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STATE UNIVERSITY OF NEW YORK AT BUFFALO

ANNUAL FINANCIAL STATEMENTS

FISCAL YEARS ENDED JUNE 30, 2013 and 2012

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Financial Statements ........................................................................................................................ 2

Notes to Consolidated Financial Statements .................................................................................. 4

Supplemental Schedules ................................................................................................................ 12

Table of Contents

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ASSETS, LIABILITIES AND NET ASSETS

BALANCE AT JUNE 30, 2013 and 2012

Assets 2013 2012

Current assets:

Cash and cash equivalents (Note 6) 183,473,918 158,548,980

Accounts and notes receivable, net (Note 7) 49,680,305 46,601,557

Other receivables (Note 8) 36,313,782 32,353,600

Short-term investments 380,139,626 366,336,321

Inventory 3,223,177 3,164,266

Prepaid expenses 2,214,511 1,274,223

Total current assets 655,045,319 608,278,947

Noncurrent assets:

Property, plant and equipment, net (Note 11) 1,181,113,883 1,046,304,848

Long-term investments 356,752,218 344,989,127

Other assets (Note 12) 9,387,573 10,324,988

Total noncurrent assets 1,547,253,674 1,401,618,963

Total assets 2,202,298,993 2,009,897,910

Liabilities and Net Assets

Current liabilities:

Accounts payable 13,486,348 21,827,916

Accrued expenses 9,079,035 10,577,486

Current portion of long-term debt 10,136,605 8,869,862

Deferred revenue 830,056 966,932

Other current liabilities 997,051 307,285

Total current liabilities 34,529,095 42,549,481

Noncurrent liabilities:

Long-term debt (Note 13) 219,921,279 254,097,580

Other long-term liabilities 516,989,599 467,719,933

Total noncurrent liabilities 736,910,878 721,817,513

Total liabilities 771,439,973 764,366,994

Net assets:

Unrestricted (1,801,731) (293,491,261)

Restricted – non expendable 195,495,577 161,503,198

Restricted – expendable 1,237,165,174 1,377,518,979

Total net assets 1,430,859,020 1,245,530,916

Total liabilities and net assets 2,202,298,993 2,009,897,910

See accompanying notes to financial statements

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STATEMENT OF REVENUES, EXPENSES and CHANGES in NET ASSETS

FOR THE YEARS ENDED JUNE 30, 2013 and 2012

2013 2012

Operating revenues:

Tuition and fees 269,505,627 242,008,067

Less: scholarship allowance (49,899,582) (48,497,227)

Net tuition and fees 219,606,045 193,510,840

Grants and contracts 206,580,506 200,877,757

Private support and other 85,950,643 55,126,552

Auxiliary enterprises 105,693,121 98,394,805

Hospitals and clinical revenue 18,124,723 15,902,075

Total operating revenues * 635,955,038 563,812,029

Operating expenses:

Instruction 416,235,257 555,830,133

Research 125,842,227 140,051,595

Public service 9,295,190 27,792,838

Academic support 75,931,044 73,979,492

Student services 35,430,332 44,643,574

Institutional support 138,146,543 175,102,321

Operation and maintenance of plant 72,157,441 88,251,832

Depreciation 26,034,335 26,745,872

Scholarships and fellowships 13,585,740 15,903,465

Hospitals and clinics 7,448,955 9,892,488

Auxiliary enterprises 114,323,543 114,339,842

Total operating expenses 1,034,430,607 1,272,533,452

Non-operating revenues (expenses):

State appropriations * 493,813,387 600,453,049

Endowment and investment income * 77,418,251 (2,864,409)

Net realized and unrealized gains(losses) * 8,495,453 (5,431,148)

Gifts and other non-operating revenue * 39,745,204 50,340,979

Loss on disposal of plant assets (693,328) (10,653,065)

Interest expense on capital related debt (34,975,294) (38,865,818)

Total non-operating revenues 583,803,673 592,979,588

Increase in net assets 185,328,104 (115,741,835)

Net assets at the beginning of year 1,245,530,916 1,361,272,751

Net assets at the end of year 1,430,859,020 1,245,530,916

* Campus revenues totaled $1,255 million and $1,202 million for FY2013 and FY2012, respectively.

See accompanying notes to financial statements

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Reporting Entities

The State University of New York at Buffalo (UB) is comprised of various entities/components that are

closely affiliated with UB and therefore are included within the campus financial statements. Decisions

on which entities/components to include were based on one or more of the following criteria: (a) is the

University financially accountable for the organization, (b) does the organization receive or hold

economic resources that are significant to and for the direct benefit of the University or its constituents,

(c) is the University entitled to, or can otherwise access, a majority of the economic resources received or

held by the organization, (d) is the organization fiscally dependent upon the University.

Entities/components that meet these criteria and therefore are included in the financial statements are:

State Operating dollars from the approved New York State budget.

Income Fund Reimbursable (IFR)/State University Tuition Reimbursable Account (SUTRA) activity

which is comprised of self-supporting programs providing services for students and clients and for

administering other charged tuition and fees in excess of what is needed to support the state budget.

These accounts include fees for contract courses and summer sessions.

Construction fund dollars include State and The Research Foundation for SUNY assets that are

tracked in the SUNY system along with the depreciation associated with those assets. This also

includes State construction in progress and capitalized interest.

University at Buffalo Foundation (UBF) whose purpose is to support and promote the educational,

research and public service mission of the University.

The Research Foundation for SUNY (RF) is a private, nonprofit educational corporation that

administers externally funded contracts and grants for and on behalf of SUNY.

Auxiliary enterprises:

Campus Dining & Shops (CDS) whose purpose is to provide, for the benefit of the

campus community, dining services, retail services, vending services, campus ID cards

and catering services.

Dormitory Income Fund Reimbursable (DIFR), a self-supporting fund used to

administer dormitory (residence hall) rental fees and charges.

These unaudited financial statements are prepared from information received from the entities listed

above, which includes audited financial statements from UBF and CDS. The balance of the financial

numbers included in this statement is unaudited. Supplemental schedules include financial information

by funding entity.

2. Fiscal Years

The campus financial statements incorporate a twelve-month period for all entities. These entities

operate under different fiscal periods. The following schedule provides the fiscal year end of the entities

included in these financial statements:

Funding type Fiscal year end

State-held funds:

State Operating June 30th

IFR/SUTRA June 30th

Dormitory IFR June 30th

State University Construction Fund March 31st

University at Buffalo Foundation June 30th

The Research Foundation for SUNY June 30th

Campus Dining & Shops May 31st

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3. Limitation of Consolidated Campus Financial Statements

Component parts of the campus financial statements have been audited by independent public accounting

firms; however, the consolidation of these statements has not. While an attempt has been made to

eliminate inter-entity transactions to the extent practical, it is possible that there exists some duplication

of financial information that does not materially distort the accuracy of the financial statements.

4. Use of Estimates

In preparing the financial statements certain information was not available either from the State

University Construction Fund or from SUNY System Administration. This required the use of estimates

in order to present the financial statements in conformity with U.S. generally accepted accounting

principles. Actual results could differ from those estimates and will be reflected in next year’s financial

statements.

5. Fringe Benefits

Employee fringe benefits (i.e., health insurance, worker’s compensation, retirement and post-retirement

benefits) are paid by the State on behalf of UB for employees funded through State Operating accounts.

Other State-held funding sources such as IFR and SUTRA along with non-State entities, as outlined in

Note 1, pay their own fringe benefits costs. The fringe benefits amount for UB employees paid by State

Operating funds is calculated by taking the fringe benefits rate which is determined by the State, and

applying it to total eligible personal service and temporary service costs incurred. These imputed costs

are included in the financial statements.

6. Cash and Cash Equivalents

Cash and cash equivalents represent University at Buffalo funds held in the short-term investment pool

(STIP) in the State Treasury or in local depositories by the various entities included in these statements.

The following schedule summarizes cash and cash equivalents by funding source:

2013 2012

State-held funds:

State Operating ($294,634) $878,747

IFR/SUTRA 70,601,194 55,410,708

Dormitory IFR 5,527,086 7,991,296

The Research Foundation for SUNY 70,532,901 58,405,294

University at Buffalo Foundation 29,757,211 29,484,700

Campus Dining & Shops 7,350,160 6,378,235

Total $183,473,918 $158,548,980

Campus Dining & Shops (CDS) has approximately $680,436 and $230,129 in their agency accounts for

the fiscal years ended June 30, 2013 and 2012, respectively. CDS is the custodian of these funds that

have been raised by various campus units that are associated with, but not controlled by, CDS. Such

funds are disbursed at the instructions of the particular campus unit that controls them.

The Research Foundation for SUNY (RF) has two pools of cash, unrestricted (non-sponsored) and

restricted (sponsored). Unrestricted cash represents the majority of the balance and consists of facilities

and administrative (indirect) cost recovery dollars that were not spent at the end of the fiscal year.

Restricted cash is the consolidated balance of payments to the University by sponsors in excess of

current expenditures for sponsored research projects.

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A portion of the cash falls under the Governmental Accounting Standards Board (GASB) Statement No.

40, Deposit and Investment Risk Disclosure. This includes deposits held by UB that are not covered by

depository insurance and are (a) uncollateralized; (b) collateralized with securities held by a pledging

financial institution; or (c) collateralized with securities held by a pledging financial institution’s trust

department or agency. The table below summarizes the cash that falls under the GASB No. 40

disclosure rules. These are only for funds held by the State or CDS. Other agencies included in these

financial statements follow Financial Accounting Standards Board rules and are not included in this

analysis.

Category A Category B Category C Total

Cash and Cash Equivalents: $180,139 $6,767,152 $0 $6,947,291

7. Accounts and Notes Receivable

Accounts and notes receivable totaled $49,680,305 and $46,601,557 for the fiscal years ended June 30,

2013 and 2012, respectively. This was net of allowances for doubtful accounts of $11,695,810 and

$10,923,949 for the fiscal years ended June 30, 2013 and 2012, respectively. Depending upon the

funding source these receivables occurred for a number of different reasons.

State and auxiliary enterprises receivables occur due to student billings for tuition, fees, and room and

board payments. Research receivables arise from sponsored awards where the expenditures exceed the

cash received whether the difference is billed to the sponsor or not billed yet.

The only notes receivable are student loans awarded from the former State-held endowment fund. These

notes have various interest rates and repayment terms.

Certain entities carry an allowance for doubtful accounts on their balance sheet. This amount is

calculated in different ways depending on the funding source. Each entity writes off balances during the

year as they are deemed uncollectible which, in most cases, is based upon the aging of the receivables.

8. Other Receivables

The majority of other receivables consist of contributions receivable within UBF. These contributions

represent unconditional promises to give. An allowance of $200,000 for uncollectible contributions is

estimated for these receivables which are summarized below:

Contributions Receivable: 2013 2012

Unconditional promises expected to be collected in:

Less than one year $27,154,975 $13,433,985

One year to five years 8,033,039 17,363,287

Greater than five years 1,450,734 985,524

36,638,748 31,782,796

Less:

Discount to present value (570,114) (636,399)

Allowance for uncollectible contributions receivable (250,000) (200,000)

$35,818,634 $30,946,397

As of June 30, 2013, UBF has also received bequest intentions and revocable trusts that management

estimates will approximate $59 million. These intentions and conditional promises to give are not

recognized as assets in the accompanying consolidated financial statements. Amounts received under

these conditional promises to give will generally be restricted for specific purposes stipulated by the

donors, primarily endowments for faculty support, scholarships, and general operating support of

particular departments and divisions of the University.

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UB has committed Research Foundation (RF) funds to be used for a term loan and extension of credit to

UB Associates Inc. (UBA) with the following terms:

Term loan – The loan is unsecured and in the amount of $11 million. It was repaid via interest until

May 2012 and then principal and interest from June 2012 through May 2017. The loan’s outstanding

balance was $8.8 million as of June 30, 2013.

Extension of credit – The extension of credit is unsecured and is in the amount of $2.9 million. Its

outstanding balance as of June 30, 2013 was $2.32 million.

9. Endowment and Other Investments

Investments of UB are recorded at fair value with the majority of them being long-term. Investment

income is reported net of investment fees. Realized and unrealized gains and losses are reflected in the

Statement of Revenues, Expenses and Changes in Net Assets.

CDS invests primarily in fixed income securities, which are comprised of income funds. These income

funds are mutual funds, whose purpose is to provide income from investments. The composition of these

investments (excluding cash) is as follows:

June 30, 2013 June 30, 2012

CDS UBF CDS UBF

Fixed income securities $3,720,488 $118,421,423 $2,246,402 $123,552,568

Domestic equity 162,837,691 147,268,119

International equity 769,046 158,808,564 1,785,797 140,955,707

Alternative investments:

Real assets 66,492,002 53,026,427

Venture capital/private equity partnerships 79,821,641 82,292,568

Hedge funds and funds of funds 141,662,316 125,285,848

Other 2,474,128 2,447,012

$4,489,534 $730,517,765 $4,032,199 $674,828,249

The Research Foundation maintains a diverse investment portfolio and with respect to debt instruments,

has a policy of investing primarily in high quality securities. Investments are held with the investment

custodian in the Research Foundation’s name and could not be broken out by campus for these

statements. Therefore, the Research Foundation’s investment balances could not be shown in the asset

section nor could the unrealized or realized gains be recorded in the Statement of Revenues and

Expenses.

10. Inventory

The composition of inventory depends upon the entity being examined. For the entities covered within

these financial statements, inventory consists of food, beverage, store inventory, dental supplies and

chemicals. Inventory is stated at lower of cost (first-in, first-out method) or market.

11. Property, Plant and Equipment

Fixed assets are either stated at historical cost if purchased or at fair market value at date of receipt if

acquired by gift. Fixed assets are shown net of accumulated depreciation of $893,284,502 and

$863,289,268 as of June 30, 2013 and 2012, respectively. The majority of the University depreciates its

assets using the straight-line method over the assets estimated useful life. In general, the buildings and

components are depreciated between 25-50 years, capital equipment, furniture, and fixtures lives range

from 4 to 15 years and library acquisitions are depreciated over 10 years.

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There continues to be a one year lag between the Property, Plant and Equipment amounts recorded here

in these statements due to the availability of the SUNY figures for our University. SUNY’s numbers are

finalized in the spring of the following year, while the numbers used for these statements are compiled in

the fall, after the fiscal year closes (fiscal year 2012-13 numbers are available in March 2014, so fiscal

year 2011-12 numbers are used instead).

12. Other Assets

Fine art collections are included within the other assets reported in the financial statements and are

valued at $10,025,754 and $9,854,042 for the fiscal years ended June 30, 2013 and 2012, respectively.

These assets make up the majority of the University’s other assets.

13. Long-term liabilities

The University at Buffalo and its affiliated entities has entered into several debt obligations to finance

various capital facilities or large equipment purchases. Total long-term and short-term obligations are

summarized below:

2013 2012

Campus Dining & Shops (CDS)

Unsecured note payable related to a related party in annual

principal payments and semi-annual interest payments totaling

$951,091 per year, based on a fixed interest rate of 4.81% through

June 30, 2027. $9,529,910 -

Note payable to a bank in monthly installments of principal and

interest of $53,454, based on a fixed interest rate of 2.62%

through April 2017. This note is secured by investments with a

net book value of $2,906,797. 2,383,005 $2,952,878

University at Buffalo Foundation (UBF )

Village of Kenmore Housing Authority bonds payable in monthly

installments of $47,516 through January 2028, including interest

at 4.95%. (Flickinger Project) 5,886,825 6,154,224

Town of Amherst Industrial Development Agency bonds payable

in annual principal installments that escalate through maturity in

August 2031, plus interest ranging from 4.30% to 5.25% adjusted

annually, net of discount of $0 in 2013 and $72,184 in 2012. (Flint

Village Projects) - 22,142,816

Town of Amherst Industrial Development Agency bonds payable

in annual principal installments that escalate through maturity in

August 2032, plus interest ranging from 3.00% to 5.00% adjusted

annually, net of discount of $0 in 2013 and $115,343 in 2012.

(Creekside Village Projects) - 11,899,657

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University at Buffalo Foundation (UBF ) continued 2013 2012

Town of Amherst Development Corporation bonds payable in

annual principal installments that escalate through maturity in

October 2045, plus interest ranging from 2.25% to 5.00% adjusted

annually, net of discount of $25,411 in 2013 and $13,438 in 2012.

(Greiner Hall Project and Hadley Village Refunding) 79,909,589 81,781,563


annual principal installments that escalate through maturity in

October 2035 plus variable rate of interest. Interest rates ranged

from 0.08% to 0.23% and 0.04% to 0.28% for the years ended

June 30, 2013 and 2012, respectively. (South Lake Village) 23,035,000 23,510,000


monthly principal installments that escalate through maturity in

August 2042 plus variable rate of interest. Interest rates ranged

from 1.53% to 1.56% for the year ended June 30, 2013 and 1.56%

from the date of issue through June 30, 2012. (Flint Village and

Creekside Village Refunding) 31,805,000 32,465,000

Operating Line of Credit payable on demand and bearing interest

at 1.5% below the bank’s prime rate, (1.75% at June 30, 2013 and

June 30, 2012). 25,000,000 25,000,000

State

NYPA Phase I Chillers loan payable in monthly installments of

$16,100 through maturity June 2016. Variable interest rate, 0.86%

for 2012-13 and 0.88% for 2011-12. 560,562 749,499

NYPA Phase II HVAC and outdoor lighting loan payable in

monthly installments of $28,245 through maturity January 2022.

Variable interest rate, 0.86% for 2012-13 and 0.88% in 2011-12. 2,933,898 3,144,879

Dorm Rehab projects – various dormitory projects through

Dormitory Authority of the State of New York (DASNY) bond or

revolving loans with the Dormitory Authority. Maturity of these

borrowings end in June 2031 with varying interest rates. 49,014,795 53,166,926

Total debt obligations $230,058,584 $262,967,442

Current portion of long-term debt (10,136,605) (8,869,862)

Long-term debt $219,921,979 $254,097,580

Campus Dining and Shops has available a $1,000,000 unsecured bank line of credit, with interest at the

prime rate minus 0.50%. There are no amounts outstanding at May 31, 2013 or 2012. The Industrial

Development Agency bonds, which had a balance of $3,350,000 as of May 31, 2011, were paid in full

during the 2011-12 fiscal year.

In June 2012, UBFFSH issued $32,465,000 Town of Amherst Development Corporation Bonds (Flint

Village and Creekside Village). These bonds were issued to provide funds for the refunding of the

outstanding principal of the original bonds used to finance the respective projects including funds needed

for the costs incidental to their issuance.

All debt covenants were compiled for all agencies having debt.

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14. Other Post-Employment Benefits (OPEB)

SUNY, in compliance with GASB 45, records their annual liability and expense for Other Post-

Employment Benefits (OPEB) on their financial statements. These benefits, as defined by GASB 45,

include “postemployment healthcare, as well as other forms of postemployment benefits (for example,

life insurance) when provided separately from a pension plan.”

Since GASB 45 calls for disclosure and recognition of these benefits and there is a large portion of

SUNY’s OPEB costs that are unfunded by the State, the University at Buffalo’s portion of the liability

for these benefits has been recorded within these financial statements. The annual amounts of the

unfunded actuarial accrued liability (UAAL) are recorded in other long-term liabilities with the offset

being booked to expenses. The expense amount was allocated to the functional expense classifications

consistent with the fringe benefit rate applied to personal service costs. The OPEB liability amounted to

$55,133,725 for 2012-13 and $57,196,478 for 2011-12. The amount attributable to the University is

obtained from SUNY and is based on the University’s share of personal service costs.

The accumulated liability for the University at Buffalo as of June 30, 2013 was $389,979,721.

15. Commitments

UB and its affiliated entities committed to numerous operating leases covering real property and

equipment. Rental expenditures reported for the years ended June 30, 2013 and 2012 under such

operating leases were approximately $2,350,561 and $1,915,822 respectively. The following is a

summary of rental commitments under non-cancelable real property and equipment leases with terms

exceeding one year:

Year ending

June 30, Amount

2014 $1,610,214

2015 1,147,044

2016 1,149,833

2017 382,050

2018 208,843

2019-23 1,128,502

Total $5,626,486

The above schedule does not include The Research Foundation for SUNY. Their rental payments

amounted to $276,909 and $360,818 for the fiscal years ended June 30, 2013 and 2012, respectively.

Any amounts paid between State and UBF have been eliminated.

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16. Subsequent Events

The University entered into a financial arrangement (dated November 5, 2013) with the State University

Construction Fund (SUCF) to fund the construction of the new School of Medicine and Biomedical

Sciences building in downtown Buffalo. The estimated total cost of the project is $375 million and

funding will be derived from the following categories:

Source State Campus

Existing Campus Appropriations $50,000,000

SUNY Match 15,000,000

Urban Development Corp. Funds 20,000,000

Debt Service 215,000,000

UB School of Medicine Funds $25,000,000

UB Philanthropy 50,000,000

Totals $300,000,000 $75,000,000

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State UB Research Auxiliary

O perations IFR/SUTRA Foundation Foundation (CDS/DIFR) Total

Assets

Current assets:

Cash and cash equivalents ($294) $70,601 $29,757 $70,533 $12,877 $183,474

Accounts and notes receivable, net 18,792 1,305 3,464 22,916 3,203 49,680

Other receivables 0 0 35,819 0 495 36,314

Short-term investments 0 0 376,918 0 3,222 380,140

Inventory 1,807 459 0 0 957 3,223

Intercompany receivables 2,349 (30,369) (10,909) 15,829 23,100 0

Prepaid expenses 1,163 0 0 0 1,051 2,214

Total current assets 23,817 41,996 435,049 109,278 44,905 655,045

Noncurrent assets:

Property, plant and equipment, net 954,472 53,716 155,991 3,469 13,466 1,181,114

Long-term investments 0 0 355,484 0 1,268 356,752

Other assets 77 0 9,311 0 0 9,388

Total noncurrent assets 954,549 53,716 520,786 3,469 14,734 1,547,254

Total assets $978,366 $95,712 $955,835 $112,747 $59,639 $2,202,299



Accounts payable $6,215 $0 $6,838 $0 $433 $13,486

Accrued expenses 0 0 5,128 2,665 1,286 9,079

Current portion of long-term debt 5,678 0 3,381 0 1,078 10,137

Deferred revenue 0 0 504 0 326 830

Other current liabilit ies 0 0 0 0 997 997

Total current liabilities 11,893 0 15,851 2,665 4,120 34,529


Long-term debt 46,831 0 162,256 0 10,835 219,922

Other long-term liabilit ies 467,039 19,299 30,651 0 0 516,989

Total noncurrent liabilities 513,870 19,299 192,907 0 10,835 736,911

Total liabilities 525,763 19,299 208,758 2,665 14,955 771,440

Net Assets:

Unrestricted (55,134) 0 16,110 0 37,222 (1,802)

Restricted - nonexpendable 0 0 195,496 0 0 195,496

Restricted - expendable 507,737 76,413 535,471 110,082 7,462 1,237,165

Total net assets 452,603 76,413 747,077 110,082 44,684 1,430,859

Total liabilities and net assets $978,366 $95,712 $955,835 $112,747 $59,639 $2,202,299

State University of New York at Buffalo

Assets, Liabilities and Net Assets by Entity

as of June 30, 2013

(In thousands)

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Assets

Current assets:

Cash and cash equivalents $879 $55,411 $29,485 $58,405 $14,370 $158,550

Accounts and notes receivable, net 18,872 1,428 3,884 19,309 3,109 46,602

Other receivables 0 0 30,946 0 1,407 32,353

Short-term investments 0 0 364,677 0 1,659 366,336

Inventory 1,965 389 0 0 810 3,164

Intercompany receivables 1,111 (22,834) (7,714) 9,817 19,620 0

Prepaid expenses 1,193 0 0 0 81 1,274

Total current assets 24,020 34,394 421,278 87,531 41,056 608,279

Noncurrent assets:

Property, plant and equipment, net 840,587 45,169 153,673 4,152 2,724 1,046,305

Long-term investments 0 0 342,616 0 2,373 344,989

Other assets 77 0 10,248 0 0 10,325

Total noncurrent assets 840,664 45,169 506,537 4,152 5,097 1,401,619

Total assets $864,684 $79,563 $927,815 $91,683 $46,153 $2,009,898



Accounts payable $7,468 $0 $12,629 $0 $1,731 $21,828

Accrued expenses 0 0 5,904 3,408 1,266 10,578

Current portion of long-term debt 5,038 0 3,262 0 570 8,870

Deferred revenue 0 0 728 0 239 967

Other current liabilit ies 0 0 0 0 307 307

Total current liabilities 12,506 0 22,523 3,408 4,113 42,550


Long-term debt 52,024 0 199,691 0 2,383 254,098

Other long-term liabilit ies 410,787 20,417 36,515 0 0 467,719

Total noncurrent liabilities 462,811 20,417 236,206 0 2,383 721,817

Total liabilities 475,317 20,417 258,729 3,408 6,496 764,367

Net Assets:

Unrestricted (334,846) 0 10,385 0 30,970 (293,491)

Restricted - nonexpendable 0 0 161,503 0 0 161,503

Restricted - expendable 724,213 59,146 497,198 88,275 8,687 1,377,519

Total net assets 389,367 59,146 669,086 88,275 39,657 1,245,531

Total liabilities and net assets $864,684 $79,563 $927,815 $91,683 $46,153 $2,009,898


Assets, Liabilities and Net Assets by Entity

as of June 30, 2012

(In thousands)

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Revenues:

Tuition and fees, net $167,957 $44,773 $6,876 $0 $0 $219,606

State appropriations 493,813 0 0 0 0 493,813

Grants and contracts 45,529 4,105 0 156,946 0 206,580

Private support and other 11,849 39,299 48,709 9,034 5,591 114,482

Endowment and investment income 100 0 85,305 0 509 85,914

Auxiliary enterprises 0 13,325 28,086 0 64,282 105,693

Hospitals and clinical revenue 0 3,616 14,509 0 0 18,125

Other 11,214 0 0 0 0 11,214

Total revenues 730,462 105,118 183,485 165,980 70,382 1,255,427

Expenses by function:

Instruction 307,793 38,825 51,645 17,972 0 416,235

Research 21,950 10,390 0 93,502 0 125,842

Public service 3,792 904 0 4,599 0 9,295

Academic support 69,419 6,311 0 201 0 75,931

Student services 17,950 17,014 0 466 0 35,430

Institutional support 74,376 14,189 24,514 25,068 0 138,147

Operation and maintenance of plant 70,688 916 0 554 0 72,158

Depreciation 24,352 0 0 578 1,104 26,034

Scholarships and fellowships 23,810 (17,122) 5,814 1,084 0 13,586

Hospitals and clinics 4,491 2,958 0 0 0 7,449

Auxiliary enterprises 13,087 13,466 23,522 0 64,251 114,326

Interest expense 34,975 0 0 0 34,975

Other expenses 543 0 0 148 0 691

Total expenses 667,226 87,851 105,495 144,172 65,355 1,070,099

Expenses by type:

Salaries 337,555 10,788 32,221 64,324 19,402 464,290

Employee fringe benefits 227,122 11,465 11,952 21,959 8,432 280,930

Supplies (18,496) 36,515 6,487 13,410 13,866 51,782

Travel 2,085 4,877 6,163 3,747 (105) 16,767

Contractual services 37,319 15,249 11,387 29,705 5,711 99,371

Insurance and professional fees 0 0 1,636 0 450 2,086

Rent, utilit ies and lease 16,325 0 1,939 0 4,258 22,522

Depreciation 24,352 0 8,119 578 1,104 34,153

Equipment, repairs and maintenance 5,968 5,570 303 6,005 9,334 27,180

Management fees and subscriptions 0 0 2,668 4,567 0 7,235

Interest expense 34,975 0 6,532 0 339 41,846

Other expenses 21 3,387 16,088 (123) 2,564 21,937

Total expenses 667,226 87,851 105,495 144,172 65,355 1,070,099

Increase (decrease) net assets $63,236 $17,267 $77,990 $21,808 $5,027 $185,328


Revenues and Expenses by Entity

Fiscal Year Ended June 30, 2013

(In thousands)

15



Revenues:

Tuition and fees, net $154,809 $33,266 $5,436 $0 $0 $193,511

State appropriations 600,453 0 0 0 0 600,453

Grants and contracts 43,848 4,399 0 150,299 0 198,546

Private support and other 2,332 27,126 58,608 2,468 5,245 95,779

Endowment and investment income 200 0 (8,516) 0 20 (8,296)

Auxiliary enterprises 250 7,972 29,686 0 60,487 98,395

Hospitals and clinical revenue 0 3,869 12,033 0 0 15,902

Other 8,020 0 0 0 0 8,020

Total revenues 809,912 76,632 97,247 152,767 65,752 1,202,310

Expenses by function:

Instruction 447,085 43,050 51,775 13,920 0 555,830

Research 32,886 5,316 0 101,850 0 140,052

Public service 5,344 17,354 0 5,095 0 27,793

Academic support 66,703 6,897 0 379 0 73,979

Student services 29,965 13,944 0 735 0 44,644

Institutional support 108,799 13,679 29,564 23,061 0 175,103

Operation and maintenance of plant 93,769 (6,294) 0 777 0 88,252

Depreciation 25,263 0 0 859 624 26,746

Scholarships and fellowships 22,223 (12,508) 5,148 1,040 0 15,903

Hospitals and clinics 6,983 2,909 0 0 0 9,892

Auxiliary enterprises 35,568 3,266 21,577 0 53,980 114,391

Interest expense 38,866 0 0 0 0 38,866

Other expenses 2,377 (3) (4,000) 8,227 0 6,601

Total expenses 915,831 87,610 104,064 155,943 54,604 1,318,052

Expenses by type:

Salaries 330,833 10,386 33,903 68,176 18,776 462,074

Employee fringe benefits 497,774 9,504 11,487 22,873 8,479 550,117

Supplies (34,101) 42,741 8,298 13,062 11,718 41,718

Travel 2,811 3,368 6,142 3,826 (61) 16,086

Contractual services 34,053 14,969 13,749 27,241 5,692 95,704

Insurance and professional fees 0 0 2,116 0 397 2,513

Rent, utilit ies and lease 14,657 0 2,458 0 2,320 19,435

Depreciation 25,263 0 5,894 859 624 32,640

Equipment, repairs and maintenance 5,723 3,559 203 16,775 6,365 32,625

Management fees and subscriptions 0 0 312 4,438 0 4,750

Interest expense 38,866 0 6,811 0 156 45,833

Other expenses (48) 3,083 12,691 (1,307) 138 14,557

Total expenses 915,831 87,610 104,064 155,943 54,604 1,318,052

Increase (decrease) net assets ($105,919) ($10,978) ($6,817) ($3,176) $11,148 ($115,742)


Revenues and Expenses by Entity

Fiscal Year Ended June 30, 2012

(In thousands)

16

Prepared by Financial Services, a division of University Business Services

financial statements for fiscal years 2012 and 2013€¦ · financial statements follow ... various...

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