ML20204F367

Application for Renewal of License R-52 Scheduled to Expire on 881120.Financial Rept for 1987/88 Encl

ML20204F367
Person / Time
Site:	05000113
Issue date:	10/17/1988
From:	ARIZONA, UNIV. OF, TUCSON, AZ
To:
Shared Package
ML20204F348	List: ML20204F346 ML20204F367 ML20204F392 ML20204F434 ML20204F531
References
NUDOCS 8810210564
Download: ML20204F367 (26)

Text

_ _ _ - _ _ _

. .P LICENSE RENEWAL APPLICATION FOR FACILITY LICENSE R-52 DOCKET NO. 50-113 Name of Applicant

~

The University of Arizona Nuclear Reactor Laboratory Department of Nuclear & Energy Engineering Address of Applicant University of Arizona, Tucson, AZ 85721 Name of Reactor: University of Arizona Research Reactor Description of Applicant's The University of Arizona is a land grant business and Administratiort univenity funded in part by the State of Arizona to provide educational programs in engineering, the ,

sciences, agriculture and liberal arts. The goals of the University of Arizona are to provide the opportunity for the acquisition of comprehensive education and usable skills, to serse as a resource for the expansion of knowledge through research, and to extend the opportunity to improve the quality of life by making ,

available the services and resources of the Univenity, its faculty and staff, to the students of the Univenity and citizens of the State. The Univenity of Arizona Research Reactor is an educational facility operated t by the Nuclear nnd Energy Engineering Department within the College of Engineering and Mines of the University of Arizona.

University Officials Associated Dr. Nils llasselmo With the Administration of the Senior Vice President for UARR Acudemic Affairs and Provost The Univenity of Arizona Dr. Michael A. Cusanovich Vice President for Research and Dean of Grsduate College Dr. Ernest T. Smerdon, Dean College of Engineering and Mines The University of Arizona Dr. Robert L. Scale Professor and Department Ilead Nuclear and Energy Engineering Department The University of Arizona 8910210564 881017

{DR ADOCK0500g3

, o a Dr. George W. Nelson Professor and Director University of Arizona Research Reactor The University of Arizona Class of License: Class 104C (Research and Utilization Facility)

Use of License: Renewal of Facility License R-52 for operation of the 100 kW TRIGA Research Reactor at the University of Arizona for education, training, research and irradiation services.

Duration of Licenst 30 years Other NRC Licenses Associated None With The University of Arizona Research Reactor Financial Qualification: See Attachment I Supporting Documents: - Financial Qualifications Statement

- Safety Analysis Report

- Technical Specifications

- Emergency Plan

- Physical Security Plan

- Environmental Impact Appraisal

- Operator Requalification Program

- SNht Requirements I hereby certify the above statements to be true and correct to th best of my knowledge and belief, t l l

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Vic(President for Research and Dean of Graduate College Subxtibed ar.d and sworn to before me by 2t.4 </ d das.m 4/J.

this _/7 7 day of [r/s /< o/ , 19g

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Notaryfublic bly cosamission expires // 7;ist { ,yfo .

a e 1

FINANCIAL QUALIFICATIONS OF APPLICANT

1. General Information The mission of the University of Arizona is not only to contey mankind's accumulated knowledge to its students, but to create new knowledge for future generations. As a major land-grant institution, they accomplish that mission through teaching, research, and public service. The discoveries of its researchers are part of its students' classroom experience, putting them on the cutting edges of their fields.

In addition, those discoveries are translated into technological advances that encourage the economic development ot' the state.

Control of the University is vested in s' Board of Regents of elesen members, hierabers ex-officio are the Governor of the State and the State Superintendent of Public Instruction. The governor appoints eight regents, each of whom serves an eight-year term. In addition, one non-voting student regent is appointed by the governor to serve a one-year term.

The University of Arizona is a land-grant college of the State of Arizona and is supported by:

a) State appropriations b) Federal grants and contracts c) Student tuition and fees d) Auxiliary enterprises e) Investment and endowment income f) Private gifts An audited financial statement of the University for the 1986-1987 fiscal year is attached.

The funding for the University of Arizona Research Reactor presently comes through the Department of Nuclear and Energy Engineering in the College of Engineering and hiines and was expended during 1987-1988 as follows: ,

Salaries 70,000 Equipnwnt and Supplies 5,000 Insurance 36,960 Fringe Benefits 14,000 5125,960 This level of funding is expected to be maintained throughout the license renewal period.

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2

2. Estimated Costs of Permanently Closing Down the Facility The estimated costs of permanently closing down the facility are based on the contract costs of decommissioning two research reactors of similar size to the unrestricted use level. The two reactors are the Virginia Tech Research Reactor (5338,000) and the Northrup Corporation TRIGA Reactor (5550,000) and the contractor la chem Nuclear Systems, Inc.

Considering the power history, the reduced pool volume, the minimal plumbing required for the cooling and purification systems, and the non-existent activity levels recorded for environmental surveys performed at the unrestricted boundaries of the University of Arizona Research Reactor, the cost of decommissioning the facility is estimated to be approximately $450,000 in 1985 dollars. This includes the costs of removing and transferring the reactor fuel to another reactor facility or to a DOE-designated storage facility, removing activated materials (including concrete) and packaging for shipment to an approved facility, and filling the reactor pool to floor level. Reactor equipment wh8

• Is still usable will be tramferred to other users.

This option of decommissioning the facility represents approximately a 50%

increase over the In-place Entombment option described in Regulatory Guide 1.86.

As the UARR is located in the center of a growing university, it is assumed that at the time decommissioning might become necessary, immediately usable building space due to decommissioning to the unrestricted use level would enhance the additional expense of this option.

The estimate presented to decommission the reactor is subject to both monetary and regulatory inflation. It is reasonable to assume that the University assets will continue to grow throughout any inflationary period and that sufficient ,

funding for decommissioning will be avaliable when needed.

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l ARIZONA B0ARD OF REGENTS T 11 E CNIVERSITY 0F ARIZ0NA R OIII

• 1987/1988 flNANClAL REPORT The !!*raNe Row 4 fford Garrnorqf 4rsnna The 11 o.rable Dare P.ishop ,

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Tucson Esther N fann i

,Vgali s llert'an Chanch 1

Ph oiz Andrew 11 lbrwiu Ph ?ois .-

A J IToter *'.

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REPORT 0F ADMINISTilATION AND FINANCE l

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! The l'nhersity of Arizona funding, staffing, equipment.

• The Meats Laborator) student sernes and facihties and Clautoom Complex will

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and other maFr institutions i

of higher learning at: amont

. - and b) pn6iding a fasorable greatly enhat4e the teaching

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i this nationiinast d)namic atmmphere for continuing and revan h a< thities re-and inn 16athe tewun et The) grow th and deselopment, lated to animal pn jut tion l ,

reprewnt the accumulated Administration and Finance and rneat procewing. l i #

knowkdge of mankindi past hauuntr',buted dramatic ally

• Re. mation and retrofitting l

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! as atil as the opportunitin ta the l'nhersit>i growth a numlwr of facihties where ,

' and enduring strengths.

and alternatne pnsibihties the c urrent uw etceeds the  !

Oser the past) ear, Admin- intended capacity in terna of  ;

for our future. US unhersities

, pn6ide the setting for the istration and Finance has dnign utihution. utibtin I

! natiorn knowlede, curimity been exceptionally arthe. or revan h tapahihties and l and imagination to inter- The l'nhersity hauuntinued requirements  !

L art. treating new technology to enhanee or espand its f.u ili- other projet ts still under tin in seseral key aren Pr+ construt tion inelude; that will awure Amenrai f

< ontinuni des elopment as jn(3 injustni dunng the fi cal

• Center for Creathe lh j a world leader in v ience, )rar indude: tocraph) is a Mi% pare businew, the art 3 and oth r

• Espansion of the Maricopa foot fanht) pnniang academic fieldt Acncuhural Center facihties suptort and rewan h space The l'nhersity of Ari2on2. for instrut tional progrann and delicated to the hntor; of pho- ,

lwated in Tunon has a commit- management of this actnity. tagraphy while pnnidmg L nwt to greatnew as it continun The Central offiir and Labora- a showcase for renow ned ph+  !

to focu3 its energ>n on sur- tor) buildme deselopment tocraph,3 w ith ernphasis estends the revan h, ten hing an the .oth (entur) f eeuf t.!!) ai hirurut its miuions  ;

j of teatbirt, rneanh and and pubhc support at thitin

• Parking Strut turn were i putlie uniie The(% Aimin- within the College of Agricul- irutiated to addrew the need

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l istranon and finani e manage- ture The Central ofh e bu!!1ng fer impnnwi auiLbit) of I rm r.t team is a part of that w di permit impnned efb i nc) parkinepacn in the campus I nin'raitment. It) effet tne!> and effriintnew of manace- area Thnt nujer fachtin l managing rnoun n - indud.r r mt nt of thn major at tiuty were maiated and w Cl be aud- j t

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able t< fore the end of the of The l'nisorsity of Arizona FY IMN# time frame. is published for the use of all o Rnidencellalk Moderniza- Internted irrsons, and it tion projn t* wv re initiated inubmitted as the public ,

to addrns outovated and deter- accounting of the l'nisersit>i kirated facilities for student financialaffairs for the fiscal use. The int reeing demand ) ear ended June 30, IM. The for student hausing mer the financialinfornution in this past few )ean has indvated retort h dniened to enable the a need for better, more com;wti- u+r to rniew how the l'nistr-the and comfortahle bouw sity mana(ed it< rewuron ing ta< ilitin in mettitu its prinur) miwions o l he 0,imputtr renter The information is i rewnted Addition will npand awl in fornuti prna ribed for higher enhant e te',erommunications edut ation, enat ling general ,

capahihtiet A state of the ivimparisom or cont rets to be art filer optin tehwmmuni< a- nude anuother unnersitin tiono)strm that w ill npand it is aho indit aine of the l'A an ns to nternal network onening deselopment of The WI rnrari h faohtin and data- l'nnersity of Arizona A hasn at ross the ruuntr) is aho , , 1

[lanned.

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lt is t%tImated tha! IlUl9 '

milhon wIll be rtyuired to I;co J. TE tl

' "" # f'" P" "*"I c omplete proja ts under er planne i for romtrut tion, a n l[t runit and others, ntimated at N 1 nul'ior'. are in i ont rptual '

study m. ~,j_f'~3l m;.s f1_n y

The I niserslt) al o ha p[rW W trrally npanded the effn tne w ng,ry,pr,mf,,,

u+ of a large mainfr.vue corrpu- f,r Arorr +.

trr pun hawd in late .M u o f f btnt'7 th plu inomaller. Ins efIn tae ip.irms enabled the I A to ""

rum entrata its rewuren for 7 hformatis fl (tyultrmen!* "~

lo %q jw'rt Ihr in[<irnLithin- [ j, shirlflg and detisioll nulthR

[rotrww Ihe new h!dde nt i informatton 5) strm is approat h-ire mmph tton, and a ncw ,

financial ManMrmi nt 5Dtom '

w D Wt t t e[UU) trnplo)rd h af ter a set) shert installation and imp!rmentati 41 perbl ,

1hh willdrautwaH 3in prose .

wts hr support (apabihtin in fmam u! report:rg and nan.

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and My [= tl purt hb;r( se r-s b n, and od er Pur.ab P'.e rt vri kn aren Ihh AhrUal flPJnt ill rt ja'rt

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FINANCIALlilGilLIGilTS (in theands <4 di4!ari)

June 30,19s8 with comparatis e totals at June 30,1987 1958 1987 31ajor Sources Of Funds State appropriation $215,419 $197,066 Federalgrants and contracts 122,189 09,610 Tuition and fees 69,730 61,831 Auxiliary enterprises 52,924 50,566 Imestment and endowmentincome 16,461 14,083 Gifts Totai nteised 39,393 39,576 Endowment funds 3,0fo 9,086 Plant funds 2,683 3,949 l

Slajor Operating Expenditures Instruction 144,000 132,009 Research  !!2,411 101,147 Auxiliary enterprises 52,297 51,491 Operation and maintenance of plant 26,746 21,612 S(holarships and fellow ships 21,508 18,923 Endowment (al marAct i alue) 50,1 J s 49,9 "

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Cl'RRENT OPERATING FUNDS REVENUES (in milhons ofdollars) 83-81 84 85 85 80 86-87 87-88 500 14 %

' 14 %

E lE E 400 13 % .,_ .N5 MI~

33g 12 %

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200 100 Total 8 321 360 411 440 4S4 D Tuition &Fres

) D A uxiliary Enterprises & Oder Sources D Gifts, Grants & Contracts E StateAppropriations

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. CURRENT 0 PERM G Fr XPENDITERES 83-84 84 85 85-56 S6-S7 87-83 l _ , , -

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joo E 314 362 399 E 4 31 472 Total $

D AuxiliaryEnterprius D Instruction & AcademicSupjort E Other Education & Grneral s l l

MARKET VAlfE FOR ENDOWMENTS (se mdlions of dollars) 83-84 81 85 85-S6 86-87 87-88 i

50 18 %

24 %

40 l

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30 10 % -9%

29 % - ,

45%

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Total $ 28 33 37 50 50 ,

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0 CorporateBonds . .,

O Common &PrtferrcdStock > '-.

D Long-term Governmentallnecstments 0 Land, hrtgages & Deals of Trust E0 f.

i G Cash & Short Imn Investments A I

Gin > . RANTS ANDCONTRACTS 4 .l/A

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CURRENT Ul'ERATING FUNDS IN RESEARCil , ,

s (s e adhons ,f du,,ars) G.

! 83-81 81 55 85S6 86-87 87 88 f  %,j . , .

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Total $ vi 95 112 121 131 O lxalGrants & rentracts Q State Grants & Contracts U 1% rate GitTs, Grants & Centracts B lhieralGrants & Contracts 7

I BALUCE Sil.EET (in thouunds of Mlari)

June 30,1983 with comparative totals at June 30,1987 Current Operating Funds l'nrestricted General Auxillary Operating Designated Enterprises Funds Funds Funds Assets Cash and short-term investments, including $73,148 witl trustees (See IV) $12,317 $17,299 $10,364 22 Investments (SeeIV)

Donatedland 7 Notes, accounts receivable and unbilled charges, less allowance:

1988 - 61,570; 1987 - 81733 202 2,078 3,694 Inventories and supplies 02 102 6,454 Due from other funds 5,587 62 investmentin plant (See Q _ _ _ _ ,_

Total Assets $12,611 $25,095 $20,574 Liabilities and Fund Balcnces Liabilities:

Acmunts payable $ 2,072 8 1,980 $ 1,968 Aurued payroll 7,172 1,290 1,539 27 1,715 5,6SS Defermirevenue Funds held for others Due to otherfunds 3S 4 650 Capitalized lease obligations (See \1)

Ik>nds payable (See(1)

TotalLiabilities 9,609 4,9S9 9,845 3,004 0,106 10,729 Fund Balances (See IX)_ __ _ ___

Tota! Liabi_lities and_ Fund Bala_nces _ _ _ _ __ _ __ _._ ___ _ _ _ _$_12,611,_$25,095_,_ $;0y1 .

/und Bt ces consist of:

Restricted:

Amount obligated for outstanding purchase orders it.S. Government grants refundable Endow ment Quasi endowment General Designated:

Amount obligated for outstanding pun hase orders $ 1,823 $ 1,518 Summer Sessions 1,743 Quasi-endow ment General $ 3,002 16,540 9,211 Net Investmentin Plant

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Sre ktes (l it) to h esenalsutrwatt 8

e Non-Operstlag hads Total Allhads

, , Total Current Student Endowment Restricted Operating lean and Similar Agency Plant hnds hnds hnds hnds hnds hnds 1988 1987 8 7,642 847,622 8 1,077- $23,984 87,481 8 69,114 8149,278 8143,497 22 20,682 109 20,813 28,901 51 58 744 366 1,168 1,119

-19,147 25,121 13,660 2,147 314 2,496 43,738 38,088 L 6,648 6,648 6,231 290 5,939 6 5,945 2,490

' 601,770 601,770 547,714 827,130 885,410 $14,743 $47,557 87,904 8673,746 8829,360 8768,040

$ 1,458 8 7,478 8 92 4 6,546 8 11,116 8 9,161 4,496 14,797 8 8 612 15,417 12,244 7,430 7,430 5,025 7,200 7,200 7,992 4,945 5,637 8 308 5,945 2,490  !

7,812 7,812 9,103 142,638 142,638 145,224 10,899 35,342 8 008 7,904 156,996 200,558 191,239 16,231 50,068 14,735 47,249 516,750 628,802 576,801 827,130 885,410 $14,743 847,557 $7,904 8673,746 8829,360 8768,040

$ 4,780 $ 4,780 4 12,394 8 17,174 8 11,189 413,468 13,468 14,198 822,048 22,048 19,133 7,397 7,397 6,281 11,451 11,451 1,267 3,908 16,626 24,008 i l

3,341 3,341 3,244 l 1,743 1,743 1,559 17,804 17,804 17,431 28,753 28,753 26,836 l 500,448 500,148 452,872 816,231 850,063- $14,735 847,249 8516,750 $628,802 $576,801

STATEMENT 0F CHANGES IN FUND BALANCES (in thouands of donars) l Year Ended June 30,1988 with comparative totals for 1987 Current Operating Funds General Auxiliary l Operating DesignattJ Enterprises Restricted Funds Funds Funds Funds Revenues and Other Additions Unrestricted current revenues $264,561 852,749 859,037 Tuition and fees 8 610 Federalgrants and contracts 101,238 State grants and contracts 4,792 Localgrants and contracts 602 Private gifts,grantsand contracts 27,232 Pederalappropriations 746 State appropriations Investment income including net realized gains 1,664 Intereston loans receivable Additions to plant facilities including amount expended from current funds: 19SS-$21,528; 1987-817,938 Retirement ofindebtedness Otheradditions 34 Totalrevenues and other addstions 264,561 52,749 59,037 136,918 Expenditures and Other Dedactions Educational and general expenditures 261,398 37,780 107,671 Auxiliary enterprises expenditures 52,297 Indirect costs recovered 24,035 Loan cancellations and write-offs Provision for (recovery of) bad debts, net Administrative and collection costs Expended for p' ant facilities Interest onindebtedness Disposalof plant facilities Returns to grantor Retirement ofIndebtedness Otherdeductions Total expenditures and other deductions 261,398 37,780 52,297 131,706 Transfers Among Funds Mandatory principalandinterest ( 2,5?6) ( 8,671) ( 1,431)

Voluntary, net 186 ( 6,434) ( 3,795) ( 472)

Tota! transfers ( 2,310) (15,105) _( 5,229) ( 472)

Net Increase (decrease)for the year 823 ( 136) 1,511 4,740 Fund balance, beginningof } ear 2,179 20,242 9,218 11,491 Fund balance, end of year 8 3,002 820,106 810,729 8 16,231 3rrhotn(l1%)tonneenalstatements

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Non-Operating Funds Total AllFunds Total Plant Funds

. Current Student Endowment Unexpended Debt Imtstment ,

Operating Loan and Similar Plant Service in

, Funds Funds Funds Funds Funds Plant 1988 1987 4376,347 4376,347 $343,805 610 8 29 639 685 [

101,238 8 99 101,337 81,025 ,

4,792 4,792 3,868 '!

602 602 392 27,232 34 8 3,062 523 $ 2,160 33,011 32,97f, 746 746 '46 4,396 4,396 P,925 1,664 69 3,436 188 $5,951 11,308 '.0,882 421 421. 443 59,957 59,957 37,733 5,148 5,14', 2,422 34 817 169 1 's20 3.265 513,265 623 7,315 5,305 5,951 67,265 FA,724 521,211 -

406,849 406,849 369,031 52,297 52,297 51,491

1. 24,035 24,035 31,369 790 790 7?2 l ( 149) ( 149) ( 222) 1 245 245 181 38,429 38,429 19,795 10,233 10,233 9,941 9,333 9,333 2,573 310 5,148 5,148 2,422 513 513 284 .

483,181 886 33,429 15,894 9,333 547,723 477,8S7 f

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( 12,631) ( I,527) 202 13,956 l

(_10,515) ( 336) ( 1,431) 24,975 ( 2,334) ( 10,356)_ t L 23,146L ( ( 2,961) 25,177 11,622 ( 10,356)

, 336]_ f 6,938 ( 599) 1,354 ( 7,947) 1,679 47,576 52,001 43,324 43,130 15,334 42,895 6,622 15,948 452,872 576,801_ 533,477 1

8 50,068 814,735 847,249 ($1,325)_ 817,627 8500,448 4628,802 4576,801 i ,

1 11 1

STATEMENT OF CURRENT OPERATING FUNDS REVENUl% EXPENDITURES AND OTilER CilANGES (im thousaMs of dollars)

Year Ended June 30,1988 with comparath e totals for 1987 Unrestricted Pends General Auxiliary Tota',

Operating Designated Enterprises Unrestricted Funds Funds Funds Funds Revenees State appropriations $211,053 $211,053 Tuition and fees 47,890 $16,418 8 4,783 69,091 Federalgrants and contracts 20,851 20,851 ,

State grants and contracts 235 235 Localgrants andcontracts 119 119 Private gifts, grants and contracts 5,057 1,330 6,387 Federalappropriations 3,365 3,365 Investment and endowmentincome 1,812 3,344 5,156 Sales and services of educat!onal departmer.!s 4,696 4,696 Sales and services of auxiliary enterprises 52,924 52,924 Other 441 2,029 2,470 Totalrevenues 264,561 52,749 59,037 376,347 Expenditeres and Mandatory Transfers Educationaland general:

Instruction 115,335 16,572 131,907 Research 33,589 2,287 35,876 Public service 10,284 323 10,607 Academic support 41,557 1,078 42,635 Student services 10,292 1,403 11,695 Institutionalsupport 18,847 12,506 31,353 Operation and maintenance of plant 25,591 1,118 26,709 Scholarships and fellowships 5,903 2,493 8,396 Educational and general expenditures 261,398 37,780 299,178 Mandatory transfers:

Principalandinterest 2,526 8,671 11,197 Totaleducationaland general 263,924 46,451 310,375 Auxiliary enterprises:

Expenditures 52,297 52,297 Mandatory transfers forprincipal and interest _l,434 1,434 Totalauxiliary enterprises 53,731 53,731 Total expenditures and mandatory transfers 263,924 46,451 53,731 364,106 i

j Other transfers and additions (dedoctions):

l Restricted receipts owr (under) transfers to revenue Voluntary transfers, net 186 ( 6,434) ( 3,795) ( 10,043)

Net increase (decrease) in fund balances _

$ 823 ($ 136) $ 1,511 8 2,198 5,9 %In(IIX)to neaartelStatemenin

l j __ _ _ _ _ _ To.t_a_l A_l_l Fund _s _ _ ,

Restricted '. _ j i

Funds 1988 1987 j

f -

l

$211,053 $194,141 I

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$ 610 69,701 61,719 ,

75,181 96,035 S6,329 . .

5,160 5,395 3,786 331 450 512 25,631 32,021 30,220 l  !

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752 4,117

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't 3,201 4' 5,150 i

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4,696 4,108

'f hl h 52,924 50,566 .,

2,470 1,620 i .

107,671 484,0lS 410,328 ll - -

l 114,090 132,099 l 12,183 76,565 112,441 101,147 4,926 15,533 14,785  ;

I 333 12,968 39,S62 ,

98 II,7ti3 10,639 117 31,770 26.964 37 26,746 21,612 13,112 21,50S 18.923 107,671 406,819 369,031 i 11,197 9,407 107,671 113,016 378,138 52,297 51, l'il j 1,131 1,303 i 53,731 52,500 107,671 471,777 431?'s [

l 5,212 5,212 ( 2,73s)

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NOTES TO FINANCIALSTATEMENTS f June 30,19S8

1. FCND ACCOUNTING The Endowment and Similar Funds acct,unt for private gifts that To recognize any limitations and restrictions placed on the use of require the principal to be permanently invested and only the income the resources available to the l'niversity, the accounts are maintained to be utilized for general or specified requirements. Quasi-endowment according to the principles of fund accounting Therefore, the resources funds have been established by the Arizona Board of Regents or the are dassified for accounting and reporting purposes into funds Administration for the same purpose as endowment funds, except that according to the activities or objectives specified. Separate accounts principal and income may be expended for specific or general are maintained in each fund. Ilowever, in the accompanying financial requirements.

statements, indisidual funds that have similar characteristics have The Agency Funds account for deposits held in custody for others.

been combined into fund groups. Accordingly, all financial transac- These include funds held for the l'niversity Physicians, Inc. and the lions have been reported by fund group. l'niversity of Arizona Foundation, Inc.

For each fund group, fund balances restricted by outside sources are The Flant Funds account for activities relating to institutional identified and separated from fund balances allocated to specific properties. These include the total imestment and debt incurred in purposes by action of the Arizona Board of Regents or the Administra- the financing otTniversity properties.

tion. Externally restricted funds may be used only for the purposes established by the source of such funds. !a cor.trast, designated funds 111. BASIS FOR REPORTING )

are controlled by the Administration of the University in achieving its The financial staternents are prepared on the accrual basis of institutional purposes. accounting. The Statement of Current Operating Funds Revenues, Changes in the use of resources require an accounting transfer of Expenditures and Other Changes is a statement of financial activities the resources to the fund with the activity or objective to be accom- for turrent operating fands during the current reporting period. It is  !

plished. Mandatory transfers are those required to meet legally not intended to present the results of operations or the net income or l binding agreements such at bond indentures. Other transfers result loss for the period as would a statement of income.

from decisions by the Arizona Board of Regents or Administration as The accounting policies followed by the l'niversity and the methods l to permitted use of funds, of applying those policies u hich materially affect the determination of financial position, current operating funds revenues, expenditures

11. FUND DESCRIPTIONS and other changes and the current ches in fund balances are The current operating funis and their functions are as follows: summarized below:

The General 0perating Funds account for activities of State appro- Short term investments are stated at cost uhich approximates priations and Federal agriculture appropriations. market value.

l The Designated Funds account for the reemery of indirect costs investments and donated land are stated at cost or fair market value l

f from sponsored research and from grant funds for administration of at the date of acquisition, as appropriate.

student aid programs. Also, summer session and er.ension teaching Inventories and supplies are stated at the low er of cost (determined l

programs, the University of Arizona Alumni Aswiation, unrestricted by the first In, first out method)or market.

gifts and Income from short term imestments are included in these Physical properties are stated at cost or fair market value at date of funds. The purpmes of these funds are determined by the Arizona acquisition, as appropriate. Special collections relating to items of a Board of Regents and University Administratbn. scientific nature are carried at a nominal value of $1 per colke' ion.

The Auxiliary Enterprises Funds account for the revenues and Capital expenditures reported as current operating expenditures also exp<nditures of revenue-pnducing. 3ubstantially self supporting appear as additions to the Plant Funds. As permitted by generally acth ities that perform a service to t he st udent body, faculty and public accepted accounting principles, the University does not provide for but are not themselves educational activities. Auxiliary enterpriws depreciation of physical properties.

activities indude student housmg, bookstores, student union, stores. Tuition and fees revenue (net of refunds) include 87M1000 of intercollegiate athletics and others. waisers charged to Scholarships and Fellowships and $1D,000 of The Restricted Pands account for governmental and private gifts, waivers for faculty and staff benefits charged to the appropriate grants and contracts. The purposes are restricted by the donor or expenditure programs to w hk h the applicable personnel telate, supporting agency. Funds not used for the restricted purpose revert to Revenue and accounts receivable include amounts received and the sponsor or donor. Revenues of the Restricted Funds are reported expended by the University eder Federal and State funded student only to the extent of expenditures in the Statement of Current aid, research and other programs Both the direct and indirect costs of Operating Funds Resenues, Expenditures and Other Changes. these programs are subject to audit by cognizant gosernmental agen-I l The non+perating funds and their fun < tions are as follow s: cies or their appointees. The Unhersity expects that adjustments or The Student Loan Funds account for loans made to assist students in repayments, if any, resulting from such audits wou!d not have a i the financing of their educatlan. significant effe(t on the financial statement (

n

The Univenity, with o:her state agencies, self-insures unemploy. Cash and investments at June 30,19S8 by management area are as ment compensation for employees. The program is funded by charges follows:

to operating funds and is accounted for in the Agency Funds. Cost 5farket Transfer of construction debt from l'nexpended Plant Funds to Cash on deposit with State Treasurer $ 19,164,000 4 19,164,000 investment in Plant is accomplished as the bond construction pro- Cash and securities on deposit uith ceeds are expended. The Statement of Changes in Fund 3alance trustees (includes $3,792,000 for includes $10,356,000 of voluntary transfers all of w hkh are associated Endowment & Similar Funds and with debt. There is no net effect to the Plant Fund group as a w hole. 869,356,000 for Plant Funds) 73,148,000 74,819,000 The financial operations of the l'niversity of Arizona Foundation, Endowment Funds:

Inc. and University Physicians, Inc, separate non profit corporations, Consolidated pool 14,138,000 17,623,000 are not included in the accompanying financial statements of the Separately held 6,544,000 6,653,000 University. iboled cash and short term investments 56,966,000 56,967,000 The financial information shown for 1987 in the accompanying Other long-term investments 131,000 136,000 financial statements is included as a basis for comparison with 19SS Totals $170,091,000 $175,362,000 and represents summarized totals only. Certain reclassifications have been made to the 1987 comparative totals to conform with the 19sS balances. Cash and sec urities on deposit with trustees include bond construc-tion proceeds, sinking funds, maintenance reserves and a specific IV. CAS!! ANDINVEST51ENTS endowment. These funds are imested in collateralized time certifi-The l'niversity follows Arizona Board of Regents policies which cates of deposit, U.S. Government obligations, obligations of agencies require that deposits or other local fund investments be made only to sp ns red by the llS. Government and securities invested according to accounts authorized by Ihe Board and at depository banks that have the endowment donor's stipulations as carried out by its t rustee. These been approved in advance of any deposit. investments may include the securities are held by the trustees, in their name, on behalf of the purchase of collateralized time certificates of deposit with commer, specific trust.

cial banks and savings and loan institutions; collateralized repur- The Consolidated Endowment Pool functions as a highly-diversified chase agreements with commercial banks, sasings and loans, and investment fund under the control of the University Investment Com-other financial institutions; Umted States obligations such as Treas, mittee whose responsibility is to define, develop, and implement ury bilk, notes, bonds and obligations of agencies sponsored by the investment objectives, policies and restrictions relating to the endow.

United States Gmernment. ment funds held by the University. The primary investment objective is Gifts and grants received as endowments or for restricted purposes maximum long teim total return (from income and capital apprecia-are imested according to conditions stipulated by the donor or tion) under a policy of maximum investment productivity at sa grantor, how ever, if no conditions are imposed, such funds are inves. acceptable level of risk and volatility. Securities consist of common ted in the Consolidated Endowment Pool under the direction of the and preferred stocks and corporate bonds u hich are registered in the i niversity investment Committee. name of and held by the University, as well as U.S. Government Cah and securities on deposit with trustees are held in trust for the obligations held by variou; commercial banks.

Universit) by various commercial banks. Trust funds are invested by Endow ment funds are separately invested according to the terms of the trustee in acconiance with the Board's authorizing resolutions. the donori gift or in other instances whare there may be restrictions Cah and shor5 term investments at June 30,1958 mnskt of the placed by the donor that t he endowment me not be pooled. This group following: consists of stocks and bonds registered in the name of and held by the Cost Starket University, as well as U.S. Government obligations held by various Ca3h held with State Treasurer $ 19,164,000 $ 19,164,000 commercial banks.

Cash and securities subject to Pooled cash and short term investments consist of cash, time repurchase agreements Is,662,000 1S,662,000 certificates of deposit and repurchue atreements fully collateralized Certificates of deposit 1,853,000 1,853,000 by U.S. Government and municipal government obligations and obliga-Common stu ks 6,275,000 10,952,000 tions of agencies sponsored by the U.S. Government on deposit with Pruerred stocks 478,000 324,000 seseral Board approved financial institutions. Aho included are Corporate bonds 12,643,000 11,080,000 short term U.S. Government obligations held by various commercial U.S. Gosernment obligations 109,693,000 111,084,000 banks.

Other 1,323,000 1,3 ' 3,u00 Totals $170,091,000 $175,362.000 W

V. PHYSICAL PROPERTIES The L:niversity has entered into certain operating leases (generally, Physical properties at June 30,193S consist of: the leases include options for annual renewal) and other rental agreements for real property, equipment and films for periods not in Buildings andimprovements $285,996,000 excess of one year. During the 1913 fiscal year, rent expenditures Land 33,544,000 amounted to $3,lls,00a The Lniversity also leases certain computer Equipment 191,9S0,000 and farm equipment and Agricultural fann land under various capital Library materials 62,294,000 leases. At June 30, 1938, the balance sheet includes $16,038,000 Construction in progress 27,956,000 representing the cost of these assets included in equipment and land.

Total $601,770,000 The following is a summary of future minimum lease payments and the present value of the net minimum lease payments as of June 30,1988:

In addition to expenditures through June 30,1988, it is estimated Year endingJune 30:

that $160,809,000 will be required to nimplete projects under or 1989 $ 3,187,000 planned for construction. Of this amount $10,005,000 is contractually 1990 1,678,000 encumbered. 1991 1,589,000 a

1992 1,123,000 VI. BONDS PAYABLE AND LEASES 1993 358,000 Bonds Payable at June 30,10S8, consisted of the following: 2,500,000 Thereafter Rate of lear of ongiul curroup Total minimumlease payments $i0,435,000 Imemi mturity Inn ou w ins Less: Amount representinginterest ( 2.623,000)

A. stuacni Hein Resenue in.at 8 7,812,000 Present value of net minimum lease payments laconvino aois im s aw: n. coo 19s5-Graham-Grenlee 325 % IM 1.000.000 1 4 .000 19WLhave Manunita-Apache santa crua U5s 1997 t,200,000 nl.No VIL PENSION PLANS 1 s c sin $s .b N 1.

Full-time, permanent employees of the l'nisersity are, in general, ins +ri ara m 1.sw.om ni. coo required to be members of an authonzed retirement program. The inArena 3-a n m m oeo istmo program, consisting of seseral plans described below, is funded

$Nsonem u.in Nb a s teminesn*

r annat b: y through payroll deductions from covered employees' gross earnings and amounts contributed by the imversity. In general, employees isn-sema runams s,.na. r,os x :uis.noo :uis.ooo rights vest after five years of senice under all plans. L'niversity ins i,m r aeseno, tan sm rii 118 9 m.000 ilu95.om contributions for, and interest forfeited by, employees who leave wi pmaaans, sisuvs om sis:sm employment before five years of senice are used to reduce the l'niversity's fut ure-period contribution requirements. Retirement pay-Principal and interest on bonds outstanding at June 30,1988 are ments are obligations of the respective retirement funds and not of the collateralized by registration fees, tuition, rentals and other charges l'nisersity.

and suc h obligations are generally callable. The principal amounts due Eligible faculty, Academic Professionals and Administrators at the over the next five years are as follow s: l'niversity may sehrt one of three retirement plans: Arizona State 1989 $2,712,000 1992 $3,142,000 Retirement System, TIAA,CREF Retirement Plan and Valic Retire-1990 2,539,000 1991 3,292,000 mert Plan. The former is a defined benefit plan and the latter two are 1991 2,985,000 defined contribution plant Eligible Classified Staff belong to the Cash and sect.rlties on depe-it u ith trustees, restricted for retirernent Arizona State Retirement Sptem.

of indchtedness and renewals and replacements, are $177G00 and

$D38.000 respectively, at June 30,19% as required by the bond A. Defined Benefit Plan Arizona State Retirement Sptem indentures. In addition, $18731,000 was held by trustees for pay ment The Arizona State Retirement Splem is a multiple employer, cost-of future construction costs. sharing pension plan Tl.e pa) roll for emp'o> ees covered by the Spte m In 1977,1983, and 19% the l'niversity refunded in advance of for the year ended June 30,1958 was approximately $233V00,000; maturity certain outstanding resenue bondt At June 30.1983 the the l'nivers ty's total pay roll was $ 281.229.000; tha baw sala ry amount outstanding principal balanw of the refunded bonds was $12.915.000 for those emplo>ees who participate in the Arizona State Retirement which will be paid by ime3tments held in trust with a par value of Sptem was $116K6,000.

445.325,000. These amounts are not included in the accompanying Employ ees u ho retire at or after are 65 w ith any number of > ears of financial statements. membership wnice, at or after age 62 with 10 or nure years of membership service, or at or after any combination of) ears of sen ice II

and age that total 85, are entitled to a monthly benefit of 2 percent of The l'nhersity's contributions were calculated using the base salary their average monthly earnings, as defined in the plan, for each year of amount of $75.965.000 for those employees uho selected TIAA CREF contributing membership service. Employees w ho are age 50 or older Retirement plan and $6,552,000 for those employees w ho selected Vatic with at least live years of retirement service may retire early and Retirement Plan. Both the l'niversity and the covered employ ees made receive reduced retirement benefits. The plan also provides death the required 7 percent contribution. For TIAA/CREF Retirement plan benefits. Benefits are established by State statute. r each source contributed $5318,000 for a total o $10,636,000. For Valic The actuarially determined contribution rate for both employees Retirement Plan each source contributed $459,000 for a total of and emplo)ers was 5.16 percent of cornpensation, (87,579,000 each), 8918,000.

w hich w ould have covered the actuarial!y determined current service costs plus amortization of the unfunded past service liability over a Ylli. SELF INSL'RANCE PROGRAM 30-year period, which commenced July 1,1972. Ilowever, during the The l'niversity of Arizona participates in a self-insurance program year ended June 30,19S8, State statute required that both the administered by the State of Arizona, Department of Risk Manage-employee and the l'niversity contribute an amount equal to 4 percent ment. Anyjudgement assessed against the l'niversity not covered by of the employee's base salary. Both the l'niversity and the covered insurance would be paid by the State from the self insurance program employees made the required 4 percent contribution, amounting to or by a future appropriation from the State Legislature.

85,953,000 from each source, or $11,906,000 in total. In addition to the reduction in the nintribution rate, the State made two major benefit IX. COMPENSATED ABSENCES improvements during 1987, namely, a retiree ad hoc increase to be Toe l'niversity has not made accruals for vacation pay and other effective July 1,19S7, and a new disability benefit to be effective July compensated absences. If the accruals w ere made, General Operating 1,1988. The effect of such benefit improvements on the contribution Fund, Designated Fund, Auxiliary Enterprises Fund and Restricted rate w as .45 percent of cos ered pa> roll. Fund liabilitie3 would be increawd by approximately $6,S68,000, The amount reported below as "pension benefit obligation" is a 8691,000, 81,107,000, and $1,7$000, respectisely. The l'niversity man-standardized disclosure measure of the pre.sent value of pension agement believes that this omission does not have a significant effect benefits, adjusted for the effects of projected salary increases, esti- on the accompany ing financial statements as a w hole. In addition, the mated to be payable in the future as a result of employee service to General Operating fund liability is funded by the subsequent 3 ear's date. The measure is the actuarial present value of credited projected appropriations from the State Legislature, benefits and is intended to help users assess the plan's funding status on a going concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons Al'DITORS' 0 PINION among government pension plans and employers. The Sptem does not condud separate measurements of awets and pension benefit obliga-tions for individual employers. 6I})tlClieIlOSS The pension benefit obligation at June 30,19C,(the date of the last AuditorGeneralof theStateof Arizona actuarial valuati >n) for the System as a w hole, determined through an and the hizona Board of Regents actuarial saluat; ion performed as of that date, was $1,M2.511.000 The System net awets available for benefits on that date were

\Ve have examined the balance sheet of the l'niversity of Arizona as

$5,530M2.000 resulting in an oserfunded pension benefit obligation of of June 30,19% and the related statements of changes in fund

$5MlE000 The i nn, ersit>'s contribution represented approximately balances and of current operating funds revenues, expenditures a oA percent of total contributions required of all participating other changes for the > ear then ended. Our examination was made in ,'

employers, acmrdance with generally accepted auditing standards and, accord-liierical trend information for the tw o > ears ended June 30,19u nsly, included such tests of the ac ounting remrds and such other presenting the Sptem x progress in accumulating sufficient assets to auditing pro < edu res as w e considered necewary in the circumstan pay benefits when due will be presented in the Arizona State Retire-In our opinion, such financial statements, present fairly the finan-rnent Sptem's June 30,19% annual financial report.

cid Htim M W l'nimity of Arizona at June 30,19% and the

" " " ""*" "# " "I"* "" """"'

it Defined Contribution Plans uman o ange o ene n mn ormhy Tha l'nisersity aho offers pension benefits for its eligitle faculty, eyn .

Academic Profebionah and Administntors through two defined con-

• #""' """ * * """"# "' " "I "* **

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tribution plano TI A A CHEF and Valic. in a defined contribution plan, benefits depend solely on amounts contributed to the plan plus { L imestment earnine. State statute requires that txith the employee .

and the l'nisersity mntribute an amount equal to 7 percent of the Phoenix, Arizona employees base salary. Septemher 1, he r

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EXillBIT 0F SOURCES AND USES OF FUNDSo

. (la thousands of dollars}

Year Ended June 30,1988 with comparative totals for 1987 Sourcesoffunds 1988 1987 Students and lastruction State appropriations $215,449 $197,066

' Tuition and fees 69,730 61,831 Federalappropriations 4,111 8289,290 4,211 8263,108 Sponwred Projects Federalgrants and centracts .122,188 99,610 State grants and contracts 5,027 4,114 Local grants and contracts 721 127,936 - 557 104,281 Public Service and Income Generating Acthitles Sales and wrvices of educational departments 4,696 4,108 ,

Sales and services of auxillary activities 52,924 .57,620 50,566 54,674  :

Private Gifts, Grants and Contracts 39,398 39,576 Galas, Losses and laceme 16,885 14,526 Additions to Plant Facilities,italuding amount expended from current funds 59,957 37,733

' Retirement ofIndebtedness, including amount transferred from current funds 5,148 2,422 Otherincome 3,190 4,891 Nb  :=-m========.==---.;-.-. - I

(*ses of funds 1988 1987 Current Operations GeneralOperatingfunds $261,393 4212,987 Designated funds 37,780 29,521 Auxiliary enterprises funds 52,294 a1,491 liestricted funds 131,706 8153,181 117,892 8141,891 i Student Loan Funds 886 031 Plant Funds Construction 38,129 19,795 Debt senice 15,381 12,363 Disposalof plant facilities 9,3$1 63,143 2,573 31,731 Other 513 281 477,SS7 f Total Expenditures and other deductions 517,723 increases (Decreases)in Fund Balances I Current Operating Funds (

Generalywrating furds 823 ( 2,906) [

Designated funds ( 136) 5,719

[

Auxiliary enterprises funds 1,511 406  ;

Itestricted funds 4,740 6,938 _( 3,051) 168 l Student Loan Funds ( $99) ( 112) i Endom ment Funds 4,351 8,143  ;

Plant Funds 41,008 35,155 l

Total Uses 8T;99,724 8521,211 [

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