ML19343B211
| ML19343B211 | |
| Person / Time | |
|---|---|
| Site: | 05000083 |
| Issue date: | 12/03/1979 |
| From: | Elmore W FLORIDA, UNIV. OF, GAINESVILLE, FL |
| To: | |
| Shared Package | |
| ML19343B210 | List: |
| References | |
| NUDOCS 8012160110 | |
| Download: ML19343B211 (21) | |
Text
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@. 18 5'3 The University of Florida Financial Report 1978-79 Contents TransmittalLetter . . . . .. . . 5 Overview and Sumniait of Significant Accounting Policies . .. . ... . . 6-8 Enrollment Highlights . . . .. ... . .. . . ..9 Curricular Summary . . . . . . . . . ..... 10 4.
Financial Aid Administered . .... . . . 11 Balance Sheet .... . . . . . .. . . 12-13 Sources and Uses of Funds . . . . .... . .... 14 Construction Report. . .. . . . . . .. .. . . . 15 Statement of Changes in Fund Balances . . ..... . .. . . . . 16- 17 Statement of Current Funds Revenues, Expenditures and Other Changes . . . . . . . .. . 18 Notes to the FinancialStatements . . . 19-22
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UNIVERSITY OF FLORIDA G AIN E SVILLE, 316t l ADMINISTR ATIVE AFF AIRS 204 TIGERT H ALL DeCenher 3, IM T E L E PH O N E 904-392-1336 Dr. Robert Q. Marston President 226 Tigert Hall Campus
Dear Dr. Marston:
Enclosed herein is the annual Financial Report for the University of Florida for the fiscal year ended June 30, 1979 Very truly yours, William E. Elmore Vice President for Administrative Affairs WEE /twb Enclosure EQU A L EMPLOYMEN T OPPORTUNIT Y/ A FFIRM A TIVE AC TION EMPLOY ER
. - _ . _ _ _ _ =.
AN OVERVIEW The University of Florida's financial report represents a fiscal reflection of programs accomplished, loans granted, equip-ment purchased, buildings constructed and the resources utilized to carry out these objectives.
The money used to finance basic university operations is classif:ad as current funds. These funds are used to accomplish the primary university missions of instruction, research and public service.
During fiscal year 1878-79, total current funds expenditures were $272,935,897.29. This represents an increase of 10.85%
over fiscal year 1977-78. Educational and General expenditures for instruction, research and public service accounted for 78% of the total. Exhibit C of the financial report contains additional information on current funds expenditures.
UNIVERSITY OF FLORIDA Summary of Significant Accounting Policies June 30,1979 The significant accounting policies followed by the University of Florida are described below to enhance the usefulness of the financial statements.
Reporting Entity Although the University is considered a separate entity for financial reporting purposes, it is a part of the State University System and accordingly is governed, regulated, and coordinated by the Department of Education, Board of Regents, subject to the general supervision of the State Board of Education. The President is responsible for the management of the University, but is under the generel direction and control of the Chancellor of tha State University System who has ultimate responsibility for administering the policies prescribed by the Board of Regents.
Although one of the primary obligations of reporting is to account fc,r resources received and used, there are several instances where University resourr es are accounted for and reported by other entities. For example:
Unexpended Plant Funds which are committed to University construction financed from state-wide sources are accounted for and reported by the Board of Regents. When such construction projects are substantially completed they are included in the University's Investment in Plent Fund.
The University's fund raising programs and the intercollegiate athletic program are accounted for and reported by private non-profit organizations which are separate legal entities. These organizations are: University of Florida Foundation, University Alumni Association, and the University Athletic ALociation.
Basis of Accounting The University's fiscal and accounting operations wero essentially structured around the recommendations of the National Association of College and University Business Offices, constituting generally accepted accounting principles, as publish-ed under the title of COLLEGE AND UNIVERSITY BUSINESS ADMINISTRATION, ADMINISTRATIVE SERVICE.
Financial statements were prepared in accordance with instructions provided by the Board of Regents. j Financial statements for the current funds have been prepared on the accrual basis of accounting; however, depreciation of fixed assets is not recognized.
The statement of current funds revenues, expenditures and other changes is a statement of financial activities of current funds related to the current reporting period. It does not purport to present the results of operations or the net income or )
loss for the period as would a statement of income or a statement of revenues and expenses.
To the extent that current funds are used to finance assets, the amounts so provided are accounted for as (1) expenditures, in the case of normal replacement of movable cquipment and library books; (2) mandatory transfers, in the case of required provisions for debt amortization, interest, and equipment renewal and replacement; and (3) as transfers of a non-mandatory nature for all other cases.
Financial statements of the Loan Fund, Endowment Fund, Plant Fund (excluding Investment in Plant Funds) and Agency Fund have been prepared on the accrual basis of accounting. Investment in Plant funds have been prepared on the cash basis. Notes receivable from students are reported in the Loan Fund at net value. An estimate of the amount of un-collectible loans is shown in a note to the financial statements.
I l
- The balance sheet, as noted above, does include accruals, deferrals, accounts payable, except for accumulated deprecia-i tion. The Reserve for Encumbrances portion of the Fund Balance is a representation of purchase commitments for which l the merchandise or services have not been received.
inventories have been categorized into the following two types:
f.
A. Departmental Inventory-those inventories maintained by departments and not available for resale. Departmentalin- [
r ventories are comprised of such items as classroom and laboratory supplies, teaching materials, and office supply j items, which are consumed in the teaching / work process. These inventories are normally expensed at the time of pur-l chase and therefoie are not reflected on the balance sheet.
B. Merchandising Inventory-those inventories maintained which are available for resale and are not expensed at the time i of purchase. These inventories are reflected on the balance sheet and methods of inventory valuation footnoted in the t notes to the financial statements.
{' Library books reported on the balance sheet have been valued at cost, except for those books received as contributions, which have been valued at fair market value at the date of acquisition.
4 Due to the appropriation process in which salaries for the summer quarter are not appropriated until the next fiscal year, the University elects not to recognize salaries of summer quarter faculty as a liability in the current year but prefers to treat them as an expenditure in the subsequent fiscal year.
, Fund Accounting i in order to ensure obcervance of limitations and restrictions placed on the use of the resources available to the University, j the financial records are maintained in accordance with the principles of " fund accounting". This is the procedure by which l resou ces for various purposes are classified for accounting and reporting purposes into funds that are in accordance with activities or objectives specified. Separate accounts are maintained for each fund; however, in the accompanying financial statements, funds that have similar characteristics have been combined into fund groups. Accordingly, all financial transac-j tions have been recorded and reported by one of the following fund groups.
4 Current Funds. This fund group includes those economic resources of the University which are expendable for opera-l tional purposes in performing the primary objectives of the University. Resources restricted by donors or other outside
! agencies for specific current operating purposes are reported as Restricted Current Funds.
Loan Funds. This group consists of loans to students and of resources available for such purposes. The terms of the l loan agreements usually specify that the money operate on a revolving basis, i.e., repayments of tirincipal and interest are loaned to other individuals.
Endowrnent Funds. These are funds with respect to which the donors or outside agencies have stipulated, as a condi-
! tion of the gift, that the principalis to be maintained inviolate and in perpetuity and invested for the purpose of produc-i ing present and future income which may be either expended or added to principal.
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, Plant Funds. These funds represent four separate self balancing fund groups for which separate accountability and i reporting is required. These fund groups are as follows:
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! 1.' Unexpended Plant Funds account for unexpended resources received directly by the University from various
! sources to finance the acquisition of long-lived plant assets and the associated liabilities.
' 2. Renewal and Replacement Plant Funds provide for the renewal and replacement of plant fund assets as distinguish-
- ed from additions and improvements to plant.
- 3. Retirement of Indebtedness Funds account for the accumulation of resoruces received direct!y by the University for ~
l interest and principal payments and other debt service che.ges including contributions for sinking funds relating to plant fund indebtedness.
1
! 4.' investment iri Plant includes all long-lasting assets in the service of the University except for the long-lasting assets i held as investments in Endowment Funds and Construction in Progress, unless carried in the Unexpended Plant
. Fund, as well as all associate liabilities.
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! Agsney Funds. This fund group consists of funds hiid by the University as custodian or fiscal agent for others.
i Ordinary income derived from investments, receivables, and inventories is accounted for in appropriate restricted funds. ,
Restricted Current Funds are reported as revenue and expenditures when collected and disbursed.
j
- Other Significant Accounting Policies Other significant accounting policies are set forth in the financial statements and notes thereto.
INVESTMENTS All monies not needed for current operations in various trust funds are invested in accordance with Florida Statute 215.49.
These funds are analyzed with two objectives; to earn maximum income and allow timely maturities for cash demands.
i 4
During the fiscal year 1978-79, we purchased $47,652,199 investments (mostly U.S. Treasury bilis). At June 30,1979, we earned $2,048,582 for the year and our outstanding investments were $30,091,147.
4 INSURANCE in accordance with a program for centralinsurance purchases adopted by the Florida Cabinet in 1969, the State Division of i Purchasing of the Department of General Services was vested with the sole authority to purchase insurance on behalf of all j state agencies. This authority is granted with the enactment of Chapter 287.022 of the Florida Statutes. Other actions by the Legislature have resulted in the development of risk management and self-insurance progrrams in the areas of autornobile, general liability, and workmen's compensation coverages. The Department of General Services has delegated to the Board of Regents the general responsibility for the implementation r,nd maintenance of the comprehensive insurance programs of the State University System. The Board of Regents serves as a clearing point bety.een the Universities and the Department of General Services for all matters pertinent to insurance. This includes the acquisition of commercial coverage, the coordination of premium assessment, and payment and processing of all claims entered against the Universities.
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s2 i Alachua 7,790 Hardee 12 Osceola 32 P.uo Baker 10 Hendry 39 Palm Beach 1,266 isi "g" Bay 171 Hernando 52 Pasco 161 ,, .-o k
Bradford Brevard 83 1,122 Highlands Hillsborough 1,145 71 Pinellas Po'k 1,152 'gg' ,,,,,,u n "g3 M "~~'
563 Broward 2,464 Holmes 15 Putnam 127 -
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'""s2 Calhoun 7 Indian River 152 St. Johns 124 * *"/3
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Charlotte 90 Jackson 47 St. Lucie 104 "'"*
Citrus 146 Jefferson 12 Santa Rosa 103 r ""* "
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Clay 189 Lafayette 9 Sarasota 587 4 -
-- J Collier 149 Lake 212 Seminole 377 c'ag"* *7*
Columbia 142 Lee 316 Sumter 42 ,,,,, p.i . .
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'#68 Dade Leon 307 Suwannee 58 t as Desoto 16 Levy 73 Taylor 33 318 Dixie 15 Liberty 2 Union 16 C ,, .
Duval 1,723 Madison 14 Volusia 625 cou , 2.e4 Escambia "S 339 Manatee 173 Wakulla 6 Flagler 21 Marion 558 Walton 23 Franklin 5 Martin 105 Washington 25 . Q,,
Gadsden 48 Monroe 143 "3 Gilchrist 26 Nassua 90 Glades 7 Oklatoosa 360 IN-STATE ENROLLMENT Gulf 12 Okeechobee 20 BY COUNTY 1978-79
, Hamilton 5 Orange 1,156
NUMBER OF FTE STUDENTS BY COLLEGE' 1978-79 1977-78 1976-77 1975-76 1974-75
- Accounting 556.22 University College -
2,130.40 1,929.13 1,986.80 242.53 ,
- Fine Arts 925.89 887.09 842.86 778.67
- Architecture 431.43 780.02 774.12 881.26 1,498.04 Arts & Sciences 13,207.02 11,264.86 10,551.35 11,061.31 11,472.70 Business Administration 2,198.76 2,634.21 2,384.79 2,310.98 2,211.47 Education 1,429.48 1,580.76 1,691.61 1,852.77 2,160.72 Engineering 2,070.04 2,089.07 1,849.84 1,789.15 1,613.12 Journalism &
Communication 626.24 671.37 607.46 599.25 664.41 Law 1,132.25 1,185.16 1,149.71 1,187.83 1,155.96 Military 94.87 95.67 63.67 81.47 68.00 Physical Education Health & Recreation 937.03 847.75 719.17 724.37 835.72 Institutes 14.23 19.58 10.84 38.12 52.43 Agriculture 1,302.11 1,362.09 1,106.27 963.56 804.33 Forest Resources &
Conservation 153.86 162.32 156.94 158.99 122.47 Health Related Professions 361.42 342.78 321.50 312.15 307.40 Medicine 273.69 168.66 153.85 147.23 135.94 Nursing 309.27 248.09 299.18 256.76 299.27 Pharmacy 309.17 1,058.05 1,010.45 311.53 324.85 Veterinary Medicine 200.00 120.00 127.36
- " Building Construction 277.17 TOTAL 26,810.15 27,674.93 25,680.10 25,442.20 26,159.36
" The College of Fine Arts separated from Architecture beginning Fall 1976.
Prior years are shown under Architecture.
- Prior to 1978 79, Accounting was reported with the College of Businecs Administration.
"* Prior to 1978-79, Building Construction was reported with the College of Architecture.
DEGREES AWARDED BY TYPE OF DEGREE DEGREE 1978-79 1977-78 1976-77 1975-76 1974-75 Baccalureate 4,747 4,897 4,920 4,998 4,687 Juris Doctor 314 377 376 412 345 Doctor of Medicine 122 110 112 82 75 Doctor of Dental Medicine 48 39 27 18 Masters 1,075 1,084 1,159 1,345 1,270 Specialist la Education 73 69 89 147 121 Doctor of Education 27 27 33 50 61 Doctor of Philosophy 286 283 286 299 292 Engineer 1 1 3 6 3 Doctor of Pharmacy 4 4 TOTAL 6.697 6,891 7,006 7,357 6,864 FINANCIAL AfD ADMINISTERED 1978-79 NUMBER OF AID RECIPIENTS DISBURSED Federal Programs Basic Educational Opportunity Grants 4,579 $ 3,848,144 Student Loans 3,214 3,362,620 College Work Study Program 1,843 1,073,060 Supplemental Educational Opportunity Grants 1,162 666,503 TOTAL FEDERAL FINANCIAL AID ADMINISTERED 10,798 $ 8,950,327 State Programs Loans:
University of Florida Short Term Loans 2,788 535,343 Student Aid for Education (SAFE) Loans 307 345,097 University of Florida Long Term Loans 530 492,686 Total Loans Administered 3,625 $ 1,373,126 Scholarships and Grants:
Custodial Loans and Grants 2,205 2,687,231 College Awarded Funds 2,054 1,237,518 Outside Donor Awarded Funds MO 653,582 Misce!!aneous Grants 354 232,548 General Scholarships 719 313,533 Special Scholarships 16 4,500 Total Scholarships and Grants Administered 6,288 $ 5,128,912 Fee Waivers: (Academic Year)
Non-Resident Tuition Waivers 2,631 1,096,509 Matriculation Waivers 2,767 283,339 4 Total Fee Waivers Administered 5,398 $ 1,379,848 TOTAL STATE FINANCIAL AfD ADMINISTERED 15,311 $ 7,831,886 TOTAL FINANCIAL Af D ADMINISTERED 26,109 $ 16,832,213
BALANCE SHEET JUNE 30,1979 EXHIBIT A CURRENT FUNDS Endowment Unrestricted Restricted Loan Fund Fund ASSETS Cash $ 19,900,827.18 $ 7,967,497.50 $ 731,014.60 investments 10,726,735.83 6,020,501.48 1,138,838.45 $ 218,779.42 Accounts Receivable 18 475,252.26 4,808,591.37 Accrued Recievables 368,858.96 3,412.28 Accrued Receivables (interest) 215,539.10 1,379,526.40 Notes / Mortgages Receivable 875,534.53 18,961,947.69 Due from other Fund Groups 2,373,353.23 83,076.30 50,000.00 Due from Federal Government Due from other SUS Universities 11,956.48 Deferred Charges /Prepaids Deposits 8,000.00 49,700.66 inventories 3,886,066.66 investment in Plant:
Land Land imporvements Buildings Equipment Library books Livestock Construction in Progress Total Investment in Plant TOTAL ASSETS $ 56,465.270.27 $ 20,267,193.05 $ 21,300,360.36 $ 222,191.70 LIABILITIES AND FUND BALANCE Accounts Payable $ 3,487,612.41 $ 1,389,850.24 $ 233.05 Due to other Fund Groups 260,464.95 17,548.80 7,851.70 Due to other SUS Universities 250,000.00 Due to Department of Gen Services Due to Depositors 30,782.20 Deferred Credits 1,250,464.09 9,405,277.86 Revenue Certificates Outstanding Accrued Liabilities 3,303,077.23 1,165,678.33 Long Term installment Purchases Due to State of Florida-GR TOTAL LIABILITIES $ 8,551,618.68 $ 11,978,355.23 $ 38,966.95 FUND BALANCE Reserve for Encumb6ancis $ 5,145,321.20 $ 2,825,301.44 Contributed Capital 100,000.00 $ 7,637,207.14 Federa; Gov't Grants Refundable 13,624,286.27 Net Investment in Plant Unrestricted Fund Balance 42,275,716.52 Restricted Fund Balance 492,613.87 5,363,536.38 $ 222,191.70 TOTAL FUND BALANCE 47,913,651.59 $ 8,288,837.82 $ 21,261,493.41 $ 222,191.70 TOTAL LIABILITIES AND FUND BALANCE $ 56,465,270.27 $ 20,267,193.05 $ 21,300,360.36 $ 222,191.70 l
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i EXHIBIT A PLANT FUNDS Renewal and Retirement of Agency Unexpected Replacem* Indebtedness investment Fund
$ 1,491,562.90 $ 2,472,144.74 $ 11,203.99 $ 2,751,814.56 1.131,635.63 2,628,168.25 10,171,9: 3.56 7,201,690.31 21,352.13 48,041.58 194,370.34
$ 1,149,000.00 400.00 7
3,497,551.40 23,225,718.50 227,523,606.80 104,041,335.25 27,590,258.14 345,100.00 3,798,800.67 390,020,370 76 l $ 1,491,562.90 $ 3,625,132.50 $ 2,687,413.82 $ 391,169,370.76 $ 20,320,251.77
$ 1,406.00 $ 697.30 2,213,017.15 7,951.93.
2,128,567.14 18,183,035.40
$ 16,078,000.00 3,225,461.10 3,424,639.04
$ 2,214,423.15 $ 22,728,100.14 $ 20,320,251.77
$ 884,307.21 $ 121,225.94 l
i i $ 368,441,270.62 607,255.69 1,289,483.41
( $ 2,687,413.82
$ 1,491,562.90 $ 1,410,709.35 $ 2,687,413.82 $ 368,441,270.62
$ 1,491,562.90 $ 3,625,132.50 $ 2.687,413.82 $ 391,169,370.76 $ 20,320,251.77 l
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SOURCES AND USES OF CURRENT FUNDS 1978-79 1
'( U M bi [b Student Tuition & Fees, Safes & Semce & Other 3.19 %
G2*ts. Contracts -
Revsnue 6 Grantsg ',
7 38 %
Au oMrv 5:acent Tuton and Fees S 3 '05,211 K3 1.12 % _
, 7:NN Sta:e Arcenatiers 147.924.677 50 53. "% -
- 2:CJ cece:a Accroonattors G ants, Coraacts &
37,553.103 15 13 .0 %
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G +:s - Gat 4.482.516 83 1 61 % Appr or a ion' D M . 1[8 G ants. Crtracts & '
13.49 % - t G,+ s - Pr's ate 16,055.465 09 5.77 % -
- Olh.CJQ3-eggfre@;. ..fh Sa s & Semces of Eds Act. 5.406.199.91 1N%
0:ner 368.%9 M .13 %
Auui a y 22 234.615 75 ' 99 %
Hoso.:a s 41.256,720 57 14 82 %
State Appropr.atons TOTAt $ 278.393.22057 53.13 %
REVENUE BY SOURCE Expenditures ---
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Instructen S C7,152.807.57 31.93 % _. Z- _C Resea c5 58.389, 9 6.50 21.39 % -- ---
Pub;ic Secoce 31.93 %
14,784,805.81 Academ c Support 9,498,755.84 5.42 %
3.43 %
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Stucent Smnces 3.249.5c9.40 1.19 % l ._ _ '-~ 21.39 % - -Z_
trsttutionai Suppo t 20.018.672.96 7.33 % - - - - - -
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Sche'a s5 ps & Fe:lowships 2,91,102.0E 93 % I i /1 l U ! i; Cperat<c . & Va ntenance 16,308.389. % 5.98 % -----
g , , ' :ZL] . I Auxsiary '
Auda y 20.287,505.86 7.4% O#8 e $ 'i Manda cry Transfers 271,213.00 .10% gae#$nc ., W' ~Z Z^ C ~ I ' ~l I Hospita s 39.956.315.00 14 64 % N 22W2~'
Resersions 477.213.77 .17%
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214.64% 2C' Pubh.c . T' - ~~~
TOTAL $ 272.935.897.29 SWce'> D'N '
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5.42 %
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4 %"_.P' Academic Su6 port 9 Student Services Institutional Other Support 5.87 % 7.33 %
EXPENDITURES BY FUNCTION UNIVERSITY OF FLORIDA CONSTRUCTION REPORT - JUNE 30,1979 Projects completed during 1978-79 Parking Lot-Building E Site $ 101,841.55 Parking Lot-Building R Site 66,645.68 Broward hall Air Conditioning 133,274.60 Fire Code Corrections-Health Center & Academic 2,059,021.01 IFAS Forestry Building 2,476,000.00 Lake Wauberg Development Fund 17,732.03 Medical Science Building-Renovate 423 38,679.00 Relocate EKG Center 107,825.00 Utilities Extensior Phase 11B 4,188,312.51 Leigh Hall Safety Corrections 12.427.04 Renovation & Addition to Main Auditorium 2,339,193.81 Conversion of Psychology Building Basement 203,556.41 Veterans Facility 295,530.78 Radiation Therapy, Pitta Dining & Kitchen Renovations 881,715.84 Primary Power-Heaha Center 345,194.31 Teaching Hospital-Patient Floors 208,812 07 TOTAL PROJECTS COMPLETED $ 13,475,761.64 Construction in Progress at June 30,1979 Animal R Jn Alterations-Vet Medicine $ 23,72,',.u?
Renovation of Necropsy at Vet Medicine 19,573.00 WUFT Transmitter Building 160.00 Renovate Waiting Room Area 1,574.85 Erect Varco-Purdent Prefab Bldg. 5,362.50 Install Surigator Perineal Care Unit 967.50 Enclose Porch of Reid Hall 16,336.20 Clinical Research Building 46,609.00 Renovation of Anatomy Research Lab 9,241.25 Renovation for DNA Research Lab 47,677.50 P. K. Yonge Auditorium Repairs 59,358.88 Chiller h ,'acement 1,779,756.68 Hyperbaric Oxygen Facility 113.086.56 TREEO Center 1,558,665.42 77/78 Emergency Repair & Minor Renovations 225,213.00 78/79 Emergency Repair & Minor Renovations 85,050.90 Health Center Emergency Power Generators 52,581.00 Renovation of Organ & installation of Carillon Bells 199,545.00 Vet Medicine 15,220,151.42 Library Renovations 35,561.64 General Purpose Building A 6,680,546.41 General Purpose Building B 5,441,750.74 Cardiac Catherization Lab /Neo Natal Intensive Care 509,366.92 Burn Unit 1,467,812.61 Norman Hall 6,014,777.03 Fencing-Coastal Engineering 7,505.00 Horticulture Science Building 6,300,666.64 Health Center Endocrinology & Metabolism Lab 77,921.84 Chilled Water Expansion Phase il 3,393,664.03 Journalism & Communications Building 3,603,251.97 IFAS Growth Chamber 290,697.07 Renovation of Bryan-Matherly Bldg. 188,677.72 Remodeling of Surgical Site B 43,276.31 Health Center Minor projects 90,383.82 Student Activities Center 7,322,433.95 Structural Repairs to Florida State Museum 6,354.00 Health Center Chilled Water Pump 46,320.87 Health Center Patient Support Services Unit 181,866.84 Uninterruptible Power Supply 2,433.00 Other IFAS projects 78,716.10 TOTAL CONSTRUCTION IN PROGRESS $ 61,248,630.17 m
STATEMEfJT OF CHANGES IRI FUND BALANCES JUNE 30,1979 EXHIBIT B CURRENT FUNDS Unrestricted Restricted Loan Fund 5 $ $
REVENUES AND OTHER ADDITIONS Educational and General Revenue 1J3,783,760.86 59,753,149.98 2,189,140.00 Auxiliary Enterprises Revenue 22,234,615.75 Hospital Operations Rrvenue 41,256,720.57 State Appropriations-Restricted Private Gifts, Grants, & Contracts Restricted 240,562.81 Endowment income-Restricted Investment locome-Restricted 368,509.94 109,896.03 Federal Government Advances 2,586,969.08 Interest on Loans Receivable 327,609.84 Plant Facilities Revenue Revenues for Retirement of Indebtedness Transfers Received From Other Universities Total Revenues and Other Additions 217,275,097.18 60,121,759.92 5,454,177.76 EXPENDITURES AND OTHER DEDUCTIONS Educational & General Expend. 150,825,526.27 59,288,226.98 1,146,672.99 Aux. Enterprises Expenditures 20,287,505.86 Hospital Operations Expenditures 39,956,315.00 indirect Costs Recovered 1,829,096.41 Loan Cancellations and Write-Offs 1,009,628.28 Administrative & Collection Cost 680,668.51 Expended for Plant Facilities Retirement of ,?debtedness Int: rest on indebtsdness Disposal of Plant Facilities Reversions-State Appropriations 477,213.77 Total Expenditures & Other Deductions 211,546,560.90 61,118,123.39 2,836,969.78 TRANSFER AMONG FUNDS-ADDITIONS (DEDUCTIONS) M ANDATORY Principal and Interest (198,388.00)
Renewa!s and Replacemerits (72,825.00)
NON. MANDATORY:
Interfund Transfers TOTAL TRANSFERS AMONG FUNDS (271,213.00)
NET INCREASE /(DECREASE) FOR YEAR 5,457,323.28 (996,38i3.47) 2,617,207.98 FUND BALANCE BEGINNING OF YEAR 42,309,060.31 9,249,F '.23
, 18,625,984.50 FUND BALANCE ADJUSTMENTS 147,268.00 36,445.06 18,300.93 FUND BALANCE AT END OF YEAR 47,913,661.59 8,288,837.82 21,261,493.41
EXHIBIT B PLANT FUNDS Endowr-ant Renewal & Retirement of Investment Funds Unexpended Repacement indebtedness in Plant 1,050,573.00 661,204,14 120,584.16 546,546.00 300,000.00 437,986.66 6,666.55 63,624.06 219,070.03 183.44 24,538,480.73 6,575.00 95,798.37 1,905,734.08 2,810,814.00 6,666.55 5,266,503.82 7_0,382.50 976,072.54 26,444,214.81 330.38 4,129,685.88 376,419.04 691,000.00 606,818.30 3,130,564.82 4,129,685.88 376,419.04 1,298,148.68 3.130,564.82 198,388.00 166,196.64 (93,371.64) 166,196.64 106.016.36 6,666.56 1,136,817.94 (139,839.90) (217.058.78) 23,313,649.99 221,629.53 636,122.86 1,539,620.06 2,903,473.66 337,261,756.76 (6,104.38) (3,777.90) 10,929.19 999.94 7,865,863.87 222,191,70 1,768,162.90 1,410,709.35 2,687,413.82 '/M,441,270.62 STATEMENT OF CURRENT FUNDS REVENUES, EXPENDITURES AND OTHER CHANGES FOR THE YEAR Ei4DED JUNE 30,1979 \
EXHIBIT C CURRENT FUNDS Unrestricted Restricted TOTAL REVENUES: $ $ $
EDUCATIONAL AND GENERAL Student Tuition and Fees 3,105,211.83 3,105,211.83 Govemmental Appropriations-State 145,265,156.78 2.659,680.72 147,924,877.50 Govemmental Appropriations-Federal 37,559,103.15 37,559,103.15 Grants Contracts & Gifts-Govem. 7,152.34 4,475,364.49 4,482,516.83 Grants, Contracts & Gifts-Private 16,055,465.09 16,055,465.09 Sa es & Services of Edu. Activities 5,406,199.91 5,406,199.91 Other Sources:
Investment income 368,509.94 368,509.94 Total Educational & General 153,783,760.86 61.118,123.39 . 214,901.884.25 AUXlLIARY ENTERPRISES:
Sales & Services-Operations 18.860,632.28 18.860,632.28 Student Fees 2,609,440.24 2,609.440.24 investment income 764,M3.23 764,543.23 Total Auxiliary Services 22.234.615.75 22.234,615.75 HOSPITALS:
Sales and Services-Operations 34,640,711.29 34,640,711.29 State Appropriations 6,616,009.28 6,616,009.28 Total Hospital Revenues 41.256,720.57 41,256,720.57 TOTAL CURRENT REVENUES 217,275,097.18 61,118,123.39 278,393,220.57 EXPENDITURES AND MANDATORY TRANSFERS:
EDUCATIONAL AND GENERAL:
Instruction 76,084,M4.43 11,067,963.14 87,152,807.57 Research 26,766,201.12 31,623,345.38 58,389,546.50 Public Service 8,947,3M.29 5.837,501.52 14,784,805.81 Academic Services 9,380,051.26 118,704.58 9,498,755.84 Student Services 2,864,583.15 3M,986.25 3,249,569.40 institutional Support 10,454,152.52 9,564,520.44 20,018,672.96 Operation and Maintenance of Plant 16,308,389.50 16,308,389.50 Schofarships and Fellowships 2,541,102.08 2,541,102.08 Educational and General Expenditures 150,825,526.27 61.118,123.39 211,943,649.66 Mandatory Transfers for:
Principal and interest 27,388.00 27.388.00 Tota! Educational and General 150,852,914.27 61,118,123.39 211,971,037.66 AUXILIARY ENTERPRISES:
Expenditures 20,287,505.86 20,287,505.86 Mandatory Transfers for:
Principal and interest 171,000.00 171,000.00 Renewafs and Replacements 72,825.00 72,825.00 Total Auxiliary Enterprises 20,531,330.86 20,531,330.86 HOSPITALS Expenditures 39,956,315.00 39,956,315.00 Total Hospitals 39,956,315.00 39,966,315.00 Rwersions-State Appropriations 477,213.77 477,213.77 TOTAL EXPENDITURES, MANDATORY TRANSFERS AND REVERSIONS 211,817,773.90 61,118,123.39 272,935,897.29 OTHER TRANSFERS AND ADDITIONS (DEDUCTIONS):
Transfers to Revenues (996,363.47) 1996,363.47)
INCREASE (DECREASE) IN FUNDS BALANCES 5,457,323.28 (996,363.47) 4,460,959.81
UNIVERSITY OF FLORIDA Notes to the Financial Statements June 30,1979
- 1. Investments were made through the State Board of Administration in accordance with the provisions of Section 215.49, Florida Statutes. In estments consisted mainly of U.S. Treasury Bills and Bonds Certificates of Deposit and Repurchase Agreements. The investments are recorded at cost; however, the difference between market value and the cost of investments is neghgible.
- 2. Material inventories reported at June 30,1979, are recorded on the FIFO valuaten method with the exception of the Teaching Hospital stores inven-tory and the State University System Press. The Teaching Hospital inventory is valued by the Average Cost Method and the State University System Press uses the actural cost valuation nwthod.
- 3. Fixed Assets are recorded at cost at the date of acquisition or at appraised value at the date received in the case of gifts or purchases from the State's Division of Surplus Property. Depreciaton on physical plant and equipment is r-ot recorded except for that of Working Capital fund which is recorded
, net of $361,M7.88 of accumulated depreciaten.
- 4. University employees participate in retirement plans of the State adrmnistered by the Department of Administration, Division of Retirement.
Employee's attendance and leave regulations make provisions for the granting of a speJfied number of days leave with pay each year. The amount of j leave samed but not taken as of June 30,1979, is not recorded on the balance sheet. However, records are maintaened for each employee showing the
! number of days accrued.
- 5. Significant lease-purchase comrrrtments which have been determined to be capital acituisitions have been recorded at the contract amount. The off-setting liability is recordod in full at the date of contract approval.
6 The trtle to all land reponed on the University of Florida ba!ance sheet vests with the Board of Trustees of the Intemal improvement Trust Fund.
- 7. Each construct on con:ract awarded by the Department of General Services specifies that an amount not to exceed ten percent of the total contract may be retained until such time that the Department accepts the work as completed or substantially completed. The actual amount of the retainage is computed based upon the percentage of the work completed. The retainage does not become payable until the project is accepted by the Department of General Services.
- 8. The Board of Control of the State of Florida has issued revenue certificates for the purchase, renovation and constructen of dormatories and mamed housing units. A summary of pertinent information related to the University of Rorida's indebtedness resulting from the issusance of these certificates is as follows:
Rzv. Cert. Interest Amount of Prin. Outstanding Maturity Series Rate Original Issue June 30,1979 Date 1948 3.25 % $ 3,628,000 $ 212,000 1979 1954 3.01 % 1,000,000 530,000 1992 PKY Lab School 3.25 % 485,000 172,000 1986 1955 2.50 % 600,000 336,000 1995 1959 A-F 3.00 % 12.329,000 10,488.000 2011 1962 3.50 % 400,000 322,000 2002 1964 3.50 % 1,786,000 1,328,000 2004 1974 7.00 % 2.880.000 2,690,000 2004
$ 23.108.000 $ 16,078,000 The University was granted loans by the Department of General Se vices for the construction of Parking Garages 1 and 2 at the J. Hillis Miller Health i
Center. The amount of the loan for Garage 1 was $1,310,325.19 repayable in 25 years beginning June 30,1976. This loan carries an annualinterest rate of six percent. The ba ance due on this loan at June 30,1979, was $1,228,233.24. The balance due on the loan for the construction of Garage 2 at June 30, i 1979, was $2,197,4&9.84. The repayment of this loan will be based upon the net iricome of the Garage each fiscal year, and, therefore, will vary according to *he net results of the operation.
- 9. Incidental Trust Fund collections as disclosed below are remrtted directly into the State Treasury on behalf of the Board of Regents. Subsequently, State appropriated funds are made available to the University. Incidental Trust Fund cc' lections made by the University and remitted to the State Treasury as of June 30,1979, are as follows:
Student Fees:
- ' Matriculaton (net) $ 15,683.273.17 Out of State (net) 1,960,749.38 Application 403,378 45 l Late Registration 113,415.00 39,114.92 Miscellaneous i Total Student Fees $ 18,199.930.92 Other Revenue
Research Overhead $ 1,891,608.22 Federal Land Grants 209,149.00 Library Fines 48,116.86 Sale of Scrap 23,838.85
. Interest income 18,857.01 Miscellaneous 34,701.53 Seminary Interest 5,128.09 Total Other Revenue $ 2,231,308.56 Total incidental Revenue $ 20.431,330.48
, ~ 19 -
in addmon to the above, the followeg studet fees were assessed and collected.
Collected Fee At 6/30/78 1978-79 Remited Balance Due Student Financial Aid Trust S 506.234.51 $ 15.705 60 $ 659.45 $ 15.046.15 Capitai improvement 1 867.471.07 1.721,168.49 1.498.5 4 12 222.! B.37 Budding Fee j " ']75_ 960.567.32 837,629 01 122.938.31 Total $ 4.124.056 33 $ 2.697.44141 $ 2.336,867.58 $ 360.573 83
= = - - ==.= = ===.-__ -
==
The fonowog fees assessed and colieded were retained by the Unwers ty:
Fee Collected GenerW Student Aid $ ry t2 "3J.30 Student Financial A4 386.924 00 Student Actrety 3.288,809 G4 Hea!th Fee 1.025.724 00 Budding Fees (1959 Hous. Bondt 653.358.71 Total $ 5.896.996.05 ,
- = _
Fees were waived m accordance with BCR Rules and Regulatons and are reported as follows:
Maincu!ation Fees $ 222.670.43 Cap < tai improvemert Trust Fund $ 10.173.25 Out of-State 975.911.28 Student Financial Aid Trust 621.64 Build;ng Fee 9.984 27 ActMty and Service 25.979 08 Student Fearciat Ad 2.329.39 beath Fee 1.936 00 General Studert Aid 8.266.13 Total Weivers 8 1.257,U1;53_
- 10. The f.nanctat statements do nct include the f:nanc:a! posmon or resutts of operation of seve a! non-proht organizatons wti3 operate for or on behalf of the , arversity, but which are separate 'egal ert:t es, The relat onsh:p of the Univers:ty to these orgarezatons 's; resected below:
at The + Inivers.ty of Finru1a A!Metic Associanon !nc. --opc ates as a private, non-profi t corporaton for the purpose of carryog on the vanous inter-coile aate atNette programs of wtuch the Unme'srty of Fionda is a k yt.
b) Uniwrssty of Fionda Foundation, trc.-operates ai a pnvate non-profit corporatioet for the purpcse of soliciting, cofiecting, managng. and directing cortributor to the vanous acadermc departments and programs of the University c) Un<versity of Florda lumni Associaton !nc.- operates as a private, non-profit corporaten for the purpose of " soliciting fnends" for the Unrversey. Prevous!y a fund rais4ng organizaton, its charter was amended in January 1975 to remove the fund raising activ ties from the assoc + }
ton charter in favor of the University of Florida foundation in promanng Universrty departments and programs.
- 11. Interdepartmer tai transactons of Auxiliary Service Departreerts and organized actrymes related to educatonal departments have been offset and a*e reported as Educational end General expenditures.
- 12. To determine the a!!owance for uncouectbe Federal ar d Reguiar loans, all accounts which wve delinquent for 12 montns or more were reduced by the composite h:storical average collection percentage exhibited by vanous pnvate agences This factor amounted to 32 percent so 60 percent of the 12 months or older dehncuencres were deemed unco!!ect.ble. This average of uncoHect:b6ty corapares favorably eth siredar percentages nationwide.
Loans recertable m the Ba;ance Sheet were developed as follows:
Losns Receivable $ 19.320,089.77 Less Estimated Uncot:ect,ble 1.353,708.94 Loans Receivable (net) $ 17,966.380.83
- 13. Mater.a; ad,ustments to fund balance for current unrestncted funds are composed of the following.
To record prior year manual entry never recorded for Teadi.ng Hosp 4tal. $ (53.06)
To decrease fund balance for prior year retained eamings trarsferred to constructon fund in Auxikary. (85.737.23)
To reduce fund balance in Auxiliary for debt service payment in pror year. (25,570 49)
To increase fund balance for trade-ins, transfers in, corrections to expense, correctons to recervables, write-offs and transfers out m Auxilia y. 60,039.13
_.20 -
To decrease fund t: dance for items surveyed in Auxiliary. (D,923.32) r To increase fund balance fo. &ribution made by Agency Fund for increase in Petty Cash Fund in Auxikary. 28,000.00 To increase fund ba!ance for transfe , from reserve for replacement cash to contribution in Auxiliary. 30,000 00 To increase fund balance for prior year correction to cash in Auxiliary. 6.a?
- To increase fund balance in Auxiliary Fund for a negative change in allowance for bad debt. 235.30 To increase fund balance for IFAS Revolving Fund increase. 50,000.00 To increase fund balance for net of transfers in and out, in Auxiliary Fund. 3.492 87 4
To decrease fund balance in Auxiliary Fund for contributions, consolidations and distribution of eamings of members accounts during FY 78-79. (115,709.38)
To encrease funo balance in Auxiliary for inventory of bound books and unbound books in process. 206,923.14 To reverse pnor years adjusting entries for entries now booked. (30.441 47)
To increase fund balance for interest receivable 77-78 not previously inciuoed in Auxiliary Fund Balance. 61,662.18 To increase fund balance for prior year manual entry not booked in Auxiliary Fund. 716.70 To increase fund balance in Student Activrty for prior war cash omrtted. 172.32 To decrease fund balance for unreimbursed emergency payrolls in Revolving Fund. (606.23)
To reverse prior year adjusting entry now booked in Revolving Fund. 3.061.10
- Total Unrestricted Fund Adjustment 4147,2K00
- 14. Adjustments to Fund Balance for Current Restricteo Funds are composed of the following:
To decrease fund balance for miscellaneous scholarships which were transferred to custodial $ (4.811.46)
To decrease fund balance for unreimbursed emergency payroll and vouchers. (1,210.60)
To increase fund balance for due from clearing fund not recorded at year end. 33,053E4 To reverse prior year adjusting entries. 8,413.28 Tctal restricted fund adjunments $ M,446.06
- 15. Adjustrre ts to Fur a Batance for Endowment Funds are composed of the following:
f To increase 'und balance for the net increase in Fndowment Fund Investments net increase. $ 548.52 To decrease fund balance for change in investment value due sale of Simmons stock. (965.00)
To decrease fund balance for liquidation of investment. {5,687.90)
, Total Endowment Fund Adjustments ($ 6.104.30)
- 16. Adjustments to Fund Balance for Investment in Plant Funds are composed of the following:
To record balances on long-term installment purchases acquired prior to F ~~'0/78 but not recorded at 6/30/78. 4 (643,200.24)
To record addition of 1978-79 equipment being acquired on lease /purchas6 agreements. (2&t,887.14)
To record deletions of duphcate, invalid cost account. (12.358.38)
To record equipment on inventory at 6/30/78 with no cost. decals 215190-215191. 600.00 To record Working Capital Depreciation, 1978-79. (28,839.04) 1 To record lost or stolen equipment, 1978-79 (299,589.85)
To adjust balance fcr equipment NO1 at 6/30/78. (8.494.67)
- To record transfer from BOR 1978-79, Hort. Sci. Bldg.-Land improvement 6,320.86 To record prior year adjustment in current year activity. 8,495.78 To record non-trtled equipment-net from 6/30/78. (102,360.27)
To record Building in Progress 6/30/78, transferred from BOR in 1978-79.- 9,230,176.82 .
! TctalInvestment in Plant Adjustments $ 7,006.803.87 l
- 17. Adjustments to Fund Balance for Renewal and Replacement Funds are composed of the following:
i To record entrie that were Osted in working papers as fund balance adjustments but never reported in 1977 78 These entries were not irI oalance adjustments. $ 10,292.1L l
l l 18. ' Adjustments to Fund Balance for Retirement of Indebtedness are composed of the following:
Trsnsfer in Transit recorded improperly, 1977-79J $ 999.'r4 a
- 19. Accounts Receivables are shown net of an allowance for bad debts. The allowance this fiscal year for the Or restricted funds is as follows:
Teaching Hospital $ 18.477,110.00 Au xihary 114.466 40 Total Allowance for Bad Debts 8 18.591.576.40
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Footnote Additions 20 The unrestricted fund balance of the current unrestricted fund shown on Exhibit A includes $801,88u.65 which will reve.t to the fund f om wh 'h ap-prop *!ated on July 1,1979
- 21. The educational and General Expenditures on Exhibit C are determined by appieng the pnmary PCS code assigned to .Mch E fs G department to the total expendstures for each department.
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