The University has chosen to report the expenses in their natural classification on the statement of revenues, expenses, and changes in net assets and has displayed the functional classi
Trang 1The following summarizes the operating revenues by source that were used to fund operating activities during the 2007-08 and 2006-07 fiscal years:
2007-08 2006-07 Net Tuition and Fees $ 128,836 $ 119,672 Grants and Contracts 109,232 90,930 Sales and Services of Auxiliary Enterprises 47,964 47,287
Total Operating Revenues $ 291,414 $ 261,272
Operating Revenues (In Thousands)
Operating Expenses
Expenses are categorized as operating or nonoperating The majority of the University’s expenses are operating expenses as defined by GASB Statement No 35 GASB gives financial reporting entities the choice of reporting operating expenses in the functional or natural classifications The University has chosen to report the expenses in their natural classification on the statement of revenues, expenses, and changes in net assets and has displayed the functional classification in the notes to financial statements
The following summarizes the operating expenses by natural classifications for the 2007-08 and 2006-07 fiscal years:
2007-08 2006-07 Compensation and Employee Benefits $ 393,017 $ 365,944 Services and Supplies 119,780 113,151 Utilities and Communications 18,103 19,270 Scholarships, Fellowships, and Waivers 49,325 49,008 Depreciation 47,026 41,712
Total Operating Expenses $ 627,251 $ 589,085
Operating Expenses (In Thousands)
Nonoperating Revenues and Expenses
Certain revenue sources that the University relies on to provide funding for operations, including State appropriations, certain gifts and grants, and investment income, are defined by GASB as nonoperating Nonoperating expenses include capital financing costs and other costs related to capital assets The following summarizes the University’s nonoperating revenues and expenses for the 2007-08 and 2006-07 fiscal years:
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Trang 22007-08 2006-07 State Appropriations $ 291,315 $ 281,032 Federal and State Student Financial Aid 88,942 80,248 Investment Income 14,671 14,047 Other Nonoperating Revenues 6,198 8,120 Loss on Disposal of Capital Assets (1,759) (1,031) Interest on Capital Asset-Related Debt (10,673) (7,879) Other Nonoperating Expenses (22,128) (27,000)
Net Nonoperating Revenues $ 366,566 $ 347,537
Nonoperating Revenues (Expenses)
(In Thousands)
Other Revenues, Expenses, Gains, or Losses
This category is mainly composed of capital appropriations and capital grants, contracts, and donations The following summarizes the University’s other revenues, expenses, gains, or losses for the 2007-08 and 2006-07 fiscal years:
2007-08 2006-07 Capital Appropriations $ 73,145 $ 71,127 Capital Grants, Contracts, and Donations 21,077 1,661
Total $ 94,222 $ 72,788
Other Revenues, Expenses, Gains, or Losses
(In Thousands)
Capital grants, contracts and donations increased from the prior year primarily due to $17.7 million in donations for the Burnett School of Biomedical Sciences building
T HE S TATEMENT OF C ASH F LOWS
The statement of cash flows provides information about the University’s financial results by reporting the major sources and uses of cash and cash equivalents This statement will assist in evaluating the University’s ability to generate net cash flows, its ability to meet its financial obligations as they come due, and its need for external financing Cash flows from operating activities show the net cash used by the operating activities of the University Cash flows from the capital financing activities include all plant funds and related long-term debt activities Cash flows from the investing activities show the net source and use of cash related to purchasing or selling investments, and earning income on those investments Cash flows from the noncapital financing activities include those activities not covered in other sections
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Trang 3The following summarizes cash flows for the 2007-08 and 2006-07 fiscal years:
2007-08 2006-07 Cash Provided (Used) by:
Operating Activities $ (285,911) $ (266,120) Noncapital Financing Activities 369,144 344,971 Capital and Related Financing Activities (32,542) 7,716 Investing Activities 22,106 (87,084)
Net Increase (Decrease) in Cash and Cash Equivalents 72,797 (517) Cash and Cash Equivalents, Beginning of Year 8,831 9,348
Cash and Cash Equivalents, End of Year $ 81,628 $ 8,831
Condensed Statement of Cash Flows
(In Thousands)
Major sources of funds came from State appropriations ($291.3 million), net student tuition and fees ($126.8 million), grants and contracts ($109 million), Federal and State student financial aid ($88.9 million), and sales
and services of auxiliary enterprises ($48.2 million)
CAPITAL ASSETS, CAPITAL EXPENSES AND COMMITMENTS,
AND DEBT ADMINISTRATION
C APITAL A SSETS
At June 30, 2008, the University had $1,049.4 million in capital assets, less accumulated depreciation of
$420.6 million, for net capital assets of $628.8 million Depreciation charges for the current fiscal year totaled
$47 million The following table summarizes the University’s capital assets, net of accumulated depreciation, at June 30:
Infrastructure and Other Improvements 32,100 25,733 Furniture and Equipment 52,267 53,694 Library Resources 25,973 24,260 Leasehold Improvements 10,815 9,675 Works of Art and Historical Treasures 434 386 Other Capital Assets 2,147 2,592 Construction in Progress 67,394 8,123
Total Capital Assets, Net $ 628,837 $ 571,465
Capital Assets, Net at June 30 (In Thousands)
Additional information about the University’s capital assets is presented in the notes to the financial statements
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Trang 4C APITAL E XPENSES AND C OMMITMENTS
Major capital expenses through June 30, 2008, were incurred on the following projects: Burnett Biomedical Science Center, Physical Science Building, and Medical School The University’s major capital commitments at June 30, 2008, are as follows:
Total Commitment $ 106,740 Completed to Date (67,394)
Balance Committed $ 39,346
Amount (In Thousands)
Additional information about the University’s capital commitments is presented in the notes to the financial statements
D EBT A DMINISTRATION
As of June 30, 2008, the University had $216.1 million in outstanding bonds and revenue certificates, including
$60 million of bonds attributable to the UCF Finance Corporation, representing a decrease of $7 million, or 3.1 percent, from the prior fiscal year This decrease is the result of principal payments on current debt The following table summarizes the outstanding long-term debt by type for the fiscal years ended June 30:
Loans and Notes 6,100 Installment Purchases 2,317 543 Other Noncurrent Liabilities 4,403 6,050
Total $ 228,911 $ 229,688
Long-Term Debt, at June 30 (In Thousands)
Additional information about the University’s long-term debt is presented in the notes to the financial statements
ECONOMIC FACTORS THAT WILL AFFECT THE FUTURE
During the 2005-06, the Florida State Board of Governors approved plans for a medical school at UCF that will open in August 2009 The medical school will have a major positive impact on the financial status of the University
of Central Florida
The condition of the State of Florida’s economy has a direct effect on appropriations for higher education State appropriations comprise 37 percent of total revenues (operating, nonoperating, and capital) at the University of Central Florida and are the largest source of funding The State is withholding 4 percent of the University’s appropriations during the 2008-09 fiscal year as a result of the weak economy The amount withheld may increase at
a later date depending on the economy and legislative decisions
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Trang 5The initial University operating budget adopted by the Florida Legislature for the 2008-09 fiscal year was
$420.3 million which included a $9.2 million appropriation for the new medical school There was no additional budget allocated for enrollment growth this year The amount listed above does not reflect the 4 percent reduction
currently in effect
REQUESTS FOR INFORMATION
Questions concerning information provided in the MD&A, and financial statements and notes thereto, or requests for additional financial information should be addressed to the University Controller, University of Central Florida,
12424 Research Parkway, Suite 300, Orlando, Florida 32826-3249
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Trang 6BASIC FINANCIAL STATEMENTS
University Component
Units ASSETS
Current Assets:
Cash and Cash Equivalents $ 1,528,714 $ 64,765,509
Restricted Cash and Cash Equivalents 2,284,011
Total Current Assets 362,777,870 104,109,046
Noncurrent Assets:
Restricted Cash and Cash Equivalents 77,815,693 14,269,062
Depreciable Capital Assets, Net 551,463,001 296,689,228
Total Noncurrent Assets 767,357,172 497,428,795
TOTAL ASSETS $ 1,130,135,042 $ 601,537,841
LIABILITIES
Current Liabilities:
Accounts Payable $ 9,573,558 $ 12,098,544
Long-Term Liabilities - Current Portion:
Total Current Liabilities 88,934,466 50,425,157
UNIVERSITY OF CENTRAL FLORIDA
A COMPONENT UNIT OF THE STATE OF FLORIDA
STATEMENT OF NET ASSETS
As of June 30, 2008
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Trang 7University Component
Units LIABILITIES (Continued)
Noncurrent Liabilities:
Postemployment Health Care Benefits Payable 2,701,000
NET ASSETS
Restricted for Nonexpendable:
Restricted for Expendable:
TOTAL LIABILITIES AND NET ASSETS $ 1,130,135,042 $ 601,537,841
The accompanying notes to financial statements are an integral part of this statement.
UNIVERSITY OF CENTRAL FLORIDA
A COMPONENT UNIT OF THE STATE OF FLORIDA STATEMENT OF NET ASSETS (Continued)
As of June 30, 2008
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Trang 8University Component
Units REVENUES
Operating Revenues:
Student Tuition and Fees, Net of Scholarship
EXPENSES
Operating Expenses:
NONOPERATING REVENUES (EXPENSES)
Income (Loss) Before Other Revenues, Expenses,
The accompanying notes to financial statements are an integral part of this statement.
UNIVERSITY OF CENTRAL FLORIDA
A COMPONENT UNIT OF THE STATE OF FLORIDA STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS
For the Fiscal Year Ended June 30, 2008
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Trang 9University CASH FLOWS FROM OPERATING ACTIVITIES
Grants and Contracts 108,962,171
Sales and Services of Auxiliary Enterprises 48,156,911
Payments to Suppliers for Goods and Services (141,073,504)
Payments to Students for Scholarships and Fellowships (49,324,636)
Net Cash Used by Operating Activities (285,910,864)
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
Federal and State Student Financial Aid 88,941,759
Net Change in Funds Held for Others 143,718
Net Cash Provided by Noncapital Financing Activities 369,143,858
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES
Capital Grants, Contracts, Donations, and Fees 20,078,115
Purchase or Construction of Capital Assets (95,926,509)
Net Cash Used by Capital and Related Financing Activities (32,541,824)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment Income 15,974,776
Net Cash Provided by Investing Activities 22,106,194
Net Increase in Cash and Cash Equivalents 72,797,364
Cash and Cash Equivalents, Beginning of Year 8,831,054
Cash and Cash Equivalents, End of Year $ 81,628,418
UNIVERSITY OF CENTRAL FLORIDA
A COMPONENT UNIT OF THE STATE OF FLORIDA
STATEMENT OF CASH FLOWS For the Fiscal Year Ended June 30, 2008
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