30/19 645,000 458,000 1,103,000 6/30/19 365,000 701,000 1,066,000 6/30/19 2,438,196 1,740,226 4,178,422

6/30/20 670,500 185,103 855,603 6/30/20 799,871 354,132 1,154,003 6/30/20 675,000 425,750 1,100,750 6/30/20 380,000 682,750 1,062,750 6/30/20 2,525,371 1,647,734 4,173,105

6/30/21 688,000 166,664 854,664 6/30/21 827,073 329,336 1,156,409 6/30/21 710,000 392,000 1,102,000 6/30/21 400,000 663,750 1,063,750 6/30/21 2,625,073 1,551,750 4,176,823

6/30/22 705,000 147,744 852,744 6/30/22 848,587 303,697 1,152,284 6/30/22 745,000 356,500 1,101,500 6/30/22 420,000 643,750 1,063,750 6/30/22 2,718,587 1,451,690 4,170,277

6/30/23 727,000 128,356 855,356 6/30/23 879,456 277,390 1,156,846 6/30/23 785,000 319,250 1,104,250 6/30/23 445,000 622,750 1,067,750 6/30/23 2,836,456 1,347,747 4,184,203

6/30/24 746,000 108,364 854,364 6/30/24 903,469 250,127 1,153,596 6/30/24 825,000 280,000 1,105,000 6/30/24 465,000 600,500 1,065,500 6/30/24 2,939,469 1,238,991 4,178,460

6/30/25 765,500 87,849 853,349 6/30/25 931,652 222,120 1,153,772 6/30/25 865,000 238,750 1,103,750 6/30/25 490,000 577,250 1,067,250 6/30/25 3,052,152 1,125,968 4,178,120

6/30/26 788,500 66,798 855,298 6/30/26 963,908 193,238 1,157,146 6/30/26 905,000 195,500 1,100,500 6/30/26 515,000 552,750 1,067,750 6/30/26 3,172,408 1,008,286 4,180,694

6/30/27 810,000 45,114 855,114 6/30/27 990,289 163,357 1,153,646 6/30/27 955,000 150,250 1,105,250 6/30/27 535,000 527,000 1,062,000 6/30/27 3,290,289 885,721 4,176,010

6/30/28 830,500 22,839 853,339 6/30/28 1,020,238 132,658 1,152,896 6/30/28 1,000,000 102,500 1,102,500 6/30/28 565,000 500,250 1,065,250 6/30/28 3,415,738 758,247 4,173,985

6/30/29 1,053,615 101,031 1,154,646 6/30/29 1,050,000 52,500 1,102,500 6/30/29 595,000 472,000 1,067,000 6/30/29 2,698,615 625,531 3,324,146

6/30/30 1,085,278 68,369 1,153,647 6/30/30 625,000 442,250 1,067,250 6/30/30 1,710,278 510,619 2,220,897

6/30/31 1,120,171 34,725 1,154,896 6/30/31 655,000 411,000 1,066,000 6/30/31 1,775,171 445,725 2,220,896

6/30/32 685,000 378,250 1,063,250 6/30/32 685,000 378,250 1,063,250

6/30/33 720,000 344,000 1,064,000 6/30/33 720,000 344,000 1,064,000

6/30/34 755,000 308,000 1,063,000 6/30/34 755,000 308,000 1,063,000

6/30/35 795,000 270,250 1,065,250 6/30/35 795,000 270,250 1,065,250

6/30/36 835,000 230,500 1,065,500 6/30/36 835,000 230,500 1,065,500

6/30/37 875,000 188,750 1,063,750 6/30/37 875,000 188,750 1,063,750

6/30/38 920,000 145,000 1,065,000 6/30/38 920,000 145,000 1,065,000

6/30/39 965,000 99,000 1,064,000 6/30/39 965,000 99,000 1,064,000

6/30/40 1,015,000 50,750 1,065,750 6/30/40 1,015,000 50,750 1,065,750

8,635,000$ 1,619,778$ 10,254,778$ 13,683,344$ 3,634,064$ 17,317,408$ 10,525,000$ 3,810,583$ 14,335,583$ 14,930,000$ 10,627,417$ 25,557,417$ 47,773,344$ 19,691,842$ 67,465,186$

2016-2017 Meeting Time Location Attendees

August 30th, Tuesday Board Orientation Workshop TBD TBD New Members

August 31st, Wednesday Investment Committee 9:30 a.m. - 12:00 p.m. FPAN Building, 2nd Floor Committee members

August 31st, Wednesday Audit/Budget Committee 2:00 p.m. - 3:15 p.m. FPAN Building, 2nd Floor Committee members

August 31st, Wednesday Executive Committee 3:30 p.m. - 5:00 p.m. FPAN Building, 2nd Floor Committee members

September 29th, Thursday Board of Directors Meeting 3:30 p.m. - 5:00 p.m. UWF Pensacola Campus, Conference Center All Requested

TBD Alumni Classic 12:00 p.m. shotgun Scenic Hills Country Club All Invited

October 4th, Tuesday Annual Donor Recognition Dinner 5:30 p.m. - 9:00 p.m. Museum of Commerce All Requested

November 10th, Thursday Investment Committee 9:30 a.m. - 12:00 p.m. FPAN Building, 2nd Floor Committee members

November 10th, Thursday Nominating Committee 1:00 p.m. - 2:00 p.m. FPAN Building, 2nd Floor Committee members

November 10th, Thursday Audit/Budget Committee 2:00 p.m. - 3:15 p.m. FPAN Building, 2nd Floor Committee members

November 10th, Thursday Executive Committee 3:30 p.m. - 5:00 p.m. FPAN Building, 2nd Floor Committee members

November 17th, Thursday 50th Anniversary Gala 6:00 p.m. - 9:00 p.m. Sanders Beach Community Center All Invited

December 2nd, Friday Grant Committee 12:00 p.m. - 2:00 p.m. UWF Pensacola Campus, 32/116 Committee members

December 8th, Thursday Board of Directors Meeting 3:30 p.m. - 5:00 p.m. UWF Pensacola Campus, Conference Center All Requested

December 8th, Thursday UWF Boards' Holiday Event 5:30 p.m. - 8:30 p.m. Scenic Hills Country Club All Invited

December 10th, Saturday Fall Commencement 9:30 a.m. - 2:00 p.m. Pensacola Bay Center All Invited

February 24th, Friday Investment Committee 9:30 a.m. - 12:00 p.m. FPAN Building, 2nd Floor Committee members

February 24th, Friday Nominating Committee 1:00 p.m. - 2:00 p.m. FPAN Building, 2nd Floor Committee members

February 24th, Friday Audit/Budget Committee 2:00 p.m. - 3:15 p.m. FPAN Building, 2nd Floor Committee members

February 24th, Friday Executive Committee 3:30 p.m. - 5:00 p.m. FPAN Building, 2nd Floor Committee members

March 17th, Friday Grant Committee 12:00 p.m. - 2:00 p.m. UWF Pensacola Campus, 32/116 Committee members

March 22nd, Wednesday Board of Directors Meeting 3:30 p.m. - 5:00 p.m. Emerald Coast Campus, Fort Walton Beach All Requested

May 6th, Saturday Spring Commencement 9:30 a.m. - 2:00 p.m. Pensacola Bay Center All Invited

May 18th, Thursday Investment Committee 9:30 a.m. - 12:00 p.m. FPAN Building, 2nd Floor Committee members

May 18th, Thursday Nominating Committee 1:00 p.m. - 2:00 p.m. FPAN Building, 2nd Floor Committee members

May 18th, Thursday Audit/Budget Committee 2:00 p.m. - 3:15 p.m. FPAN Building, 2nd Floor Committee members

May 18th, Thursday Executive Committee 3:30 p.m. - 5:00 p.m. FPAN Building, 2nd Floor Committee members

June 28th, Wednesday Board of Directors Meeting 3:30 p.m. - 5:00 p.m. UWF Pensacola Campus-Conference Center All Requested

June 29th, Thursday Joint Boards Appreciation Dinner 5:30 p.m. - 7:00 p.m. UWF Pensacola Campus-Conference Center All Invited

Color Code Key:

Board Meetings in Red

Executive Committee Meetings in Orange

Audit / Budget Committee Meetings in Green

Investment Committee Meetings in Purple

Nominating Committee Meetings in Silver

Grant Committee in Aqua

UWF / Volunteer Events in Blue

Prepared /Updated

8/24/2016 Page 1

executive committee meeting of the uwf foundation, inc...

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